According to a report by Industry Today in Asia-Pacific, the e-invoicing market is projected to reach US$ 4,217.6 Mn by 2027 from US$ 1,241.7 Mn in 2019; showing this integration growth at a CAGR of 17.1% from 2020 to 2027.
E-invoicing integration is not a new concept country like Hong Kong and Malaysia have made significant progress on this front already, and nations like Japan, the Philippines, Vietnam, and South Korea are planning to launch their e-Invoicing mandates by the end of 2022. India & Taiwan implemented an e-Invoicing mandate in 2020, and in the Middle East – Saudi Arabia is taking steps towards e-invoicing by the end of 2021.
E-Invoice is a standardized, unmodifiable, secure, time and cost-saving digital version of the physical invoicing process, which has the same legal characteristics as the paper invoice. E-invoicing of B2B invoices to the GST System is a standardized invoicing procedure where e-invoices generated by one ERP can be read by another so that there is interoperability of data.
Why Integrated E-Invoice Needed?
As traditional or manual accounting is time-consuming and prone to errors, integrated billing solutions ensure that transactional data is automatically entered and applied to the accounting system, thus reducing human errors and improving the efficiency of your business.
E-invoicing is important in helping organizations streamline their invoice processing cycles, reducing the man-hours required for invoice processing, approving, tracking, and chasing invoices and human errors. In the end, you will get flexibility in operations for your growing subscription-based business and ensure your continued success.
As a trusted gold partner of Microsoft, Samadhan provides complete subscription management and billing automation that enables you to grow your subscription business around the globe. Avail most accurate accounting system and grow your business–sell more, know your customer better, and maximize profits.
Benefits of e-voicing integration
Streamline operations: Integrating your payment and billing systems can reduce delays in cash flow, thus putting more money into your business. While previous methods of accounting is time-consuming and prone to errors, integrated billing solutions ensure that transactional data is automatically entered and applied to the accounting system, thus reducing human errors and improving the efficiency of your business.
Improves customer experience: Subscription billing software can help you deliver an exceptional customer experience. For example for a recurring payment-based system, providing multiple modes of payment, multi-currency payments, and accurate tax calculations in invoices are ways of winning the customers’ loyalty.
Eliminates billing wastes: Does your subscription-based business lose revenues due to subscriber cancellations, failed online payments, or poor CX? An integrated subscription billing application can reduce revenue leakages.
Generates business insights: Probably the biggest benefit, an integrated billing solution provides an in-depth view and understanding of your business performance, revenues, and other financial metrics. With one source of truth and with the appropriate people in your organization having access to it, your entire business is empowered to make the right decisions.
With Samadhan’s best e-voicing solutions taxpayers can create their e-voice on their own. IRP will generate a unique Invoice Reference Number (IRN) which will be attached to the e-invoice & system will digitally sign the same also generate a QR Code containing the unique IRN with some important parameters of the invoice. If you are an organization using Microsoft Dynamics 365 BC, then we have developed a seamlessly integrated solution that provides Realtime API-based IRP / GSP integration. Need more information regarding e-invoicing integration with Microsoft Dynamics 365 Business Central then talk to our experts right away.