What’s new this August?

What’s new under the hood?
19th August 2017 

Now that it has been a month of GST, the nation is warming up to the new tax regime in their own little ways. We at numberz are also working hard to keep businesses compliant – by constantly working on ground breaking solutions and providing with state-of-art product experience.

Everything seems sunshine and roses till our customers challenge us with their honest feedbacks – and when that happens, there is no turning back. Our endeavor to never let you face the rainy day has helped us to push ourselves to deliver the very best.

While this was a busy month for the nation, our product team was on their toes for the most part of it! We are excited to announce our new August update – a little and a lot of everything!

Here’s some of the new stuff that you can use:

Revised GST Invoicing – Best thing since sliced bread

  • GST invoicing finds a great uplift, with the freedom to choose options you deem-fit! Feel like disabling the visibility of payments in your invoice? We got it covered. Want to have due date and invoice value optional in output PDF? Feel free to play around with upgrade.
  • Your GST invoicing can now travel overseas. Add international addresses in invoices to get paid faster than ever.
  • Since the supplier is required to issue a tax invoice on the delivery of goods, we have introduced the option to print Delivery Challan option in invoices. Do note that it can only be printed after the invoice has been created.
  • Payment details & Terms and Conditions can now be edited in Invoice, Credit Note, Debit Note & Advance Form.
  • Importing quick bills or adding multiple bills in GST format is now easier and faster! You can even start handling cess charges in GST Invoicing.

Nifty Improvements – A notch above the rest

Product team at numberz are wizards’ sans the magic stick – and keeping design aesthetics a notch above the rest is their favorite trick up the sleeve.

  • You can now change due date font & invoice text to black for old and classic templates respectively.
  • We have improved GST related fields for data download – never miss a crucial detail ever again!
  • Collecting GSTINs of your vendors and customers is now quick and hassle-free. You don’t have to switch windows to keep a track – you can do it within the product itself.
  • numberz companion app is now GST compliant. Download here.

Hope to have you happy and thriving on numberz!

Thanks again for your support!

Team numberz!

Biggest Myths of Invoice Financing

4 Biggest Myths of Invoice Financing

Invoice financing has been around for a long time. Also called invoice discounting or factoring, invoice financing works on a simple principle but has its advantages nonetheless. During times of a cash crunch or to meet urgent investment requirements, it can often be the best possible option.

What’s Invoice Financing?

Invoice financing, as the name suggests, is financing on the basis of pending invoices. So, if a company has Rs. 10 lakhs worth of unpaid invoices then it can use them to receive a portion of that amount from a provider.

These invoices can be utilised as security by the lender, and they can disburse 70% or 80%, etc. of the total unpaid amount to the company. When the concerned customers pay off these invoices, the company can repay the amount to the lender.

Usually, the company has to pay a certain fee for this service which could either be a flat amount or a varying amount based on an interest rate.

Invoice financing is a good funding option. However, it has its share of misconceptions. On that note, the following are four biggest myths of invoice financing:

Myth #1: It’s Expensive

Invoice financing can be expensive- that’s true. However, in most cases, it is actually quite affordable. Since the lender gets security in the form of unpaid invoices, which are accounts receivable, the risk they have to take is not that high. If a company fails to repay the debt, then they can simply use the invoices as collateral.

Most invoice financiers charge a small fee for the service, especially if the company is linked to a long-term contract. So, in the big picture, the cost of service is relatively lower than other options such as loans.

Myth #2: It can Leave a Bad Impression on Customers/Clients

Invoice financing may be availed on a disclosed or undisclosed basis. In the latter, the invoice payments are made to the actual company, and the customers don’t get to know about the involvement of a third party. However, in the former, the customers know about the third-party and they have to make payments to a different account that belongs to the lender.  So, by choosing the first option you can prevent your customers from finding about the arrangement.

Myth #3: Invoice Financing is for Struggling Businesses

Invoice financing is often put in bad light. However, the truth is that not only it has numerous advantages it’s becoming one of the most popular forms of funding today.

Invoice financing allows you to meet your short-term liquidity requirements at a small price. So, you can pay the salaries of your staff, buy new equipment, or even plug the leaks in the cash flow with the quick funding.

Myth #4: Your Business is Locked in a Long-Term Contract

A financial institution, especially an NBFC, would want a client with long-term financing needs for sustained revenue. This is the reason why many invoice discounting service providers ask their customers to sign a 6-month or 12-month term contract. However, some lenders are more flexible and offer short term contracts up to a month or two as well.

Despite all the delusions regarding Invoice Financing, it still holds up to be one of the easiest and simplest funding option a business can go for. The key is to find a provider that offers lower fees and high flexibility