Raindrop E-billing | IRD Approved Billing System
In the recent changes in the context of tax laws in Nepal, the Inland Revenue Department (IRD) has made it mandatory for organizations to adopt e-billing systems. All systems must be in Nepal’s premises and must be synchronized with the system of the IRD. The system is expected to bring a decrease in the possibility of tax evasions and under-invoicing in our society. Automated billing systems can also reduce hundreds of billing hours for companies. That time can be used for other business-building procedures. Through this new system, the bills issued by any organization will be stored in the central server of the IRD.
For the inclusive growth in society, companies must abide by the regulations put forward by the IRD. It is also essential for organizations to be aware of the e-billing systems in today’s business environment. A past few years before the uprise of modern technology in the Nepalese market, invoicing tasks were done manually in organizations. Many organizations still rely on manual invoicing. Turning a blind eye to how much time and money manual invoice processing costs your company may help you avoid the pain of knowing how bad things really are. When the system of billing is not automated, there is a decrease in productivity, more user errors are granted to be noticed, there is a significant decrease in the integration between departments and operations within the organization, and it also requires a lot of paper for the processes to be handled, which is not a very eco-friendly option. With Raindrop billing, companies can do their billing online through NetSuite.Companies take advantages out of the flexibility that Raindrop’s cloud-based software can provide to them. It is easy to access and does not require extra software installation for its use.
Setting up the switch to a completely computerized billing system is a great choice for any business. It makes operations easy, fast and secure. Manual processing of invoices is time-consuming. The raindrop billing system for automated invoice processing can eliminate many tasks, such as routing, classification, validation, and manual data entry – thus greatly reducing processing time. Raindrop’s unified billing system equips Nepalese businesses to offer transactions, subscription, usage-based billing and any hybrid model thereof while managing the revenue accurately. It is a well-functioning and sophisticated system that provides unparalleled control and flexibility over the billing and revenue department. Nowadays, Raindrop billing system has transformed into a strategic differentiator based on the various functions it provides. It also manages revenue accurately with the latest revenue recognition standards.
Most software that one can find in the Nepalese market is not IRD approved, which makes it difficult for businesses to conduct their operations, in regards to the upcoming changes proclaimed by the IRD. NetSuite’s ERP however, is IRD approved with on-premise software options for a more processed e-billing system. Under the new guideline, both software developers and firms using it need to receive approval from the IRD.