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E-invoicing the shift to smart solutions

invoice management solutions

The world is becoming ‘smarter’, thanks to the technological transformation. If we compare our lifestyle in the last one decade, we can trace the rapid transformation which we have accepted knowing or unknowingly. Smart phones, watches TV etc., are just a fraction of the visible change, while giant transformation are taking over the human civilization.

No, we are not talking about flying cars or cyborgs taking over our day to lives but the advancements such as use of Artificial Intelligence, Blockchain, cloud technology etc. The introduction and implication of these technologies in different areas have disrupted the archaic method of working. Trade and business being one such area, the recent buzz has been the e-invoice generation process. It is needless to say that the business growth is fueled tremendously by the technological advancements, but when it comes to e-invoice generation process the game has reached another level.

What is e-invoicing?

Electronic invoicing or e-invoicing can be termed as the “exchange of the invoice document between the business and suppliers/clients, in electronic format.” The e-invoice generator software is paperless and is nearly error free, making it the advanced and beneficial alternative of the traditional invoice generation process.

The manual invoicing is a heavy paper-based process, often prone to human errors, which results into delayed payments, cost surcharge, and even customer/supplier dissatisfaction. On the contrary the software and tools included in e-invoice generator are much more efficient and simplified saving the businesses and enterprises time and money.

E-invoicing in India

E-invoicing is becoming a common B2B practice in India. It has been considered as the game changer of for the country. The introduction of e-invoicing in India is the government is the attempt to revolutionize the business transaction. Furthermore, the government has made it mandatory for the businesses over Rs 50 crore turnover to generate e-invoices for B2B transactions from April 1. Through this system specified GST registered taxpayers are required to report all their B2B documents to the common invoice registration portal (IRP).

Invoicing becomes smarter

The invoice generator software is not only technological advanced and faster than the manual process, but in their latest edition they are smarter and backed by high end technology. If we look at the existing e-invoice generator software, most of them are backed by rule-based OCR, hence even if it moves beyond the manual processing it still remains prone to several complications and data error.

But the problem is diluting rapidly with the introduction of end-to-end automated solution, like the one provided by Skyscend India. The e-invoice generation process here is smart and AI enabled, cutting down the excessive time, eliminating errors and streamlining the workflow.  this in turn is allowing the businesses to concentrate on their productivity and drive towards growth.


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