Hello, how does E-Invoice work and how much does it cost? I can’t find a lot of info under this forum or the documentation.
E-Invoicing, or electronic invoicing, is a digital method of creating, sending, and storing invoices. It replaces traditional paper invoices with electronic ones, streamlining the invoicing process and reducing errors. Here’s a brief overview:
How E-Invoicing Works:
Invoice Creation: The supplier creates an invoice using specialized software or an online portal.
Invoice Validation: The invoice is uploaded to a government portal (like the GST portal in India) where it is validated and a unique Invoice Reference Number (IRN) is generated.
Sending the Invoice: The validated invoice is sent to the buyer electronically.
Storage and Tracking: Both parties store the invoice digitally, making it easy to track and manage.
Benefits of E-Invoicing:
Efficiency: Reduces manual data entry and errors.
Cost Savings: Eliminates the need for printing and postage.
Compliance: Ensures adherence to regulatory requirements.
Improved Cash Flow: Faster processing and payment cycles.
Cost of E-Invoicing:
The cost of implementing e-invoicing can vary depending on the software or service provider you choose. Some providers offer subscription-based models, while others may charge per invoice or have a flat fee. It’s best to contact specific providers for detailed pricing information.
Best regards,
Victoria
KMF usa
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