How to Generate eInvoice with the Help of Software

An analysis by the Credit Research Foundation found that, on average, administrative issues including inaccurate invoices account for 61% of late payments from customers. This is where a well-written, accurate invoice would keep your company running successfully. It displays your professionalism and builds brand image, which will help you keep more clients.

On contrast, incorrect invoices can confuse your customers, and result in payment delays, eventually impacting your cash flow. It’s crucial to know how to generate eInvoice for B2B transactions and ensure that each billing element is correctly recorded.

The concept of eInvoice has also come with a blessing. The pandemic, although tough for businesses, served as the impetus for some procurement firms to adopt touch-free technologies (like e-Invoicing) and grow up digitally overnight, thanks to digital invoices. Now the question comes, how to create an eInvoice? You can use software for that. In this article, we will figure out how to generate eInvoice with the help of software.

What is eInvoice?

E-invoicing, as the name suggests, is the process of electronic invoicing in a portal where they are authenticated by the Goods and Services Tax Network (GSTN). An IRN (Invoice Reference Number) and a special QR code are created for each e-invoice you generate.

The idea for the implementation of e-invoicing is to ensure that all Indian firms across various industries utilize a standard format, making interoperability easier. Additionally, it ensures that all enterprises remain compliant with the everchanging taxation norms.

Today, there are multiple software systems available in the market that enable organizations to receive and manage invoices from multiple vendors. In fact, these software solutions enable you to create invoices in several formats, including image-based invoices. It mainly serves as a single platform for managing all information and procedures related to accounts payable.

Suggested Read: Benefits of Online Invoicing for Small Businesses

Why Is eInvoice Important?

E-invoicing is crucial for businesses as it assists them in streamlining their invoice processing cycles. Here are some of the most important reasons why you should adopt eInvoice software:

• It helps to lower the amount of time spent on approving, processing, tracking, as well as chasing down invoices while eliminating the chance of human error.

• E invoicing enhances the visibility of invoices, purchase orders, ancillary documents, and financial contracts. It keeps track of invoices and offers thorough audit trails.

• The verification, approval, and payment of invoices can be conducted in real-time. As a result, there are fewer errors. Since there are no longer any accuracy problem, it could reduce instances of overpayments and duplicate payments.

• Electronic invoicing is more than just the processing and storing of digital invoices. It helps achieve a greater degree of compliance.

• E-invoicing systems serve as an effective platform that can help organizations save hours and money in the long run, in terms of cross-verification and due diligence.

• It makes it possible for organizations to keep a close eye on every dollar saved and spent effectively. This essentially aids the leadership team to keep track of expenses, gather strategic insights, and figure out ways to save money, including initiating early payment discounts.

• Last but not the least, eInvoicing is a green and sustainable option. Besides going paper-free, organizations can also cut expenses and waste production associated with paper-based supply chain activities.

Suggested Read: 7 Free e-Invoicing Software for Online Billing

How to Generate eInvoice with Swipe Billing Software?

The process of eInvoicing is made simpler by Swipe billing software. This GST billing & Invoicing software helps you easily generate e-invoices in seconds without any issues. Swipe can create e-invoices in accordance with your needs, irrespective of the industry you operate in.

You can access Swipe, anywhere and anytime, without any device restriction on Web, Mobile app, etc. With Swipe, you can download 30+ reports that’ll be insightful for your business including GSTR-1 in excel and JSON format, that will make your monthly or quarterly filings easy. The software ensures ultimate data protection with ‘bank-grade’ 256-bit SSL encryption .

Simply put, Swipe is an end-to-end native mobile e-invoicing app that provides access to all the powerful functionalities your accounts department needs to build a profitable and compliant business. Swipe has 4L+ businesses using the app across India and provides priority support in all regional languages.

Here is how you can create eInvoice with Swipe billing software:

• Sign-up: All you need to do is sign-up on the Swipe billing platform with mobile no. and add your business information. The process is seamless and very easy.

• Choose a template or customize one: The software comes with several eInvoice templates. Simply choose the one that resonates with your brand image. You also have the option to customize the format to suit your business needs. eInvoices on Swipe are 100% GST compliant and recommended by many reputed CA’s

• Brand your invoice: Swipe allows you to design your invoice in a way that matches the features, ambiance, and color schemes of your website, social media accounts, and other content pages. This helps sustain brand consistency.

• Create your invoice: Now that you have opened your account, chosen or customized a template, and got your branding right, now comes the actual part of creating the eInvoice. Follow the steps mentioned below:

Steps to Create eInvoice with Swipe Billing

For first time users, right from Swipe’s dashboard, go to settings and add your company details like your company name, logo, business address, GST no. and other contact details.

1. Go to sales and click create invoice. Add your customers’ details with their GST no.

2. Invoice sequence numbering on Swipe is automatically generated, or add a distinct invoice number as per your need so you can keep track of your transactions.

3. You can add products/ services , quantity, price, discount, etc. to the invoice

4. Standard notes/ terms and conditions and other options can be added as default and can be edited for each invoice which is very convenient.

5. Once invoice is created, from drop-down select create eInvoice and your eInvoice will be generated successfully in just one-click.

There you go, you have successfully generated your first eInvoice on Swipe billing software. Next, you can share your invoice across multi-channels, including email, WhatsApp or SMS. It’s that simple.

Conclusion

Deploying an eInvoicing process is one of the most important strategic initiatives that businesses can take in the modern age to compete and grow profitably.

Now is the time to invest in e-Invoicing software and grow your company. Many governments throughout the world, notably in India, have implemented mandates to implement a unified taxation framework. Having an eInvoice software program at your disposal will help your business seamlessly fortify its financial operations.

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