WHAT IS INVOICE MANAGEMENT? Selecting right tool for GST Invoicing
An invoice is a commercial cum legal document that summarizes a transaction between a buyer and a seller. If goods or services were purchased on credit, the invoice usually specifies the terms of the deal, and provides information on the available methods of payment. It includes VAT, Sales Tax, GST amount for the bill. An invoice is also known as a bill or sales invoice and such naming is done according to the regulatory guidelines of a country.
Invoice processing involves the handling of incoming invoices from arrival to post. The main department that processes invoices is known as accounts payable department. The process involving a supplier invoice is also known as purchase-to-pay. Payment terms are usually stated on the invoice. These may specify that the buyer has a maximum number of days in which to pay and is sometimes offered a discount if paid before the due date. The buyer could have already paid for the products or services listed on the invoice.
Invoice management is an internal business function linked to procurement and is responsible for managing and processing invoice documents from vendors and suppliers. An invoice provides a detailed account of the products or service and a set of other information that can vary a bit depending on the requirements in the country the invoice is issued and the type of product or service being sold.
Invoice management involves steps like receiving the invoice, extracting invoice information, validating and verifying the invoice information, approving payments and finally archiving the invoice for future reference.
Invoice Statement created through GST invoicing software can be automated by entering the amount. By going for software to generate invoice one can get data for filing monthly/quarterly/annual returns. Invoicing software is helpful to get invoice through emails or invoice in PDF and other format. By this we can see invoice as prepared we need.
Invoice includes invoice number, date the product, contact information and name of the seller, name and contact details of the buyer, terms of payment, line detailing the product/service, cost per unit of the product and the total amount that is owed. Smart Admin has an invoicing tool which helps to generate invoice based on the tax structure of the country. One can configure it to meet the compliant requirements. Smart Admin is a cloud based application and priced reasonably to meet the needs of majority of users.
SMART ADMIN is a cloud-based software for generating GST Compliant Invoice, Payroll management, Timesheet and Project Tracking – visit SMART ADMIN for FREE Trial and Registration.
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