Invoices and Bills
Reducing documents tampering and improving automation
The moment any product/service is bought or sold, there has to be a proof of the transaction which is usually in the form of an invoice or bill. Hence, invoices and bills are documents which are generated and used in all businesses and transactions whether they are big or small, public or private. It is therefore essential to be able to trust these documents so that they can be processed efficiently.
By the very definition, these are also subject to regular alterations typically unauthorized to serve a specific purpose for example to overstate/understate the value of goods, or their description, quality etc with an aim to save on taxes, duties and so on. This can distort the real picture and result in direct monetary loss to counterparties and governments. It becomes necessary to tackle this problem by making sure that all invoices and bills are system generated centrally and can be validated by anyone in a simple way to verify the authenticity and check for all the details.
Qryptal can help to capture the data on such documents in the form of a secure QR code before it gets printed either physically or electronically. In addition the QR code will also have the digital signature of the issuing organisation so that unauthorized modifications can be identified and stopped. This can be then validated by different stakeholders (the counterparty, the government, auditors, bankers etc) and the verified contents can be used for the purpose required with full confidence.
See an example of an invoice with a Qryptal QR code
The system architecture for generating such an invoice and the onward processing looks like
Using such an invoice generation system offers significant benefits
- - It works for both printed and electronic bills and invoices
- - It can only be generated by the issuing organisation and cannot be faked or tampered by anyone else
- - The generation of the QR code can be easily integrated with existing bill production systems
- - The entire relevant information of the bill is captured inside the secure QR code hence its good for security and privacy. Also the contents can be verified with a dedicated app or a server side validation software (in case of bulk processing of invoices)
- - The output of the validation can be made available in a structured format for onward processing by any system e.g inventory management or accounting
