FloBiz, India’s leading neobank for growing Small & Medium Businesses (SMBs), has announced the launch of its new e-invoicing service on its flagship GST invoicing and accounting product myBillBook. The newly launched service will further bolster the efficiency and advanced billing capabilities of myBillBook in generating invoices compliant with the government’s mandate towards offering advantageous tax process simplification as well as improving tax planning. myBillBook, available on android, iOS, native offline desktop and web application, also helps businesses manage inventory, track receivables & payables, collect payments and monitor business performance through advanced reports, including GSTR reports.
e-invoice is a system through which B2B invoices are authenticated electronically by GSTN for further use on the common GST portal. Under the electronic invoicing system, an identification number is issued against every invoice by the Invoice Registration Portal (IRP), which will be managed by the GST Network (GSTN). myBillBook took the lead in the billing software category to offer an e-invoicing feature to help SMBs comply with the recent government’s mandate for e-invoicing for businesses with a turnover greater than INR 20 Cr.
Some competitive advantages offered by myBillBook’s e-invoicing feature:
- e-invoicing gets enabled for all the companies at once if the user is managing multiple companies through a single account on myBillBook
- Users can do concurrent e-invoicing on multiple systems
- The platform will store e-invoices permanently vis-a-vis the IRP portal where data is only made available only for a maximum of 48 hours
- Choose from multiple invoice themes and continue using customised invoicing template for your business
- Users have the option to add a QR code linking to the e-invoice in their customised invoice
- Easy sharing through WhatsApp
- A comprehensive list of features including invoicing, e-invoices, e-way bills, GSTR1, GSTR3 reports, sale & purchase summary and more, all available on a single platform makes tax compliance simple and eases the accounting for business owners and chartered accountants
Rahul Raj, Co-Founder & CEO, FloBiz said, “myBillBook has always been the pioneer to adapt quickly to the latest billing & accounting norms and has become indispensable for businesses who are looking for efficient business operations. It’s a complete billing solution for SMBs available at an extremely affordable price point and now we are looking forward to serving more high turnover SMB customers via our differentiated & robust offerings. The addition of e-invoicing to our platform is our endeavour and business-critical service to add value for high turnover businesses who already have placed trust in our technology. . It also allows us to be future ready as e-invoicing is soon expected to be applicable for 5 Cr+ annual turnover businesses who form a large chunk of the Indian SMB sector.”
myBillBook currently serves 65 lakh+ businesses across the country. They will be educating users about this recent service through WhatsApp marketing, YouTube content, on-ground and customer support.