Businesses with a turnover of over Rs.5 Crore need to generate GST e-invoices for all business-to-business (B2B) or business-to-government (B2G) transactions, starting August 1st, 2023. e-Invoicing mandates businesses to upload their invoices to the invoice registration portal (IRP) and receive an invoice reference number (IRN).
It is essential to understand the e-invoicing process to generate a GST e-invoice. This process is made easy by e-invoicing software. Businesses can easily transition to this system without modifying their present invoicing practices by choosing an appropriate e-invoicing software solution that complies with the new rules. Now, how do you select the right e-invoicing software? Here is what you need to look for when choosing an e-invoicing software.
What to Look for When Choosing an e-Invoicing Software?
Quick generation of e-invoices
The process of generating invoices on the IRP portal includes uploading invoices on IRP in JSON format, downloading the authenticated JSON file containing the IRN and QR code, and then printing the QR code and IRN on the invoices. This is pretty time-consuming, and especially for those businesses requiring more e-invoices on a daily basis, it’s an additional laborious task. The right e-invoicing software should solve this problem and simplify the procedure.
Therefore, when choosing the e-invoicing software, ensure it generates e-invoices in fewer steps and also eliminates manual intervention. It should seamlessly handle complexities by directly transmitting details in a standard format to the IRP, retrieving authenticated information, and automatically printing QR codes, IRNs, and other relevant invoice details.
Error-Handling and Reliability
The right e-invoicing software must provide error-free GST e-invoices. This is possible by having an error-correction mechanism within the e-invoicing system and tying up with APIs compliant with government regulations. The IRP generates e-invoices only when the data is correct. Finding an e-invoicing solution that generates error-free JSON files is thus an important consideration while choosing one. Also, make sure the software has minimal downtime so that you can generate uninterrupted e-invoices.
Bulk e-invoice Generation
It is tiring to generate e-invoices one by one. Choosing software that provides easy bulk generation of e-invoices using the ERP system is essential. In specific business scenarios, the need may arise to produce numerous e-invoices collectively instead of generating them individually. Additionally, the software should be able to fetch pertinent QR codes autonomously and imprint them onto the respective invoices, streamlining the process and ensuring the efficiency of the e-invoicing workflow.
Generate e-Way bills with e-Invoices
The e-Invoice system integrates both GSTN and the e-way bill system. The system automatically shares the invoice details with the GSTN system for return purposes and with the e-way bill system for generating e-way bills. When choosing e-invoicing software, it is important to look for a feature that allows the generation of e-way bills along with e-invoice generation. This can streamline the overall process, saving valuable time and effort.
e-Invoice Cancellation
In some cases, such as order cancellation, data entry error, or any duplicate data entry, the e-invoice for which an Invoice Reference Number (IRN) has already been generated must be cancelled. The software should be able to automatically send the required data to the Invoice Registration Portal (IRP) to cancel the IRN. Furthermore, the software should be able to retrieve and update the IRN status in the records whenever the cancellation of an IRN is started through the portal.
Customer Support
e-Invoicing is new and challenging to execute. Additionally, as you know, the e-invoicing, GST and e-way bill systems are integrated. As a result, problems with data not appearing in GST returns or problems creating e-way bills, among other things, can arise anytime. Hence, having round-the-clock customer support is crucial. While choosing the e-invoicing software, make sure it offers decent customer service over different means like phone, e-mail, Whatsapp, etc.
Also read: The Top Industries That Can Benefit from AI Chatbots.
Data Security
One element that cannot be compromised in any way is data security. Make sure your service provider follows the standard protocols for data security like having ISO certification, providing advanced user access management features with access control based on user type, having IP whitelisting completed, and having two-factor authentication activated.
In order to choose an effective e-invoicing software, businesses should consider cost-effectiveness, security features, and compliance with applicable laws and regulations. By evaluating these factors and conducting thorough research, businesses can ensure that the software they choose meets their needs and helps them streamline their billing processes.
