An e-invoice is sometimes confused with the digital invoice, and it’s so much more. This is a GST-related electronic method that is developed by taxpayers and reported to the system. All B2B invoices must be recorded with the govt’s Invoice Registration Portal (IRP) and assigned a special number called an (IRN) Invoice Reference Number and a QR code, which are the most important features of an e-invoice.
Table of Contents
Let’s have a look at the advantages of electronic invoicing –
1. Creating Invoices
Freshbooks’ Easy Invoice Management manages you with user-friendly features that helps you to modify the document to meet your needs. This invoice for services rendered saves time by reducing the time it takes to open your spreadsheet & adjust the sections for the ideal arrangement.
2. Receiving & Delivering e-invoice
If you send your client a PDF invoice, they must review it & import it into their ‘Accounts Payable’ system. When you submit an e-invoice, however, it will display in their Account Payable, where they will be able to accept, pay, and afterwards accomplish it within the software.
3. Transparency comes with E-invoice
The e-invoicing system improves reporting transparency by allowing only verified invoices with an (IRN) Invoice Reference Number to be uploaded.
4. Unique QR code & IRN
IRN verifies an invoice’s legitimacy, and a QR code enables for easy access to the invoice’s data and information. Whenever the receiver scans this QR code, he would be able to obtain all of the invoice’s pertinent information on the system.
5. Claiming exact ITC
With the e-invoicing pattern, no invoices will be overlooked or overlooked. The reconciling will be precise and thorough, allowing taxpayers to claim the maximum ITC.
6. Saves money
When you can transfer documents online, why waste papers? Paperless invoicing saves you money on paper and courier fees for physically delivering invoices to receivers.
7. Human error reduction
E-invoicing is a totally automated process. As a result, human participation is reduced, and invoice production and GST reporting are more accurate. The invoice is uploaded on a shared portal under the e-invoicing system, which allows for multipurpose monitoring. It will lessen errors in data entry and eliminate the necessity for data entry.
8. Track of Invoices
With e-invoicing software, it’s much easier to track of data like when an invoice was delivered, viewed, & paid.
9. It’s simple to customise
You will no longer have to waste time modifying spreadsheet modules. Get industry-specific invoice layouts that are simple to customise and make your invoices look more professional.
10. Increased Data Integrity
One of the most significant benefits of electronic invoices is that they lessen the danger of false bills. The legitimacy of e-invoices is checked automatically.
11. A greater level of control
The advantage of adopting online e-invoicing software is that all the things are stored on a single platform and is available from anywhere at any time. Additionally, analytics & automated reports will provide you with a summary of your billing.
12. Benefits to Buyers
Whenever an e-invoice is posted to the GST site for verification, it is shared with the customer, who can use it to balance his purchases and accept or decline the invoice in real-time.
13. B2B invoices that are only reported once
The invoices must only be reported once and authenticated by the Invoice Registration Portal, which subsequently provides the (IRN) Invoice Reference Number. The information will be auto-populated into the GST Return, reducing the need for human reporting.
14. Seamless invoice transmission
The e-invoice would be delivered automatically to the addressee by mail or separate messaging services. Any organisation can benefit from implementing an e-invoicing solution. That is why electronic invoicing is becoming more popular every day all across the world. It also aids in the economy’s digitalization, allowing businesses to get the most out of their IT infrastructure.
Conclusion –
Freshbooks gives you one portal for all of your company data, eliminating the need to transfer between several platforms for things like contact information or making and sending invoices. You also get a number of other features, such as automatic payment monitoring and invoicing statistics.
