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Let's begin by addressing the upcoming e-invoicing rule, effective from August 1st, 2023, which applies to businesses with a turnover exceeding 5 crore in any previous year starting from 2017. If you're unfamiliar with e-invoicing, it involves authenticating B2B invoices, debit notes, credit notes, etc., with an invoice registration number (IRN) and QR code by the invoice registration portal (IRP).
This implies that as a supplier, the moment you create an invoice, it should be uploaded to IRP for authentication. After validation, the IRP issues an IRN and QR code, which you need to print on the invoice before providing it to your buyer. This represents a significant change compared to the current practice that doesn't require invoice authentication.
If you're concerned about this change and grappling with e-invoicing challenges, fear not! We will walk you through different e-invoicing solutions available in the market and which is better for a business like yours. So let’s deep dive and find out which option stands out!
There are several options available for generating e-invoices. Before discussing them in detail, it's important to understand the e-invoicing process. To generate an e-invoice, you first need to upload the invoice details in the prescribed JSON format to the IRP. Next, download the authenticated output file (JSON) containing the IRN and QR code from the IRP. Finally, print the QR code and IRN on the invoices before issuing them to the buyer.
With that in mind, let's examine the available e-invoicing solutions for businesses. To simplify matters, we can group them into two categories:
When it comes to invoicing, efficiency is key. That's where a connected e-invoice software shines. These software solutions are fully integrated with the IRP portal. They seamlessly connect with the portal to automatically upload invoice details, download authenticated IRN and QR codes, and print them on the invoice in real-time. In essence, they handle all the necessary steps to generate e-invoices, from uploading to printing.
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Typically, connected e-invoice software comprises comprehensive business software solutions with integrated e-invoicing capabilities.
You may be wondering about alternative e-invoicing tools available. Indeed, there are several ways to generate e-invoices using tools and offline utilities. These include offline utilities (Excel template), online portals, and apps for e-invoice generation. However, all these tools and utilities require manual entry of details such as party details, stock items and so on in the utility or portal. And then generate a JSON file and upload it to the IRP portal for authentication. Finally, manually add the authenticated IRN and QR code to the invoice.
These methods involve the hassle of manual data transfer, which can be error-prone and time-consuming.
You might assume that if your business has a low invoice volume, using tools or utilities to generate e-invoices without dedicated software would suffice. However, these tools only assist with e-invoice generation. Managing your books of accounts should be handled separately using accounting software or your current method. Unfortunately, they often fall short in terms of efficiency. You're left with the tedious task of manually transferring data between systems, which increases the risk of errors and wastes valuable time.
Here's where connected e-invoice software delivers a knockout punch. Given these are directly connected to e-invoicing portal, you can automatically upload the e-invoice data to the portal and instantly print the authenticated QR code into the invoices. All of this instantly and automatically with no changes in the way businesses generate invoices.
Wait, there's more! The connected business management software plays a key role in managing books of accounts in an integrated manner, ensuring your books and compliance are always in sync.
When using business management software, all you need to do is record invoices. Based on the invoice details, e-invoices and e-way bills are instantly generated, accounts are prepared, inventory is updated, and compliance data is ready. Consequently, your invoicing, accounting, inventory, and compliance are always in sync with each other. This ensures that your financial reports provide a comprehensive view of your business, eliminating the need for laborious data entry or dealing with the chaos of mismatched information.
By now, you may have already figured it out which side the score leans . Having business management software with a connected e-invoicing solution not only simplifies e-invoice requirements but also streamlines your entire business operations.
Now, let's move on to the final section and explore how TallyPrime can assist.
TallyPrime is a business management software that integrates accounting, inventory, and compliance needs. With TallyPrime's connected services, you can automatically generate e-invoices and print IRN and QR codes on the invoices without manual intervention.
Here is a quick list of e-invoicing features of TallyPrime.
While TallyPrime includes built-in e-invoicing capabilities, it also provides comprehensive management of invoicing, accounting, inventories, banking, taxation, payroll, and more in an integrated manner.
Know more about e-invoices in GST
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