The business world in Singapore and around the globe is evolving fast these days. If you want to beat your competition you need to move with the trends. That means investing in innovative resources to improve productivity, customer service, workmanship and time management. Most business leaders and service providers agree with this, but are you doing it effectively?
One common mistake is to forget to upgrade administrative workflows. Your nationwide e-invoicing can improve exponentially by simply using modern solutions such as PEPPOL. In Singapore, with IMDA approval, TWM can help you get it right.
Find out more so you know how to optimize your business this year.
What is PEPPOL?
PEPPOL is the acronym for Pan European Public Procurement On-Line. This is a network that enables effortless e-invoicing between buyers, sellers, clients, and service providers.
A big drawcard to this network is that you can use it no matter what e-invoicing software you currently use. It acts as the mediator between different ERP (enterprise resource planning) systems and e-invoicing applications. It facilitates an easy flow of information with no compatibility issues and offers more security than email.
How Does it Work?
Anyone who is part of the network can send e-invoicing information to PEPPOL. The system uses a standard e-invoicing system for all participants and sends the invoices to your recipient’s finance system. The recipient will receive it via the network and will be able to act on it.
This requires no paper trail, no printing of invoices, and no complicated reformatting of data to suit the other party’s software. You can use PEPPOL for local, nationwide, or global finance tasks.
The system isn’t limited to e-invoicing. You can also process documents such as credit memos.
What makes this better than other outdated systems?
The Benefits Explained
If you’re thinking your current system is sufficient, think again. Consider these advantages:
- It’s a better alternative than simply using email because it’s more secure. The network can only be accessed by members who have a PEPPOL ID, keeping the data safe.
- Your company minimizes its carbon footprint because you use less paper for finance tasks.
- Employees save time because of fewer errors, less filing, and no time wasted on software incompatibility or battling to contact clients.
- Your finance department will have fewer errors because there’s the less manual transfer of data between forms and papers.
- Payment cycles improve for service providers, thanks to better workflow for both buyers and sellers.
- It’s easy to stay compliant with policies thanks to an automated system. You’re not subjected to many human errors or risk a hacked email.
- Office morale improves because employees enjoy a more streamlined workflow, get more work done and work less overtime.
Benefits relate to a grander scale too. If you do business with anyone in the EU, PEPPOL is an easy option to ensure you adhere to EU regulations. You’ll comply with the guidelines relating to exchanging electronic documents online.
When you use PEPPOL you take an important step in the digitalisation of your company. This is essential for all modern businesses.
How to Enjoy the Benefits
In Singapore, if you want to use PEPPOL you will partner with an IMDA (Infocomm Media Development Authority) listed service provider, such as TWM. This entity can provide you with PEPPOL ready solutions to use in your business. Via this solution, you will have a connection to an access point that makes you part of the network.
Don’t be concerned that you’ll have to replace all your existing programs. You simply need popular software such as SAP and Business One that’s PEPPOL-ready. They can connect to the network via the access point. This is the service TWM can assist you with.
PEPPOL Usage—an Overview
When you invest in a new asset for your Singapore company, you want to know it’s worth the expense. To grasp the impact PEPPOL can make on your business, consider these facts.
Understand that PEPPOL is designed to support global communication between companies. This is because it was originally meant to make foreign transactions between governments a little easier. You can be sure the system has a sound infrastructure.
Now, businesses can use the structure to send invoices to anyone around the globe. If your contact has an access point they will be connected to the PEPPOL network. This creates an easy solution for vendors who want to grow their Singapore businesses into global brands. It becomes effortless to communicate with clients abroad.
This does show the importance of ensuring the network grows. The more companies join the system, the easier it is for everyone to transact with each other.
You’re probably aware of the strict guidelines the EU implements when it comes to transferring data. If you want to transact with companies in the European Union you must ensure your system aligns with these safety regulations.
For EU public buyers, joining the network is a wise decision. Many companies in the EU—and elsewhere—now sees PEPPOL as a preferred network for exchanging documentation such as invoices. If you want to enjoy smooth business interactions with them, you may need to join the network too.
Safe transactions are important for modern governments, especially in countries such as Singapore that attract international clients. It keeps Singapore and its businesses safe from fraud & other risks. It also boosts revenue.
To promote the use of PEPPOL Singapore—and many other countries—have incentive programs. This motivates business leaders to join the network. It increases revenue for companies and countries & makes nationwide e-invoicing easy. This is why, in 2019, the IMDA initiated a nationwide e-invoicing system.
In Singapore, any government supplier who needs to submit invoices is advised to use this e-invoicing service. The Singapore government, with the IMDA, has a specific channel allocated to this. They also provide all the necessary information about compliancy and implementation to help Singapore businesses onboard quickly.
It’s clear that both locally and internationally, businesses AND governments can benefit from the new PEPPOL initiative, motivated strongly by the IMDA.
Do you want to transact faster with easy nationwide e-invoicing, grow your brand outside Singapore or apply to become a government supplier? Get access and start thriving!
TWM in Singapore can help you do business the 21st century way. PEPPOL is one of the best resources to ensure this and we’re an approved IMDA vendor. If you’re working or planning to work with new Sage 300 and SAP Business One, do it right from the start. We’re here to assist.