Tide's Innovative Invoicing Tool: A Game-Changer for Indian SMEs

Tide's invoicing solution is revolutionizing business processes for Indian SMEs by saving up to 12 hours per month. This tool optimizes efficiency through features like automated invoice chasing and UPI payments, addressing challenges faced due to delayed payments, and boosting organizational productivity.

In a bid to aid India's small and medium enterprises (SMEs), Tide's financial platform has introduced an invoicing solution that saves businesses approximately 10 to 12 hours monthly. Launched a year ago, the tool optimizes processes by streamlining invoice management, reducing costs, and elevating organizational efficiency.

The significant issue of delayed payments continues to plague SMEs, as highlighted on the MSME Samadhaan portal, with around Rs. 26,876 crore entangled in such delays. These payment setbacks hinder cash flow, pushing small businesses towards costly informal lending and complicating traditional invoicing systems due to limited resources and technological skills.

Tide's solution promises to relieve these pain points by supporting the generation of GST-compliant invoices and weekly bookkeeping. With features like automatic invoice chasing and UPI payments, over 400,000 SMEs have utilized this tool since December 2022. According to CEO Gurjodhpal Singh, addressing late payment challenges is crucial for sustaining business growth and maintaining supplier trust.

(With inputs from agencies.)