Bengaluru, India, August 10th, 2020: Imprezz, India’s leading invoicing software, announced its latest feature update, purchase order management. Imprezz accounting software is a one-stop accounting solution for small and medium enterprises in India. The company strives to accelerate touchless purchase order life-cycle after reinforcing businesses with simple yet congenial invoicing and quotation management tools in recent years.

Besides providing strong support to the SME’s, Imprezz is determined to launch several features to reinvent the technologically driven accounting attributes. The new feature, purchase order enables the user to manage the entire purchase order cycle rapidly. It allows the users to create standardized PO’s directly from requisitions with a click of a button. Read further to discover how you can speedily improve your business with the Imprezz purchase order feature.

“Overwhelmed by Business complexities amid the global economic crisis? – Realize that the alphabets consist only 26 letters, all our calculations are based on ten numerical digits, our DNA can be dissected into four letters, and you can rid from all your business complexities with a just of automation”.

Do you know what the root cause of all your business complications is? – The complication itself. In today’s business world, people are fascinated by hustle culture. Blindly driving yourself crazy to work hard is a waste of time and effort. Instead, you can adapt the technological advancements in your businesses to automate necessary business functions. It not only simplifies your business but helps you better focus on crucial management tasks.

In business, the last thing you should be dealing with is paperwork. Some companies tend to ignore the aspect of purchase order management to rid of the extra paperwork. Business owners might as well argue as it might seem like just another copy of invoices. But most small businesses and large enterprises know that PO management simplifies the workflow. It is nerve-wracking to maintain accurate financial records without purchase orders.

After hearing the requests of millions of customers, Imprezz launched an add-on feature, purchase order. The goal is to update advanced features continually so that businesses need not implement multiple software for various accounting processes. You can now rid of the PO management software system as you can manage the same on your invoicing software. Cut costs and effectively manage all your accounting tasks under a single dashboard on Imprezz.in.

Simplify Your Purchase Orders with Imprezz

Imprezz enables you to track all your purchase orders, view financial forecasts, and access all costs under a single system. You can take bulk orders with an accurate costing. Become an A-lister by billing clients accurately. Say no more to manual processes and double entries, harvest better results timely with purchase order management on Imprezz.in

Here’s how you can simplify purchase order management with Imprezz accounting software.

1.      Control Your Finances

Establishing the PO system organizes the ordering process. You can create PO’s in just a click with Imprezz.in. It can save you a lot of time in the long-run.

Accurate PO management helps with budgeting of massive projects and day-to-day purchases. With Imprezz, you can calculate quantities and prices to understand your sales and profit requirements better.

You can automatically push bills with PO management features and eliminate double handling. You can manage business costs through this handy feature available in the software.

2.    Beware of Your Spending

Control all your business spend on Imprezz invoicing software. The newly launched purchase feature enables you to manage all sorts of PO’s. Standard PO’s, Blanket PO’s, Planned PO’s, and Contract PO’s to name a few.

The feature enables you to streamline your business workflow with spend management solutions. You can track and record what’s being ordered, the cost changes on the product or service, and the delivery status.

Using the PO management feature enables you to get rid of unexpected costs. It provides warning against unanticipated expenses. It primarily contributes to planning, budgeting, and communication aspects of organizational management.

The advanced purchase order feature on the software enables you to control the authority to access the purchasing system. With automated management of PO under one system, it becomes easier to track where all the money is going.

3.    Automation

Automation makes business flexible and adaptable to changes. Each business enterprise work with distinct financial values. The purchase order feature enables organizations to streamline their accounting processes concerning their values.

The feature provides accuracy, speed, visibility, and greater control through routing approvals. Automation efficiently converts purchase requisitions into purchase orders. Follow the right approval processes with Imprezz.in.

4.    Integration

The purchase order feature is integrated into all-in-one accounting software. You can automate data transfer from PO’s to invoices under the same software. The integration of PO and invoicing management allows you to keep your financial reports intact.

Integrating purchase order management helps procure inventory. The easy to use PO feature within an invoicing software helps in inventory management. You can match purchase orders against invoices to better understand the incoming inventory.

