InvoiceNow – Peppol eInvoicing in Singapore
The first country outside of Europe to join the Peppol network at a governmental level, Singapore’s IMDA has been encouraging B2G and B2B transactions through InvoiceNow since 2019. In addition to different grant programs, in February 2023 the country took another step forward, further promoting adoption by making InvoiceNow and Peppol the default choice for government vendors.
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About Tickstar
In 2021, Tickstar was acquired by Xero – a global cloud accounting software platform. Xero saw a beautiful connection between our purpose and their endeavor to help businesses thrive through better tools, information and connections. Tickstar has enabled eInvoicing functionality for all Xero customers with an ongoing subscription. Tickstar has been a certified Peppol service provider since 2012. Today, many of the world’s leading organizations rely on Tickstar’s infrastructure to deliver Peppol services to market.
No matter your business or specific requirements, Tickstar will get you effectively leveraging the Peppol network for your operations in just a few steps.
With Peppol — the global network supporting InvoiceNow — one connection allows you to efficiently and securely exchange eDocuments with verified local and international B2G and B2B partners.
As a Peppol infrastructure provider, Tickstar handles setup and maintenance while you enjoy the benefits.
Benefits of Peppol eInvoicing with Tickstar
Cost savings
eInvoicing is estimated to save public sector authorities and private businesses billions per year — up to 66% compared to paper and PDF invoices. A recent study commissioned by IMDA shows that it costs around $8 to process an eInvoice, with the format also helping businesses to avoid the $72 rectification cost that comes from manual entry errors.
Grant eligibility
The Singapore government is active in promoting InvoiceNow for all users. By getting started with Tickstar, you can take advantage of different bonuses and grants for both SMEs and large enterprises.See the list of IMDA grants here.
Faster invoice payout
Peppol’s direct secure connection without middlemen allows for faster receival and even the automation of payments. According to the IMDA, more banks are working to allow users to directly provide an E-payment upon receival of an InvoiceNow eInvoice.
Easy transaction with international partners
The Peppol BIS Billing specification was built so that all network users could efficiently and securely interact through just one connection, regardless of their location or industry. The IMDA has built an extension that takes into consideration Singapore’s GST requirements, meaning companies can easily comply with applicable laws. Singapore’s public and private sector Peppol users can transact domestically or internationally with similar ease.
User-friendly interface and advanced tools
Refined over 11 years by Tickstar’s Peppol pioneers, we offer expert tools that eclipse those offered by our competitors. This includes our Peppol Validator, Participant Lookup API and Service Metadata Publisher (SMP), designed to ensure you get the most out of your eInvoicing experience within your own applications!
Compatible with XRechnung and ZUGFeRD 2.0
Peppol can be used to send eInvoices in the XRechnung and ZUGFeRD 2.0 formats along with the Peppol BIS Billing standard in an international context. This means the transfer of electronic documents to any other Peppol participant in the world—through just one connection!
Continued compliance regardless of changes
The Peppol standard is consistently refined to ensure it takes into account changing regulations. Similarly, Tickstar makes sure it updates its own systems and processes so that you’ll always be at the forefront of both domestic and global developments.
Invoice Now in Singapore
Singapore is often held up as an economic success story, with — among other factors — its strong education system and openness to international trade ensuring it has the second highest GDP per-capita in the world.In this spirit, Singapore’s IMDA became the first Peppol Authority outside of Europe in 2018, with the task of approving and certifying Peppol Access Point providers, accrediting solution providers, specifying rules and standards (such as the SG Peppol BIS specifications), and promoting the network throughout both public and private sectors.
Unlike many other countries, Singapore has not yet mandated eInvoicing in any shape or form, but nevertheless, the country has the fourth highest number of registered participants in the world. It also has one of the highest rates of absolute growth in 2023 to date, signalling strong continued adoption.
Factors such as the aforementioned openness to international trade, as well as the IMDA’s 2020 eInvoicing registration grant have helped incentivise Peppol uptake. This is set to continue — a range of further bonuses and grants have been detailed on the InvoiceNow website. In addition, on 24 February 2023, the Government announced in Parliament that InvoiceNow would become the default channel for vendors invoicing the government. This step solidifies Singapore’s commitment to Peppol use throughout the country, with Tickstar providing the infrastructure, documentation, and tools needed to get the most out of the network.
