VAT Invoice Solution

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Businesses that have been considering automating their financial operations should consider investing in a VAT accounting software system. However, it is best to have a clear understanding regarding the process of accounting management and how VAT softwares can benefit your process before making an investment.

VAT Enabled Invoice Solution

VAT (Value Added Tax) is expected to be implemented in the UAE (United Arab Emirates) with the effect from the 1st January 2018. We have enabled VAT as part of our smart invoice solution, inline with the VAT implementation in UAE. Our VAT enabled invoice solution helps organizations to raise VAT invoices to their customers, receive online payment and track the VAT payments effectively. And we helps to store the VAT invoices, and mandatorily keep the VAT invoice for 5 years. Our invoice software also has the online payment capabilities.

According to the FTA (Federation of Tax Administration), there will be two kinds of invoices for VAT in the UAE. Supply for less than the specified amount will be considered to maintain a simplified VAT software specifically for supermarkets and retail industry. However, supply for more than the specified amount will have to make a detailed invoice.

The VAT invoice for supplies above than
the specified amount should consider :

“tax invoice” in a prominent place
Name, address & TRN of supplier
Name, address & TRN of recipient (where they are a registrant)
A sequential or unique identifying number
Date of issue
Date of supply if different to the date of issue
Description of goods or services
Unit price, quantity or volume supplied, rate of tax and amount payable in AED
Value of any discount offered
Gross value payable in AED
Tax amount payable in AED
Statement relating to reverse charge if applicable

Simplified VAT invoice for supply less than the
specified amount should consider the below :

“tax invoice” in a prominent place
Name, address & TRN of supplier
Date of issue
Description of goods or services
Total amount payable
Total VAT chargeable

 

Running a successful business can be quite challenging in Dubai if you do not have adequate resources for monitoring the expenses and revenue of your company. If you do not invest in VAT solutions in UAE that is suitable for your business, then you will end up destroying the chance to grow your business. A VAT accounting software UAE not just guarantees that invoices will be send out to clients, but they will also come in handy to businesses when it comes to estimating the cash flow and identifying the current financial status of a company.

VAT Accounting Software Service in UAE

It is evident that accounting software systems have become an essential requirement for most businesses these days. Most business owners in Dubai have come to the realization that the technique of managing finances manually will not enable them to achieve the desired results they are after.

It is important to note that the process of finance management is supposed to help businesses to effectively manage their finances. Unfortunately, several businesses have suffered financial losses due to the manual management of finances. This is what prompted them to look for modern solutions that will allow them to manage finances efficiently.

A Beginner’s Guide to Accounting Management

In simple words, accounting management can be defined as the strategic direction, organization, control, and planning of the financial process of a business or organization. Accounting management has always been a critical requirement for all types of business for ensuring stable cash flow.

Accounting manager of a business will be held responsible for processes such as determining the structure and estimating the capital needs of a business. In addition to that, he or she will also have to identify and create investment opportunities and help businesses to make financial decisions.

The primary goals of finance management are maintaining cash flow, minimizing capital expenditures, maximizing market shares, ensuring business longevity, and optimizing profits. This means that most businesses will struggle to reach their goals and may face bankruptcy without proper finance management.

What Are Accounting Software Systems

Accounting software systems or accounting applications are specifically designed to help accounting professionals to simplify financial operations within organizations. In addition to that, an accounting software system will make it easy for accounting professionals to easily and quickly manage accounts.

Accounting systems may range from single-entry simple programs that are used to store individual records to advanced systems that can be used for a number of processes such as managing accounts receivable, accounts payable, invoices, ledgers, company assets and even salaries.

Most businesses have already made the switch to VAT solutions. An effective accounting software system will make it possible for business owners to keep better track of their financial transitions. It is important to note that most businesses had to rely on manual processes to complete financial tasks before the launch of accounting applications.

Manually taking care of financial processes was impractical because account managers were forced to manually add each and every entry. Everything changed with the arrival of accounting software systems and apps, as they helped businesses to automate all financial tasks, reduce accounting costs, and enabled them to make better financial decisions with the help of real-time reporting.

Why Businesses Should Consider Investing in an Accounting Software

Accounting software systems are valuable assets for accounting professionals. This is mainly because of the fact that accounting software systems and solutions are capable of improving the financial department’s efficiency. Accounting software systems also offer a number of other benefits too and some of them are as follows.

Guarantees Financial Control

One of the best things about accounting software systems is that they allow businesses of all sizes and types to gain automatic control of their finances without any hassles. In fact, even the ones who are not experts in the field of accounting will be able to easily control finances when using an accounting software solution.

With a little training, everyone in your office will be able to manage their accounting operations through their mobile devices or computers. This can be done without paying external parties for keeping budgets under control.

Cost Savings

Most modern accounting software systems and solutions will help businesses by automating administrative processes and core calculation. In addition to that, these software systems will enable businesses to get better control regarding their revenue framework.

This means that businesses will not have to outsource their financial management to external parties. An effective accounting software solution will considerably cut down the costs related to printing and distributing documents because all data will be stored digitally in a monitored and safe location.

Higher Data Accuracy

Several auditors and accountants have confirmed the fact that one of the major advantages of accounting software solutions is that they reduce the occurrence of human error during data entry and calculation.

It is crucial to note that inaccuracies in the financial statements of businesses might result in crises, which can have a major impact on your company. The good news is that you can avoid such issues by investing in an accounting software solution.

Better Decision Making

Another added advantage of using an accounting software solution is that it allows businesses to make better and informed decisions. Businesses that are not using an automated accounting software will find it really hard to have a clear understanding regarding their financial condition.

An effective accounting software system will give you all numbers that are required to identify where to invest more and where to cut down expenses. Businesses that have a clear overview of their current financial state will be able to easily develop better strategies.

Features of Accounting Software Systems

Most modern accounting software systems available in the market have their set of pros and cons. That said, most of the accounting software solutions available in the market come with the following set of features.

  • Invoice and billing management
  • Financial forecasting
  • Financial reporting
  • Bank reconciliation
  • Asset management
  • Purchasing and sales management

If your requirements are not addressed in the above please do tell us more about your project. It is likely that we will be able to address your needs.

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