Every company in India with revenues over 10Cr has to register their B2B e-invoices on GSTN, according to the GST regulation. Soon it will extend to every company irrespective of their revenue. Every registered invoice has a GST QR code and IRN embedded in it.
The fact that every invoice is essentially an e-invoice, the traditional process involving printing and sending paper copies of invoices to transporters and clients is quite redundant.
Instead a new process needs to be in place that is error-free, efficient and can verify and handle e-invoices even at scale. The process has to be designed such that it works seamlessly with the ERP or MIS systems, there are 0 manual touch points and the system is not overly complicated.
Here are a few points to consider while implementing such a process:-
1. Receive #digitally signed invoices from your vendors. It will allow you to authenticate who the sender of the invoice is.
2. Validate the QR code on the invoice with GSTN.
3. Approval of invoice before taking it up for payment.
4. Extract the information like SellerGstin, BuyerGstin, DocNo, DocType, INV, DocDate, TotalInvVal, ItemCnt, MainHsnCode, Irn, IrnDate, Iss > from the QR
5. Automatically bring the information in to the #ERP system.
The benefits of such a system are:-
• Validate the invoice prior to processing.
• Auto extraction of invoice data.
• Bulk processing of thousands of invoices at a time.
• Do the above from within the company’s ERP system.
• No manual effort and errors thereby in typing and retyping data, paper scanning, storing and archiving.
