Clipped from: https://www.financialexpress.com/industry/sme/msme-fin-fintech-app-upscale-launches-e-invoicing-solution-for-smes/2919872/
Credit and finance for MSMEs: Nirav Choksi, Co-founder, and CEO at CredAble said the e-invoicing solution provides one-of-a-kind solutions to assist them (SMEs) in adhering to government regulations in the simplest and most secure manner possible, at a very low cost.
CredAble said it has over 100 corporate customers, over 3,50,000 small business borrowers, and over 30 large financial institutions and banks on its platform.
Credit and finance for MSMEs: Credit and cash flow management app UpScale by fintech platform CredAble on Monday announced the launch of its new e-invoicing solution to help SMEs with financial operations management. The company said 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.
Importantly, the GST e-invoicing becoming mandatory from January 1, 2023 for firms with over Rs 5 crore turnover, down from the current threshold of Rs 20 crore to further plug leakages, ensure better compliance and policy formulation, FE had reported earlier this year. Keeping this in view, CredAble said that 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.”
Also read: E-invoicing: SMBs’ path to improving compliance via digitalization
Nirav Choksi, Co-founder, and CEO at CredAble said the e-invoicing solution provides one-of-a-kind solutions to assist them (SMEs) in adhering to government regulations in the simplest and most secure manner possible, at a very low cost. “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.”
Also read: Why e-invoicing system has been a roller coaster ride for MSMEs so far
The e-invoicing system was initially mandatory for B2B transactions for entities with over Rs 500 crore turnover in October 2020. In the second phase, the mandate was extended to enterprises with a turnover of over Rs 100 crore from January 2021. It was later extended to firms with a turnover of more than Rs 20 crore from April 1, 2022.
CredAble said it has over 100 corporate customers, over 3,50,000 small business borrowers, and over 30 large financial institutions and banks on its platform.
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