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E-Invoicing Software

E invoicing software helps to collect GST more efficiently. There are several effective custom-built invoicing software available in the market allowing the job of generating invoices much easier. Moreover, the e-invoicing system is equipped with all the latest regulatory updates required for the business. 

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Why Use E-Invoicing Software India?

As per the GST council, e-invoicing has become mandatory for businesses that have a turnover above Rs. 100 crore. However, it requires effective software that assists you in overcoming the obstructions that appeared by the new system. If you ask why you should use e-invoicing software India, there are many reasons or can say features that help you to undertake your business with automatic and easy invoice generation with all GST regulations given below.

Smart Validation

The e invoice software has the ability to validate your data preemptively to recognize incorrect data entry, violations, and missing mandatory portions.

Recurring E-invoices

Using the software, you can keep your e-invoices on recurring mode so that you can upload them to the IRP, auto-charge your customers, and automatically send them to your customers. 

An Easy and Quick Solution

There are various GST-compliant e-invoice applications that upload your invoices directly to the IRP without depending on another GSP.

A Unified Compliance Solution

Moreover, it offers you a unified compliance solution as you all know that compliance comes on the top priority list for any business. The GST e-invoice software makes sure that your business remains compliant by playing a role of a single medium of communication with the network of GST.

GST Portal

The details of the invoice from the IRP synchronize to the GST portal and the data would be auto-populated in GST ANX-2 and GST ANX-1.

Direct Upload to the IRP

With the help of an effective electronic invoice app, you can upload your bills to the IRP directly. And then all your bills would be validated and electronically signed in the portal.

E-way Bill Portal

With the use of an e-way bill portal, you can directly generate e-way bills. All you have to do is to register with the company of the software to begin generating e-way invoices. 

Significance of E-invoicing Software For Small Businesses

Have a look at the significance or benefits of e-invoice software free for small businesses which are as follows:

Reduce Costs

E-invoicing is a paperless invoice for which you do not need to pay for postal or paper. Moreover, you can save your working time by making use of e-invoicing under GST in place of emailing PDFs and using templates. 

Save Time

With the help of e-invoicing, you can cut various unessential steps of the process of invoicing. The online e-invoicing software will help you to save time for both you and your customer.

Get Paid Faster

The e-invoice software quickly generates the invoices and it requires less effort and time to do the payment of an electronic invoice. This leads to faster payment by the customer. 

Provide Better Customer Service

Customers feel more comfortable when they find their e-invoice to their desired platform. Instead of a paper invoice, receiving an e-invoice saves up to 90% on the costs of processing. In addition, your customer would have increased possibilities to take benefit of earlier payment when the delivery time is shorter. 

Reduce Mistakes

By increasing automation and minimizing manual input, you can reduce typos and mistakes. You do not need to be concerned about your bill getting lost in the mail.

It is Promoted by the Different States

In EU countries, all public sector entities should get e-invoices from their suppliers from April 2019. The e-bills should comply with the new European norm (European Standard EN). Among other states, Brazil and Mexico have legislation that needs sales transactions to be documented in the format of e-invoice. The US Department of Treasury also wants its bureau to make use of electronic invoicing. 

Easy to Keep Track of Invoices

The software helps you to know when an invoice has been viewed, sent, and paid while using it as well. You can completely realize that the invoice is received and sent as well. You can even see when the bill has been seen by the customer but that depends on the service provider.

Easy to Customize

Using an e-invoice app, you can generate professional and standard-looking invoices with no need to spend time editing spreadsheet modules. You even have the option to download various free invoice templates from the web.

A Greater Degree of Insight and Control into the Invoicing Process

The benefit of using online invoicing software is that it saves everything on one platform, which you can access on any device from anywhere. Also, you can receive a complete overview of your invoicing via automated analytics and reports. 

Decreased Paper Consumption

Electronic document transfer saves the cost involved in purchasing paper as well as printing costs. 

Features of myBillBook GST E-invoice Software

Check out some of the smart features of online GST invoicing software, which are mentioned below:

  • Digital Signing by E-invoice Registration Portal: The data of invoice would be uploaded on the Invoice Registration Portal (IRP), which even generates the hash for verification and then sign it digitally with the use of the private key of the IRP. The hash submitted by the taxpayer along with invoice data will be validated by the IRN system in the same way. 
  • The Unique Invoice Reference Number (IRN) Format: The unique IRN would be on the basis of the computation of hash year and document number such as invoice number, GSTIN of the generator of the document (credit note or invoice, etc.). Using the software, you can pre-generate and print it on the book of invoice but it would be only valid if it is registered on the portal with full invoice data. 
  • Multiple Registrar for IRN System: Multiple registrars (IRPs) would be placed to make sure that the operations are carried out 24 x 7 without any break. Initially, NIC would be the first registrar and more will be added based on experience.
  • QR Code: The online invoicing software also generates a QR code that contains the unique IRN (hash) with a few crucial parameters of digital signature and invoice like GSTIN of the recipient, GSTIN of the supplier, number of line items, date of invoice generation, invoice number as given by the supplier, HSN code of the main item (the line item that has highest taxable value), unique IRN (hash), and so on. 
  • Standardization of Invoice: There are several standards for e-invoice that are drafted by a technical group constituted by the GST Council Secretariat after the industry consultation. The fact is that the effective e-invoice software generates the e-invoice template and schema approved by the GST Council. 

FAQs – E-invoicing Software

What do you mean by e-invoicing?

E-invoicing is nothing but a billing software in which B2B bills are electronically validated on the IRP (Invoice Registration Portal) for use further on the common GST portal.

How e-invoicing is applicable?

E-invoicing is applicable to those businesses that have a turnover over Rs. 500 crore from 1st October 2020. Now it has even been made applicable to businesses with turnover above Rs. 100 crore from 1st January 2021. Initially, the government has been notified that businesses need to comply with e-invoicing from 1st April 2021 with more than Rs. 50 crore turnover. It is vital to note that the registered taxpayer must comply with e-invoicing if their turnover is more than the specified turnover in any fiscal year from 2017-18 onwards.

Is it necessary to generate the Invoice Reference Number?

If the invoice does not include an IRN, it would be considered invalid. Therefore, it is recommended to upload invoices immediately to the IRP on the basis of real-time so as to generate and place the IRN on the invoice.

Can the submitted e-invoice be rejected by the IRP?

It is the IRP that validates the e-invoice and if the GSTIN is wrong, it will be rejected by the IRP. The e-invoice will be rejected with the relevant error codes without registering if it contains a duplicate invoice number or any other mistakes

What are the benefits of e-invoicing?

Check out the advantages of e-invoicing which are as follows:
-Interoperability of e-invoices
-Genuine ITC claims by buyers
-Minimal data entry mistakes
-Decreased effort in filing GST return
-Real-time recording of e-invoices
-Decreased tax evasion and fraud
-Easy verification process by tax authorities
-Auto-creation of e-way invoices

Can IRNs be made in bulk?

Of course, IRNs can be created on the IRP in bulk. The approval of an invoice will be undertaken one at a time even though the taxpayer uploads invoices in bulk. The IRP has the ability to manage a huge spectrum of invoices for their registration and validation. Necessarily, huge taxpayers who generate a huge number of invoices will require a bulk upload of invoices. Their accounting or ERP system would have to be designed in a way to make requests one by one. However, it does not make any difference for the user.

Know more about  Billing & Accounting Software for Small Businesses