Whether it’s a mid-sized enterprise or a huge corporation, invoicing can be quite cumbersome if you don’t have access to the right technology or software. If invoicing has always been your pain point, then e-invoicing will be the right solution.
An e-invoicing software can electronically generate B2B invoices to be exchanged between the purchasers and suppliers. A business must handle countless transactions and when it comes to transportation and supply of goods, the need for e-way bills becomes evident.
With e-invoicing, invoice creation, IRN [Invoice Reference Number] generation, and other processes can take place effectively.
The Various Ways E-Invoice Generation Helps Businesses?
When you have e-invoice software, invoice generation won’t be an arduous task anymore. Here are certain advantages that make it the need of the hour:
- It will Integrate the Current Billing Methods Seamlessly
When it comes to invoicing, businesses follow countless practices. From manually recording the voices and accounting for them later to utilizing ERP and independent billing software, these are some of the ways that a business follows.
Apart from that, invoices get generated after performing a transaction. The e-invoicing solution for your business will work perfectly without any disruption or issues. This ensures that the e-invoicing journey begins smoothly and stays effortless.
- Restraints the Tax Evasion Activities
With e-invoicing, all the tax evasion possibilities will be eliminated. Every invoice must be uploaded to the IRP portal so that the transaction can take place. This can terminate the usage of incorrect ITC credit claims and fake or false GST invoices.
- It’s Extremely Time Saving
E-invoicing will eliminate the need to manually provide all the transaction details. This will certainly help save time. Once you generate an invoice with the e-invoicing software, it will take care of the remaining adjustments, such as journal entries, and relevant vouchers, and also manage stock items.
Also, you don’t need to print out the invoices by yourself. Cash flow management and payments become much easier as you spend less time sending payment reminders to your customers.
- Increases the Accuracy
Through e-invoicing, you can lessen the chances of errors or mistakes when creating invoices. All the activities will get monitored in real-time, which eliminates accuracy problems and ensures increased precision in calculations.
How Exactly Does the E-Invoice Process Work?
The operations of the e-invoicing system are not that difficult to understand but you also need to learn about the participants of the system. The first is the interaction between the IRP and the suppliers and the second one is the interaction between GST, IRP, and the buyer. So, how exactly does the e-invoicing system work? Let’s find out!
- You first must generate an invoice JSON through the ERP software
- The JSON gets uploaded to the IRP by the supplier
- IRP validates the invoice and generates the Invoice Reference Number
- The digitally signed e-invoice JSON with the QR code and IRN is sent to the supplier.
- The supplier prints the QR codes on the invoices and provides them to the purchasers
- The GST will then auto-populate the information on GSTR-1 and GSTR-2A
- The purchaser can view the ITC, which is related to the invoice on their GSTR-2A.
Why Is TallyPrime Your Best Choice for Seamless e-Invoicing?
Apart from being an efficient business management software, TallyPrime is one of the best options for e-invoicing for the following reasons:
● Instant invoice generation: TallyPrime offers a single-click and seamless process for generating invoices.
● Single or bulk e-invoice: You can either generate single e-Invoices during voucher entry or create e-invoices in bulk with a single click.
● Direct integration with IRP: All invoices can be directly uploaded to the IRP portal for seamlessly generating e-invoices.
● E-Invoice Reports: All businesses need to have an overview of the invoices they are generating. TallyPrime is useful for obtaining e-invoice reports and getting a comprehensive view of all e-invoicing tasks.
● Receive useful alerts: In case of redundancy or accidental modification, the alert mechanism will let you have complete control.
● Access to online reports: TallyPrime is useful for generating insightful business reports and accessing them from any mobile device on the go.
● Digitally signed tax invoices: With TallyPrime, you can seamlessly add your digital signature to your tax invoices, supply bills, and more.
● GST returns filing: Your GST returns will always be accurate with TallyPrime’s prevention and detection mechanism.
● IRN cancellation: A few invoices for which IRN is generated need to be canceled at times. TallyPrime lets you cancel such invoices and send details to IRP for direct cancellation through the software.
● E-Way bill: Apart from generating e-invoices, you will also be able to generate e-way bills using TallyPrime, saving you a lot of time and effort.
● Supports offline export: As a comprehensive solution, TallyPrime enables you to perform e-invoicing in offline mode as well in cases of temporary internet disconnection or other issues. In such circumstances, the details can be exported in JSON format and uploaded on the IRP at your convenience.
With TallyPrime API integrations, generating e-invoices will become as easy as it can today. Start using the top-notch business management software to seamlessly take care of all your needs.