What is the meaning of E-invoicing? and Benefits of Using  E-Invoicing in your Business or startups with simple words 

What is the meaning of E-invoicing?

E-invoicing or Electronic Invoicing is a method of digitally generating an e-invoice document with the help of Invoicing software that the seller exchanges with the buyer in an integrated electronic format or automate format. 

Here seller also can send pdf for future reference without any printer,On single click any seller can download E-invoice and send it to buyer .it is really is'nt super cool without any time wasting you can use E-invoicing for your business it is doesnt required printer or desktop You can also generate through mobile . 

With the help of this process, the whole invoicing activity of the business gets automated, from the creation of the invoice to sending the document to the buyer and getting accounting and inventory management adjustments getting done simultaneously.

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and Benefits of Using  E-Invoicing in your Business or startups
with simple words 

Benefits of Using  E-Invoicing in your Business or startups

Time-saving -

With the help of E-invoicing, the need to enter all details of transactions manually is not present. And this helps in saving time as if you once create an invoice on the software, it automatically takes care of other adjustments like managing the stock items and creating the relevant voucher and journal entries for the accounting needs. Also, the need to print invoices is not there. Also, payments and cash flow management become easy as less time is spent on re-sending the invoices and payment reminders to customers.

Real-time tracking of invoices - 

With the help of E-invoicing real-time tracking of invoices prepared by a supplier is possible. It allows for faster availability of input tax credit (ITC).

Easy creation of e-way bill -

E-invoicing makes the generation of the e-way bill easy as the taxpayer has to update vehicle details only. The details in Part-A of the e-way bill will get auto-populated from the e-invoice authenticated from the GST portal.

Increases Accuracy - 

With E-invoicing help, the probability of human error gets minimalized. All the activities are getting real-time updated and monitored, ensuring no more accuracy issues, leading to overpayments and duplicate payments.

Interoperability is possible - 

In E-invoicing, invoice generation takes place with the help of one software in a standardised format. Then this invoice can be read with a different software help only. And this functionality makes interoperability possible.

Restrains Tax-evasion activities - 

With the help of E-invoicing, the tax evasion possibilities get removed. As each invoice needs to get uploaded on the IRP portal first, then only the transactions happen. So this will remove chances of usage of Fake GST Invoices and wrong ITC credit claims.

Environment friendly & Cost-Effective - 

With the use of e-invoices in any business, the need for manual paperwork becomes very less. And this helps in two ways firstly in saving money in the use of paper and printed invoices. Further, less use of paper helps in saving trees, ultimately improving the environment.

Benefits Small and medium-sized enterprises (SMEs) 

With the E-invoicing facility available to SMEs, it helps them in removing some repetitive business activities from their plate. SME owners tend to jump from managing one activity to other. And electronic invoicing helps them manage both invoicing and payables and receivables easily. So now they can concentrate on many other important activities in the organization.