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Effortless Invoicing for Business Owners in India

Invoicing

 In the 35th GST Council Meeting, electronic invoicing was implemented as a standard to make B2B invoice reporting easier for businesses with annual revenues of 100 crores or more. Further, it was announced that businesses with an annual turnover of more than 50 Cr are also required to adopt e-invoicing.

Electronic invoicing or e-Invoicing is a system in which GSTN authenticates the B2B invoices digitally and returns them for further processing. The most significant advantage of uploading invoices in a common portal is that it automates multi-way reporting through a single data entry. 

Benefits of e-invoicing system under GST

The GST scheme has transformed the entire process of invoicing for B2B reporting more efficiently. Businesses can now generate bills with ease. 

Error reduction 

The invoice uploaded in a shared site in the e-invoicing system allows a smooth and multifunctional reporting. All the invoices uploaded to the GST portals are validated instantaneously. This automatic uploading reduces errors related to data entry by manual processing when filing GST returns. 

Prevents tax evasion  

Invoices are prepared before the trade; thus, legitimate access to data will reduce the scope of frauds in invoice generations. e-Invoicing restrains the number of frauds in GST invoices and authenticates only the ITC to be claimed. Also, it will fast forward the process for tax officials to chase the fraudulent input credits as the entry tax and exit tax details are easily available. 

 Allows Interoperability 

e-invoices are designed in a standardized form. Also, the invoices are generated by one software that can be viewed by other applications. Thus, it serves as a unified platform with increased Interoperability.

Helping hand for buyers

Under the invoicing solutions, once the e-invoice is uploaded to the GST site for verification, it is sent directly to the buyer's e-mail address. This will further allow the buyer to match their purchase order to the e-invoice.  

Accurate ITC claim 

No invoices are ignored or disguised under the e-invoicing system. The reconciliation is also precise and comprehensive that allows the taxpayers to claim the optimum ITC. 

Thus, any organization can benefit significantly by adopting e-invoicing as it assists in the digitalization of the economy and more prominently simplifies the GSTfiling process. 

The world is becoming smarter, and so should your business as you aspire for growth. 

How do you benefit from e-invoicing?

The new and smart e-invoice generation processes are making a remarkable difference. Taking a look at the available statistics, even organizations with 10 or more full-time employees dedicated to invoice processing have reported up to 70% cost take out.

Let's say your AP team is stuck in an inordinate amount of time as they process multiple invoices either manually or with the basic solutions available for invoicing.

Now you start to notice the discrepancies and ineffective methods and, like most other companies, try tackling the problem with scanning and digitalization.  Well, this might be propelled a little further with the advanced technologies such as cloud, block-chain, and AI?

Not only are you opting for a smart and seamless e-invoicing solution, but you are also impacting your working capital and enhancing the visibility and control. Your growing cash flow can prove to be your further resource, and you can use the cash reserve to drive up-gradations in the operational sector and help provide liquidity to supply chains.

With the recent solutions available, the billing statements can be prepared in a few simple steps. Further, the companies can also create custom invoices with their brand essence.

Solutions like Skyscend India also help you track who owes money to you, and with payment reminder feature helps in easy follow-ups. Further, the solutions like Skyscend offers personalized assistance from experts to help the businesses make the most of their procurement and pay processes. 

Solution providers who know their client's scope of work or the industry they belong to are the first choice as an invoice automation partner. Also, it is to be understood that e-invoicing is not just the present but also the future. 

Just as the transition from the traditional to modern approaches has taken place, the future will also foresee a lot of evolution. Hence before adopting a software, evaluate whether they are ready to take the ownership of a long-term partnership? 

The due diligence of the right software and its ability to upgrade with time and requirement further is the beneficial deal for your businesses where financial flow, cyber risk and safety, etc., are the points to be taken care of.

The task of these solution providers is to offer a friction-less and streamlined solution to store and retrieve data related to the invoices. The e-invoicing software offers a solution as per the industry standards and seamless utilization. 

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