How to Prepare for E-Invoicing if Your Turnover is Over 5 Crore

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How to Prepare for E-Invoicing if Your Turnover is Over 5 Crore

E-Invoicing might sound like a buzzword that's been floating around for a while. But if you're running a business with a turnover surpassing 10 crore, you've likely seen its benefits. E-Invoicing isn't as daunting as it sounds, and in reality, it's a major boon for businesses. Tally has over 300+ reports for you to choose from. Businesses of all types are using Tally for the in-depth reporting that Tally provides.

    Let me share why -

  • It cuts down on paper use, thanks to digital invoices.

  • It links your business systems and the portal seamlessly.

  • It ensures accurate invoices are generated from the start.

  • It's a one-time setup automating your entire invoice validation process.

  • It reduces the scope of human errors with minimal intervention.

Coming to the crux, from 1st August 2023, if your business turnover is over 5 crore, you have to use E-Invoicing. Not sure where to begin? Don't worry. Here's what you need to do -

  1. Get a grip on the essentials : Regulations require businesses to generate e-invoices with a unique number from the e-invoicing portal. You can either connect your invoicing system to the portal or manually generate invoices offline.

  2. Check your current system : Evaluate your existing invoicing system. If you're using Tally, you're in luck! You can kick start e-invoicing right away. Just ensure you're using the latest version of Tally. It's got you covered with e-invoice creation, modification, and deletion. What's more, you can even generate bulk e-invoices and view reports.

  3. Update your customers/vendors : Any change in the invoicing process should be communicated to your customers. They should be in the know about the shift to the E-Invoice format.

  4. Tidy up your master data : Make sure your company and customer profiles are updated with all necessary information. This will prevent invoice rejection from the e-invoice portal.

  5. Train your team : E-Invoicing could be a new challenge for your employees. Train them well to avoid any hiccups. They should feel comfortable with the new e-invoicing process to prevent errors and delays.

  6. Try and test : Don't wait until 1st August to start e-invoicing. Test it out beforehand. Generate some e-invoices and validate your system's effectiveness.

  7. Secure your data : This one is crucial. Regular security checks and audits will ensure your data is safe and prevent any leaks.

  8. Stay updated with compliance requirements : Always be on the lookout for updates in the e-invoicing process. Adapt quickly to your e-invoice generation.

  9. Consult the pros : It's okay not to know it all! If you'd rather leave E-invoicing compliance to the experts, feel free to reach out to us, especially if you're a Tally user. We've assisted countless businesses in smoothly transitioning to e-invoicing and we'd be happy to help you too.

Following these steps will set you up nicely for e-invoicing. With this, your business can enjoy efficient invoicing, cost reduction, improved accuracy, and faster payments.

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