SMEs are the backbone of the Indian economy and key contributors to the $5 trillion Indian economy target. Unprecedented action-oriented focus on the issues faced by the sector in the recent past stands testimony to the seriousness with which we view this segment to drive growth.
That being said, the key problem that has always plagued the segment has been the money flow; both on receipt and payout as well as the access to formal credit. In this regard, it is relevant to discuss the payment challenges faced by the sector today, which is a critical factor for their thriving or even survival in some regions.
1. Multi-channel payment facilities
2. Reconciliation challenges
3. Working capital crunch and inadequate access to formal credit
4. Automated GST invoice management system
We will be discussing the problem that revolves around not incorporating Purpose-Built Intelligent Invoice Management Systems.
Current setbacks users face:
1. Hassles of filing income tax returns and GST. (Different forms for different salaries and source of income)
2. Lack of awareness about the possible deductions available under section 80(TDS).
3. Keeping a track of their records in a single place.
4. Missing out on the dates to file GST/ITR.
5. Forgetting/not knowing their credential (pan card number, user id, and password).
To overcome problems like these we offer a user-friendly interface for our easy invoice manager to take all of your GST Billing and invoices to in-cloud storage that is secured and encrypted.
Create and share GST Invoices & E-waybills with customers-
Easy Invoice Manager by GimBooks can significantly speed invoice processing and reduce accounts-payable expenditures. With Easy Invoice Manager by GimBooks Create professional & elegant-looking Invoices, Quotations, Purchase orders, payment reminders and much more.
Compelling features include intelligent capture and digitalization of invoice receipts, dynamic workflows, e-invoicing, EDI ingestion, and more, reducing error rates. The GST invoices and E-Waybills can, then, be shared with customers easily. They are encrypted and highly secured so that only you and your customers have access to them. Since all of your invoices are digitized it takes mere milliseconds to share them.
Manage and check your Inventory instantly-
Now that you have cloud storage, you can manage your own inventory. You can access your documents anywhere and anytime you want. The cloud storage will keep all of your files, documents, bills, and invoices highly secured and won’t even cost space in your system. You can rummage through your inventory easily as we are accessible on all digital platforms like android, IOS, and windows.
Send Gentle Payment Reminders to Customers-
Most often, customers forget their last date to file GST returns or income tax returns. We offer a service to send gentle payment reminders to customers. Since reminders are sent through In-app notifications and text messages, it becomes an easy form of communication both for the customer and vendor to procure payments. No hassles of constant phone calls or asking for the payments directly.
Make your GST Filing simpler and faster-
Digitalization is a major factor in cutting invoice-processing times and associated costs. For example, invoice receipts can be ingested much faster through either emailing or scanning of invoices. According to the Pay Stream Advisors report, approximately 40% of intelligent invoice-management systems receive their invoices via email. our intelligent invoice-management system can dramatically accelerate the approval process for both non-PO and PO invoices. Invoices are digitized, the associated metadata is embedded within the work item and workflow, and the chart-of-authority employee approval data is accessed and utilized within the approval business rules.
Keep a live track of various business reports-Invoice reporting from non-automated processes is time-consuming, fragmented, expensive, error-prone, and largely inefficient. A significant value of easy invoice manager by GimBooks is that it can view analytic reports in real-time for visibility into invoice volumes, status, and process bottlenecks. The following are just some of the reports typically available with our invoice-management solutions:
- Central reports
- Audit reports
- Overdue payables
- Exception analysis report
- Cash discount forecast
- Supplier payment analysis
- Productivity report
- Key process report
In short, Easy Invoice Manager App by GimBooks cuts out many of the most unproductive and costly steps in invoice processing – manual data entry, approval routing, matching, and GL coding. By implementing easy invoice manager by GimBooks in the cloud, organizations can streamline processes, boost employee productivity and efficiency, increase cash flow, improve supplier relations, and drastically lower processing costs. These lower costs can offset the subscription for software as a service – a fixed and predictable operating expense.