The government has already made eInvoicing mandatory for businesses with a turnover of 5 crore. eInvoicing was first mandated in October 2020 for businesses with a turnover of 500 crores.
It was gradually made mandatory for businesses having a turnover exceeding 100 crores in January 2021 and for businesses exceeding a turnover of 50 crores in April 2021. The government also aims to expand this obligation to B2C transactions within the next 2-3 years. With the expanding eInvoice applicability, having a proper eInvoicing solution in place is crucial for businesses to ensure compliance.
Generation and cancellation of GST invoices is hassle-free for businesses with eInvoicing software. It also helps automate a number of processes allowing businesses to be part of the digital process.
Accordingly, businesses need to choose software that can perform according to government guidelines. Here are the 10 top smart features that can ensure compliance and efficiency.
Support Different invoice Formats
This may seem irrelevant until your suppliers and clients ask you to convert invoices into different formats. Whether your clients or suppliers want documents in CSV, PDF, or XML format, the software must support all formats.
Seamless Integration with Existing Systems
The software should support seamless integration with all business systems to ensure smooth data flow. All e-invoicing software is not designed to support integration which can make it a challenge to maintain a smooth data flow.
Archiving capabilities allow businesses to manage all invoices with ease. This ensures your peace of mind knowing your financial data is secure and can be retrieved easily.
Built-in analytics capabilities help businesses acquire useful insights. Insights can be helpful in making smart and informed decisions. An effective e-invoicing software collects data, generates reports, and provides insights.
Invoices are essential in the branding of a business. The software should provide the option to choose invoice design, create your own template, or customize information. You should not experience difficulties when dealing with such changes.
Classification of transactions
The features can be very useful when you want to classify transactions. The different types of business transactions include imports, exports, reverse charge transactions, and e-commerce transactions. Classification of transactions helps you take the necessary steps.
Data safety is a major concern nowadays and it becomes obligatory when the information is related to tax collection and income. Security features such as multifaceted authentication, customer control, and real-time notification can help you take reasonable precautions to protect confidential information.
This feature allows taxpayers to upload the invoice in a structured format. It also helps cross-validate the data entered in the invoice.
QR code has the utmost importance in the eInvoicing system. The e-invoicing solution must support the conversion of sting files of QR codes into printable format. It is another smart feature that can help make the e-invoicing process smooth and hassle-free.
Responsive support services help solve minor day-to-day problems and address your queries. This is an essential part of e-invoicing solutions that can save you when you need help.
All the features mentioned above ensure the smooth functioning of businesses. It is also important to consider your unique requirements when choosing software. You want an e-invoicing solution that is tailored to your business needs.