VAT Compliant Software
The UAE government is all set to implement value added tax (VAT) of 5% flat on selected goods and services starting from 1st January 2018. VAT is a consumption tax that will apply to many goods and services across the United Arab Emirates. VAT in the UAE is due on the goods and services purchased from abroad. All businesses with an annual turnover of USD 1 million or more (AED367000) will need to be registered for VAT. Also, businesses should understand which products and services they provide attract VAT.
Businesses must assess the capabilities of the accounting software used in order to incorporate necessary changes to comply with VAT. As an organization, you would have teamed with an accounting firm or developed an internal accounting team to understand the impact of VAT on your business and make necessary changes with regards to compliance and accounts & book keeping. The next step is to have state-of-the-art software that will help you automate your accounting by incorporating the new VAT structure. Analyzing the present IT system and softwares in advance will ensure the anticipated changes and estimate the efforts in order to comply with VAT. If the software is deemed unsuitable for VAT compliance, it is high time companies solved this problem in order to avoid last minute rush and potential chaos. If you are in need of a new financial system or would like to incorporate VAT into your current system, BizVest can help. We are well aware that each business is unique and ‘once size fits all’ kind of accounting softwares do more harm than good. Unlike other accounting software products, we do not overburden you with features and product categories that have nothing to do with your business. We provide you with those features that are needed to run your unique business.
BizVest has years of experience customizing and implementing cloud-based solutions such as Zoho Books, Quick Books and Sage softwares for clients across a number of industry verticals. Our softwares come with automated workflows, bank reconciliation, custom VAT-compliant invoices, expense tracking and recurring transactions.
- Invoicing: Send professional invoices to clients and start accepting payments online.
- Inventory: Manage inventory levels and set reorder points to replenish stock.
- Expense Tracking: Keep track of your expenses, prioritize your bills and stay organized.
- Bank Reconciliation: Connect to your bank, fetch transactions, and reconcile accounts in a jiffy.
- Multi-user: Work together with your accountants and colleagues at no additional cost.
- Reporting: Stay on top of your finances with powerful accounting reports.
VAT Compliant: The proposed softwares sends VAT compliant invoices, generate financial reports, do tax calculation and help you stay on top of your taxes with our tax reports - on time, every time.
Scalable: Expand your business with automated payment reminders for thousands of payments. Zoho Books, Quick Books and Sage has multi-currency invoicing makes global selling a breeze.
Collaborative: The role-based access lets you work together securely with your accountants and colleagues.
We undertake IT impact assessment, design the most appropriate solution architecture, data assessments and reporting requirements in terms of VAT compliance report and training of your staff to use the implemented software with ease. Our software solutions are designed in such a way that it is flexible enough to accommodate any change to the VAT tax structure in future as well, both in terms of tax percentage and identifying and accommodating exempted items as they are announced by the UAE government. We provide cloud solutions to incorporate the new UAE VAT compliance requirements into your accounting systems such as identify and record payable and receivable VAT, identify and record rebates, exemptions and other special VAT treatments on selected transactions and much more. Our VAT compliant accounting softwares for the UAE market has all the necessary features to be VAT compliant including the ability to record input tax, report on zero rated and exempted tax transactions, etc. Moreover, Zoho Books, Quick Books and Sage VAT compliant accounting softwares for the UAE can be integrated seamlessly with your existing IT systems, whether it is ERPs including SAP, Oracle, Salesforce, or other IT systems. BizVest’s VAT compliant accounting software implementation will ensure a seamless and fully automated and hence businesses can focus on core business rather than on VAT compliance.
For large clients who require enterprise level solutions, we configure VAT in Microsoft Dynamics AX, and VAT implementation on SAP system. Reach out to us to know more.