TOP 5 VAT ACCOUNTING SOFTWARE

  Top 5 VAT Accounting Software In UAE

Overview of the meaning “VAT”

Value Added Tax is one of the methods of taxation, where tax is levied at every stage of production till the final good is sold to the customer. Unlike sales tax,where the end consumer pays the tax,VAT ensures taxation is divided among all the mediators in the production process. The amount of VAT the user pays is on the cost of the product, less the tax that has already been paid during the production cycle. This form of taxation (VAT) ensures there is no double taxation of the same product or services.

Features Of VAT in a bird’s view:

• UAE VAT will be effected from 1 st January 2018
• UAE VAT rate will be 5%
• UAE VAT will cover all products and services
• VAT is applicable to goods and services imported from abroad.

• The website available for registration tax.gov.ae
• Business should consider the Input and Output Tax, Zero Rated Tax and exempted transactions

• Returns to be filed at period of every three months.
• Group registration can be done for the companies subjected to the conditions
• Record keeping is mandatory for at least 5 years
• Taxpayers must file VAT within 28 days from the end of the tax period
• Penalties will be imposed for non-compliance.
  

VAT Going Live in UAE

UAE government has publically announced implementation of VAT from 1^st January 2018.This concrete step has been taken due to the fall in oil prices as UAE government generated its major revenues from oil business.

With the introduction of new taxation system Audit  firms ,tax consultants, software companies and governmental departments are getting prepared for new  form of tax regime in the country.

With the implementation of VAT in UAE market is booming with numerous accounting software attracting companies to subscribe their accounting product. There can be promotional offers with regards to price and other features of the software. Companies   should carefully and meticulously decide the appropriate software suiting their business operations, and should also pave way for the growth of the business.

What is an Accounting Software?

Accounting software is a type of application in a software that records and processes accounting transactions such as journal entries, profit and loss a/c accounts payable, accounts receivable, general ledger, payroll, and trial balance. It functions as an accounting information system. It may be developed in-house by the organization or, may be purchased from a third party, or may be a combination of a third-party application software package with local modifications. Accounting software may be on-line based, accessed anywhere at any time with any device which is Internet enabled, or may be desktop based. It varies greatly in its complexity and cost.

Guide to purchase the right Accounting Software:

Below are mentioned key features of an  accounting software to satisfy the business needs.

• Accounts receivable.
• Accounts payable.
• Budgeting and forecasting
• Cash management.
• Fixed assets.
• General ledger.
• Job costing.
• Pay roll
• Purchase Management
• Security
• Systems
• Dashboard Management
  

Lets have an elaborate study on the features of the top 5 VAT accounting software in UAE: 

SAP ERP

What is an ERP?

ERP stands for Enterprise Resource Planning .Breaking down the complexity of the term it means a business when started covers various factors such as finance ,procurement ,manufacturing ,sales,service,supply chain, overhead expenses,inhouse expenses, HR,Customer Relationship management, and finally profits. ERP software plays a vital role in this whole end to end process by providing clear analytical and statical data to take real time decision for business operations and planning business strategy. It integrates various functions into one consolidated application accessible to every employee in the organization.

Importance of ERP

As business is dynamic in nature, management has to take business decisions very meticulously to meet the customers need and demand in lines with company’s goodwill. This real time information is collated through ERP software enabling management to take right decision at the right time. e.g increase in production, increase in sales, finding new customers and increase in price.

SAP accounting software is designed to streamline the process of collecting and consolidating of accounting data, a close picture of financial reports, assist in regulatory reporting and creating financial statements in accordance with necessary financial reporting standards. It has special features to handle complicated accounting needs, like real estate management, and to simplify expense reimbursement work. It also assists the accounting and finance department with everyday tasks, such as managing invoices and accounts receivable and performing financial analysis and planning.

Working Of SAP Accounting Software:

SAP systems are enterprise resource planning software systems. It means they integrate with other applications   like manufacturing, inventory management, sales, shipping, procurement and treasury — to streamline work and save time. This means it brings all the employees across the departments to one common platform providing real time data and information. SAP ERP is designed exclusively for small and medium business entities. Its growing demands attributes to its features for assisting in the expansion of business and simple method of processing.

Features Of SAP ERP

• Cost management
  • Manufacturing management from end to end
  • Human resource management
  • Finance
  • Sales
  • Customer relations
  • Easy accessibility
  • Inventory management
  • Reporting
  Price AED 1472

SAGE ERP

Sage has contributed its technology for integration of accounting, payroll, and payment system. Sage accounting software is widely offered to small and medium sized businesses.

Sage Group offers a broad range of products, providing customers with a variety of software solutions perfectly suited to their particular business system requirements to achieve business growth and success.

