Online accounting software Xero Singapore has officially announced a cooperation and integration with Storecove, The only e-Invoicing Access Point certified in every Peppol jurisdiction - Singapore, the European Union, Australia and New Zealand.
Xero is world-leading online accounting software built for small business. They got tools for managing invoicing, bank reconciliation, inventory, purchasing, expenses, bookkeeping and more.
Using Storecove's innovative technology, customers of Xero will be able to register on the Singapore National e-Invoicing Network, a part of the Peppol e-invoicing network.
Xero's customers are now able to connect simply by using only one data format. Storecove takes care of the international conversion, which converts invoices to the format required by the receiver. Below you will find more information about this converting process.
One Connection, Global Connectivity
Promoting the slogan 'One Connection, Global Connectivity', Storecove's goal is to greatly simplify the invoice communication between different countries. In fact, the Peppol Access Point has already taken certain actions to transform this ambition into reality.
Currently the invoice communication comprehends an unnecessary complicated process, as nearly every country established their own mandatory invoice format (such as UBL, ZUGFeRD, Factur-X, Finvoice, EHF, Svefaktura, BIS V2 and BIS V), making easy e-invoice communication nearly impossible.
If your company is based in The Netherlands, for example, the Dutch government expects you to send and receive UBL-SI invoices. But what happens if you're a Dutch company that needs to send e-invoices to the Swedish government? Or to Germany, Croatia or Australia? It's impossible to send your UBL-SI invoice to a government that requires Svefaktura (Sweden) or EHF invoices (Norway).
That's why Storecove developed a fully automatic converting system that converts all invoices to the format required by the recipient. This makes it a lot easier to send e-invoices to companies and governments worldwide.
Read also: How to become a Peppol Access Point?
Peppol in Australia, Singapore and New-Zealand
Peppol is the e-invoicing standard that recently has been adopted by the European Union. But not only Europe strives for the adoption of e-invoicing. It has also been adopted by Singapore and the Australian and New Zealand Government.
The Australian Tax Office has identified two key benefits from e-invoicing:
- For small to medium businesses, the biggest benefit will be reduced payment times and improved cash flow, especially with Federal and State Governments committing to faster payment terms for supplier invoices under $1 million from the start of 2020.
- Organisations are also expected to save up to 70% on invoice processing costs for e-invoicing compared to paper or PDF invoices.”
The Australian Government estimates that, with 1.2 billion invoices exchanged in Australia each year, the adoption of e-invoicing will save the Australian economy no less than $28 billion within a period of 10 years.
More information about Xero and Storecove?
Want to know more about the Xero and Storecove integration?
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