e-Invoicing was a win-win move brought by the government to maximize the benefit to every stakeholder involved like the buyers, sellers, or the government.
Before e-Invoicing, it was tough for Corporate Businesses to stick to compliance, reporting, and business management for the following reasons
- Multiple reporting
Earlier, there was no fixed format of invoices, which led to confusion and reporting in multiple formats.
- Tough compliance
Businesses were required to do multiple record-keeping for the same task.
- Fake invoices
Due to the absence of any fixed invoicing format, there was a rapid rise in the number of fake invoices.
- Fake ITC Claims
Earlier, it was easy to manipulate invoices, which led to an increase in fake ITC claims.
- Tedious process
Due to the manual intervention, there were more errors and duplication. Also, the process was time-consuming with the involvement of high compliance costs.
Due to the following reasons, the government has introduced e-Invoicing into the system to streamline the invoicing process, reducing inefficiencies, turnaround time, and manual errors.
Now, Let us Discuss the Benefits of e-Invoicing to a Corporate Businesses in Detail:
- Real-time tracking of invoices
Electronic Invoicing under GST enables the real-time tracking of invoices. After successfully uploading the invoice on the GST portal, the invoice status is available to all the parties.
- Improved compliance
Once your business complies with electronic Invoicing, you need not need to report your invoices in multiple formats. It makes your business regulatory compliant under GST by eliminating the manual intervention and making the invoicing process error-free.
- Better accuracy
An e-invoice is prepared online in the same format by all the registered taxpayers making the process easy, convenient, and accurate. The elimination of manual entry under an e-invoice makes the process more accurate and brings transparency into the system.
- Faster ITC claims
With all the records of both parties available in the system, it becomes easy to calculate the tax liability and ITC of a taxpayer. It also eliminates the fake ITC claims from the process by expediting the correct ITC to the genuine parties.
In GST e-invoicing, an invoice created on different software is readable by some other ERP software that eliminates the fake invoice from the system.
- Improved security
An e-invoices is an electronic invoice, so it is not easy to manipulate it and also makes it more secure by building a sense of trust amongst the involved parties.
- Faster turnaround time
Online invoicing brings the turnaround time much lesser than the paper invoice. It eliminates unnecessary movement time and improves payment efficiency with digital payment modes.
- Saves time and cost
An online invoice can be shared with a buyer in seconds through various channels, which helps in saving resources and time for corporate businesses. It also eliminates the process of sending an invoice through post or courier.
Hylobiz is a B2B fintech helping businesses with affordable and reliable electronic Invoicing solutions on its platform. Alongside electronic Invoicing, it also automates your collection, payouts, payment reminders, and credit requirements. Hylobiz empowers SME business growth by making your business e-invoicing compliant with its top features like:
- Integrate your ERP
Easily integrate your existing ERP on Hylobiz without any process change and automate your business invoicing and collections.
- Lowest set-up time
You can easily upload or invoice or integrate your invoicing system with Hylobiz in the lowest possible time.
- Zero unscheduled downtime
You may require to create an e-invoice round the clock. We understand your business need and make sure to provide you with 100% uptime on our system. Vayana being India’s largest GSP is testimony to that.
- Digital ledger and auto reconciliation
Get a digital ledger for all your transactions that supports auto-reconciliation into your ERP. Our digital ledger is shareable with your customers and suppliers, which improves your business relationship.
- Connected banking
We help you improve your business collections and payouts by many folds with our hassle-free connected banking services. Currently, we support YES Bank, Kotak Mahindra Bank, and Axis Bank on our platform.
- 360-degree support
Get round-the-clock technical support from our team.
Know more about our SME offering: https://hylo.biz/offerings-sme/
Hylobiz is an ISO-certified platform equipped with top-class security. We maintain bank-class security and apply multiple-level encryption to make your transaction safe and secure.
Book a demo: https://hylo.biz/book-demo/
Hylobiz helps businesses streamline their business processes like invoicing, collection and payouts. Also, free up their time, improves business finances, and drives efficiency in their business.
Read more of our blogs: https://hylo.biz/blogs/
Reach us at: firstname.lastname@example.org