5.     Flexible Receipting Processes

There are multiple ways to receipt orders. You can customize receipts as per the requirement of your order on Imprezz.in. Change it to a full or partial receipt as per the requirement. You can also amend the purchase order by including or eliminating the items.

Key Features of the New Update: Purchase Order

• The add-on feature enables the user to place orders on the tailored purchase order templates and automate the dispatch via email.
• You can quickly amend the released order with automation and audit details.
• The customized templates on the software allow you to add notes or comments for the supplier’s use.
• It also enables you to add taxes in line item levels.
• The entire spend is automatically classified in accordance with taxonomy. This feature enables real-time analysis and spends visibility.
• The PO management simplifies your business workflow conditions based on the limits of approval.

The user interface of Imprezz software allows you to manage purchase orders feature in the cloud easily. You can manage requests, create and send purchase orders, monitor your spending, and approve invoices from anywhere, anytime with the integrated software system. You can quickly and accurately control the purchase order workflow with the utmost visibility.

About Imprezz.in

Imprezz is cloud-based accounting software with an integrated purchase order management feature. It enables a variety of businesses to control their financial operations efficiently. The invoicing software has been revolutionizing the way businesses operate in India

Today, Imprezz is one of the leading accounting software across the country. The accounting tools offered by the software have drastically transformed freelancers and entrepreneurs by providing cutting-edge innovation. The company’s mission is to build value so businesses can focus on higher productivity and healthier cashflow.

Media contacts

For India                                                      Amit Mundra		info@imprezz.in

The COVID-19 pandemic has led to a set of unfortunate outbreaks of the Indian economy. Economic activities had come to a standstill due to the nation-wide lockdown imposed by the government. The impact prompted the government to change tax calculations to provide relief to the taxpayers.

The finance minister, Nirmala Sitharaman, introduced economic relief measures. It includes financial aids, provision of subsidized/free food, debt repayment deferrals, etc. The beneficial rates of the relief measures are going to be available for the rest of the current fiscal year.

Alongside, the income tax department has also notified changes in tax calculations and the release of pending refunds to noncorporate taxpayers. The finance act received presidential assent on 27th March – 2020 for the FY 2020-2021 (i.e., 1^st April 2020 – 31^st March 2021).

The government altogether aims at increasing the cask flow and fast-track the economic revival in the country. In this article, we have coupled some of the vital changes in Income tax calculations and relief measures.

Changes in Income Tax Calculations Amid COVID -19

The current Income Tax Act (ITA) includes various exemptions and deductions for individuals paying taxes. Tax bill laws are simplified with the newly imposed personal tax regime from 1^st April 2020.

To avail of the simplified regime, taxpayers must file GST returns within the specified due dates. Here, we have listed some of the deductions and exemptions that are not applicable to those who opt for the new income tax regime.

• Deductions on investments or payments under the VIA of Income Tax Act (ITA). For instance, life insurance or Mediclaim premium, health insurance, housing loan repayment, education fees, worker contributions to EPF, etc.
• Other deductions such as standard deductions, family pension deduction, and profession tax.
• Exemptions on House Rent Allowance (HRA) and Leave Travel Allowance (LTA).
• Other tax exemptions such as food vouchers, beverages, vouchers, etc.
• No deductions on loan interest paid on housing loans for a self-occupied property.

Taxpayers can choose if or if not to file returns under the new regime. Several senior citizens opt for the old tax regime as it is more beneficial for them. However, it does not apply to individuals with business or professional sources of taxable income.

COVID-19 – Income Tax Calculations Relief Measures

The government of India has been striving to counter COVID-19. The Income Tax Council has taken a collective approach to adopt tax calculation measures. The procedural framework of filing Income tax returns/GST returns have been simplified for the taxpayers.

It includes various measures, such as the extension of statutory deadlines to 30^th June 2020 and GST returns and e-invoicing to 1^st October 2020. Find the specific tax calculation relief measures below.

Reductions on TDS/TCS Rates

• A 25 percent reduction in current source deductible tax rates for specified non-salary payments made to residents.
• The tax collection rate from the source for a given income has also been reduced by 25%.
• Paying transactions such as contract, interest, commission, professional fees, dividends, rent, and brokerage will be eligible for reduced rates from taxes payable. It is applicable until the end of the tax year.
• According to government estimations, the newly amended TDS and TCS rates will release 50 billion rupees in liquidity.

