January 1st 2021, businesses whose turnover is 100 Cr and over will be required to issue e-invoice for all business to business (B2B) and business to government (B2G) transactions. E-Invoicing is a new norm needs businesses to upload and get the invoices authenticated by invoice registration portal (IRP) with an IRN and QR code.
With the implementation of e-invoicing, the businesses are required to print QR code which is embedded with an IRN on every B2B invoice before issuing it to the buyer. With the new mandate of e-invoicing, using the right e-invoicing solution will help out you to adapt to the new system easily without needing to change the invoicing process that you are currently following.
Today, businesses use different accounting, business management softwares and invoicing utilities to generate an invoice. Now, it’s time for businesses to evaluate if the software or utilities that they are using are equipped with the right technology. With that in focus, we are listing 5 essential key points that you will need to consider while evaluating an e-invoice solution.
With e-invoicing concept, an invoice remains valid only if it is authenticated by IRP and printed with QR code which is embedded with an IRN number. For this, first you need to upload an e-invoice details in the specified format (JSON) to IRP. Then, download the output file (JSON) that is authenticated by IRP with IRN and QR code. Later, you need to print QR code and IRN on the invoices before issuing it to the buyer.
Imagine the impact that would have on the invoicing process, a right e-invoicing solution with a capability to generate e-invoice instantly without any need for manual intervention will make it easier and simple. The need of software is to handle the complexities by directly sending the details in prescribed format to IRP, download the authenticated details and automatically print QR code, IRN etc on the invoices instantly. Business management softwares that are designed to directly integrate with IRP portal will make this possible so that the invoicing process remains as always.
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