The latest GST Notification 1/2022 has made it mandatory for businesses with an annual aggregate turnover of Rs. 20 Cr. and above to generate e-invoices from April 1, 2022 (any FY from 2017-18 onwards). And, GST Notification 17/2022 dated 01-08-2022 mandates e-invoicing for taxpayers having AATO above Rs. 10 crores in any financial year since FY 2017-18 w.e.f. 1st October, 2022.
What does this mean for the taxpayers? While the invoicing process continues to remain the same as earlier, businesses now need to get an Invoice Reference Number (IRN) and a digitally signed QR code from the Invoice Registration Portal (IRP) for all the mandated transactions. This QR Code should be part of the invoice being shared with the party.
A company has to deal with multiple transactions and with the supply of goods and transportation, the requirement of e-way bills also becomes mandatory. The process of e-invoicing can be an additional task on your already daily set of strenuous business activities. Thus a secure and comprehensive e-invoicing software is necessary to ease the course not just for IRN generation but also to print and share invoices, manage e-way bills, and for a smooth ITC claim as a way ahead.
Here are 7 ways how an e-invoicing software can simplify your e-invoicing:
1. An e-invoicing software can fit seamlessly into your existing billing processes
Businesses follow various practices when it comes to invoicing. From using ERP to independent billing software to the manual recording of invoices (say using a spreadsheet) and accounting it later, several ways are followed. Further, invoices could be generated as and when a transaction is performed, or subsequently in batch mode. Your e-invoicing solution should work your way without causing much disruption. This will ensure your e-invoicing journey starts smoothly and remains effortless.
2. An e-invoicing software can integrate with your existing ERP or billing systems
Many businesses these days work with ERP (Enterprise Resource Planning) software systems. Further, there could be one or many systems with which a business works. Your e-invoicing software will not just get integrated with the ERP or your existing billing system but also simplify your task by automatically extracting data. You do not have to worry about working on two systems (ERP and e-invoicing software) separately.
3. It can take care of all e-invoicing tasks (e-invoice cancellation and e-way bill)
E-invoicing mandate requires the generation of IRN for every document covered under the scope. However, there could be business scenarios wherein the document is to be cancelled. E-invoice Portal provides a window of 24 hours for cancellation. Further, if e-way bill is applicable to you, then along with IRN, e-way bill also can be generated. E-way bill with validity or Only Part A can be done using IRN. Your e-invoice software should address all these activities which originate along with E-invoice
4. It can extend to tasks beyond just e-invoicing (print and share e-invoice)
Once an IRN is generated, with or without E-way Bill, the next step is to share the invoice with the customer. The invoice copy, at minimum, needs to have the digitally-signed QR code. Your e-invoicing software should allow you to get an invoice printed along with QR code and also send it to the concerned parties. This will help to bring efficiency in the process.
5. Validate invoice data as per e-invoice rules and addresses inconsistencies
The process of generating e-invoices may not be smooth if there are inconsistencies in data. All businesses are expected to report their invoice data in a prescribed format (e-invoice schema in FORM GST INV-01). As you must be aware that there are several validations rules for e-invoicing that businesses need to follow in order to have a correct IRN generation. The reason for errors can be many, however, one which is under your control is taking care of certain reporting aspects at the business level and at the ERP system level for correct e-invoice generation. And a good e-invoicing software can help you take care of all the validations without you having to waste too much time or stress over it!
6. Acquire past e-invoice data any time
The E-invoice portal stores data only for 2 days post-IRN generation. So, if you want to go back to the uploaded invoices to verify information, you would not be able to access it post 2 days. However, an e-invoicing software solution goes beyond this limitation and provides you access to all the historical data within minutes.
7. Accessible at any time and from anywhere
Small and mid-size companies may have their set-ups in different locations or may have a WFH set-up too. A cloud-based e-invoicing software can completely solve the accessibility problem. Now, especially in the post-pandemic world, this surely is a primary requirement.
The biggest advantage of an e-invoicing software solution is that it can be accessed anytime and anywhere thanks to its secure cloud-based mechanism. All the information is organized in the cloud. You need not be bound to your desktops to check the updates or processes.
Generate E-Invoice with IRIS E-invoicing
IRIS E-Invoicing is an automated, integrated and seamless e-invoicing software! It is a cloud-based solution that can integrate with your billing systems seamlessly in multiple ways and generate IRN with zero disruption to your business. It is a one-stop platform to generate, view and share e-invoices and collaborate with your customers while managing the entire communication with the GST systems in a hassle-free manner.
Here’s how IRIS E-invoicing can help you:
- Upload Invoice data in bulk
- Send Invoice Data to IRP in bulk and generate e-invoices in real-time!
- Follow your org hierarchy and manage multiple GSTINs under a single business hierarchy
- Generate e-invoices and e-way bills on a single platform
- Get standard invoice templates to print e-invoices (with QR Code)
- Share invoices with customers and vendors through the platform
If you are looking for Automated, Integrated and Seamless e-invoicing Software, contact us today! IRIS GST is the most trusted technology provider in the market to help you with the best e-invoicing solution. Click the button below to have a look at our solution.