Intelligent ERP Solution, with new-age technologies, helps enterprises to prepare for e-invoicing and a smooth transition seamlessly. Using ebizframe ERP, organizations can generate e-invoices in the standard format prescribed by the local and international governments. One can validate the information on the e-invoice and then send it to the Invoice Registration Portal (IRP). The validated invoice from the IRP will contain the Invoice Registration Number (IRN) and QR code, which will be sent to the buyer, for their reference.
In this blog, we will explore Intelligent ERP Solution robust features that help you comply with e-invoicing and other government regulations easily.
ERP software can simplify your tasks for generating and uploading e-invoices. Following are the Intelligent ERP Solution features that help you-
Modern ERP software classifies a particular transaction into the following categories:
It is necessary to use the standard e-invoice format to generate all invoices. Each invoice will have a unique IRN, which will be generated and validated by the IRP. Your Intelligent ERP Solution helps you generate the e-invoice, convert it to the required format and upload it to the IRP individually for validation.
The vital aspects of your e-invoice are IRN, QR code, and Digital Signature (DSC). Your ERP software should be able to provide all the required information to the IRP to generate an IRN for an invoice. The information needed for generating the IRN includes the GSTIN of the supplier, financial year, and document type and number.
The IRP will generate QR codes for businesses with an aggregate turnover of 10 crores and allow the generation of B2B invoices. The Intelligent ERP system can automatically attach these QR codes to the invoices before they are printed for reference.
As a part of the validation process, the IRP also sends a digitally signed copy of the e-invoice, so your software should be able to identify and read it. It is your confirmation that the submitted invoice is valid and can be used as a reference document for filing returns.
For seamless data exchange, an intelligent ERP system establishes a connection with the IRP system. On authentication of connections, you can perform the following actions:
ebizframe Intelligent ERP system ensures that the invoices generated are e-invoice compliant by identifying and validating the information exchange taking place with the IRP.
To help you make your payments on time, Intelligent ERP Solution allows you to link the IRP-validated invoices to your accounts payable and accounts receivable modules. If you are trying to claim Input Tax Credit (ITC) on invoices, it is necessary to make the payments within 180 days after the date of invoice generation. Hence, you’ll need your incoming cash flow to stay healthy if you want to keep up on your payments, so your system should also help you track due payments so that you can send payment reminders to your debtors before time.
If you want to edit or cancel an invoice that has already been generated and validated by the IRP, you will have to do it within 24 hours of uploading the invoice. For this, your enterprise system should redirect you to the GST portal for cancellation. A unique number is assigned to your cancelled invoice document by Intelligent ERP Solution so that it cannot be used elsewhere again. It also offers a fool-proof system to track cancelled e-invoices and e-way bills.
In recent years, cloud-based Intelligent ERP Solution has become extremely popular. ERP software like ebizframe provides strong security features like multi-factor authentication, customer controls that enable you to practice reasonable precautions while uploading information on the cloud, and appropriate notifications about threats from phishing and malware. Thereby, it protects your business from all downsides of using a cloud-based system.
Embedding emerging technologies such as BI, RPA, IoT, and cloud, etc. ebizframe intelligent ERP is a holistic enterprise system that proactively identifies areas of improvement or opportunities for expansion, along with options to improve processes or reallocate resources, while maintaining high quality and compliance standards. Furthermore, it facilitates intelligent and timely decisions in all areas of the business, including compliance, finance, HR, marketing, inventory and supply chain management, customer relationship management (CRM), project management, and more.
Schedule a demo for free and see how it can help you comply with e-invoicing and other government regulations. Contact us for more information at marketing@ebizframe.com
