SMEs must keep ahead of the curve in today’s ever-changing business market. The Infocomm Media Development Authority (IMDA) InvoiceNow program and the LEAD Transact Grant provide new prospects for businesses to increase efficiency and production.
IMDA InvoiceNow: Revolutionising Business Transactions
IMDA InvoiceNow is a nationwide e-invoicing initiative by the Singapore government, designed to streamline the invoicing process for businesses of all sizes. This digital solution enables companies to send and receive invoices electronically in a standardised format, reducing manual errors, and enhancing overall efficiency.
Key benefits of IMDA InvoiceNow
Efficiency: Electronic invoicing reduces processing time, minimises errors, and accelerates the payment cycle.
Cost Savings: The transition to e-invoicing eliminates the need for paper-based processes, saving costs associated with printing, postage, and storage.
Compliance: IMDA InvoiceNow ensures compliance with regulatory standards, promoting a standardised and secure invoicing framework.
LEAD Transact Grant: Financial Support for E-Invoicing Adoption
Up to a $40,000 grant by IMDA applies to businesses that meet the minimum number of transacting business partners on the InvoiceNow network.
Eligibility Criteria
Applicable to businesses who have valid and active business UENs, with eligible entity types.
Businesses who can meet the minimum transaction tier, (i.e. transacting with 25 UENs as buyer and/or 250 UENs as biller).
Business can receive incentives as both Buyer and Biller.
Funding period is 12 months starting from the first claim submission by the business. The starting dates for the business as Buyer and Biller can be different.
Billers receiving LEAD Transact Grant will not be eligible for InvoiceNow Transaction Bonus.
The Buyer’s and Biller’s counterparties in the claim will be considered ONLY if they have not been listed as counterparties in LEAD Transact claims by other earlier claimants.
Bridge for Business Pte Ltd understands the necessity of adopting digital transformation for SMEs. Our devoted team is committed to assisting businesses in understanding the difficulties of IMDA InvoiceNow and making the most of the LEAD Transact Grant.
We provide guidance and support for SMEs to join the IMDA InvoiceNow network, ensuring a smooth transition to electronic invoicing. Our experts offer tailored consulting to SMEs to assist them understand the LEAD Transact Grant eligibility requirements, application procedure, and how to maximise financial benefits.
In conclusion, the IMDA InvoiceNow initiative and the LEAD Transact Grant are pivotal steps towards a more digitally connected and efficient business environment. Bridge for Business Pte Ltd stands ready to assist SMEs in harnessing the power of these initiatives, ensuring a smooth transition to electronic invoicing and reaping the associated benefits. Embrace the future of business with Bridge for Business Pte Ltd – your partner in digital transformation.
