Neobank FloBizwhich works to grow small and medium-sized enterprises (SMEs) in India, has rolled out a new e-invoicing service on its Goods and Services Tax (GST) billing and accounting product myBillBook.
This will enhance myBillBook’s advanced billing capabilities, according to the Press releaseby helping it generate invoices in line with the government’s mandate to simplify tax processes and improve tax planning.
It also helps businesses manage inventory, track receivables and payments, collect payments, and monitor business performance with advanced reporting, depending on the version.
Some of the things that can be done with the new service include adding electronic invoicing for all businesses at once if the user is dealing with multiple businesses through one account. The platform stores electronic invoices permanently via a portal.
It will also allow users to choose from many invoice themes and allow them to add custom templates, and users can also add a QR code to link to the e-invoice if they wish.
Rahul Raj, co-founder and CEO of FloBiz, said the company has always adapted quickly to various new accounting and billing standards.
“This is a complete billing solution for SMBs available at an extremely affordable price and we now look forward to serving more high-revenue SMB customers through our differentiated and robust offerings,” said Raj. “Adding e-invoicing to our platform is our effort and essential service to add value to high-revenue businesses that have already trusted our technology.
“It also allows us to be future-ready as e-invoicing is soon expected to be applicable to 5 Cr+ annual turnover businesses which make up a large portion of India’s SME sector.”
Read more: FloBiz launches retail POS billing solution myBillBook
PYMNTS wrote about the launch of myBillBook last December, writing that it was intended to be a point-of-sale billing solution helping retailers, franchises and the Indian economy. The report notes that around 10% of the economy is retail.
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