SBF welcomes additional e-invoicing channel for businesses
Monday, 20 January 2020 [Singapore] – The Singapore Business Federation (SBF) welcomes the Infocomm Media Development Authority’s (IMDA) announcement today of an additional channel for businesses to send e-invoices to Government, over the nationwide e-invoicing network.
The nationwide e-invoicing network benefits businesses in multiple ways, including cost reduction achieved through greater efficiencies in payment processes, a lower risk of errors and disputes in payments, receiving payments faster, as well as increased access to financial services and transparency, among others. With the integration of Vendors@Gov into the nationwide e-invoicing framework, SBF hopes to see higher industry and business adoption of e-invoicing as this enables more timely receipt of payments and therefore greater business sustainability.
SBF CEO Mr Ho Meng Kit said, “SBF supports the push for e-invoicing, especially for SMEs, many of whom have reported facing a credit crunch. The SBF National Business Survey 2019/2020 found that almost 50 per cent of the late payments experienced by companies were above 30 days past due, on top of the two months credit term offered. This caused seven in 10 businesses to face moderate to severe cash flow issues.
“With this in mind, it is positive to hear that our Government is now also on the nationwide e-invoicing network. We hope that our SMEs can benefit from this. To encourage more parties to join the network and proliferate the use of e-invoicing, our Government can consider shorter payment timelines for companies that use e-invoicing, and introduce incentive schemes for larger enterprises to onboard their SMEs suppliers onto e-invoicing platforms.”