Everything you should know about GST E-Invoice Software

GST implementation has brought a series of changes in India while making taxation simplified. No matter it is a small sized business or medium sized enterprise, the need of e-invoicing has become necessary. This is where the GST e-invoice software is worth an exploration to understand its utility for generating electronic invoice.

What is GST e invoice software? How is it useful for accounting professionals? 

Electronic invoicing or e invoicing is a process used by businesses to authenticate invoices electronically by GSTIN while making them resourceful for using on a common GST portal. The identification number is issued for all the invoices by Invoice Registration Portal (IRP) which further gets managed by GSTIN. The real-time information is accessible after assigning the rights of e-invoice, hence, in order to execute the functions of electronic invoice, the best e-invoice software in India has to be chosen.

In case, the business adheres to the rules and regulations of GST, then, it is necessary for its billing and invoicing to be accurate as well as GST compliant. Therefore, it becomes necessary to use the single unified system of accounting that can automate billing and invoicing processes easier as well as error-free. Basically, the GST software for invoice generation and managing accounting functions has been designed keeping in mind, the latest considerations for taxation under GST system. The accounting professionals can save time and experience the rise in productivity level by using the GST invoice software. Most of all, the cost reduction through elimination of paper work and traditional bookkeeping can be experienced by counting on the invoice software.

What makes invoicing software suitable for business? 

From automating the daily invoicing and other financial tasks to making processes efficient, the invoicing software has multiple aspects which make it ideal for business. Here are some of the attributes of software used for invoice which denote the role of technology in handling invoicing functions without any hassle:

• Standard invoice format according to GST guidelines is followed

Generating invoice through GST compliant invoice software is a matter of few tasks. The point to be noted about this software is its ability to support standard format of invoice which complies with the guidelines of GST. In a standard format of invoice, there are mandatory as well as optional fields and the latest format contains total 12 sections. Out of the 12 sections, five fields are mandatory which need to be filled while issuing the business invoice. Hence, the organization does not need to focus on additional manual tasks as the standard invoice format is supported by the software.

• Multiple options to identify the type of transactions for invoicing 

Since the purpose of transaction can be diverse, the GST invoice software with latest features is able to identify type of transactions to proceed with e-invoicing successfully. From B2B transactions, ecommerce operations, export activities and supply operations to other type of transactions, the easy bifurcation in the invoicing software has potential to accomplish accounting processes without any complication.

• Data analytics integration in a customisable dashboard 

The customisable dashboard is equipped with the business oriented features so that invoicing, e-way bill, reporting, inventory management, customized insights and comprehensive functions of the software for invoice generation proves to be beneficial for smooth results.

• Confidential data is stored in a secured manner 

Whether it is authentication, assigning certain accounting functions or securing the business data, the whole idea of the best invoicing software with GST compliance has been aimed at offering the absolute secure platform to the business. It further implies that transactional data, user information, keeping out breach of corporate policies and getting notifications about the activity in a timely manner are guaranteed by the top GST invoice software.

• Automation of invoicing leaves no scope for calculation based errors 

Unlike the traditional billing and invoicing processes, the automation of software designed for invoice general keeps out human errors. The ease of applying the formula, function to calculate GST applicable on transaction and maintaining accuracy of the data make modern invoicing through software free of errors. The auto-check, identifying the issues or basic problems in the copy can be addressed through the relevant functions of the software before uploading the version of the final invoice.

• The extensive support solution to rectify technical glitches 

Even if the professionals come across technical glitches or any other interruptions while getting acquainted with the usage of the best e-invoicing software in India, then, the readily available customer support assistance resolves the issue. The quick response offered by the functional and technical team of the software focuses on the root cause of the invoicing based concerns and offers a solution proactively. Nevertheless, these cases are rare as the invoice generation software is simple to understand and performs smoothly to deliver the customized solution to accounting professionals.

• Updates of GST enable business professionals to implement the changes in invoice effectively 

GST implementation is not a one-time consideration, instead, the rules of taxation under this scheme are subject to update or revision. Therefore, the top invoice GST software is developed in an innovative way that it can guide the professionals about the relevant taxable inputs according to the current changes to make invoicing accurate. An initial research about the utility and tax compliance of the software before investing in it lead to suitable solution for GST-friendly invoicing.

• The offline functionality of invoicing GST software makes data accessible always

Most of the invoice software solutions are offline, hence, accessing the data related to business in real-time is not a constraint. The data can be synced, transaction details can be tracked, invoice can be generated easily in offline mode and the work gets executed without any interruption.

Take Away 

Choosing the best software for creating e-invoice that complies with GST considerations is the dire need of an hour to follow fair accounting practices. On a last note, getting in touch with the best e-invoice software company is the right way to finalize the reliable solution for addressing modern invoicing operations.