PEPPOL stands for Pan-European Public Procurement On-Line. It’s a network with a standardized structure for the exchange of ebusiness documents. For instance, E-Invoice, E-Advance Shipping Notes, E-Catalogues, Message Level Responses and E-Orders. In Singapore, IMDA has adopted the E-Invoicing framework model.
PEPPOL is owned & maintained by the non-profit organisation OpenPEPPOL, and governed by a multilateral agreement structure. It was formed from the EU’s need for cross-border interoperability in public procurement processes & has gone on to prove its relevance outside Europe and for business-to-business interoperability.
IMDA has implemented the nationwide E-Invoicing network on 9 January 2019 with certified Access Points and Solution Providers offering services to help businesses improve efficiency, reduce cost, enjoy faster payment cycles, access to new financing options and build a strong foundation for digitalisation.
Benefits of PEPPOL
E-invoicing offers the following main business benefits.
Cost reduction & improve efficiency: Moving from paper to e-invoices eliminates or reduces several costs to businesses such as storage and retrieval costs.
Faster payment cycles via improved verification and validation: E-invoicing can accelerate invoice processing and payment times1. A common standard would allow quicker validation and reduce payment processing delays. According to Enterprise Singapore’s 2 SME Financing Survey 2017, delays in customer payments was the top finance-related concern. The survey also noted three in five SMEs faced delayed payments from customers.
Access to new financing options: E-invoicing allows for accurate and near-real time visibility of payment cycles. This enables better business sustainability and growth through efficient cash flow management. It also has the potential to enable more efficient supply-chain financing that could increase working capital and liquidity.Cost reduction: Moving from paper to e-invoices eliminates or reduces several costs to businesses such as storage and retrieval costs.
Digitized invoices sent via emails vs PEPPOL
You may be wondering what is the difference sending a PDF invoice to your client vs using PEPPOL network. Let’s look at it from various perspective.
From the buyer’s view,
The staff needs to manually enter the pdf invoices received from suppliers. This increases the risk data entry error & time spent in sorting out the invoices.
Email might get lost or being treated as a spam email. That resulted in payment delay
Businesses can get connected to the network through certified Access Point providers or Peppol Ready Solution Providers (such as ERP or Accounting solutions on the cloud) with solutions already connected to the network.
How does PEPPOL work?
Generally, Businesses will likely connect to the network in one of the three common scenarios below.
Business with own enterprise system – Connect to the Network via an Access Point directly.
Business using a service provider’s solution – Subscribe to cloud-based financial solutions from PEPPOL ready solution providers which are connected to the network.
Business using lightweight solution – Subscribe to a low-cost lightweight E-Invoicing solution from a PEPPOL ready solution provider that offers such services to have hassle-free access to the network.
Our Wholesale Solution is now PEPPOL ready
Using our Wholesale solution has never been easier to send E-Invoicing to your customer. We will do a one-time configuration to connect to the PEPPOL network. Every time when you have a new client who is on PEPPOL network, you can simply set up their company information & start transacting with them & send them the E-Invoices via PEPPOL.
Edgeworks Wholesale Solution is eligible for PSG Pre-Approved Grant
Our Wholesale solution is specially designed for the wholesale industry. Automate your sales order process, integrated inventory & CRM. Everything you need to take your business to the next level!
In the digital era, our customers have the power to decide how they want to shop, when they want to shop & how they want to pay. As the mode of payments is getting more complex, many merchants find it difficult to catch up. In addition to all the credit card payments, we now need to adopt eWallet payment too. If you are having difficulty maintaining multiple-payment method, we have good news for you – A single payment system that manages all your QR payment & it seamlessly integrates with our POS System.
FOMO PAY To The Rescue
Many merchants can identify the pain of managing multiple-payment. Our finance department has to tally all the transactions one by one on the bank statement. This takes up a lot of time and effort. With FOMO Pay, you can consolidate all your cashless payment processing in our POS System. All your cashier needs to do is to select FOMO Pay when the customer is checking out. The rest of the process will be taken care of by our POS. Hassle-free.
The Benefits Of FOMO Pay:
With FOMO Pay, you can accept major ewallet payment types – WeChat Pay, AliPay, Grab Pay, Pay Now and more.
Lowest Pricing* No Hidden Fees
No setup fee, no management fee, and probably the lowest processing rate (T&C applies). Best rate for your desired settlement currency.*
FOMO pay has automatic fraud screening, 24-hour transaction monitoring andÂ protection policies. You don’t need to worry about security.
Get the transaction insights you need anytime you want and anywhere you want. The refund can be done via the backend system as well.
Know where you stand
FOMO Pay makes it easy to track your transactions so that you know what to expect and most importantly understand your customers.
Easy & Fast Integration
FOMO payment solution is already integrated into our POS System and help simplify your reporting, compliance and back-office systems, regardless of whether you are a small, medium or big company.
Before you go, here’s a quick video demo on how FOMO Pay works.
Are you running a retail business in Singapore? Retail businesses in Singapore can be expensive to start and to run. Thankfully, the Singapore government is helping SMEs (retailers included) with grants or financial assistance. What are kinds of financial assistance are available and how can we use it? Let’s dive in.
