In this `Digital Economy’, any business worth it’s salt has already made a tectonic shift towards electronic or E-invoicing. As the name suggests, this is a system-generated invoice, unlike historical analogue invoices which were purely manual in nature. In the Indian business diaspora, ever since the Central government’s GST council approved e-invoicing in late 2019, with the key objective to ensure interoperability of electronic invoices across the entire GST eco-system.

The introduction of e-invoicing was necessary because various accounting/billing software generates invoices in different formats. The GST system cannot read and understand these invoices, even though the information in the invoice remains the same. Hence, a need was felt to standardise the format in which electronic data of an invoice will be shared with others to ensure interoperability of the data. Nowadays most companies are generating e-invoices from error-free invoicing software like the ones coming from the stables of technology company QueueBuster.

In this blog post let us explore the benefits of GST E-invoice and the features of the Best GST E-invoicing software.

What is GST e-Invoicing?

E-invoicing is a system in which all B2B invoices are electronically uploaded and authenticated by the designated portal. After successful authentication, a unique Invoice Reference Number (IRN) is generated for each invoice by Invoice Registration Portal (IRP). Along with IRN, each invoice is digitally signed and added with a QR code. If you are using good E-invoicing software, you will find the going relatively easy.

Registering on the e-invoicing portal is a straightforward process if you are a GST-registered taxpayer with a valid GSTIN number. You can use the same credentials to log in to the e-invoicing portal as well if you have already registered your business on the e-way bill (EWB) portal. If you have not registered in the EWB portal, then you can register in the e-invoicing system directly. You can once again look towards systems like QueueBuster that bring expertise to the table when it comes to E-invoicing Software. It is important to understand that your invoices should be error-free and hence the use of Error-free Billing Software is highly recommended. QB has made its name lately in providing world-class services in this domain.

Is e-Invoicing Software necessary for business?

There is a relationship between e-way bills and e-invoicing in the Indian taxation system. E-way bills are a mandatory requirement for the transportation of goods, while e-invoicing is a system for generating invoices in a standardised electronic format. The process of generating an e-way bill is now linked to e-invoicing. The Invoice Registration Portal (IRP) can generate both the Invoice Reference Number (IRN) and the E-way Bill Number, depending on the data provided. Hence, if your business requires transportation of goods, better go for e-invoicing with immediate effect. And do make sure that you are using top e-invoicing software!

As a taxpayer, when you provide transportation details along with invoice details, the IRP system communicates with the E-Way Bill portal in real time and generates an e-way bill. The best e-invoicing software ensures true compatibility with formats desired by GSTIN and will save you precious time and money.

This integration of e-invoicing and e-way bills has several advantages for taxpayers. It reduces duplication of data entry and eliminates errors, as the same data is used for generating both the invoice and the e-way bill. It also ensures that the details provided are consistent, reducing the risk of mismatches and ensuring compliance with tax regulations.

Is e-Invoicing Also for Small Businesses?

As an MSME, you will highly benefit from the mandate for e-invoicing. As a small or mid-size enterprise, you are likely juggling between multiple aspects of your business, and a proper billing and administrative system may seem like a far-fetched dream. This can lead to chaos and inefficiency. However, with e-invoicing, you can streamline your administrative work with the help of reliable e-invoicing software like QueueBuster. QueueBuster is a one-stop e-invoicing solution that can seamlessly integrate with your billing systems in multiple ways and generate IRN with zero disruption to your business.

Instant Credit – If You Are Using e-Invoicing

By using the best GST E-invoicing software you are generating e-invoices under GST, and you can now secure instant loans without worrying about excessive documentation. This development will especially benefit the MSMEs as banks can rate them based on their e-invoices and other readily available GST data in the public domain. This GST data-based lending provides a more accurate view of your business operations and hence a better estimate of your creditworthiness. By embracing GST data-based lending, you can transform the way you borrow money, making it more efficient and safer. Experts from QBuster can be your step-by-step guide on this path.

Enhance Business Transparency and Reduce Human Error  

When you use e-invoicing, you can benefit from a significant reduction in human errors and mishaps. You just have to ensure that you are using the best e-invoicing software. The information that you provide will be directly populated in your billing systems, ensuring that all the data is safely stored and reducing the chances of errors. With e-invoicing, your data will also be registered with the government, making it more transparent to the public.

This means that you can enjoy greater transparency and accountability, which is essential for building trust with your customers and suppliers.

When you use e-invoicing, you can eliminate the need for back-and-forth communication with your suppliers and vendors. This is because correcting and resending invoices via email will be a thing of the past. With e-invoicing, the flow of information between you and your suppliers and vendors will be much smoother, allowing you to focus on growing your business instead of dealing with administrative tasks.

The Other Key Benefits of e-Invoicing

• If you’re a business owner, you will find several benefits in the implementation of e-invoicing under GST. One of the most significant advantages is that you only have to report invoicing details once for all your GST filings. This feature can save you a lot of time and effort in the long run.
• Another benefit of e-invoicing by using top e-invoicing software is the seamless generation of E-way Bills with Part A and Part B slips. With this feature, you don’t have to worry about generating E-way bills separately as it can be done automatically.
• Moreover, the standard invoicing system means that you can use multiple software and still have interoperability between them. This allows you to use the software of your choice while also ensuring that the invoicing system remains standardised.
• E-invoicing also minimises invoice mismatches during reconciliation, which can save you time and effort in the long run.
• Lastly, e-invoicing makes it easy and precise to claim Input Tax Credit (ITC). With accurate invoicing, you can easily claim ITC without any discrepancies, which can help you save money in the long run.

Opt for The Best GST e-Invoicing Software

If you are a small or medium enterprise, it is important to keep up with the changing business landscape and adopt new technologies to stay competitive. E-invoicing is becoming increasingly popular worldwide, and even the Indian government has made it mandatory for MSMEs to adopt it. It is crucial. By choosing the QueueBuster,  you get the right technology solution to take advantage of the benefits of e-invoicing. Don’t let the chaos of manual invoicing slow you down – switch to a reliable e-invoicing solution and take your business to the next level.

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