8 Benefits of E-Invoicing In the Post Pandemic World


Date: 21 Oct 2021

8 Benefits of E-Invoicing In the Post Pandemic World

The outbreak of the COVID-19 pandemic has impacted the whole world significantly. It's not only the people who have become more conscious about their health; even entrepreneurs have started optimizing and automating their business operations, including financial operations. E-invoicing is one of them.

E-invoicing has become an integral part of many businesses today.

And why not?

E-invoicing assists businesses in becoming more efficient and effective.

Today, e-invoicing is regarded as one of the transformational tools for small and medium-sized businesses. There are numerous benefits of E-Invoicing in the Post Pandemic World. And in this post, we'll cover some of them.

So, if you're wondering what benefits you'll get upon having E-invoicing incorporated in your system, then you're reading the right article.

Ready to explore?

Let's get started...

In this blog post, we will discuss the benefits of e-invoicing along with their significance and the best e-invoicing software in India in the post-pandemic world. However, first, let us define e-invoicing.

What is E-Invoicing?

E-Invoicing, also known as Electronic Invoicing, is a method of producing invoices in the form of digital documents. Supplier and a buyer share these invoices. The government tax portal then validates it, making it credible and safe to use. The Government's idea behind incorporating an e-invoicing system is to have a uniform format for all businesses. As a result, compliance is simplified.

Using the best e-invoicing software in India helps businesses maintain a consistent invoice format across the country. Furthermore, the central system can access the invoices, establish credibility, and lower the likelihood of fraudulent activity.

Now that we've defined e-invoicing, let's take a look at the benefits of e-invoicing.

Here we go...

1. Ease of financial operations: Among many benefits of incorporating e-invoicing, one is the ease of financial operations. It expedites the transaction process between vendors and buyers. The best part is that it reduces the possibility of human error, which is common while creating an invoice manually.

2. Saves time: Since e-invoicing is a digital process, you don't have to enter details manually, which is the most taxing task. It saves you time during transactions and results in faster payments. Moreover, you don't have to waste time creating and printing paper invoices. It only takes a few minutes to generate an invoice that you would otherwise do in hours. Payments are made more quickly with e-invoicing because less time is spent creating, editing, and re-sending invoices.

| Also Read: 9 Reassuring Benefits of E-invoicing in Accounting |

3. Cost-effective: E-invoicing makes the process much easier and is cost-effective, and saves you a significant amount of money. Of course, you don't need to spend money on printing and paper invoices, which is a costly affair in all.

4. No room for human errors: E-invoicing eradicates all kinds of errors, including the ones made by humans, as everything is done digitally. Since e-invoicing does not necessitate manual data entry, there is very little or no room for human error. Moreover, there are no typos significantly impacting your position with your customers.

5. Increases productivity of MSMEs: E-invoicing facilitates MSMEs business operations. MSMEs, or Micro, Small, and Medium Enterprises make significant contributions to the economy. E-invoicing increases the productivity of MSMEs by allowing them to focus more on their core areas and spend less on tedious tasks, which include creating invoices manually, chasing customers for pending payments.

6. Easy implementation: Implementing E-invoicing doesn't need too much effort. It is easy to implement and use as well. Even if a person has no or very little knowledge, with basic training, he/she can use it with ease.

All you have to do is just look for the best e-invoicing software in India, sign up, upload your GST details, and you're done. The best thing is that your data is saved in the system that you can utilize for all future transactions.

7. Data security: E-invoicing is more secure than traditional invoicing methods. It reduces the likelihood of fraud. As a result, you can be confident that your data is being sent to a reliable source. Moreover, the Government authenticates the invoices, making them more secure to use.

8. Let you track your bottom line: Of course, the only objective of any business is to have profits and increased bottom lines. However, you need to track them to understand whether or not your business is heading in the right direction. For that, you need to track its revenues and performances, which can be done with the best E-invoicing software. E-invoicing can assist your business in growing by providing real-time analytics of your revenue via invoices.

You can learn about your incoming and pending revenue by using e-invoicing software. In just a few minutes, you can understand how many invoices are pending, completed, or canceled to understand the actual state of your business. By analyzing your business' performance, you can make informed decisions and improve your practices.

Let's now look at the best e-invoicing software in India.

| Also Read: How to create a Business Plan Like a Pro? |

Best Invoicing Software in India

BUSY Accounting Software

BUSY is one of the best accounting software that is used by millions of businesses worldwide. It is a simple yet powerful GST/VAT-compliant software designed specifically for growing and expanding businesses.

It has a comprehensive GST/VAT Module, simple operations management, fully configurable invoicing, and mobile apps for Android. With BUSY, you can be sure of the smooth functioning of your business operations, such as e-invoicing.

Putting it all together...

So, this is all about the advantages of E-Invoicing in the Post Pandemic World and their significance. Hopefully, this post will help you to select the best e-invoicing software in India and make your financial processes a breeze.

These are not the only benefits of using e-invoicing software. It also simplifies the process of filing tax returns, which is considered the most tedious task of all.

Happy E-Invoicing… J J