What is InvoiceNow?
InvoiceNow is an e-invoicing method that enables the direct sending and receiving of digital invoices between suppliers and customers.
Different from traditional paper invoices, e-invoices are sent via Peppol network and help companies to enjoy smoother invoicing, faster payments and are a better way to save the environment.
Once you create an invoice in your cloud-based software and click Send with InvoiceNow, your invoice will be sent via secure network to your client’s accounting system directly. This helps to shorten your invoicing processing time and helps your business get paid faster without any manual paperwork.
Benefits of InvoiceNow
Get Paid Faster
Accelerate Invoice Creation And Distribution. Invoices Can Be Received And Processed Faster.
Better Cash Flow
Immediate Delivery Of Invoices Shortens The Time To Payment And Thus Improves Cash Flow.
Automated Invoicing Processes Reduces Human Error And Time, At The Same Time Increases Accuracy.
Introducing Xero Accounting Software
E-invoicing with InvoiceNow
Xero is ready for e-invoicing using InvoiceNow. With Xero, our clients can integrate their accounting with e-commerce, payment, and CRM solutions, etc as they grow. Upon receiving e-invoices, Xero can manage e-invoices you have approved, allowing for seamless and automated transitions into the accounting software. You can now enjoy the wealth of benefits e-invoicing, including lesser chance of misplacing your invoices, avoid error-prone manual data entry, easy storage and retrieval online, faster invoice payments and improved cash flow!
You may refer to the attachment to register for InvoiceNow on Xero.
PDF Guide: How to register for 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.
No, they are different. Online invoicing refers to either a scanned copy of the invoice or a PDF file sent to the recipient by email. The whole process relies on manual data entry which is always prone to human error.
InvoiceNow is a form of e-invoicing which means an invoice is created digitally in a supplier’s financial system. It is electronically transmitted via InvoiceNow to the recipient where it is processed without any human touch. This results in a safer, accurate and more secured transmission of data.
In a common business scenario today, a PDF e-invoice is sent to the recipient organisation by email. This is a single-sided operation requiring your recipient to re-enter the details of the invoice into their own accounting system (e.g. accounts payable). A more complete solution should include the transmission of data from supplier system to buyer system without human intervention and potentially allow for the InvoiceNow invoice to be paid seamlessly.
Yes it does! With InvoiceNow, companies no longer require bulks of paper for their invoices. It helps to be environmental-free as well. Faster payment of invoices due to the simplification of invoice to payment processes also reduces additional bank fees and other incidental costs. It also saves storage, retrieval and delivery costs for the company too!
Peppol is an international E-Document delivery network and business document standard form of Electronic Data Interchange (EDI) allowing enterprises to digitally transact with other linked companies on the Network.
Security and integrity of the messages exchange through the PEPPOL network (E-Invoice Transport Infrastructure) relies on using encrypted transport using SSL and additionally a Public Key Infrastructure (PKI). This ensures that only parties with valid digital certificates can communicate on the PEPPOL network.
The Government will consider making Peppol the only channel to invoice the Government when majority of the suppliers have come on-board the Peppol network.