9 Smart E-Invoicing Features for Quick Compliance

Every company can voluntarily take part in the automation process with e-invoicing software as it will likewise automate and integrate several business processes. Moreover, the generation and cancellation of E-invoice and E-way bills will be hassle-free. Accordingly, it is significant for businesses to look out for e-invoicing software that has every smart feature and performs activities according to government guidelines. 

To choose an e-invoicing software you need to make sure that the software has all the smart features. If you don’t have any idea about what smart features should be present in your e-invoicing software, then I have listed all those in this blog. 

9 Smart E-Invoicing Software Features for Quick Compliance 

Here is the list of 9 smart features of e-invoicing software for quick compliance: 

1. Classification of Transaction 

This smart feature comes in handy when you want to classify transactions so that you can take the necessary steps: For example, classifying B2B and B2C transactions, as for B2B you need to generate an e-invoice, and for B2C you may need to generate dynamic QR code. Some other important business transactions include: 

• Exports 
• Imports 
• E-commerce transactions 
• Reverse charge transactions 

2. Protect Confidential Information 

These days it becomes significant for apps and software to protect the personal information of the user and when it is related to tax collection and income then it becomes obligatory. Subsequently, e-invoicing software ought to likewise provide required security features which include multifaceted authentication, real-time notifications about threats from phishing and malware, customer control that permit you to take reasonable precautions while transferring data to the cloud, and so forth. 

3. Data Analytics 

The software should likewise offer Analytics and a customizable dashboard. It will keep the user informed regarding their data. It will likewise summarize every information related to e-challan, e-way bill, GST in an intuitive way and generate daily reports of the same. 

4. Download Schema on Real Time Basis 

The software helps with downloading government-approved schema after which taxpayers can fill them as per their business requirements and auto-submit the same on the Invoice Registration Portal (IRP). 

5. Schema Check 

The schema check feature helps the taxpayer to upload the invoice on the IRP in a structured format issued by the CBIC. The schema check also cross-validates all the data entered in the invoice as per the business type. 

6. Data Validation 

The e-invoicing software must check for any transcription error after a taxpayer enters data in the e-invoice schema. In case if there is an error, it should display the same on a real-time basis before uploading on the IRP. 

7. Direct Upload of JSON 

The e-invoicing must facilitate a client to directly upload the JSON from the software to the Invoice Registration Portal (IRP) without any glitch. 

8. IRN Generation 

Another smart feature of e-invoicing software should be the generation of Invoice Reference Number (IRN) without redirecting the user on the IRP. 

9. Support QR Code 

One of the most important smart features of e-invoicing software should be that it must support the conversion of sting files of QR codes in a printable format. As QR code holds utmost importance in e-invoicing it must be printed on a B2B or export e-invoice. 

Conclusion

Taking a step back, effective electronic invoicing software should include the following features

• Seamlessly Integrates into your ERP or accounting software.
• Keep invoices and supporting documentation in a safe place until they’re needed.
• Maintain compliance with relevant data security and retention standards.
• Provide advanced reporting and auditing tools, as well as observe all applicable tax requirements.

You need electronic invoicing software that is tailored to your company’s demands rather than one that requires you to jump through hoops to adjust to.