How to Choose InvoiceNow-Compatible Accounting Software Options for SMEs in Singapore

If you’re running an SME in Singapore, you’ve probably heard about InvoiceNow—our national e-invoicing initiative built on the Peppol network. It’s been rolled out to make invoicing more seamless, secure, and digital, which is great news if you’re tired of dealing with stacks of paper, endless email trails, or late payments.

But here’s where it gets tricky: not all accounting software is compatible with InvoiceNow. And with the push towards mandatory e-invoicing for certain businesses by 2025, choosing the right platform now could save you from a whole lot of headaches later.

In this guide, we’ll walk you through what InvoiceNow is, why it matters, and most importantly, how to choose the right accounting software for SMEs in Singapore that are InvoiceNow compatible.

A Quick Refresher: What Is InvoiceNow?

InvoiceNow is Singapore’s nationwide e-invoicing framework, allowing businesses to send and receive e-invoices directly between accounting systems via the Peppol network. This eliminates the need for PDFs, paper documents, or manual email follow-ups.

Benefits include:

• Faster payments
• Fewer invoicing errors
• Improved cash flow
• Less admin work
• Better tracking of invoice status

With support from IMDA (Infocomm Media Development Authority) and grants available under the LEAD Connect and Advanced Digital Solutions (ADS) programmes, more SMEs are jumping on board every year.

Why Compatibility Matters

You can’t just use any accounting system and expect it to work with InvoiceNow. It has to be:

1. Peppol-ready (i.e. connected to the Peppol Access Point)
2. IMDA-approved (included in the list of InvoiceNow-compliant solutions)

This ensures your invoices are properly formatted, securely transmitted, and recognised by government and corporate buyers who are already on the network.

6 Things to Consider When Choosing InvoiceNow-Compatible Software

Before you commit to a platform like Million Accounting, here are some key points to help you choose wisely:

1. IMDA Listing and Peppol Readiness

First things first: check whether the software is listed on IMDA’s official list of Peppol-ready solutions. This list is updated regularly and includes software that has been tested and approved for InvoiceNow.

Pro Tip: Visit IMDA’s website and look under “Peppol-Ready Accounting Solutions” to see the current vendors.

2. Local Compliance (IRAS and GST)

InvoiceNow integration is one thing—but what about tax reporting?

Make sure your software also handles:

• IRAS GST reporting
• Form C-S/C submission
• Audit trails and financial year-end reporting

You want a system that doesn’t just send invoices, but also helps you stay compliant with Singapore’s tax laws.

3. Integration with Your Current Tools

Are you already using a POS system? CRM platform? Inventory tracker?

Choose software that either integrates with your current systems or comes with modules that can scale as your business grows. For example, some platforms offer optional add-ons for payroll, HR, or inventory, so you’re not stuck juggling five different apps.

4. User-Friendliness and Support

A system can have all the features in the world, but if it’s confusing to use or takes ages to learn, it won’t do you much good.

Look for:

• Simple, clean dashboard layouts
• Customisable templates
• Good local customer support (phone, email, or chat)
• Training resources or tutorials

Bonus points if the vendor offers onboarding assistance—this can be super helpful if you’re switching over from a manual or Excel-based process.

5. Scalability and Pricing

Think about what your business will need 1–2 years from now. Will the software:

• Grow with your team?
• Handle multiple users or branches?
• Offer affordable plans for scaling up?

Be wary of platforms that seem cheap but charge high fees for every new feature or user. Ask for a breakdown of pricing for different tiers or functions.

6. Vendor Reputation and Reviews

Lastly, do some digging. Ask around in SME networks, check online reviews, and browse local forums. Vendors with strong reputations for stability, security, and responsive support are worth paying a bit more for.

Popular InvoiceNow-Compatible Accounting Software for SMEs in Singapore

Here are a few trusted platforms that tick the boxes for many SMEs:

AutoCount Accounting

• Known for strong local support and a modular system.
• Integrates well with POS, inventory, and payroll.
• IMDA-recognised and now upgrading features to support InvoiceNow.

Million Accounting

• Affordable and built with Singapore SMEs in mind.
• Peppol-ready and suitable for small teams.
• Straightforward interface with GST features included.

Xero

• Cloud-based and very user-friendly.
• Peppol e-invoicing ready.
• Great for businesses that want access from multiple devices and locations.

QuickBooks Online

• Recognised globally, with Singapore GST support.
• Easy-to-use dashboard, especially for those familiar with international systems.
• InvoiceNow capability supported through integrations.

Financio

• Built specifically for Singapore and Malaysian SMEs.
• IRAS-compliant and connected to Peppol for InvoiceNow.
• Simple UI that’s good for first-time digital users.

Tip: If you’re already using a platform that isn’t InvoiceNow-ready, reach out to the vendor—they may offer integrations, upgrades, or transition plans.

Should You Make the Switch Now?

Yes—and here’s why:

• Government grants are available to support adoption
• E-invoicing will soon be a requirement, not just a recommendation
• The earlier you start, the more time you have to train your team and smooth out issues
• It puts you ahead of competitors still doing things manually

Final Thoughts

Choosing InvoiceNow-compatible accounting software doesn’t have to be overwhelming. Start by making a list of what your business really needs—compliance, usability, scalability—and match it against what’s available on the IMDA-approved list.

Whether you’re a solo freelancer, a retail business with multiple outlets, or an SME planning to grow in the next few years, the right software will help you invoice faster, stay compliant, and run more efficiently.

So, don’t wait until 2025 is knocking on your door. Start exploring your options now, test out a few demos, and take full advantage of Singapore’s push for smarter digitalisation.