ClearTax launches e-invoicing product to help SMEs–economic times

Clipped from: https://economictimes.indiatimes.com/small-biz/sme-sector/cleartax-launches-e-invoicing-product-to-help-smes/articleshow/82080617.cmsSynopsis

The launch comes at a time when the government has adopted a firm approach towards regulatory compliance with zero tolerance for frauds and is levying heavy penalties.

BENGALURU: To help Indian businesses digitize and streamline their billing and e-invoicing needs, ClearTax has launched a GST compliant billing and e-invoicing product called ClearOne.

ClearOne is an easy to set up and use product which enables SMEs to generate invoices for their business. SMEs can make invoices, customise it as per their own or their customer’s requirement, raise and monitor their invoices on the go and be compliant with regulatory requirements.

Small businesses in India continue to struggle with billing solutions that can serve their needs. These may include professional invoicing, e-invoicing, export invoicing, e-way bill generation, and so on. They need invoicing solutions that accommodate frequent regulatory changes at scale. ClearOne offers all this and is an easy to use billing software that can be used by any type of business. The current solutions in the market are complex to use and not user friendly.

The launch comes at a time when the government has adopted a firm approach towards regulatory compliance with zero tolerance for frauds and is levying heavy penalties. This is where the ClearOne platform brings an easy, affordable and compliance proof solution for small businesses. It supports the end-to-end, billing-related needs of a business while ensuring that they remain future-compliance-proof, such as being ready for the e-invoicing mandate which will soon become applicable for all businesses in India.

In a statement, Archit Gupta, Founder and CEO of ClearTax said, “Invoicing is key to running a business and digitisation of the invoice is essential when the intent is of business transaction digitisation. The government is moving towards a completely digital invoicing era which will result in massive change for businesses. As a consumer centric company we want to make this journey smooth for the user.”

There are roughly 5 million small businesses in India that need a software solution to raise invoices. Out of them, ClearTax is looking to onboard about 1 million in the first year of its launch. ClearTax caters to more than 2,000 of India’s biggest brands and corporations as well as 5 million individual taxpayers. It processes around 10 percent of the country’s overall B2B invoices, cumulatively contributing to a trade value of over $300 billion every year.

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