Revised Rates on TDS

The government has notified specific revisions on tax withholding’s rates of India. The revised dates apply between 15^th May 2020 to 31^st March 2021

• Taxes payable on mutual fund dividend payment, dividends, brokerage, interest on securities, interest under Section 194a, commission, and rental of real property have been reduced to 7.5% from the current 10%.
• TDS on real estate purchase payments and e-commerce participants have dropped to 0.75% compared to the current rate of 1%.
• The TDS rate of payments made to subcontractors and contractors by an undivided Hindu family or other corporate entities has been reduced to 0.75% and 1.5%.

Extended Due Dates

• The government has extended all the due dates for income tax returns for the current fiscal year from 31^st July and 31^st October to 30^th
• The Income Tax Department has also extended the due dates for tax audits from 30^th September to 31^st
• The 30^th September assessment exclusion date has been extended to 31^st Likewise, the assessments excluded on 31^st March 2021, are extended until the end of September 2021.
• The payment period for payments under “Vivaad se Vishwas Scheme,” a tax dispute settlement mechanism, has been extended, with no additional amount until 31^st

Conclusion

In a nutshell, it is a difficult time. It is a situation that no one has experienced before, so everyone is trying to learn as they go. We can only get through this by handling it together.

The government has also notified the immediate issue of pending income tax refunds to charitable funds and non-commercial companies—for instance, Limited Liability Corporations, Sole Liability Corporations, and Cooperative Partnerships.

Likewise, the government of India has taken several necessary steps to provide support to trade and businesses. The changes in income tax calculations and relief measures are focused on easing the pain and helping the Indian community of individuals and companies to sustain amid COVID-19.

Ready-made GST invoice templates ensure on-time tax filing. Ease your business workflow amid the crisis – subscribe to Imprezz.in, accounting software for small businesses in India. Invoice reports are readily available in a GST compatible format with just a few clicks on our invoicing software.

We are offering an exclusive 14 days free trial software program for businesses in India. Benefit from amending your invoice processing, simplify your GST tax filing according to the updated tax calculation changes. Start today!

Are you struggling to sort your invoice creation confusion? In a nutshell, you need not have a limited company to create invoices. There are several businesses across the country that operate as a sole proprietor.

You can legally issue an invoice in the name of your client. But it is unlike the GST tax invoices. A GST invoice is a detailed document issued under section 31 of the CGST Act, 2017.

A GST tax invoice contains mandatory contents. It includes GSTIN of both supplier and buyer, addresses, taxable amount, etc.

Only taxable goods and services registered under the government can issue the GST invoices. It allows you and the recipients to claim ITC (Input Tax Credit). However, for safe and secure functioning of the business. It is always recommended to register your business.

Whether you want to have a limited company or not, this article will address all your confusion concerning creating invoices.

How Can I Invoice Without A Registered Company?

“Can I invoice without being self-employed?” It is the most commonly asked questions by freelancers who do not want to declare themselves as self-employed. Being a freelancer or a sole proprietor does not require you to take formal actions.

Only businesses with specific thresholds are mandated to create invoices under GST. Otherwise, you can always send invoices to your clients as per their request. However, there are specific key considerations that you must include in your professional invoices.

What Should My Invoice Include?

Integrity is a choice between what’s convenient and what’s right. Professionalism is vital for small businesses to succeed in the near future. It is why most freelancers and sole proprietors prefer online invoicing.

Invoicing your clients is easier with online invoicing templates on the invoice generator. Here are a few key considerations that you must document in your invoices.

• Professional Header

Your invoice must primarily consist of your full name or business name. Ensure the visibility of the name. Use a bigger size and formal font.

Include your contact details like mailing address, contact number, email address, and website link (if any). You can also add a personal logo to make your invoice look more professional.

• Contact Information of the Client

The next vital consideration of a formal invoice is the client’s contact information. Below the header, specify the details of the recipient. Include your client’s name, address, contact number, and other additional information.

Note that your contact information must be placed opposite to your client’s contact details. Place your logo on the top-right and set your client’s details on the left corner, below the header.

• Invoice Details

Next up is invoice details. Mention the invoice information such as invoice number, invoicing date, and payment due date. Setting up a sequential invoice number helps your track all your transactions.

