What is InvoiceNow
InvoiceNow allows direct transmission of invoices in structured digital format from one finance system to another using the Nationwide E delivery network, which is based on Peppol allowing for the invoice to be flipped to E payments such as Paynow directly
How can InvoiceNow E-invoicing help save cost?
A). Faster payment of Invoices due to simplification of Invoice to Payment processes. Several banks are working on solutions that allow users to directly flip an InvoiceNow einvoice to an E Payment.
B). Reduction of tedious and time consuming manual processes (estimated $8 per invoice according to a study commissioned by IMDA)
C). Reduction of errors and rectification costs (estimated to affect 3% of paper invoices and Reduction of errors and rectification costs (estimated to affect 3% of paper invoices and costing as mucosting as much as S$72 to rectify, according to a study commissioned by IMDA).ch as S$72 to rectify, according to a study commissioned by IMDA).
D). Reduction of storage, retrieval and delivery costs. Reduction of storage, retrieval and delivery costs.
Setting up E-InvoiceNow in Xero
1) Visit the Invoici site and navigate to the integration page and click Connect to Xero
2) Click Allow access and choose the Xero organisation to connect to Invoici from Storecove.
3) Invoici collects organisational information from your Xero organisation. Review this information and ensure that a unique company identifier is entered in the appropriate field. This should be your organisation’s UEN (Unique Entity Number).
4) Once you’re happy the information is correct, tick the checkboxes and click Confirm Details. You’ll see confirmation that your Xero organisation is now connected to the Peppol InvoiceNow network.
