How does E-Invoice work

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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