The Goods and Services Tax brings an opportunity to simplify doing business in India. Ensuring the Accounts Payable process, and its associated invoice processing, is GST-compliant can be complicated as well as time consuming for businesses. The direct impact of GST is on the Finance and Accounting functions, which need to completely realign processes in the light of GST compliance.
Cloud-based software can prove vital to improve back-office productivity and Accounts Payable (AP) process efficiency with easy-to-use and quick-to-deploy solutions. In the new business context created by GST, AP departments need to file tax frequently to be compliant and to avail GST Input Tax Credits (ITC). Cloud-based Invoice management solutions, therefore, help not just in process automation but also in efficient cash-flow- management through improving visibility of ITC in an efficient, error-reduced and timely manner.