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 the 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 essential 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: Integrating an e-invoice solution with your ERP like SAP can be quite a daunting task. An e-invoicing software should not only integrate seamlessly and safely with your ERP, but it should also be able to adapt quickly 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 provides connectivity through GSPs. A robust e-invoice solution should give choices on GSP. It should be able to switch from one GSP to another GSP with a quick turnaround time.
Usability, Speed and performance: An e-invoice solution should ensure minimal training needs for the users and the IT team. It should handle peak load, which may come during specific periods, and ensure no glitches or delays during invoice processing.
Analytical / Alerting abilities: Your e-invoice solution should be able to provide reports and dashboards for your operation as well as your leadership team. It should offer alerts to exceptional scenarios in the form of SMS or emails.
Completeness of Solution: It is essential to check if the e-invoice solution and its architecture can be extended to other solutions like GST. The solution should be able to work independently or co-exist with other solutions from different 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 connectivity breaking down. It should ensure that the business continues even in such unforeseen circumstances.
You may have specific objectives during the selection of 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.