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!