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.