Neobank for SMBs FloBiz launches e-invoicing service

FloBiz, a neobank for Small & Medium Businesses (SMBs), has on Thursday launched its e-invoicing service on its flagship GST invoicing and accounting product myBillBook. The new service will bolster the billing capabilities of myBillBook in generating invoices compliant with the government’s mandate towards offering tax process simplification and improving tax planning, according to a release.

myBillBook, available on Android, iOS, native offline desktop and web application, also helps businesses manage inventory, track receivables & payables, collect payments and monitor business performance through advanced reports, including GSTR reports.

e-invoice is a system through which B2B invoices are authenticated electronically by GSTN for further use on the common GST portal. Under the electronic invoicing system, an identification number is issued against every invoice by the Invoice Registration Portal (IRP), which will be managed by the GST Network (GSTN).

This e-invoicing feature will help SMBs comply with the recent government’s mandate for e-invoicing for businesses with a turnover greater than Rs 20 crore. Rahul Raj, co-founder & CEO, FloBiz said, “it also allows us to be future ready as e-invoicing is soon expected to be applicable for Rs 5 crore+ annual turnover businesses who form a large chunk of the Indian SMB sector.”

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