Everything You Need To Know About E-Invoicing
This last decade has witnessed massive waves of digital revolutions across the globe. We are now living in an era fueled by innovation and technology. To make the most of these advancements and thrive in the digital age, businesses are now putting automation on top of their priority lists. One of the best examples of brilliant digital transformations is the E-invoice Solution – a concept that businesses spanning all industries are now embracing. Let’s take a closer look About E-invoicing entails and what are the key benefits that it can bring to today’s firms.
What is an E-invoice?
In the simplest terms, an E-invoice (electronic invoice) is a digital document. It is generated, transferred, and received in a structured electronic format. Moreover, these invoices are processed electronically and automatically as well. Furthermore, any invoice posted on the Governmental portal is now subject to GSTN approval under e-invoicing. Consequently, E-invoicing SAP Services have become the need of the hour. These solutions comprise effective tools for eliminating tax evasion and data duplication. This is ensured by digitizing the entire invoicing period.
Why is E-invoice Integration Important?
The supplier sends it, and it consists of data that any buyer’s accounting system can verify and process automatically, paving the way for faster processes backed by precision. Recently, E-Invoicing has become a mandate under the GST system, with slight modifications in E-invoicing regulations. Most B2B businesses now have to generate their invoices in an electronic format as per the defined standard. These also have to be electronically authenticated by GSTN. E-invoicing comes with a host of benefits for firms, let’s explore some of the key advantages.
Top 5 Benefits Of E-invoicing
1.Better ROI At Lower Costs:
With E-invoicing, the overall costs associated with invoice processing are reduced by 30%-90%. As it is an automated process, businesses do not have to dedicate their resources for the invoice generation process, saving costs there as well, along with the resources’ time.
2. Enhanced Accuracy:
E-invoicing being an automated process eliminates the risk of human errors. Consequently, these errors can come at a price and can delay the entire payment process. Moreover, the information and the figures in the invoices are up to the mark at all times.
3. Improved Compliance & Streamlined Processes:
Thanks to the transparent and accurate ways of E-invoicing, the processing cycle time is reduced by 65%. The efficient processes also help companies easily comply with the legal requirements when it comes to B2B and B2G e-invoicing.
4. Ensured Data Security:
With digital processes, ensuring data security is a must. E-invoicing is a process that follows encrypted transmission. As such, businesses can carry out secure exchanges of their invoices.
5. Consistent Cash Flow & Faster Booking:
Swift processing and delivery of invoices help reduce payment time. So, This consequently helps improve cash flow. In addition, E-invoices also bring in better transparency and faster booking of invoices.
Contact PTS Systems and Solutions – Excellent E-Invoicing Solutions in India
With significant experience in managing global projects and ERP life cycle implementations, PTS Systems and Solutions is one of the leading Einvoice companies. We provide expert SAP ERP Implementation services that can be dynamically delivered across the globe. You also get easy access to our comprehensive ERP Add-Ons or Upgrades.
We have recently released a new SAP Certified E-Invoice Integration Add-On that allows companies to automatically report e-invoices to the government portal and file GST returns. This add-on creates data per the Goods and Services Tax (GST) Council’s regulations. As a result, needless paperwork, manual labor, bugs, and delays are eliminated. For effective E-invoice integration, get in touch with us today.
