Are you seeking improved visibility into accounts payable (AP) insights? Do you wish to eliminate the complexities linked to paperwork? This blog introduces you to a superior alternative to traditional invoicing – e-invoicing software.
Ever since the time India got envisioned becoming a “Digital India,” e-invoicing software became a common practice. If you want to streamline, automate, and simplify your manual work, you can get better outcomes with the software solution. Here’s your comprehensive guide to digital invoicing automation software solutions.
Why choose an e-invoicing solution?
Call it the future of invoicing or the present-day trend; e-invoicing has several advantages. For small and medium enterprises or MSMEs, e-invoicing offers the following benefits.
Smooth GST return
The e-invoicing process can mitigate mismatches and data entry blunders in GST Reconciliation. The business can monitor invoices formed by suppliers, which reduces audits by tax authorities. But the tax department must focus on enabling pre-population of the GST returns, which can reduce reconciliation issues.
As soon as e-invoicing gets implemented, the invoice data will be pre-populated into the tax returns without entering fresh data.
Speedier integration with documents and reduced repeated tasks
Automation in e-invoicing helps you get faster and better results. A dedicated system lets you promptly keep up with the whole process. It also offers faster integration with documents. With automated labelling, documents can be arranged quickly, and links with other documents may also be created.
The e-invoicing software enables users to integrate with the accounting system. Remember, each department must collaborate and work together to accomplish key objectives. The same is valid for accounts payable processes.
AP focuses on processing invoices, while accounting takes data produced by AP, thereby feeding it into the software. What it does is allows you to check where the operating funds get channelled and demonstrate where the finances will be regulated. It is worth mentioning that it may be challenging to manage bookkeeping appropriately, especially when the AP software needs to integrate with accounting tools.
Besides, sometimes in the accounts payable procedure, you would want to determine the figures to take stock of the money because you need to know where it’s going. Or you are yet to learn about the processes that work in your favour. How about having a negligible idea about which supplier relationships are most valuable for your business?
These aforementioned cases fall into the auditing department. If you wish to achieve it, you require a digital invoicing software solution.
You must protect your customers and suppliers data and store AP data accordingly. With e-invoicing software, you can do the following things:
- Store your invoices for a particular time-frame
- Secure digital signatures that are legally permitted
- Manage suppliers’ data via a security protocol
No matter the advanced features an electronic invoicing solution tool offers, as long as it isn’t compliant with applicable regulations, it’s only a matter of time before it gets you into trouble with the law.
The bottom line
Going forward, an e-invoicing solution has the above benefits. At the same time, it supports documents when required and stays compliant with regulations about data security. The software solution does everything from offering excellent auditing and reporting capabilities to staying compliant with tax regulations.