Steps To Implement e-Invoicing Successfully In Your Organization
Category: GST, Posted on: 28/12/2020 , Posted By: Webtel
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Even though there are lots of issues and concerns around the e-Invoicing system, no one can ignore the fact that implementing this system in businesses (which falls under the prescribed category) is mandatory. These businesses have to make few changes in their processes and workflows to make themselves e-Invoicing ready.

In this article, we have tried to explain the steps required in implementing e-Invoicing successfully in an organization.

Steps To Implement E-Invoicing Successfully In Your Organization

Requirements for Implementation of e-Invoicing

To implement e-invoicing properly, businesses have to ensure that they are following the below steps completely:
  1. Set up an e-invoicing system.
  2. Make sure that the new invoicing process complies with the formats, requirements, and detailed XML structures.
  3. Integrate the reception and process of electronic invoices and other associated electronic documents into the existing accounting workflows.
  4. Register with the tax authority.
Steps to implement e-invoicing across the organization

#1 Determining the requirements and deep analysis of e-invoicing
The term e-invoicing is new and not familiar, so a checklist should be prepared as to whether e-invoicing is applicable to your organization or not. And also find out its requirements or schema and make a deep analysis of e-invoicing including invoice generation, e-Way Bill, a compilation with GST Returns.
Schema of e-invoicing with various mandatory and optional fields, generating the QR codes for all the B2B invoices on the Invoice Registration Portal and validating the same.

#2 Business Analysis
Since e-Invoicing demands, major changes, and all e-Invoicing implementation doesn’t fit for all types of approaches. Thus, it is important to do the proper analyses of business requirements and expectations from the software.

#3 Familiarize your organization with the e-invoice schema
Organizations used to generate invoices manually before this e-invoicing system and used the general format of invoices. But now with an e-invoicing system, organizations must use a specific format or schema for the generation of e-invoice.
This format is exhaustive and consists of three parts- the e-invoice schema, masters, and e-invoice templates. So it would be beneficial for the employees of the organization to get familiarize with the e-invoice schema for effective implementation

The next step is to look into finding a suitable vendor who will integrate your ERP systems to align them with the new e-invoicing standards. The solution provider of software plays a vital role in the effective implementation of e-invoicing systems in your organization, so choose it wisely. The vendor you choose should be the one who offers the following benefits altogether.
  1. Experience ASP-GSP Provider- The vendor you choose should be the one with sufficient experience in the field of GST, and e-Invoicing in India.
  2. Simple integration- The solution should be simple to integrate the changes to the system.
  3. Less time-consuming and effortless- The solution is not time-consuming and also it shall not require much of your effort.
  4. Secure and Flexible- Firstly, one is always concerned about the security of data of the system, so the solution should be secured. Also for increasing requirements, it should also be able to adjust itself for the same.
  5. Constant support from the vendor- Solution Vendor should provide continuous support during the implementation of it and also after the implementation.
#5 Complete the system integration with the e-invoice standards
The software should be integrated using the API method, SFTP based method, and using the excel utilities. API method requires longer time than excel utility method but it enables the real-time generation of e-invoices without manual intervention.
Also, make a trial run of the solution to find out its actual results and compare it with the results promised by the solution provider.

#6 Review the effectiveness of the solution
It is not yet the end of the e-invoicing implementation process, to find out software is in place, you need to decide whether or not the software you chose meets the expectations or requirements you have set at the beginning of the process. Identify the points that need improvement.

So gather your courage, put on a nice tee, and get yourself and your organization set for the e-Invoicing.

Good Luck and Happy e-Invoicing :)

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