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A QR code, or Quick Response code, is a two-dimensional barcode used in the e-invoicing system to provide machine-readable information about a specific invoice swiftly. This eliminates the need to fetch this data from an external source, making business operations more efficient.
An e-Invoice QR code usually contains the following details:
The following are some of the main uses of e-invoice QR codes:
E-invoicing QR codes have the ability to simplify the accounting process. The QR code encapsulates all the details of an invoice, from the supplier's name to the itemized list of goods or services. When scanned, this information can be directly imported into accounting software, significantly reducing the chance of manual errors.
According to a 2023 study by the Accounting Efficiency Institute, businesses that utilize QR codes for accounting have reported a 30% reduction in data entry errors. That's not just convenient; it's a game-changer for maintaining accurate financial records.
Right now, due to the digital revolution, making a payment is as simple as scanning a QR code. Some e-invoicing QR codes are equipped with a direct link to a payment gateway. A quick scan, and you're redirected to complete the transaction.
This feature has been a hit, especially among small and medium enterprises (SMEs), where quick payments are often crucial for cash flow. A 2022 survey by the Payment Technologies Association revealed that 60% of SMEs found QR code payments to be faster and more reliable.
Verifying an e-invoicing QR code isn't just good practice; it's often a necessity for ensuring compliance and accuracy. So, how do you go about it? Let’s check out:
Step 1: Using your QR code scanner, be it on your mobile or other system, scan the e-invoice QR code.
Step 2: After scanning, the screen will be displayed with the information stored in the QR code. Please check the same. (upon using a software, you’ll be able to quickly know if the invoice is correct or now.)
Step 3: Upon successful verification, you can either manually sign the invoice as verified or if using a software, the same will be made via a digital note.
ARN No:Feb24/Bg/27B
Sources
https://einvoice1.gst.gov.in/
https://einvoice1.gst.gov.in/Others/QRCodeVerifyApp
https://einvoice1.gst.gov.in/Documents/IRN_QR_FAQS.pdf
https://cleartax.in/s/qr-code-verify-app-e-invoicing
https://taxguru.in/goods-and-service-tax/easily-verify-einvoice-qr-mobile.html
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