Specify payment terms in your invoice, specify your bank account details or payment options. If you want to get paid faster, mention the penalty fee for late payments. It may prompt your client to pay you earlier or, at least, on time.

Legalities for Formal Invoicing

Most small businesses are concerned about the legalities of their formal invoices. Formal invoices are considered legal and will stand in court when required. However, you may run into trouble if your invoice is considered fraudulent. For instance:

• When you invoice with a higher amount against the contracted price on goods or services.
• When you include fraudulent charges in your invoice, such as fees on services you have not provided to your client.
• An invoice is considered fraudulent in the eye of law when you request funds in the form of an invoice.

In a nutshell, keep your invoice precise and accurate. Breakdown the charges and include all the necessary key considerations mentioned in the article above.

Quick Tips to Successfully Invoice Your Clients

Sending manual invoices can hurt the image of your business. You can automate the invoicing process through online accounting software. Imprezz.in is the #1 billing software for small businesses in India. Create invoices on our software to invoice companies successfully.

Sending manual invoices to huge companies might delay your payments. It is more likely that your paper invoice will get piled or lost. Instead, you can automate all your invoicing processes, payment reminders, reoccurring invoices, and more.

The image below is the demonstration of automated invoice templates on Imprezz.in.

You can directly email the invoice to the client on our accounting software. Automate reoccurring invoices and payment reminders. Get paid on time by sending invoices while the project is still fresh in your client’s mind.

The software comes with advanced features such as payment registration for invoices. It allows your customer to pay online from anywhere. It increases your chances of getting paid instantly.

You can see the demonstration of the same in the image below.

Sending e-invoices is an ideal way of practicing professionalism in your business. Along with creating invoices, Imprezz.in also allows you to create unique quotations concerning the diversified businesses.

You can also track time, petty cash, and each transaction by using Imprezz.in. Are you planning to expand your small business or register your freelance service? You can also issue tax invoices on Imprezz GST billing software.

Create Invoices: GST Invoice Rules for Start-ups in India

Although you can send formal invoices, it is limited to goods and services only. Any business with an annual turnover threshold exceeding five lakhs is required to register under VAT.

Likewise, businesses with a turnover exceeding the threshold limit of 40 lakhs in a financial year must follow the compulsory registration under GST. The GST law has now implemented the composition scheme for small businesses in India. Companies with a turnover of up to 1.5 crores are subjected to a lower tax amount under this scheme.

Only the registered companies must file goods and service tax e-invoice on purchases and sales. Otherwise, individuals can send formal invoices to a registered person or business without registering under GST.

For more information on GST invoice rules, GST invoice guide, and latest updates on GST invoicing templates, read this article.

Simple Procedure for GST Registration

Most businesses are increasingly registering under the GST scheme. The new returns filing system provides additional security and financial benefits to companies in India. Unlike the old procedures, even the registration process has been made easier.

You can quickly register your business or service under GST in just a few clicks. You can complete the whole registration process online and promptly obtain a registration number. GST had brought relief to start-ups and small businesses in India. Companies can now benefit from newly registering under the scheme.

Conclusion

In simpler words, yes, you can send regular invoices if you are a freelancer or sole proprietor. It is simply called as an official bill. However, the goal of most small businesses is to convert invoices into payments quickly. Create invoices through accounting software instead of excel or paper invoices.

You can get a glimpse of successful invoicing outcomes for free—login to Imprezz accounting software. We are offering a 14 days free accounting software trial program for freelancers and small businesses across India. Try now!

What does it mean when you receive a bill marked as a proforma invoice? Is it compulsory for the sellers? Does the invoice provide a specific time frame to act upon? Can we pay the GST against a proforma?

The article below will briefly explain everything you need to know about the proforma invoice under GST.

What is a Proforma Invoice? – Meaning

Proforma Invoice is a preliminary sales invoice that contains an estimated price and commission. The invoice is usually sent to an enquiring customer addressing the approximate amount of goods or services yet to be delivered. It also includes estimated costs of shipment, taxes, and commissions (as applicable).