Features:
• System manager
• Advanced security
• Multi-currency
• Multi-warehousing
• Integrated with Microsoft office
• Graphs
• Report writer
• Receivables and payable
• Project tracking
• General ledger
• Sales and purchase order entry
• Inventory control
Price
5 users AED 3,000
3 users AED 2,198
Single user AED 1,150

TALLY ERP

Tally is appropriate for all business requirements. It provides extensive coverage for operating business through the varied features of Tally ERP.9.It has a predominant existence in the market since the dawn of online accounting concept. Tally ERP is designed to coordinate through all the verticals of the organization.

Features:

• Accounting and finance
  • Inventory management
  • Sales management
  • Purchase management
  • Manufacturing and job work
  • Banking
  • Payroll management
  • MIS reporting
  Price
  Single user AED 2,250
  Multi user AED 6,372

PANDORA ERP

It is one of the most used accounting software in UAE. Pandora provides business solutions for all small and medium business. Pandora is a kind of accounting software that boosts your sales productivity. It keeps your business organized and gets all the work done efficiently, it helps in managing, planning, production, scheduling and much more. You can chat in real-time using the instant messaging of Pandora and even share screens and talk online making your work easier by removing communication gaps.

Features:

• CRM
  • Quote builder
  • POS
  • Project management
  • Accounting
  • Billing
  • Manufacturing
  • Purchase
  • Mailing
  • Survey
  • Lead automation
  • Employee
  • API
  Price
  For subscription and installing contact the vendor

Reachaccountant ERP

One stop to cater to all your business needs. At Reach you  will find dedicated specialized professionals from different business background providing and customizing the software as per the requirement .We intent our clients to be the top notch by   keeping  up to the pace of the current business environment by, addressing  the prevailing and demanding  market challenges and needs smoothly and seamlessly. Thus we  work towards the understanding  and re engineering the operational process so as to achieve the company’s objectives. . Reach offers comprehensive capabilities to manage all your critical business requirements.

As there is a transition of form of taxation in the economy ,every business in UAE starts with a complete new regime in lines with legal taxation rules.Reach assist you to get VAT compliant with its exclusive Accounting ERP specially designed to provide you with complete business solution

Below are the features of Reach ERP

Business Intelligence Dashboard:The software has a feature of  providing you key statistics of the business at any given point of time.The dashboard displays work status, profit and loss, expenses graphically.It also features  best Selling Executive, Highest Selling product, Largest value customer for the month. Every night the client gets a SMS summing up the entire sales , expenses ,case production ,and stock value for the day.

Abide by to Regulatory Compliance: The whole industrial operations   are governed by existing country rules .Non compliance and violation of law may lead to cancellation of the license to operate the business.ERP software are embedded with laws and regulations of the country, ensuring and guiding business is carried out according to the  prevailing laws.

Accounting: It covers the broad head under the computation, from Trading a/c,Journal entries  to ledgers ,Income and expense a/c  and Balance  Sheet, Cash flow Management, Budgeting and forecasting,accounts payable and account receivables .It also helps maintain the Bank Transactions-Contra entries ,Taxation  and Audit.

Minimal manual intervention on spreadsheets: ERP uses one back office process including finance, inventory and sales.

Cost Effective:Saves IT cost associated with maintaining,integrating,upgrading separate applications.

Manufacturing Management : Manage the production process such as purchase approvals ,raw materials and retrieve the finished products reports for future references.

Order Management   :Receive the sales order and convert them in to invoice once ready.

Project Management: Reach software enables to initiate,plan ,execute,control and coordinate to achieve the goals of the project.

Warehouse: Godown Management,Raw materials,Packing Materials,Work-in-Progress,Finished Goods,Miscellaneous Stock, Stock-pointwise management

Point Of Sale: Touch and Keyboard billing system.One of the features is the software works even when net is also down.

Barcode and Batches Management: Generates batch codes and barcodes  and reads automatically on a bar code scanner.

Cost Management: Cost Management reflecting cost at every stage of production. Order Management –Used for invoice orders.

Invoicing: Generates invoice of the company brand or can choose from the available templates in the software. It also converts quotes to invoice .One of the features is the software can convert the Foreign currency invoices to INR. Get reminders on due invoices through SMS and emails.

Multi Branch: Gives the option of owning the business individually.

PurchasesManagement: Purchase Orders/Estimates,Purchase Bills,Purchase Return,Vendor Outstanding Management,Purchase register,Material details

Sales Management:  Provides  with quotation,price list,Income from sales, operational product, Sales invoice and sales returns ,Recurring invoices in one order and customer balance.

Access: Multi-User operation with restriction menus, Auto Back up ,Accounting Period Auto change ,Any Location operation, Easy to handle ,No hard accounting process and buttons, Auto conversion to accounting formats

Multi Company :Benefit of handling the business operations from the touch of the smart phone.

