Logi-Sys- Simplifying GST E-Invoicing With Just A Single Click

The Covid-19 pandemic, in a way, expedited the process for several companies to go digital. Faced with a critical decision to run several Freight backend operations from home to sustain the business, many companies adopted cloud solutions.

The logistics and Freight Forwarding industry are known for extensive documentation and long processes considering the international and domestic regulations. Going paperless was the mission adopted by many regulatory bodies and pushed for electronic documentation wherever possible.

Following suit, the Finance Ministry of India announced changes to the GST e-invoicing. The latest being the introduction of e-invoices mandatory for businesses with annual revenue of over Rs 50 crore from April 1, 2021.

Going digital and paperless is a great driver for efficiency, accuracy, and accountability in an organization. Let's explore the reasons for using a one-stop solution for encompassing all your Logistics processes digitally - from generating e-invoices to filing returns.

For a Freight Forwarder, invoices are to be generated daily in huge volumes. This task involves several steps including a lot of manual data entry. A freight management system reduces the manual effort and the chances of error. Apart from general invoices from the system itself, the below functions are also taken of

• Handling auto tax calculation
• Sending auto-reminders for outstanding payments
• Generating Bill of Entry, Bill of Lading, E-invoicing and other documents

ERP helps your business to increase the efficiency of your operations. GST Suvidha providers exist to make the process of filing GST returns smooth. ERP solutions integrate technology like APIs from GSPs into their solution so you don't have to move away from your freight solution. Freight Management Software provides the below functions for seamless tax compliance:

• E-way bills can be generated easily using e-Invoice data.
• Most of the data in the form of GSTR-1 can be kept ready for filing while using the e-invoicing system of Logi-Sys
• Upload GSTR-1
• GSTR-2A download and reconciliation
• File GSTR-3B
• GSTR-9 annual return
• Generate a One-time report of B2B invoices to reduce reporting in multiple formats.
• There is minimal need for data reconciliation between the books and GST returns filed.

Apart from general invoices from the system itself, the below functions are also taken of

• Better management and automation of the tax-filing process.
• Reduction in the number of frauds as the tax authorities will also have access to data in real-time.
• Sending auto-reminders for outstanding payments
• Generating Bill of Entry, Bill of Lading, E-invoicing and other documents

As a Freight forwarder or Custom Broker, you must make the appropriate tax payments on behalf of your customers. The tax amount paid is available as a clear demarcation in the reports. A one-stop Effective Logistics Management with ERP Systems is an end-to-end solution for all Freight needs.

A single Freight forwarder solution manages everything from initial sales activities, Customs filing to customer service and also fulfills complete Billing, Accounting with Goods and Service Tax (GST) Compliance requirements.

Freight Solutions come with the ability to calculate the custom duties by applying currency exchange rates of various countries.

Just like multiple currencies, you may receive payments in cash, cheques, or electronically. Reports of the payments made and outstanding allow you to understand the taxes that are paid and those that are due. For the sound financial health of your business, this visibility becomes extremely important.

It is time you cease using multiple software for different freight functions and adopt an ERP to streamline your business. Many traditional Freight Forwarders and Customs Brokers end up maintaining outdated software and at risk of data loss.

Implement Logi-Sys from Softlink Global and experience the benefits that 4,500+ logistics companies have enjoyed in their Freight and Logistics business.