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Is your business E-invoice or T-Invoice

Is your business E-invoice or T-Invoice Yes, T-Invoice, that is a new term we just coined, for Traditional invoice. Government policy changes have mandated companies with over 50 CR (INR) turnover in any financial year from 2017-18, to adopt issuing e-invoice. This system is in place to ensure a single point of data collection, which will enable multipurpose reporting model.

E-Invoicing will capture all sales data, which will auto flow into GSTR-1 filing data. Although there are issues in the data flow, soon we will see a uniform structure with a stable data flow. The GSTR 1 data will reflect in the GSTR 2A of the counter party, who can then reconcile with their own purchase registers to ensure that ITC claimed is both accurate and timely.

To ensure smooth transition and have seamless integration on your ERP data with the IRN, get in touch with Fynamics GST, for a one stop GST solution.

About FynamicsGST

• 1. FynamicsGST.in is a GST ASP, E-Way Bill, e-Invoice solution, and an empanelled Application Service Provider (ASP) to provide API connectors with GSTN & NIC for push and pull of data.
• 2. We are an NIC approved ERP service provider with direct connectivity to E-invoice and E-waybill.
• 3. It is a web-based application that is Secure, Scalable, Stable & Simple and is used by over 150 satisfied clients.
• 4. The solution supports extension to relevant external stakeholders, auto intimation to customers and vendors, real-time data validation including GSTIN checks.
• 5. Additionally, we provide in-depth AI driven reconciliations between books, e-Invoice, e-Way Bill and GST data, analytics tool to manage workflow of sales, accounts, and compliance.

E-Invoicing: What it ultimately could achieve

As per the government mandate all companies with turnover greater that 50 CR (INR), in any financial year FY 2017-18 onwards, will now authenticate their sale invoices of B2B category, with the government registration portal. This portal is the IRP (Invoice registration portal), and the authentication result is an IRN (Invoice reference number), which is generated by the NIC.

The idea or vision of this process which got implemented for companies with turnover above 500 CR (INR), on October 1, 2020 is that E-Invoicing serves the purpose of multi-phase reporting with one extensive and detailed set of data. When we say extensive, we mean, the 19 sections and 161 data points which are given in the latest schema. Although not all data points and sections are mandatory, the minimum mandatory are 28 fields/ data points. The government also would like to ensure that reporting is in a uniform format, as the schema suggests certain pick list values and even restricts certain fields to a maximum defined length.

The hardest part comes in terms of businesses adopting new strategies and training staff to report in the manner which are given in E-Invoicing. That is where you can take advantage of partnering with an ASP (Application service provider) to ensure seamless integration. Existing ERP or sales data should be easily migrated through applications to convert the available data to the required formats.

Reach out to Fynamics as your secure, efficient, and reliable GST tech partner.

Cloud Solutions: Why you may need it.

Many of us in the industry, by 2021, have understood what a cloud solution is, but may not be implementing it in our business verticals. Cloud based solutions have become industry norm, with few exceptions like family run businesses or even micro/ small enterprises, which have seen many generations of entrepreneurs, may still be adopting an offline or computer-based application.

A personal story, where a friend of mine, had a business running for over 3 decades had to force implement and ERP solution to help move away from a book accounting concept and this event is not more than 6 years ago. In terms of understanding the nature of technology and learning the nuances Indian tech sector has been ahead of its peers, However, decision makers have not caught up to speed. Being aware of the advantages that an investment in technology will provide is the right input that could impact the decision. The attitude of How Soon can we do it helps more than a Who else has done it approach.

A computer-based application would be at a disadvantage in terms of access through remote desktops. With work-from-home becoming a norm and many companies adopting to new policies to support work from home, cloud solutions give access to anywhere work model. The objective is to get work done even with hurdles like the COVID pandemic coming in the way.

At Fynamics we have built a cloud based, customisable, automation GST software. We also support additional value-added services like reconciliations, GSTR filing and a comprehensive Accounts Receivable tool.