AUTOMATE E-INVOICING- GO GREEN, GO PAPERLESS
Digital signature solutions for e Invoicing.: A digital signature is a mathematical technique used to validate the authenticity and integrity of a message, software or digital document. Now you can digitally sign invoices, purchase orders, challans, committal notes, Form16 & 16As and different records at only a click of a mouse. Studies have demonstrated that aggregate expense of manual paper invoicing exclusive of cost delivery by hand / courier can be significantly higher than e-Invoicing. E-Invoicing can save costs, time and endeavors. Indian IT Act & the GST law permits Invoices, Challans, and Consignment notes etc., to be digitally signed with digital signature certificates and which can be sent to customers electronically. As a piece of Goods and Services Tax (GST) regulation in India, all invoices and forms that are transferred as a major aspect of GST filings can be Digitally Signed.
Then The question arises, What is E invoicing system?
E invoicing is a form of electronic billing. Electronic invoicing (e-Invoicing) is the exchange of invoice document between a supplier / vendor and customer / buyer in a coordinated electronic format.
General Benefits Of E Invoicing
Shorter payment periods: Since with e-invoicing invoices are being processed quicker, they can be paid sooner. E-invoicing are directly sent to the financial system, which makes them landing in the wrong hands relatively impossible.
Lower costs, fewer actions: Saving money on things as paper, ink and courier expense. Sending a paper document is 57% costlier than e-invoicing and accepting a paper document is significantly over 60% more expensive than getting an e-Invoice.
Contributing to durability: Obviously less paper is good for environment. An e-Invoicing Solution will expel no less than 80% of paper from most Accounting Departments. Supplanting superfluous misuse of paper by electronic invoicing, will save a lot of paper which means more trees. It is definitely an environment friendly initiative.
Easy to Store & Retrieve: An electronic document can easily be sotred in an DMS and similarly swiftly retrieve whenever required. The GST Act mandates preservation of all GST records for a minimum period of 72 months from the last date of filing of that year’s Annual Return of that year. Storing paper documents entails a huge amount of cost in terms of space, process, people and its security. Now think of time involved in retrieving a paper document aged 70 months…
Safety – less chance of Fake Invoices: It’s an invoice for services or products which have been delivered. A paperless digitally signed document can never be forged. The e-invoices are automatically checked for any tampering by authenticating the digital signature.
Clear insight into business processes: The money related division is most important to any business When it’s a wreck, it’s stressful for the workers but it’s also bad for the prospects of the company. E-invoicing takes this chaos away, since invoices can’t go meandering around winding up at the wrong places or people. A reasonable and strong understanding into the status of all solicitations is an unmistakable and strong knowledge into an organization’s business processes.
How E invoicing is beneficial for Your Company: E-invoicing authorizes a company to automate their invoice processing. Subsequently, buyers, suppliers and other managers gain various operational and strategic benefits. In additional cost saving, the capacity to automate the invoicing procedure and coordinate with different business systems gives business productivity and revenue generating opportunities. E-invoicing gives benefits to various areas.
Automation of Signing: Consider a scenario of a TELCO where a very large number of B2B /B2C invoices are generated every month. It is humanly impossible to deliver a signed invoice. Or consider a Bank sending a signed bank statements every month to all their account holders. Obviously automation of digitally signing such documents which can then be delivered electronically also is must.