Peppol (Pan-European Public Procurement Online) is a secure, international network that allows businesses to exchange documents and data with anyone else registered as part of the network.

In short, Peppol is a network and a set of specifications for electronic invoicing.

Peppol started as a European initiative and is now present in over 30 countries worldwide including Singapore, Australia and New Zealand. In September 2020, the local name for Peppol in Singapore became InvoiceNow.

Both systems require a Singaporean business’ UEN (Unique Entity Number), therefore providing a more unified experience for the user.

UBL is a structured format in an XML file, containing all the information in a manual invoice but in a defined and fixed structure. UBL was intended to be used in e-commerce by small to medium-sized businesses.

The UBL format was developed to simplify invoice processing.

Accounts receivable is the amount of money suppliers or vendors currently owe to the company for goods or services that were purchased on credit.

Accounts payable is what a company owes to suppliers or vendors for received goods or services.