With the advance of technology things are moving from paper to paperless. Earlier cheques were being issued for payment, now payment is done through net banking (paperless). Earlier statutory returns were being filed on paper, now it is online (paperless). Earlier letters were being sent by post now emails are sent (paperless). Everything is moving from paper to paperless. But invoices are still issued on paper, retained and kept as it is. In case of B2B transactions, invoices are fed manually first by the supplier and again by the customer in their respective accounting system.
Now with the help of new age accounting software, users can exchange their invoice electronically without involvement of paper. Invoice raised by one person (supplier) can automatically be saved into another user?s data (customer) electronically without the hassle of re-feeding it again.
While there are many software?available, they usually compete with additional innovative features. One such software is?BUSY, one of the famous business accounting software in India who have started this concept of electronic data exchange.?
BUSY?Data Exchange Platform provides a bridge for fast and secure exchange of invoices among?BUSY?users.
By moving from a paper-based exchange of invoice to one that is electronic, businesses enjoy significant benefits such as,
1.?Reduced cost in daily business transactions
The cost of maintaining years of data in paper is saved. Also, with no paperwork involved the additional costs of printing, paper and the likes are saved.
2.?Increased processing speed
With electronic data exchange system, all the relevant data can be exchanged within seconds which enables faster processing.
Since the data is being exchanged electronically, chances of human error in data entry are completely eliminated.
4. Improved relationship with business partners and customers
With faster processing and increased transparency, the relationship with stakeholders strengthens.
The world is adopting digitization rapidly to keep up pace with the new-age. Upgrading to new technologically enabled methods is no more a choice but a necessity. And with the benefits it brings along, it is sure worth it.
BUSY, Business Accounting Software is a complete Business Management Software for SMBs which covers all aspects of a business entity including Accounting, Inventory, Invoicing, GST, TDS/TCS, Payroll and a lot more.
Tags :Income Tax