Best e-Invoicing Software in 2024

What is e-Invoicing Software?

e-Invoicing software helps businesses create, validate, and authenticate their B2B invoices electronically. Invoices can be directly uploaded to the IRP portal for authentication, IRN number and QR code generation, digital signature, etc. After data verification, the generated e-Invoices are sent to the seller to share with customers or uploaded to the GST portal to file returns, etc.

e-Invoice software comes with multiple features such as Invoice Reference Number (IRN) generation, multiple invoice formats support, GST return filing, e-waybill generation, multiple payment modes, etc. With these functionalities, businesses become GST compliant, can track e-Invoices, reconcile data, auto-populate data to various portals, send e-Invoices to customers, etc.

With auto-data populating feature, invoice details are transported to the GST portal and e-waybill system. This eliminates manual data entry for filing GST returns. e-Invoicing software also helps to check for the presence of the same IRN number, generate e-waybills, upload essential data in the GST portal, etc.

How Does e-Invoicing Software Work?

e-Invoicing software works in the following ways:

• Businesses can create e-Invoices in JSON or any prescribed format.
• Automatically upload the invoice to IRP (Invoice Register Portal).
• IRP authenticates the invoices and provides IRN and QR codes.
• The digitally signed e-Invoice with a QR code is delivered to the supplier.
• The supplier prints the QR code presented with IRN on the Invoice.
• e-Invoice details are auto-filled in the e-way bill system and GST System for authentication, e-way bill generation, and GST filling.
• Buyers and suppliers get real-time visibility in the e-Invoice authentication procedure.
• Verified e-Invoices are sent to suppliers that can be easily shared with buyers.

Key Features of e-Invoicing Software

• Invoice Reference Number (IRN): It helps users to generate an IRN number through the IRP portal by encrypting supplier name, document type, and financial year.
• Automatically Send and receive invoices: The solution allows users to generate and send invoices to their customers automatically. This helps them to save time and money and improves ROI (Return on Investment).
• Supports multiple invoice formats: Organizations can generate and send e-Invoices in multiple formats like CSV, PDF, EDI, XML, etc.
• Capital of japan Archiving capabilities: These capabilities help users to store all their electronic invoices safely on one platform.
• Single or bulk e-Invoice: You can create e-Invoices in bulk or individually with a single click.
• E-way bill: Easily generate E-way bills as eInvoicing software auto-populates the data directly in the e-way bill portal.
• Digital Tax Invoices Signature: This solution easily gets all the tax invoices signed digitally by concerned authorities.
• GST return filing: Help businesses to file GST returns directly by populating all the invoice data to the GST portal.
• Templates: This comes with multiple templates to generate different types of e-Invoices that suit your business requirements.
• Excel Import: Helps users to easily import all the data related to their invoices directly to the excel sheet conveniently.
• Multiple Payment Modes: e-Invoice software comes with various payment methods such as net banking, debit and credit card payment, etc.
• Dashboard: Has a centralized dashboard where you can view and track your invoices.
• Emailing: This software helps users easily share e-Invoices directly with the customers via multiple communication tools, including emails, messages, etc.
• Interoperability of e-Invoices: This feature helps users to easily exchange and transfer electronic invoices across multiple platforms, including ERP, accounting, SAP, or similar software, seamlessly.
• Auto Populate Data: With an e-Invoicing solution, businesses can easily auto-populate data to GST, IRP, and e-waybill portals for GST return filing and e-waybill and IRP number generation.

What Are The Benefits of an e-Invoicing Tool?

