In India, the e-invoicing (electronic billing) system has been recently introduced under the GST scheme. This marks a revolution in invoice management. Needless to say, e-invoicing is the present as well as the future of invoicing in India.
There are more than a handful of reasons why e-invoicing is advantageous as compared to the traditional paper bills or PDF invoices. The e-invoicing system facilitates automation of the invoicing process and offers a large number of operational and strategic benefits to businesses in the long run!
In this blog, we have listed the 5 most important benefits for organizations both small and medium to make a switch to e-invoicing systems:
Real-time Invoice Tracking
Real-time Invoice Tracking – With e-invoicing, it has become fairly easy for a supplier to share invoice details to the customers in real-time. By using FocusLyte e-invoicing software, you can easily register your invoices with IRP and share details of the same to the customer and know when an invoice was created, sent, viewed, and paid. It also enables faster availability of Input Tax Credit for GST.
An accounting cum e-invoicing software can be used to generate a variety of business reports in just a blink of an eye. These reports can then be used to automatically populate input fields for different tax forms on the GST portal.
Automation of GST Return Filling
In the current 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 necessary tasks done at a faster rate and that too with better accuracy.
Manual GST filling is prone to errors. E-invoicing offers added convenience by reducing the chances of human mistakes and data entry typos. It also helps overcome the problem of data mismatch. The GST filling process becomes much simpler with the automated reconciliation features in out product.
Low Carbon Footprint
e-invoicing is a paperless invoicing process. It eliminates the need for paper for invoices as well as postal stamps. Creating and sending digital invoices also reduces operational costs multi-fold. It helps save a lot of time that can otherwise be utilized for more productive tasks at work.
E-invoicing promotes work efficiency and accuracy in more ways than those listed above. As a business, you spend much less time in processing your invoices and get paid faster.
FocusLyte is a popular e-invoicing web application that simplifies the GST return filling process and offers assistance for e-way bill generation.
FocusLyte offers e-invoicing with added ease of customization thus leading to improved customer service. You do not need additional storage space to keep the hard-copy of your invoices as e-invoices can either be stored on the cloud or on your computer’s hard disk drive.
Keeping the requirements of businesses in mind, it has been designed to have an intuitive interface with scalable features.
FocusLyte also offers additional features of cash flow management and inventory management. It is a robust cloud accounting software that has been designed to help you overcome your accounting challenges thus allowing you to focus more on your business than on filling taxes and returns!
With the Government of India implementing the Goods and Services Tax (GST) in 2017, the Indian market witnessed an increasing need for an integrated accounting solution that not only helps users in navigating the GST with features such as automated return filing but also is effective in unifying and automating accounting processes.
To help Indian Taxpayers, FocusLyte is empaneled by GSTN. It is a part of the initiative in offering Accounting & Billing Software free of cost for companies whose Turnover is less than 1.5Cr with Basic features.
Experience the ease of managing your accounts with e-invoicing, request a free trial now!