E-Invoicing system is a method from which you can electronically upload and authenticate all B2B invoices by the designated portal. Moreover, you must also know that IRP generates a unique Invoice Reference Number, also called IRN, for each invoice. Besides, you can sign each invoice digitally.
The part that makes E-Invoicing system different is that before issuing it to the buyer, there is a need for a seller to print the QR code and IRN number on the invoice. Please continue reading to learn more about E-Invoicing system and how it benefits your Organization.
Benefits Of E-Invoicing System For Your Organization
It is essential to know that pre-population of returns & reduction of the reconciliation challenges is the aim behind implementing the E-Invoicing system. You achieve it by the design of the Invoice Registration Portal ( IRP).
The E-Invoicing system also shares the invoice data with the GST system. Moreover, there is an e-way bill system that works best. Therefore, most of the essential information in returns and the e-way bill gets auto-populated when you continuously upload invoices. Some primary benefits are as below:
Simple To Set Up
The primary use of the E-Invoicing system is to quickly incorporate all the information into your business software and workflow. Moreover, you must know that the integration process is the same for every online payment provider, and you need to register for an account.However, the registration process is quick, and you don’t need to do a lot of obligatory paperwork. And you can get your payments online within a few minutes.
Affordable For Each Business
Most providers have zero setup fees and provide lower transaction fees. You also get some online payment gateways that are transaction fee-free. Moreover, online payment providers may offer a discount after a certain number of payments.
Quality User Experience
Your clients will appreciate having an online payments option to finish their purchase online. In addition, you give your users the ability to pay you with their credit or debit card online, which is a massive advantage for both of you.
With E-invoicing system, money is safe for your company and your clients’. It involves multiple security layers for transactions. Moreover, you also get automatic notifications of payments via email or other means for cross-checking.
As per the latest government notification, from 1st April 2022, E-invoicing is mandatory for businesses with a turnover of over 20 crores. Therefore, now for B2B Companies, it is highly crucial to generate e-invoices if they want to avail of Input Tax Credit benefits. Moreover, failure to do so would also lead to penalties.
As a Top ERP & CRM Provider in Vadodara, Gujarat, we are well versed with all the latest government legislations & can help you in embracing features like e-invoicing for ensuring better compliance. Our team works round the clock to assist businesses in their growth journey. So if your company is looking for ERP services in Vadodara or anywhere in India or around the globe, drop us an email at email@example.com. Our team will be glad to set up a free demo for your brand.