Revolutionizing SME Invoicing: Tide's Game-Changing Approach!

Tide, a leading business financial platform in India, has introduced an invoicing solution for SMEs, saving them significant time and mitigating late payment risks. The platform aids SMEs by automating invoice creation, chasing payments, and allowing transactions via UPI, significantly enhancing operational efficiency.

Tide, the premier business financial platform for SMEs in India, is celebrating monumental success with its invoicing solution. Designed to save 10 to 12 hours monthly per user, the feature combats delayed payments—a notorious challenge for small businesses—by automatically chasing unpaid invoices and offering payment via UPI.

The Ministry of MSME's Samadhaan portal highlighted that around Rs. 26876 crore in SME payments are delayed, posing severe cash-flow challenges and causing SMEs to resort to costly informal lending. Surveys indicate 50% of SMEs struggle with bookkeeping and invoicing. Tide's solution addresses these issues by streamlining invoice generation and ensuring GST compliance.

With over 400,000 SMEs using the service since its launch in December 2022, the tool has issued around 6500 invoices, including 40% already paid. Tide CEO, Gurjodhpal Singh, emphasized that late payments are a growth hurdle, damaging supplier relations and cash flow. This innovation in invoicing allows SMEs to focus on core business activities.

(With inputs from agencies.)