The impact of the new VAT is not limited simply to tax calculation, bills, and Invoices. It is changing the way many enterprises will operate in the UAE placing more pressure than ever on leveraging accounting software automation to drive business efficiencies and change.
Moreover, the new VAT additions bring with it an increased administrative, record keeping and reporting workload. So, with every entity registered as a provider under the VAT is required to file an online return every month or quarter.
LEVERAGING ACCOUNTING SOFTWARE AUTOMATION
This sweeping requirement will affect every businesses accounting, sales, and customer management operations. Meeting these administrative requirements without significantly increasing administrative back-office costs hinges on an organization’s ability to leverage its accounting software to meet the demands of the VAT regime.
With VAT now live in the UAE, it is increasingly imperative to adopt an end-to-end integrated accounting platform that gives businesses the security of error-free VAT accounting and reporting, hassle-free tax filing, and line of sight visibility over its supplier and customer management and fulfillment processes.
The UAE’s VAT legislation identifies 11 separate details that need to be included on an enterprise’s VAT invoices.
Given the number of invoices most organisations routinely generate, taking human manual inputs out of the process where possible, is the path to cost-effective sustainability.
Your VAT invoicing system needs to automate invoice creation drawing upon a central customer and supplier database, the organisation’s VAT details, product or service information, discounts applied, and the VAT rates to create an invoicing system.
AUTOMATING BUSINESS PROCESSES
The less time your organisation devotes to non-income generating accounting and VAT reporting tasks, the more time you will have to manage other aspects of your business.
An effectively automated VAT-compliant software automates time-consuming and repetitive manual tasks, manages data analysis, number crunching, inventory, damaged goods, and returns. All these while efficiently generating invoices and quotations, payment reminders, and financial reconciliation.
Business owners and managers are looking to accounting software automation to provide them with a real-time, helicopter-view of their business health. Increasingly, management dashboards are providing insightful snapshots into their cash flow, income and expenses, receivables, payables, and expense projections.
Your VAT accounting software automation should allow key leaders to structure the information on their dashboards while allowing for a deeper dive, detailed report options and in-depth insights just a click away.
Gain A Complete Understanding Of What VAT Is And How It Will Impact Small Businesses In The UAE On A Day-To-Day Basis Today!