IMDA InvoiceNow SME Day 2022

Last Friday, Inecom participated in IMDA InvoiceNow SME Day where we heard about IMDA’s latest InvoiceNow developments and the newest grants available, and also caught up with our prospects and customers who were present at the event! 

Since the launch of the nationwide E-invoicing network in 2019, more than 50,000 businesses have joined the InvoiceNow network, a nationwide E-invoicing method which streamlines and digitises the invoicing process between suppliers and customers. 

To encourage more businesses to join the InvoiceNow network, IMDA has introduced three new InvoiceNow grants which will take effect from 1st November 2022:

1) InvoiceNow Transaction Bonus (Up to $200 per business)

  • Businesses who send a total of 10 e-invoices on the network within 12 months from the 1st e-invoice will receive a bonus payout of $200.
  • Receive $50 for sending the first invoice and $150 after sending the remaining nine.

2) LEAD Connect Grant (Up to $30,000 per enterprise)

  • Enterprises who complete integration to the InvoiceNow network with their own finance/ERP solution within 12 months from the start of the work will qualify for the grant.
  • Enterprises need a minimum of 200 business counterparties (suppliers + customers) to qualify.

3) LEAD Transact Grant (Up to $40,000 per enterprise)

  • Enterprises will receive payouts starting from $5,000 by meeting the minimum transaction threshold (transacting with 25 UENs as buyer or 250 UENs as biller).

Contact us to find out more about joining the InvoiceNow network!