AccXchange Transactions Worldwide Pvt Ltd, a Bhilwara based software start-up, introduced AccXchange - A Digital Data Exchange platform that enables businesses to build a network of the trading partners such as suppliers and buyers to exchange business transactions and data digitally in real time. The start-up introduced ready-made solutions for electronic data interchange for accounting applications like Tally and Busy, used by 80% of the SMEs in India and have plans to add more as ongoing basis.
The start-up launched AccXchange platform with one middleware that works as a client to network of companies and users and that establish connectivity through private IP –the most secured way of computer-to-computer communication. By using AccXchange platform, software developers and businesses can quickly connect their ERP solution to AccXchange network connected to most of the popular Indian accounting brands.
AccXchange facilitates that transactions entered is transmitted digitally in real-time between buyers and suppliers. The receiver can review and post these transactions in its books of accounts. For example a sale invoice is transmitted to the respective buyer and then the buyer can review and post this sales invoice as a purchase invoice.
Now for GST compliance, Invoice matching between suppliers and buyers is a very critical requirement and the speed and accuracy both are critical. e-Invoicing helps in Invoice Matching between suppliers and buyers and facilitates one time stock items mapping for every supplier. Thus, e-Invoicing ensures 100% invoice matching between suppliers and buyers, resulting auto sync with GSTN
CA. B.C.Chechani , Co-founder and CEO of AccXchange informed that sending and receving e-invoices is free and there is fee based on volumes of posting of e-Invoices. AccXchange technology will help small businesses to adopt the solution, which are used by fortune 500 or large corporates. There are more than Fifty million SMEs in India, which are spread across the sectors, and once the connectivity level reaches a critical mass, more and more SMEs will join the network, the benefits are immense and AccXchange will be bringing a revolution through this concept of collaborative accounting.