Tide India launches invoicing for SMEs in TN

CHENNAI: Tide India, the leading digital business financial platform, on Tuesday launched its invoicing solution for SMEs in TN, 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 77 per cent SMEs in Tamil Nadu find book-keeping and invoicing, technology adoption, and upgrading accounting systems a challenge.

SMEs in Tamil Nadu 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 region 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.

Over 1 lakh SMEs have joined Tide since its launch in December 2022. In TN, 42 per cent of SMEs, who have joined the platform are from financial services, marketing, restaurants, and designer boutiques.

Gurjodhpal Singh, CEO, Tide India said “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.”