The e-invoicing (electronic billing) system has been introduced under the GST scheme. This marks a revolution in invoice management. Obviously, e-invoicing is today’s as well as the future of invoicing. Invoicing and timely movement of goods is a essential requirement of everyone but more specifically to mid-market companies as any disruption in the same may impact the revenue or customers. A good slight movement will probably have a substantial effect on any business because of the highly competitive nature of today’s markets. Presently, these companies do not have a large appetite for just about any further effect on the top-line. Therefore, it becomes an important requirement for these lenders to ensure that critical pursuits like invoicing and delivery are done promptly.
There are greater than a number of reasons why e-invoicing is advantageous as compared to the original paper bills or PDF invoices. The e-invoicing system facilitates automation of the invoicing process and will be offering a large variety of operational and strategic benefits to businesses over time!
Real-time Invoice Tracking
Real-time Invoice Tracking – With e-invoicing, it has become fairly easy for a supplier to talk about invoice details to the customers in real-time. Through the use of e-invoicing software, you can easily register your invoices with IRP and share details of the same to the client and know when an invoice was made, sent, viewed, and paid. In addition, it enables faster option of Input Tax Credit for GST. For more information related to this Click here الفاتورة الإلكترونية
Automated Reporting
An accounting cum e-invoicing software may be used to generate a variety of business reports in simply a blink of any eye. These accounts can then be utilized to automatically populate input fields for different tax forms on the GST portal.
Automation of GST Go back Filling
In today’s scenario, manual filling of GST returns requires a lot of time and effort. E-invoicing not only offers ease of GST filling but also gets the required tasks done quicker which too with better accuracy.
Minimize Mistakes
Manual GST filling is prone to errors. E-invoicing offers added convenience by reducing the probability of human mistakes and data entry typos. In addition, it helps overcome the challenge of data mismatch. The GST filling process becomes easier with the automated reconciliation features in out product.
Low Carbon Footprint
e-invoicing is a paperless invoicing process. It eliminates the necessity for paper for invoices as well as postal stamps. Creating and sending digital invoices also reduces operational costs multi-fold. It can help save lots of time that can otherwise be utilized for more productive duties at work.
E-invoicing promotes work efficiency and accuracy in more ways than those in the above list. Being a business, you may spend much less amount of time in processing your invoices and get paid faster. The procedure of e-invoicing takes a technological handshake between your taxpayer system and the federal government portal. This ideally requires an up-to-date IT infrastructure with equal emphasis on upkeep and maintenance of the same to ensure an error-free and timely generation of e-invoices. It’s been seen that mid-market companies generally do not give attention to robust and up-to-date IT infrastructure and streamlining various internal reporting functions.
Before e-invoicing, the reporting requirements were generally triggered at the end of the month, and hence a relaxed approach was followed because of the time gap between a transaction and its reporting to the government. Now, with the introduction of e-invoicing, there’s a requirement for real-time reporting of most invoices without option to modify the invoices in case there is any errors or omissions. This in conjunction with inadequate IT infrastructure could end up being a big task for mid-market companies.
Therefore, enough time and effort these businesses would need to invest in IT, compliances and processes would significantly increase.
