Unlocking IMS Potential: Proactive Liability Management for Suppliers & Updates for Recipients

Webinar

Efficient tax compliance starts with proactive strategies and ends with seamless collaboration. Join us for an insightful webinar that unravels the intricacies of the Invoice Management System (IMS) and its role in minimizing supplier liability discrepancies while empowering recipients with timely updates.

Date: 29th November 2024 | Time: 11 AM IST

Don’t let this opportunity pass you by.
Reserve your spot now!

Vaishali Dedhia

Vaishali Dedhia is a Chartered Accountant with over 12 years of experience at IRIS Business Services Ltd. In her role as a Product Manager, she is instrumental in shaping the company’s product strategy, leveraging her deep domain expertise to develop innovative solutions that meet market needs.
Vaishali conducts thorough research on market trends and regulatory complexities, translating these insights into actionable business strategies. She actively hosts webinars on various topics related to the GST regulatory compliance landscape, demonstrating her commitment to empowering clients with knowledge and enhancing their understanding of IRIS’s offerings.
One of her key contributions at IRIS has been spearheading the development of the IRIS GST platform. Prior to her work in GST, she specialized in compliance and data analysis for the US markets, providing her with a solid foundation in financial regulations and analytics. Vaishali’s comprehensive understanding of the tax domain, combined with her knowledge of technology and market dynamics, makes her a valuable asset in shaping the future of IRIS’s offerings.

IMS Overview: A Supplier’s Perspective and Impact of actions on Supplier's Liability

The role of IMS in enhancing compliance accuracy for Supplier.
Impact of Recipient Actions on supplier liability.

Credit Notes- Practical challenges in IMS for your Customers leading to rejections

Credit notes could be linked to multiple invoices and information not available through IMS/GSTR2B.
Net accounting followed by your customers while booking their purchases.

Proactive Strategies to minimize Liability Discrepancies

Practical strategies for ensuring no rejections happen, handling cases where rejections still continue.
Leveraging real time IMS Data and having proactive recipient-supplier collaboration for tracking a correction of liabilities for seamless compliance

Updates for Recipients - IRIS IMS Module

Perform reconciliation using IRIS IMS Module enabling decision-making for taking actions.
Bulk actions to manage high transaction volumes efficiently.

Followed by Live Q and A session with the experts to get all your queries answered

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The Invoice Management System (IMS) was introduced primarily to help business manage their input tax credits efficiently by taking appropriate actions. However, these actions can also significantly impact supplier liabilities. It is vital to understand this impact from the supplier’s perspective, as they may need to proactively adapt to mitigate risks and streamline compliance in liability reporting. IMS offers real-time insights into recipient actions, enabling early resolution of discrepancies and preventing costly errors. By fostering collaboration, businesses can enhance accuracy and reduce rejections in credit notes and other documents, streamlining processes on both the sales side (engaging with customers as a supplier) and the purchase side (interacting with vendors as a recipient).

For recipients, timely action on documents through IMS is now essential. With tools like the IRIS IMS Module, efficient reconciliation becomes seamless, empowering recipients to handle high transaction volumes with ease and precision.

This webinar highlights the interconnected roles of suppliers and recipients within the IMS framework, providing actionable strategies to enhance collaboration and achieve compliance excellence.