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Speed up your ITC claims with smart Vendor E-Invoice Reconciliation
Ensure timely ITC claims by identifying and rectifying discrepancies before vendors file their GSTR-1, reducing delays and enhancing financial planning.
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Safe and secure. Compliant with RBI guidelines & IndAS
Trusted by more than 3000 companies
The Problem Today
Manual tracking and reconciliation cause mismatches in GSTR-1, impacting accurate ITC claims and financial reporting.
Delays in ITC claims due to subsequent amendments by vendors. Financial planning is impacted by discrepancies in purchase registers  and E-Invoices generated.
Compliance is ignored
Invoices are rarely checked for compliance issues - struck off PANs, incorrect GST, MSME,
e-invoice checks and more.
No central database
Invoices and vendor data is distributed, and often inaccessible when required for audits and future reference.
Unreliable OCR systems
Legacy OCR scanning only offers about 65% accuracy, reducing trust in the system and leaving invoices to be checked manually.
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The Problem Today
AP teams spend 100s of hours booking invoices
This is not only a waste of time and productivity, but many a times the invoice booking process has compliance loopholes, uses outdated technology and there is no central storage system for audit readiness and future reference.
Compliance is ignored
Invoices are rarely checked for compliance issues - struck off PANs, incorrect GST, MSME,
e-invoice checks and more.
No central database
Invoices and vendor data is distributed, and often inaccessible when required for audits and future reference.
Unreliable OCR systems
Legacy OCR scanning only offers about 65% accuracy, reducing trust in the system and leaving invoices to be checked manually.
Delayed ITC Claims
Manual reconciliation and follow-ups with vendors cause significant delays in availing Input Tax Credit (ITC).
Incorrect GSTR-1 Reporting
Errors in vendor E-Invoices, such as incorrect amounts or document details, can lead to inaccurate GSTR-1 filing.
Manual Effort and Inefficiency
Manually identifying and rectifying discrepancies between vendor E-Invoices and purchase records is labor-intensive and inefficient.
Automate processes for Accurate Reporting of Books & GSTR-1 and ensure compliance in Vendor E-Invoice Reconciliation
Fetch E-Invoice Details
Real-Time E-Invoice Tracking for Enhanced Accuracy and Efficiency
Fetch E-Invoice details by document number, type, date, and GSTN if IRN is missing. This ensures all invoice data is accurately tracked and accounted for in real-time.
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Immediate Discrepancy Reporting
Identify and Report Issues for Quick Corrections Within 48 Hours
Report discrepancies to suppliers within 48 hours of E-Invoice generation. This allows for quick corrections in GSTR-1, ensuring your ITC claims are accurate and timely.
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Track and Reconcile Open  Invoices
Efficiently manage Open E-Invoice for Total Control & avoiding ITC loss
Track open E-Invoices not yet accounted for due to system delays. This helps in identifying and reconciling pending invoices, preventing inaccuracies in financial reporting.
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Resolve Mismatches Before Month-End
Pre-Monthly Closure Reconciliation for Timely Accuracy
Detect and correct mismatches between buyer-accounted invoices and supplier-generated E-Invoices before monthly book closure. This ensures accurate and timely financial records.
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Identify and Resolve Discrepancies
Ensure Accurate Vendor E-Invoice Reconciliation for Seamless ITC Claims
Easily reconcile Purchase Register data with IRN. Detect GST amount mismatches and address issues promptly to ensure accurate financial records and seamless ITC claims.
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Understanding E-Invoice Reconciliation & Its Effect on Your Business
E-invoice reconciliation is the process of verifying that electronic invoices align with your internal records. By utilizing an e-invoice system, businesses can ensure that all transaction details match, minimizing the risk of errors, fraud, and discrepancies. Automating this process through an e-invoicing software or e-invoicing solutions enhances accuracy and streamlines financial workflows, making it easier to manage e invoicing under GST. Effective reconciliation, facilitated by tools like the GST e-invoice portal, helps maintain compliance with tax regulations and prepares your company for audits. In essence, e-invoice reconciliation not only strengthens financial integrity but also boosts operational efficiency, contributing to better decision-making and improved cash flow management.
When to Implement E-Invoice Reconciliation for Best Results
1. High Volume of Transactions: Automating reconciliation with an e-invoice system ensures accuracy when managing many invoices daily.
2. Frequent Discrepancies: Use e-invoicing solutions to quickly identify and resolve mismatches between invoices and records.
3. Regulatory Compliance: Integrating GST e-invoicing via the e invoice portal ensures compliance with e invoicing under GST.
4. Complex Supplier Relationships: E-invoicing software helps maintain error-free transactions when dealing with multiple suppliers.
5. Automation Readiness: When ready for automation, adopting e-invoicing software and the e invoice GST portal enhances financial reconciliation.
2. Frequent Discrepancies: Use e-invoicing solutions to quickly identify and resolve mismatches between invoices and records.
