Tide India launches invoicing for SMEs in Telangana and Andhra Pradesh, in response to need for digitisation
~ 58 percent SMEs from Telangana and Andhra Pradesh face challenges with bookkeeping and invoicing - reveals Tide India survey
~ 49 percent of SMEs in the two states to join the business financial platform are financial services, agriculture, general stores, IT services and restaurants
Hyderabad, August 11, 2023: Tide India, the leading digital business financial platform, has today launched its invoicing solution for SMEs in Telangana & Andhra Pradesh, to help them strengthen regulatory compliance, optimise invoicing processes, reduce costs and increase organisational efficiency.
Digitising traditional invoicing is complex for small enterprises, who lack resources and technological expertise. Figures from Tide revealed that 58 percent SMEs in Telangana & Andhra Pradesh find bookkeeping and invoicing, technology adoption, and upgrading accounting systems a challenge.
SMEs in Telangana & Andhra Pradesh said they needed more training, and that they do not have dedicated IT teams to do this type of work. Tide also found that overall, SMEs spend an average of 3 – 4 hours per week creating invoices and managing expenses on spreadsheets.
Tide’s invoicing solution will help small and medium businesses in the regions to send personalised and GST compliant invoices to customers directly from its mobile app. SMEs will be able to view paid and pending invoices in the app.
This will also help with the following:
● eliminate delays and human errors in recording invoices
● improving cash flow, ensuring legal compliance
● streamline accounting
● improve inventory management
The consolidated view of invoice management will help simplify record keeping for taxes.
More than 1 lakh SMEs have joined Tide since its launch in December 2022. In Telangana and Andhra Pradesh, 49 percent of SMEs who have joined the platform are financial services providers, agri business owners, grocery and general stores, IT service professionals, and restaurants.
● 22 percent are IT service and financial service providers, such as application and web developers, accounting, and taxation professionals
● 19 percent are general stores, restaurants, and bakers
● 8 percent are businesses operating in the agriculture sector
Gurjodhpal Singh, CEO, Tide India said “With the evolving regulatory landscape and the government rapidly making transaction compliances, such as GST and TDS digital, it becomes imperative for SMEs to be on top of such developments. We at Tide, believe in helping businesses - whether it is a contractor, freelancer, sole trader, or small business owner save time and money. Our invoicing solution takes us one step further in this direction and allows us to streamline processes for SMEs, eliminating the need to use multiple products to manage disparate services.”
During the year, Tide will further diversify its offerings for its members (SMEs) in India and provide solutions such as QR code-based payments and credit through partnerships with other fintechs.