7 things to look for in e-invoice solutions

Generating and dispatching valid invoices is one of the most critical processes for any organization. Organizations develop and maintain several processes for generating timely and error free invoices. Generation of invoices will see some changes for most of the Indian organizations from 2020. They will have to adapt to generation of legally valid invoices by generating e-invoice from IRP from April 2020 onwards. Organizations will have to build new software in-house or procure an off the shelf solution from the market. They will need to evaluate solutions against some parameters and criteria. Having worked with several organizations running ERP like SAP, we have compiled some key criteria which IT and finance team look forward to: 

A robust Architecture: An e-invoice solution architecture should provide a seamless experience to users. It should ensure that there are no disruptions in generating legally valid invoices. And it should ensure the security of your critical data.

Seamless Integration with your ERP system: Integration of an e-invoice solution with your ERP like SAP can be quite a daunting task. An e-invoicing software not only should integrate seamlessly and safely with your ERP, it should also be able to adapt easily to changes in your ERP system. The changes could include ERP upgrades as well changes in ERP processes. 

Integration with Govt Portals: An e-invoice software can connect with Govt portals directly or through GSPs. Most of the software provide connectivity through GSPs. A robust e-invoice solution should provide choices of GSP. It should be able to switch from one GSP to another GSP with quick turnaround time.

Usability, Speed and performance: An e-invoice solution should ensure minimal training needs for the users as well as the IT team. It should be able to handle peak load which may come during specific periods and ensure that there are no glitches or delays during invoice processing.

Analytical / Alerting abilities: Your e-invoice solution should be able to provide reports and dashboards for your operational as well leadership team. It should provide alerts for exceptional scenarios in form of SMS or emails.

Completeness of Solution: It is important to check if the e-invoice solution and it’s architecture can be extended to other solutions like GST. The solution should be able to work independently or co-exist with other solutions from other vendors.

Business Continuity: Generating timely legal invoices is a business critical process. An e-invoice software should provide alternative possibilities in unforeseen circumstances like the connecity breaking down. It should ensure that the business continues even in such unforeseen circumstances.

You may have specific objectives during the selection of a software. However, no one will like to spend time and money on e-invoicing software that, in the end, doesn’t allow you to reach goals and doesn’t prepare you for the future. It can be challenging to evaluate different solutions, and each company will have unique needs. But looking for these seven capabilities will give you peace of mind that you know what’s essential.