#SME&U

14 Apr 2019

Know and Compare VAT Compliant Software in the UAE

by RAKBANK

SMEs use various accounting software such Tally, Focus, QuickBooks, Zoho, Wave, Xero, spread sheets (such as MS Excel), ERP such as Odoo, Sage, Orion, Epicor, Microsoft, SAP to name a few or custom software. They let you record and process journal entries, inventory, profit and loss, payables, receivables, ledgers, payrolls, bank reconciliation and balance sheets. Having one that also hands your VAT transactions is a must.

 

 

 

The UAE government has listed some VAT-compliant accounting software on their website. If you have older versions or non-VAT-compliant software, or what you use is not listed there, then not to worry.

 

You need to upgrade or modify to the latest VAT-complaint version for a small fee or free. Since versions, features are abundant, companies should decide.

 

How to Choose?

 

Here are tips to choosing and comparing the right one:

 

 

Must be mobile friendly and cloud-based

Cloud-based accounting software is your best bet because you can easily access it anywhere, anytime on your laptop, tablet and smartphone, securely. Some even let you host it on your servers for an additional fee. Test the mobile apps along with the desktop version on as many devices as possible before you commit to a subscription plan.

 

Must be end to end

The software should track, record sales tax across all your sales channels (e-commerce, retail stores, direct sales, distributors, channel partners, and resellers).

 

Customization

Every SME is unique. The software must be customizable, so your invoices automatically include 5% VAT (and any other taxes to calculate). It must be modular, so you can add new features, modify, or integrate with third-party software.

 

User friendly

The layout should be user friendly. Business users and management should not end up be hunting for functions, calling tech support or Accounts team or forced to read lengthy user manuals or need accounting expertise to use the software regularly.

 

Automation

Also, the less time you spend on accounting, the more will get to manage other parts of your business. The best software automates time-consuming and tedious tasks, handles number crunching, data analysis, inventory stocks, and damaged goods.

 

Dashboard

The software should come with a dashboard that offers a bird's eye view on the health of the business. Stats could include cash flow, income and expense, receivables and payables and top costs. Generating reports, alerts, sharing data internally should be a breeze.

 

Security

Due to the increased cyber-attacks, hacking, phishing and data theft, the accounting software must guarantee security. Features such as biometrics, two-factor authentication (2FA) should be standard. Also, there should be 256-bit SSL encryption of data, remote backup and syncing to track changes.

 

Support

Must offer same day support, email, chat, phone with documentation and training at your office. Else you'll be stuck with issues.

 

 


Whichever software you choose to invest in, or upgrade do make sure the above boxes are ticked to ensure its VAT compliant and beyond.

 

 

Tip: Do a Test case

 

Request the VAT accounting software vendor to do a 'proof of concept' and prove the accuracy and efficiency that will work in your settings. Operational malfunctions, bugs used to manage VAT compliance would bring in serious financial risks.

 

There have been examples businesses mismatching VAT treatments in the sales and purchases of their operations, double payments of VAT, forgotten adjustments in VAT filing and even fraud in some cases. Flaws in the VAT configuration of a service/ software would carry serious negative consequences for an organization.

 

 

Avail the accounting software through Sage on preferential terms

 

RAKBANK has entered into a strategic tie up with SAGE to support requirement of SME's for Accounting Solutions. Sage is one of the market leaders in accounting solutions and they are accredited by the UAE Federal Tax Authority (FTA). Sage Business Cloud offers accounting solutions that are fully compliant with value-added taxes to small and medium businesses.

 

 

RAKBANK Business Banking customers can now avail the accounting software through Sage on preferential terms. If you are an existing Business Banking customer and are interested in Sage accounting solutions, please send your company details via email to businessbanking@rakbank.ae with a CC to your relationship manager at RAKBANK.

 

 

 


Tags :




Know and Compare VAT Compliant Software in the UAE

14 Apr 2019

Tags :

SMEs use various accounting software such Tally, Focus, QuickBooks, Zoho, Wave, Xero, spread sheets (such as MS Excel), ERP such as Odoo, Sage, Orion, Epicor, Microsoft, SAP to name a few or custom software. They let you record and process journal entries, inventory, profit and loss, payables, receivables, ledgers, payrolls, bank reconciliation and balance sheets. Having one that also hands your VAT transactions is a must.

 

 

 

The UAE government has listed some VAT-compliant accounting software on their website. If you have older versions or non-VAT-compliant software, or what you use is not listed there, then not to worry.

 

You need to upgrade or modify to the latest VAT-complaint version for a small fee or free. Since versions, features are abundant, companies should decide.

 

How to Choose?

 

Here are tips to choosing and comparing the right one:

 

 

Must be mobile friendly and cloud-based

Cloud-based accounting software is your best bet because you can easily access it anywhere, anytime on your laptop, tablet and smartphone, securely. Some even let you host it on your servers for an additional fee. Test the mobile apps along with the desktop version on as many devices as possible before you commit to a subscription plan.

 

Must be end to end

The software should track, record sales tax across all your sales channels (e-commerce, retail stores, direct sales, distributors, channel partners, and resellers).

 

Customization

Every SME is unique. The software must be customizable, so your invoices automatically include 5% VAT (and any other taxes to calculate). It must be modular, so you can add new features, modify, or integrate with third-party software.

 

User friendly

The layout should be user friendly. Business users and management should not end up be hunting for functions, calling tech support or Accounts team or forced to read lengthy user manuals or need accounting expertise to use the software regularly.

 

Automation

Also, the less time you spend on accounting, the more will get to manage other parts of your business. The best software automates time-consuming and tedious tasks, handles number crunching, data analysis, inventory stocks, and damaged goods.

 

Dashboard

The software should come with a dashboard that offers a bird's eye view on the health of the business. Stats could include cash flow, income and expense, receivables and payables and top costs. Generating reports, alerts, sharing data internally should be a breeze.

 

Security

Due to the increased cyber-attacks, hacking, phishing and data theft, the accounting software must guarantee security. Features such as biometrics, two-factor authentication (2FA) should be standard. Also, there should be 256-bit SSL encryption of data, remote backup and syncing to track changes.

 

Support

Must offer same day support, email, chat, phone with documentation and training at your office. Else you'll be stuck with issues.

 

 


Whichever software you choose to invest in, or upgrade do make sure the above boxes are ticked to ensure its VAT compliant and beyond.

 

 

Tip: Do a Test case

 

Request the VAT accounting software vendor to do a 'proof of concept' and prove the accuracy and efficiency that will work in your settings. Operational malfunctions, bugs used to manage VAT compliance would bring in serious financial risks.

 

There have been examples businesses mismatching VAT treatments in the sales and purchases of their operations, double payments of VAT, forgotten adjustments in VAT filing and even fraud in some cases. Flaws in the VAT configuration of a service/ software would carry serious negative consequences for an organization.

 

 

Avail the accounting software through Sage on preferential terms

 

RAKBANK has entered into a strategic tie up with SAGE to support requirement of SME's for Accounting Solutions. Sage is one of the market leaders in accounting solutions and they are accredited by the UAE Federal Tax Authority (FTA). Sage Business Cloud offers accounting solutions that are fully compliant with value-added taxes to small and medium businesses.

 

 

RAKBANK Business Banking customers can now avail the accounting software through Sage on preferential terms. If you are an existing Business Banking customer and are interested in Sage accounting solutions, please send your company details via email to businessbanking@rakbank.ae with a CC to your relationship manager at RAKBANK.