Aiming to help Indian SMEs digitise and streamline their billings, fintech and tax filing platform ClearTax on Thursday announced the launch of a GST-compliant billing and e-invoicing product, ‘ClearOne’.
ClearTax said in a statement that ClearOne is an easy to set up and easy to use invoicing product, which enables SMEs to generate professional invoices for their business.
SMEs can make bills/invoices, customise them as per requirements, raise and monitor their invoices on the go and be fully compliant with regulatory requirements.
Archit Gupta, Founder and CEO of ClearTax, said:
“Invoicing is key to running a business and digitisation of the invoice is essential when the intent is of business transaction digitisation. The government is moving towards a completely digital invoicing era, which will result in massive change for businesses. As a consumer centric company, we want to make this journey smooth for the user.”
He added, “ClearOne is the direct result of our in-depth market study and a better understanding of the need-gaps that businesses typically have to face. We are confident that users will find ClearOne very intuitive and easy to set up and use.”
With Indian SMEs requiring professional invoicing, e-invoicing, export invoicing, e-way bill generation services, these solutions should be able to accomodate regulatory changes at scale. ClearTax believes that ClearOne can meet these requirements.
The launch comes at a time when the government has adopted a firm approach towards regulatory compliance with zero tolerance for fraud.
As ClearOne supports the end-to-end, billing-related needs of SMEs, it aims to help them become future-compliance-proof, such as being ready for the e-invoicing mandate which is expected to soon become applicable for all businesses in India.
In its statement, ClearTax also claimed it currently caters to more than 2,000 of India’s biggest brands and corporations as well as five million individual taxpayers. It processes around 10 percent of the country’s overall B2B invoices, cumulatively contributing to a trade value of over $300 billion every year, it added.
ClearTax was incubated in Y Combinator and is funded by Silicon Valley investors, including PayPal co-founders Peter Thiel’s Founders Fund, Max Levchin, and Scott Banister. ClearTax’s investors include Composite Capital, Sequoia Capital, and SAIF Partners.