Auditor View: Full-fledged Financial reports,Tax reports,VAT reports,read process by auditor, with e-filing options,PF & ESI Reports,Tax Consulting Modules

Mobile Application :Business is just a touch away from you. Easy access through tabs,ipads,iphones,android phones.Click pictures of expense vouchers and attach to expenses.Raise invoices, check cash and bank balances,day to day income and expense and other reports through mobile applicatons.

Business Automation: Business expansion by  searching leads suitable for your business profile ,Leads  from mail server,Changing leads to appointments,converting quotations to invoices, Email-SMS update,Delivery status update,Work pending strategy.

Operations and Process: Segregation of Product oriented and Service oriented jobs. Invoices that are custom made for business operations.

Loyalty Operations :Assign points on  sales and redeem points on raising request .

Addons: E-stores, Google docs, Google calender , Project management tools, SMS gateways, Payment Gateways are few to name.

Tally Import: Import excel files   from   tally to Reach software and manage accounts with smooth transitions.

User Friendly: Softwares are designed is such a way that the user will find it easy to operate.

API: The client can integrate the existing software with Reach accounting application ,seamlessly.

Pricing of the software:
AED 1800 single user, per year
AED 3600 five users, per year
AED 5000 unlimited users, per year

Advantages:No upfront investment, Low monthly rentals ,free servers,free routers,LAN ,Network cabling not required,Anti Virus not required, free data back up.

Technology Used: Our products are hosted on the Cloud and delivered to customers on a subscription model. It allows business applications integrate seamlessly. It can have all your employees working on business data at the same time and allows you to check how your business is doing at the comfort of your home, or on the go during a holiday!

Cloud Computing:

Cloud Computing is a concept through which organizations can manage their data centres,processes and applications online via internet on the scheme of pay for use basis.

Benefits Of Cloud Computing:

Comparison Table for better Decision              

REACH SOFTWARE

Reach is a cloud based software which helps to increase the sales, productivity, enhance customer experience and multiply profits.

FEATURES

Order Management

Manufacturing Management

Warehouse

Point of Sale

Lots and Barcode Management

Project

Accounting

Invoicing

Multi Branch

Purchases

Sales

Access

Multi Company

Auditor View

Mobile Application.

Business Automation

Operations and Process

Loyalty Management

Addons

Tally Import

MOIBOO SOFTWARE

Moiboo  gives you the freedom to control your business even when you are not in office. You can check your business information on the go just like checking your e-mail; from your computer, laptop or mobile phone. Your employees can log-in and work at the same time sharing data and information online.

Accounting Management

All functions pertaining to Accounts are inbuilt in the software. Helps in maintaining and Managing the Accounting Ledgers, Expense Management, Purchases & Sales, Warehouse Management, Financial Reports etc.

Tax Management

Reach software automatically calculates taxes on every bill created.Any number of taxes relevant to your business can be added in the software. In case of any change in the tax structure, the same can be incorporated in the software.The taxes will be calculated automatically. The multiple tax scheme can be applied to multiple products on a single purchase

Income Management

Quotations can be created and the same can be converted to Sales order or Invoice . From the Invoice Receipts can be generated. Accountants will be able to know what payments have been received and what are the pending payments. Reminders can also be set for the pending payments.

Expense Management

Similar to Income Management, Purchase orders can be created and the same can be converted to Bills or payments. Accountants can get a clear idea on what bills have been Paid and what bills are pending. Reminders can be set for the pending payments.

For more details login to : Accounting Software Small Business

NETSUITE SOFTWARE

NetSuite enables businesses to handle major business operations in one, integrated software program, consisting of customer relationship management; order management and completion; managing inventory; finance; ecommerce as well as Website management; and employee efficiency.  Financial information through NetSuite can be accessed through a Web browser or mobile device.

SAGELIVE

Sage Live is a cloud-based and mobile ready accounting platform for small and mid-sized businesses. Key features include multi-company, multi-currency, and multi-legislation support, personalization based on user role, bank integration, and accountant online access. The suite includes a core accounting module with integrated applications to manage billing & invoicing, fund accounting, expenses, work orders, budgeting, forecasting, and reporting. Third party applications are also available for time tracking, job management, and project accounting, and the system integrates with Salesforce CRM for no additional charge.

Multiview Software

Multiview is a financial management solution that includes financial reporting and analytics, general ledger with budgeting, A/R, A/P, POs with requisitions, as well as inventory, order entry with invoicing and fixed assets. Alerts with dashboards, WorkFlow.In addition to financials, Multiview also offers a reporting and analytics environment with the ViewPoint tool.

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