There are multiple benefits of using e-Invoice Software, including:

• Quick Invoice Generation: With this solution, users can automatically generate different types of e-Invoices for their existing and new customers quickly.
• Real-Time Invoice Tracking: It lets users track their invoice status in real-time, including invoice approval, digitally signed invoice delivery, etc.
• Become GST Compliant: e-invoicing GST software helps businesses become GST compliant by generating invoices according to GST regulations with applicable HSN, SAC, and GST rates.
• Reduce Manual Errors: eInvoicing management software fills the invoice data in the GST portal and e-way bill portal in real time, ensuring accurate data entry and reducing manual data errors.
• Reduce Costs: With e-Invoicing solutions, users can generate invoices online and send them directly to customers via multiple communication channels. Thus, it reduces printing and postage costs.
• Print invoice with IRN and QR code: This enables users to generate and print invoices with IRN and QR codes that can be used to validate those on multiple portals.
• Data Validation: This software validates invoice data to recognize errors, violations, discrepancies, and missing mandatory fields. This ensures the data is entered accurately and is compliant with government regulations.
• QR Code Generation: Enables businesses to generate QR codes via the IRP portal to get information, such as supplier and recipient’s GSTIN number, invoice number, invoice generation date, etc.

Key Factors for Choosing an e-Invoice Generation Tool

Consider the following factors in choosing the right e-Invoice software for your business:

• Invoice Generation: e-Invoice software should generate invoices instantly without requiring manual entry.
• Cancellation: The solution should allow you to cancel the e-Invoice in case of data discrepancy, compliance issues, order cancellation, etc.
• Flexibility: Most e-Invoicing software provides the flexibility of using the solution offline regarding network issues.
• Integration: This feature facilitates sharing invoices across other software, including ERP, accounting, e-way bill software, etc.
• Format: Choose a solution that allows you to create e-Invoices in different formats to serve various customers.
• Currency Support: The support for payments in multiple currencies will help in international transactions.
• Cost: Choose an e-Invoicing management software that matches your budget and requirements.
• Features: Ensure that the e-Invoicing solution you are planning to buy should have all the unique features to fulfill e-Invoicing requirements.

Why Should You Choose Software for e-Invoicing?

There are plenty of reasons to choose an e-Invoice solution:.

• Easily upload data to GST and e-waybill portals.
• Stay compliant with GST regulations.
• Provide multiple payment options to customers.
• Generate different GST reports, including GSTR-3B, GSTR-1, GST-CMP-08, etc.
• Get the details of approved and pending invoices.
• Reduce data duplicity and discrepancies in the GST portal.
• Easily send digitally signed e-Invoices directly to customers.

Top 5 Best e-Invoicing Solution Providers

Here is a list of top e-Invoicing solution providers in India

• Tally: Best for bulk invoice generation, printing e-invoices with QR codes, real-time e-invoice status tracking
• Zoho: Best for tax management, invoices templates, and multicurrency support
• Vyapaar: Best for customized invoices, real-time order tracking, GST invoicing
• Cleartax: Best for Bulk e-Invoice generation, e-Waybill generation, Einv vs G1 Report, e-Invoicing, and e-Waybill MIS dashboard
• Freshbooks: Best for multi-currency support, report generation, customized invoices
• HostBooks: Best for INR and QR code generation, e-Invoices, and E-way bill generation

Top 10 Best e-Invoicing Software in India

Here is the list of best e-Invoicing Software in India for Business.

Top 10 e-Invoicing Software in India
e-Invoicing Software	Price
TallyPrime	₹767/Month
Vyapar Billing Software	₹724/Year
Zoho Invoice	Free
myBillBook	₹471/Year
ClearTax Invoicing Software	₹ 7080/Quantity
GSTHero	Price On Request
Marg ERP 9+	₹ 9558/Year
Auto Generate E-Invoice from BUSY	₹ 10620/Year
HostBooks E-invoicing Software	Price On Request
Webtel e-Invoicing Solution	Free

e-Invoicing Software Users

• Freelancers: You can easily send professional invoices, accept online payments, track time and manage your expenses. e-Invoicing software for freelancers is designed to help you get paid on time!
• Business: With e-Invoicing software for business, you can send professional invoices and manage projects in multiple currencies. This software is easy to use and can be used for companies of all sizes.
• Publishers: e-Invoicing software for publishers can create quotes, issue invoices, and collect payments online. It also generates all the required tax reports and lets the publisher record expenses and purchases.