InvoiceNow Bonus & Grants

2  |  LEAD Connect Grant

For large enterprises with their own finance/ ERP solution, connect your system to the  InvoiceNow network and receive a $30k fixed grant. 

• Applicable to enterprises who have valid and active business UENs excluding the entity types listed below.
• 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.
  • Entity has a minimum of 200 business counterparties (aggregate of suppliers and customers).
  • Entity has its own ERP/finance solution which requires to connect to the InvoiceNow network with the help of Access Point providers.
  • The start of the work should be after 1 November 2022.

3  |  LEAD Transact Grant

Up to $40k grant applicable to large enterprises who meet the minimum number of transacting business partners on the InvoiceNow network.

• Applicable to enterprises who have valid and active business UENs excluding the entity types listed below.
• Enterprises who are able to meet the minimum transaction tier, (i.e. transacting with 25 UENs as buyer and/or 250 UENs as biller).
• Enterprise can receive incentives as both Buyer and Biller.
• Funding period is 12 months starting from the first claim submission by the enterprise. The starting dates for the enterprise as Buyer and Biller can be different.
• Billers receiving LEAD Transact Grant will not be eligible for InvoiceNow Transaction Bonus.

Advantages of E-invoicing 

E-invoicing vs Online invoicing

It is important to note that E-invoicing is not the same as online invoicing. 

Online invoicing, in most current business scenarios, refers to either a scanned copy of the invoice or a PDF file sent to the recipient organisation via email. The process relies on manual data entry as your recipient will have to re-enter the details of the invoice into his own accounting system (e.g. accounts payable). Similarly, you may be receiving many online invoices in the form of PDFs – you will also need to have someone manually input the invoice details or scan the pages of invoices into your system.

E-invoicing on the other hand is an invoice created digitally in a supplier’s financial system, transmitted electronically through the PEPPOL network to the recipient (buyer) where it is processed automatically without any human intervention. For example, E-invoices received in a PEPPOL-ready accounting solution can appear as draft bills automatically without any manual data entry.

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