Microsoft, one of the leading tech companies is also one of the most popular developer for the Microsoft ERP. Also known as MS ERP, this enterprise resource planning system brings the cutting edge technology revolutionizing the world of invoicing and tax return systems. And the recent development in the Government’s GST and Invoice registration laws going online has made it the easiest and most commonly used ERP for filing the e-invoices by the customers. But before understanding the e-invoicing process through Microsoft ERP, let us understand the basic terminologies like the IRN and ERP.
Electronic invoicing or simply known as e-invoicing may be defined in simple terms as an electronic billing system that contains the various indigenous methods. With the enhanced integration of GST eco-system with e-invoicing, the interpretation and operation between business becomes more transparent and uniform. The e-invoicing under the GST environment needs to get all the invoices that are mandatory to be registered under the Invoice Registration Portal or simply called as IRP with the government. What it does is, it simply generates a very specific QR code with a relevant Invoice Reference Number (or IRN) and according to new amendments in the law, only a registered invoice with a valid IRN shall be granted. Now a days there are tons of ERPs available in the market in the form of websites or applications which does the job of filing the e-invoices through the Invoice Registration Portal that has been developed by the government. So let us understand the ERP in a more depth.
Enterprise Resource Planning
The ERP stands for Enterprise Resource Planning. It basically collects all the information that’s related to the different divisions of the business, thus increasing the productivity. Now the question arises, how its related to the whole taxpayment under GST and the concept of e-invoicing. The whole idea is that when a vendor is going to file the e-invoice through the IRP, the standardization process involved with the new protocols will create complicated and lengthy issues which may be tackled using the help of ERPs. They practically provide robust solutions to the businesses where they can simply go and create an e-invoice that can be generated from the IRP along the specific QR code as well as IRN. There are several ways by which ERPs may be employed to create the IRN at the Invoice Registration Portal. But mainly they can be categorized into mobile based application methods, API program based and offline method based processes.
E-invoicing through Microsoft ERP
In past few years, the use of Microsoft ERP has been very popular in creating and maintaining the bill generation process in various countries. India didn’t have any online system of invoicing which had its flaws like fake invoices, and cost and time waste in the paperwork and logistics. And with the advent of the new E-invoice registration system, the government has made it easier for all the suppliers to develop a new era of electronic billing and transaction system. And this is where E-invoicing through Microsoft ERP can help. Basically what it does is that, it uploads all the transaction data to the government’s invoice registration portal where the server assigns a unique Invoice Reference Number or IRN to each of these invoices along with a distinct QR Code. This helps in monitoring the transaction through the invoice more easily, by both the supplier as well as the government officials. This in return makes a unified system for E-invoicing through the Microsoft ERP. E-invoicing has a major future and this change in the processes related to any business and will demand a drastic review of the current tax payment ecosystem with these kinds of changes.