If you are a business owner, it is time to align your business practices with the VAT (value-added tax) system.
As you are aware, the UAE and Saudi Arabia will implement a 5% VAT from January 1, 2018. Business records must now be kept for at least five years.
Audits, on the other hand, can be carried out at any time, so you need to ensure that all transactions you record are VAT compliant and that your business data is up to date. On the other hand, it’s worth noting that violations can result in hefty fines.
Now is the time to systematize your business and take the first step towards VAT compliance with computerized accounting and inventory management software. First, record the transaction in a VAT-compliant manner.
You may face a range of problems.
I am not registered for VAT. Why does your business need computerization?
I’m used to doing bookkeeping by hand. Why can’t we continue to do the same with the VAT system?
If I continue to bookkeeping manually, can I still prepare for an audit?
I’m already using Excel. Does your business still need computerization?
I am not registered for VAT. Why does your business need computerization?
Your business may not be VAT registered, but suppliers or buyers who are and need VAT compliant invoices may prefer computer-based invoicing. You may also need reports on accounts receivable, accounts payable, accounts payable, etc. Computerizing your business can give your customers more confidence and strengthen your business relationships.
Sharing the digital data used to file VAT returns means tax advisers can spend less time reconciling errors and discrepancies
To file a VAT return, you need to make sure your data is correct and VAT compliant. This is only possible if you choose VAT software that is certified, 100% compliant, and has the default functionality of applying VAT rules to all transactions.
in conclusion
Simply computerizing your business is not enough. The business management software you choose should facilitate VAT compliance without disrupting day-to-day business activities such as accounting, inventory, banking and payroll.
Focus on your core business while letting your VAT software handle your compliance issues.
You can also Register for VAT Registration on our website:
https://thevatconsultant.com/
