InvoiceNow Is Coming: Is Your Business Finance Ready?
On 29 July 2026, the Accela Finance team attended the InvoiceNow Fair 2026 at Suntec Singapore Convention & Exhibition Centre. Organised by IMDA and IRAS, the event brought together businesses and more than 90 accredited InvoiceNow solution and Access Point providers to share the latest updates, available support and solutions for businesses preparing for InvoiceNow.
One thing that stood out to us was that InvoiceNow is not simply about changing how you send and receive invoices. It is also a good opportunity to take a closer look at how your finance function is working as a whole.InvoiceNow is Singapore's nationwide e-invoicing network based on the international Peppol standard. It allows businesses to send and receive invoices in a structured digital format. Under the GST InvoiceNow Requirement, all GST-registered businesses will be required to submit invoice data to IRAS via the InvoiceNow network. This mandatory participation will be implemented progressively, in the following phases:
1 November 2025: Companies that register for GST voluntarily within 6 months of the incorporation date.
1 April 2026: Businesses that apply for voluntary GST registration on or after 1 Apr 2026 regardless of incorporation date or business structure.
1 April 2028:
Businesses that apply for compulsory GST registration on or after 1 Apr 2028.
Existing GST-registered businesses with total annual supplies ≤ S$200,000
1 April 2029: Existing GST-registered businesses with total annual supplies ≤ S$1,000,000
1 April 2030: Existing GST-registered businesses with total annual supplies ≤ S$4,000,000
1 April 2031: Existing GST-registered businesses with total annual supplies > S$4,000,000
Source:IRAS - GST InvoiceNow Requirement
New voluntary GST registrants are already subject to the requirement, with the latest phase applying from 1 April 2026.
What does this mean for your business?
It can be tempting to think that getting ready for InvoiceNow simply means choosing the right software. In practice, there is a little more to it. Your invoicing process is connected to your bookkeeping, GST records, accounts receivable and payable, and financial reporting. Getting these areas in good shape will make the transition much smoother.
1. Start with your accounting system
First, check that your current accounting software is InvoiceNow-ready and can transmit the required invoice data to IRAS. If you are already considering a change in accounting software, this may also be a good time to review whether your current system still suits the way your business operates.
2. Make sure your books are up to date
InvoiceNow can digitalise the flow of invoice data, but it does not replace accurate bookkeeping. If your accounts regularly require reconciliation or clean-up, it is worth addressing these issues before you start relying more heavily on automated processes. Clean, accurate records will also make it easier to manage GST reporting and your wider finance function.
3. Review your GST records
InvoiceNow involves transmitting relevant invoice data for transactions reported in your GST return, including standard-rated, zero-rated and exempt supplies, as well as certain purchases. This makes it even more important to keep your financial and GST records accurate and properly maintained.
4. Decide who will manage the transition
Someone will need to coordinate the accounting system, finance processes and onboarding. For businesses with an existing finance team, this can be incorporated into their current processes. For smaller businesses, it may fall to the business owner or someone already managing several areas of the company. Having someone take ownership early can help make the transition much more straightforward.
Why It Makes Sense to Start Early
IRAS encourages businesses to onboard early so they have time to ensure their systems can transmit invoice data successfully.
There is also government support available. Eligible businesses can access:
GST InvoiceNow Transition Grant of up to S$1,000 for businesses with annual supplies of S$4 million or less
GST InvoiceNow Transition Grant of up to S$5,000 for larger businesses
InvoiceNow Queen Bee Grant of up to S$25,000 for eligible businesses
Free-of-charge InvoiceNow solution packages for eligible SMEs, subject to the relevant terms and availability
Source: IMDA - InvoiceNow Grants
You do not have to wait until your mandatory implementation date to get started.In fact, InvoiceNow can be a useful prompt to look at the wider finance function and consider whether your current processes are still working well as the business grows.
As a business expands, the finance function naturally becomes more involved. There may be more transactions to reconcile, invoices to follow up on, payments to process and reports to prepare. GST and other compliance requirements also become part of the picture.
Having the right processes in place can make these tasks more manageable and give the business better financial visibility.
Let Accela Finance take care of the numbers.
At Accela Finance, we help businesses simplify their finance processes so business owners can focus on running and growing their companies.
From bookkeeping and financial reporting to accounts receivable, payment processing, compliance and ongoing finance support, our services can be tailored to your business needs.
InvoiceNow is one of many changes businesses will need to navigate as Singapore's financial and regulatory landscape evolves. You don't have to navigate them alone. If you're unsure where to start with InvoiceNow, or simply feel that your finance function could be better organised, speak to the Accela Finance team.
We'll help you make sense of the numbers, streamline your finance processes and stay ready for what's next. Reach out to Accela Finance today at [email protected]