3. Regulatory Compliance: Integrating GST e-invoicing via the e invoice portal ensures compliance with e invoicing under GST.
4. Complex Supplier Relationships: E-invoicing software helps maintain error-free transactions when dealing with multiple suppliers.
5. Automation Readiness: When ready for automation, adopting e-invoicing software and the e invoice GST portal enhances financial reconciliation.
Benefits of E-Invoice Reconciliation
Accuracy and Error Reduction
E-invoice reconciliation ensures precise matching between invoices and internal records through e-invoicing and e invoice system. This minimizes manual errors and discrepancies, enhancing overall data integrity and reducing financial inaccuracies.
Efficiency and Time Savings
By automating the reconciliation process with e-invoicing software and online invoicing, businesses streamline workflows and reduce manual effort. This leads to faster invoice handling and more efficient financial operations.
Compliance and Audit Readiness
Regular e-invoice reconciliation, supported by GST e-invoicing and tools like the e invoice portal, helps meet regulatory requirements and prepares your business for audits by maintaining accurate, up-to-date records.
Common Challenges of E-Invoice Reconciliation
1. Data Inconsistencies: Differences in data formats or incomplete information across the e-invoice portal and internal systems can lead to reconciliation errors and delays.
2. Integration Issues: Connecting the e invoice system with existing invoicing software and ERP systems can be complex, requiring significant time and resources.
3. Manual Intervention: Despite automation, some scenarios may still require manual adjustments, especially when dealing with e-invoicing under GST or complex supplier relationship.
4. Regulatory Changes: Keeping up with frequent updates in GST e-invoicing and e invoice applicable regulations can be challenging, impacting the effectiveness of the reconciliation statement.
5. Data Volume Management: Handling large volumes of invoices daily through e invoice billing can overwhelm the system, making it difficult to maintain timely and accurate financial reconciliation.
2. Integration Issues: Connecting the e invoice system with existing invoicing software and ERP systems can be complex, requiring significant time and resources.
3. Manual Intervention: Despite automation, some scenarios may still require manual adjustments, especially when dealing with e-invoicing under GST or complex supplier relationship.
4. Regulatory Changes: Keeping up with frequent updates in GST e-invoicing and e invoice applicable regulations can be challenging, impacting the effectiveness of the reconciliation statement.
5. Data Volume Management: Handling large volumes of invoices daily through e invoice billing can overwhelm the system, making it difficult to maintain timely and accurate financial reconciliation.
How Manual Reconciliation in GSTR-1 Disrupts ITC Claims and Financial Reporting
1. Fetch E-Invoice Details: Leverage real-time e-invoice tracking to ensure accurate and efficient data retrieval, improving overall accuracy and operational efficiency.
2. Immediate Discrepancy Reporting: Quickly identify and report discrepancies within 48 hours, enabling swift corrections and preventing prolonged issues.
3. Track and Reconcile Open Invoices: Manage open e-invoices effectively to maintain control and avoid potential ITC losses, ensuring smooth financial operations.
4. Resolve Mismatches Before Month-End: Conduct pre-monthly closure reconciliations to address discrepancies early, ensuring timely and accurate financial reporting.
5. Identify and Resolve Discrepancies: Perform thorough vendor e-invoice reconciliation to ensure accuracy, facilitating seamless ITC claims and preventing reconciliation issues.
2. Immediate Discrepancy Reporting: Quickly identify and report discrepancies within 48 hours, enabling swift corrections and preventing prolonged issues.
3. Track and Reconcile Open Invoices: Manage open e-invoices effectively to maintain control and avoid potential ITC losses, ensuring smooth financial operations.
4. Resolve Mismatches Before Month-End: Conduct pre-monthly closure reconciliations to address discrepancies early, ensuring timely and accurate financial reporting.
5. Identify and Resolve Discrepancies: Perform thorough vendor e-invoice reconciliation to ensure accuracy, facilitating seamless ITC claims and preventing reconciliation issues.
Maximize ITC Claims with Strategic Vendor E-Invoice Reconciliation
Strategic vendor e-invoice reconciliation plays a crucial role in maximizing your Input Tax Credit (ITC) claims. By systematically matching vendor invoices with your internal records using e-invoicing tools, you can identify discrepancies early, ensuring accurate ITC calculations. This process not only reduces the risk of non-compliance but also speeds up claim approvals by maintaining precise data. Leveraging an efficient e-invoice system enhances your financial processes, allowing you to make the most of your ITC claims while staying compliant with GST e-invoicing regulations.
Frequently Asked Questions
Why is e-invoice reconciliation important?
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How does e-invoice reconciliation affect ITC claims?
What challenges can arise during e-invoice reconciliation?
Can e-invoice reconciliation be automated?
How does e-invoice reconciliation help with compliance?
What is the role of an e-invoice portal in reconciliation?
When should I implement e-invoice reconciliation?
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