First and foremost, because government policies change over time, you need to know where to get the latest and most updated information. One important website that is very helpful is SME Portal (https://smeportal.sg). This website is brought to you by Enterprise Singapore which is the Singaporean government agency that champions enterprise development. SME Portal, in their own words, is the first stop for Singaporean SME owners and aspiring entrepreneurs who are looking for information, tools and services that can help them build sustainable and competitive businesses.
This website contains plenty of information on starting a business in Singapore and the means to get the support required. One of the most important area where our Singapore government is focusing on is the adoption of technology to SMEs, including retailers. This actually make perfect sense. Retail businesses can benefit from automation through digital solutions. Currently, retailers are heavily disrupted by online channels. It is no longer enough to run a retail business without any understanding and capability in technology. The good news is, there is a grant called PSG (Productivity Solutions Grant) that can subsidise up to 70% of the cost of technology adoption for productivity improvement.
There are many areas in our retail businesses that can be improved by technology. Things like integrated retail management solution: from Point of Sales systems, Inventory Management, Customer Relationship Management, and even integration with e-commerce. These solutions will help you to better plan your inventory and merchandising, understand your customer segment and blend your online and offline sales effectively. Our company Edgeworks, provide such solutions and are listed as one of pre-approved vendor for PSG grant.
So how does the PSG grant work and what does the application process look like?
Visit TechDepot section in SME Portal. TechDepot is a dedicated section in SME Portal website that covers technology solutions.
Access the list of supported solutions in TechDepot and identify the relevant solutions and vendor that meet your needs.
Get a quotation from the pre-approved vendors of your choice
After deciding the preferred vendor, do not purchase it yet. Submit an application on the Business Grant Portal (BGP). After your application has been approved, you can then purchase the solutions from the vendor.
You will need to purchase the solution in full price first and then the cost of the solution will be re-imbursed to you for up to 70% at the completion of the project.
To qualify for the grant is pretty straightforward. You need to be a registered business in Singapore and is operating in Singapore. The solution that you purchased must be used in Singapore. For selected solutions, you will need to have a minimum of 30% local shareholding (Singaporean or PR).
Stay tuned, in the coming blog posts we will discuss more on how to apply for PSG grant in details and also other grants available for retailers. Just drop us an email below to get the latest updates from us.
Sign Up For Latest Update On Grants
We will keep you posted on the government grant updates and new development in technologies to help you improve your business.
All the data will not be shared with any 3rd party.
I have personally experienced a situation whereby one of my business competitors decided to take a screenshot of my company’s logo from our website and submit it as his own trademark. Fortunately, we spotted the submission within 2 months of the submission date and were able to challenge his application. This was an important learning experience for me on the importance of protecting your trademark early.
We may think that trademark registration is an expensive and difficult process that requires us to hire a consultant. Surprisingly, it is easier than we imagined. By doing some research online, I figured out that I can DIY my trademark application.
How to submit your trademark application yourself
Log on to the web portal by IPOS (Intellectual Property Office of Singapore) called IP2SG (URL: https://www.ip2.sg). You can login to this site using your Singpass or Corpass to submit your trademark registration.
You can apply for trademark protection by submitting an online form for trademark registration. There are a lot of forms on the portal, because IPOS deals with not just trademark, but also other intellectual property like patents and copyright as well. That makes it a little intimidating. However it is actually quite simple. The form that you need to pay attention to for registering trademark in Singapore is Form TM4.
The awesome folks at IPOS had come up with a simple step-by-step manual on how to fill up form TM4. You can download the PDF of the user manual via the following link: TM4 User Manual
In a nutshell, what you need to do is to specify your company’s detail, trademark detail and also specify the classes of trademark which you wish to apply for. A trademark class, to put it simply, is the category/industry in which you want your trademark to be protected. For example, two companies happen to have the same name, Subway Shots. One is a photography service company while the other is selling hard liquor. They will most likely register the same name under two different trademark classes, according to the industry they are in. The fee for trademark registration is on a per class basis, which makes it costly to register your trademark across all classes.
Extending your Singapore trademark Internationally
Later on, when you wish to extend your Singaporean trademark internationally, you can submit the form MM2, which is for extending your Singaporean trademark to other countries participating in the Madrid Protocol. This should be done after you have gotten your local trademark approved. For details on how to do this, you can take a look at the user manual provided by IPOS. The PDF can be downloaded here: MM2 User Guide
During my filing, I found that the officers of IPOS to be very helpful on my queries. They are consistently supported me during my DIY trademark applications.
For DIY registration of Singapore trademark, the fee is about $240 to $374 per class. For more details of Trademark registration & the fees, visit this link: IPOS Trademark information
When it comes to managing inventory, easy is the last word that comes to any inventory manager or business owner handling inventory. However, it can be a breeze if it’s done properly and with the right software.
With Equip Inventory management software you will be able to solve common issues like:
Not having enough inventory
By using our low stock quantity alerts for individual inventory you can ensure that you will always have enough stock for your business to operate smoothly.
Inaccurate Inventory Tracking
Losing stock equates to losing money. Avoid losing money by being able to keep track of every single product in your inventory and it’s location should you have multiple warehouses or storage locations.
Too much inventory
Avoid spending unnecessarily on stock that you already have, especially if it’s perishables. By using our stock control software you will be able to see all stock levels in your inventory and make sure you have the right levels of stock at the right time, ensuring maximum cash flow for your business.
Not knowing when to purchase stock
With our real time updates and reports on your inventory via our cloud based inventory management software, you will be able to have the information as to when you should buy your next round of goods.