WHAT IT SYSTEMS FOR BUSINESS TAXES DO I NEED?

April 4, 2018 Legal, News

Finding the right accounting software to properly manage taxation in the UAE can be confusing. There are a plethora of IT systems for business taxes currently on the market, each with different price points and features.

The smart decision is not to buy the most well-known software brand but to purchase the accounting software that is most suitable for your business and will benefit it the most.WHAT IT SYSTEMS FOR BUSINESS TAXES DO I NEED?

IT SYSTEMS FOR BUSINESS TAXES

Any new IT system and accounting software must be capable of navigating through the myriad processes involved in the UAE’s new VAT regime. This translates into a need for an IT system for business taxes, combining management controls and reporting, rich functionality, and the flexibility to be customized without incurring eye-watering costs.

For many businesses, their VAT enabled accounting software will need to span seven key operational areas including:

  1. FINANCE:
  • VAT Return
  • VAT Statement
  • Bank Reconciliation
  • Journal Entry
  • Balance Sheet
  • Profit & Loss Statement
  1. PURCHASES:

  • Purchase Order
  • Goods Receipt
  • Vendor Invoice
  • Vendor Payments
  • Credit Memo
  • Debit Memo
  1. POINT OF SALE:
  • Service Order
  • Service Return
  • Service Quotation
  • Credit Memo
  • Debit Memo
  • Customer Payments
  1. SALES AND INVOICING:
  • Sales
  • Sales Return
  • Sales Quotation
  • Credit Memo
  • Debit Memo
  • Customer Payments
  1. INVENTORY MANAGEMENT
  •  Material Planning
  • Incoming Goods
  • Outgoing Goods
  • Stock Adjustment
  • Stock Transfer
  • Stock Disposal
  1. PAYROLL

  2. BRANCH MANAGEMENT MODULES

Your new IT system for business taxes will also need to be capable of meeting the full spectrum of The VAT compliance requirements together with Arabic documentation and invoicing.

KEY FEATURES

Some of the key features businesses should look for when evaluating potential IT systems for business taxes for VAT compliance include:

  • Simple, easy set-up
  • User-friendly dashboard, interface, and navigation: Sales, Expense, Cash & Bank Accounts, Payment, Profit & Loss
  • Customisable & Collaborative
  • Modular
  • Multi-platform
  • Multi-language
  • Multi-company
  • Data Backups
  • Secure
  • Support

ERP INTEGRATION

Those businesses using an ERP system will also need to ensure their ERP system is fully compatible with the UAE’s VAT requirements enabling the business to track VAT collected from customers and integrate the information feed into the businesses VAT reporting system.

GAIN THE CONFIDENCE AND INSIGHTS TO IDENTIFY THE RIGHT EXTERNAL FIRM FOR YOUR TAX AUDIT TODAY!