We believe in empowering the business users in such a way that they can do e-invoice generation without worrying at all about the technical details (data validation, transformation, schema validation, JSON conversion, authentications, encryption, API calls etc.). Not just that, once the system stabilizes, the e-invoice generation can even be scheduled to happen without user intervention – the user just sees (or gets notified) if there are any exceptions to be handled.
What does the future of integration looks like?
If e-invoice is about standardization and inter-operability, it would go well beyond the integration with the compliance portals as envisaged in Phase 1. It would integrate with the customer, customs and banks to name a few.
As a supplier one would be keen to leverage this transformation to ensure that:
- The supplies reach the destination without compliance hassles
- The recipient’s (customer) stores/inspection team has advance intimation of the supplies arriving, so that the goods are quickly unloaded for inspection and the vehicles are not inadvertently detained
- The invoice gets verified quickly and posted in the customer’s account payable cycle, so that the payments are received within the budgeted period
- The customer gets input tax credit without any hassles
- The supply information gets integrated with compliance portals, customs and banks to minimize manual activities and expedite the benefits
As a buyer, one would be equally keen to get benefitted from this integration & workflow to
- Receive advance intimation of imminent supplies
- Plan inspection (including third party inspection agencies if any)
- Provisionally consider the input tax credit in the supply for tax liability and cash flow purpose
- Notify the end-user of the procurement (it could be a critical raw material in a production planning process)
Watch our space here for more updates on our solutions – including the automated integration of e-invoices in other areas.
It is going to be a challenging but exciting journey. And we are ready and eager.
If the winter-question was “what is happening?” the summer could provide the answer – “e-invoice is indeed happening”