The proforma is more like a replica of a commercial invoice. It rids a buyer/retailer/customer from being exposed to unexpected or unfair charges during the final transaction stage. You need not pay GST for this kind of invoice. Instead, you will only pay tax for a guaranteed GST invoice.

When Does a Seller Issue Proforma Invoices?

As mentioned above, a proforma bill is a pre-sale invoice. A seller issues a proforma on the request of the buyer. For instance, consider a customer purchasing a car. The company will issue a proforma before the sale to confirm the purchase order from the customer.

Once the customer confirms the price, the car is delivered within the estimated delivery date. The customer can then pay the amount as per the actual GST invoice, closer to the proforma bill of supply.

Why Should Companies Use Proforma Invoices? – Purpose

Proforma invoice GST is a preliminary online quotation of the product or service that is to be delivered shortly. Issuing a proforma declares that the seller has agreed to deliver the required items as per the mentioned price.

Proforma templates are mainly used in businesses concerning imports and exports to ensure hassle-free delivery. Here are some of the primary purposes of using proforma bills.

1.       Custom Duty Calculations

The proforma invoices are used mainly in cross-border transactions. The invoice enables companies to calculate the estimated custom duties concerning the specified trade obligations.

2.      Contact Details

The proforma consists of contract details in the document, along with the contact details of the customer. It acts as a contact between both the seller and the buyer. The clarified information in a proforma can be easily copied to an actual GST invoice.

3.      Import and Export

The issue of proforma invoices is not mandated under the law. Yet, businesses prefer using proforma invoices as it provides clarity on trade transactions. Proforma enables both parties to evaluate and understand the possible issues. Like, the cross-border business transactions, currency, exchange rates, and other variables.

Critical Considerations of Proforma Invoice

• Businesses cannot use proforma documents in their accounting entries.
• These documents are only pre-sale invoices issued by a seller, expecting confirmation from the buyer. They don’t guarantee sales.
• It usually does not warrant the GST deductions.
• Although proforma is similar to the actual GST invoice, a business cannot use it as a substitute.
• Even proforma invoices must have a specific time-frame mentioned on it. The invoice is considered valid only within the specified period.
• No transactions must be carried out by the customer based on a proforma.
• One cannot claim credit or tax liability based on this document.

Proforma Invoice Under GST v/s GST Proforma Invoice

There are not many differences between the GST law and pre-GST law. The format and the content remain the same. However, here are a few significant differences, to mention a few.

The contents of a GST pro forma invoice templates include the GST registration number. Wherein, a former invoice contains sales tax registration number / VAT / ST.

Moreover, a pro forma invoice GST also specifies additional information. It includes the data on the HSN registration code of goods and service code.

GST proforma enables business owners to convert the tax rates into CGST, SGST, and IGST. It applies only to the intra-state and inter-state supplies.

Can We Pay GST Against a Proforma Invoice?

In a nutshell, no, you cannot pay GST against a proforma invoice. GST regime has no provisions of Proforma Invoices. It is only a roughly drafted document sent to the recipient.

As per section 31 CGST act 2017, the GST regime allows the issue of invoices for the following only:

• Supply of Goods and Services
• Removal of Goods and Services
• Making Goods Available

Contents of Proforma Invoice Template

A proforma invoice template usually contains an estimated sales price, quantity, costs, commission, etc. However, here are some of the mandatory contents that a proforma must contain.

• UIN (Unique Invoice Number)
• Issued date
• Contact and contract details (including the GSTIN number, if any)
• The validity of the invoice
• Sales terms and payment conditions as per the proposal (if any)
• A subtotal of the entire purchase order before taxation or deductions
• Discount, taxation, or deduction details (if any)
• Subtotal of the due amount (if any)
• Custom Authorities Certifications (if any)
• Suppliers signature

Conclusion

In Summary, a proforma document is a confirmation request sent to a customer before shipment. But a regular tax invoice is issued demanding payment on a completed deal. We hope you have found answers to all your questions on Proforma Invoice under GST.

Are you wondering how to make a proforma invoice? Creating proforma invoices had never been easier than with Imprezz, #1 proforma invoice software in India. Create and send GST tax invoices and pre-sale proforma invoices in just a few clicks.

We also offer a 14 days free trial software program for small businesses. Kick start your start-ups with professionalism. Subscribe to our software for advanced invoicing features.