~ The newly launched solution will help India’s 70 MN+ SMEs to easily and securely create & manage their E-invoices.
Keeping up with the government of India’s bullish stance on digital transformation, UpScale by CredAble, a business growth app, has launched its new e-invoicing solutions for SMEs. The solution helps businesses with financial operations management assistance as per the rules led by the Government of India.
According to a recent government directive, e-invoicing will be mandatory for certain businesses beginning January 1, 2023. This includes businesses with a cumulative yearly turnover of over Rs. 5 crore and above in any previous financial year from 2017–18 to 2021–22.
With e-invoicing, organizations would be able to streamline their invoice processing cycles, further reducing the man-hours required for invoice processing, approval, tracking, and chasing invoices and human errors, thus resulting in a much faster turnaround time.
In the coming few months, a large number of SMEs are expected to face challenges in finding a solution that is both uncomplicated and affordable. This is where UpScale by CredAble steps in.
Launched in November 2021 by CredAble, India’s largest working capital technology platform, UpScale provides SMEs with quick access to working capital, trade support, and opportunities, as well as an affordable payments solution that includes invoicing management.
E-invoicing will be required by the government for businesses with an annual turnover of more than Rs 5 crore starting in January 2023. Right now, it is only required for businesses with an annual turnover of Rs 10 crore or more. This has left SMEs looking for a simple and inexpensive solution.
Highlighting the significance of overcoming the obstacles faced by SMEs in the new digital ecosystem, Mr. Nirav Choksi, Co-founder, and CEO at CredAble said, “CredAble has consistently been a leader in adopting the most recent technology standards rapidly and has established itself as vital for the companies seeking to operate efficiently." We believe that UpScale’s e-invoicing solution is a necessity and is made specifically keeping SMEs in mind. It provides one-of-a-kind solutions to assist them in adhering to government regulations in the simplest and most secure manner possible, at a very low cost. We’re glad that our exposure and expertise in the business ecosystem helped us understand the challenges Indian SMEs face, which eventually inspired us to create UpScale. In addition to bridging the gap between credit and cash flow management, the application also contributes pro-actively to the digital transformation movement that is currently shaping the next ten years for SMEs in India.”
With the new solution, an UpScale user can generate an e-invoice for all applicable GSTINs in just two ways -
1. Generate the IRN for invoices created on UpScale
2. Generate IRNs in bulk through an excel file upload
Following are the key benefits of using UpScale for e-invoicing:
Bulk IRN Generation: UpScale allows you to bulk generate e-invoices using Government-mandated fields.
Send Invoices to IRP in single click - You can create invoices on UpScale and send them to the e-invoicing portal in a single click.
Real-Time Data Backup - Automatic cloud storage helps you store all your e-Invoices for easy and safe retrieval anytime in the future. Retrieve all your past e-invoices with a signed QR.
Smart Error Validations - UpScale pre-emptively validates your data to identify violations, incorrect data entry, and missing mandatory fields.
Share via WhatsApp, Email and SMS - One-click communication Send an email, SMS and WhatsApp to all your customers on a single click. Share signed QR e-invoice PDF to your customer.
Multiple GSTIN support - UpScale’s e-Invoicing Solution provides e-Invoicing enablement for all your GSTINs at once.
Thrilled to speak on the launch, Mr. Nitin Sharma, MD of UpScale and CPO at CredAble, said, “ As India walks into a new era of managing and growing a business, it is now crucial for all SMEs to start using e-invoicing as well. By the next fiscal year, it is expected that E-invoicing will be a mandate for businesses with a turnover exceeding Rs 1 crore. We’re extremely delighted to launch our new e-invoicing solution. It's also worth noting that, along with our E-Invoicing Solution, businesses now have free access to UpScale’s Payables & Receivables Solution as well. UpScale helps SMEs with billing and invoicing management, payments solutions, and easy access to business credit. And now that businesses will have to sync up with the e-invoicing site in order to get invoice reference numbers. UpScale’s e-invoicing solution will help them do all of it easily and accurately.
It is noteworthy that UpScale by CredAble is the only business application that has over 30 banking partnerships to help SME owners access working capital in various forms - both secured and unsecured business term loans, invoice discounting, Buy Now Pay Later programs, etc.
Over 250,000 potential businesses have already been evaluated using UpScale's proprietary technology. It analyzed credit facilities from over 700 lenders, bank transactions worth more than Rs 5,000 crores, and more than a million invoices worth INR 10,000 crores or more to find the best match between borrowers, lenders, and lending products.
UpScale also has powerful solutions, such as the GST Super Search tool for quick vendor verification, B2B payment solutions like automated payment reminders, online collections and reconciliation, vendor management, and more.
Moreover, UpScale by CredAble aims to help SMEs that either create their invoices in Excel, or use an ERP that is not compliant with e-invoicing.
With e-invoicing being the most sought after feature after the government’s mandate for certain businesses, UpScale by CredAble has taken a lead in providing an optimum solution in the market. Unlike other applications, UpScale looks at the key indicators of holistic growth for SMEs. With easy access to working capital and a smooth flow of financial information and operations, UpScale is set to become the most trusted technology application for SME growth.