VAT Software for Accountant -UAE
Who is an Accountant?
An accountant is a qualified professional who performs accounting functions such as bookkeeping, auditing and analysis of accounts. Accountants prepare annual reports and financial statements for planning and decision making, and advise on tax laws and investment opportunities.Accountants can either be employed with an accounting firm, a large company with an internal accounting department, or can set up an individual practice. Accountants are given certifications by national professional associations, after meeting state-specific requirements.VAT software for accountant in UAE will be discussed below.
Responsibility of an Accountant
An accountant in any business assists with corporate strategy, providing advice and help businesses to reduce costs, improve their top line and eliminate or reduce the risks. As board directors, professional accountants in business represent the interest of the owners of the company that is the shareholders. Their roles are
- Governing the organization (such as, approving annual budgets and accounting to the stakeholders for the company’s performance)
- Appointing the chief executive
- Determining management’s compensation.
As chief financial officers, professional accountants have overview over all matters relating to the company’s financial health. This includes creating and driving the strategic direction of the business to analyzing, creating and communicating financial information. As internal auditors, professional accountants provide independent assurance to management that the organization’s risk management, governance and internal control processes are operating effectively. They also offer advice on areas for enhancements. In the public sector, professional accountants in government shape fiscal policies that had far-reaching impacts on the lives of many. Accountants can be liable for paying uninsured losses to creditors and investors in the case of a misstatement, negligence, or fraud. Accountants have two different types of liability: common law and statutory law. Common law liability includes negligence, fraud, and breach of contract, while statutory law includes any state or federal securities.
Importance Of Accountant
- Helps in Audit and legal matters.
- Saves time
- Projects cost cutting
- Manage expenses
- Delivering quality, real time financial reports
- Work for interest of company and public
Impact of VAT in UAE
The introduction of a value-added tax (VAT) system in the UAE will not just affect consumers,it will also have a broader impact on businesses as well .VAT will affect almost all functions” within a business, including information technology, human resources, procurement, finance and marketing.
After the announcement of VAT which will be applicable at 5%, concerns have been raised around the cost of doing business and readiness of merchants for the proposed January 1, 2018 implementation date. Some business requires more time to get acquainted with the new system of taxation and to amend their financial systems and operating structures.Companies need to learn the procedures and policies before they can implement tax. Concrete steps have to be taken to address the new taxation system by updating the cash accounting scheme and record keeping in time for the implementation of VAT date. Corporate re-organisations and restructures, particularly relevant in the case of exempt businesses, is the need of the hour. IT system capabilities should be tested.
Businesses and merchants will need to incorporate VAT into their accounting systems and will need to keep accurate records to demonstrate to the tax authority that they have correctly applied the VAT rules. IT systems will form an important part of this process and in larger organisations, a fully automated tax regime is top requirement.
Another important clarification came with regards to real estate, where companies have to maintain their record books for 15 years compared to five years for other sectors.
If VAT is not applied correctly, it may become an additional cost to the business. Further, non-compliance with tax laws attracts severe penalties. All businesses must undertake a review of their current contracts to determine if VAT has been appropriately addressed.
Role Of an Accountant in UAE VAT:
As January 1st 2018 is fast approaching, all the business entities in UAE are facing the challenge of getting VAT ready before the implementation date. Thus all the accountants are also facing the mounting pressure to keep the business system in tact to avoid any operational loss of the business. As it is the responsibility of the accountant to maintain the financial data and information of the respective company be it either small, medium or large scale industry or company. Thus an accountant has a greater responsibility towards success of any business.
Best VAT Software for Accountant in UAE
Reach accountant proves to be your best companion to resolve and tackle all business issue pertaining to financial reports, auditing ,reformation of business structure in lines with new taxation regime.
Beneficiaries Of Reach Software:
Ideal for:
- ü Chartered Accountant
- ü Tax Consultant
- üOutsourced Bookkeepers
- Business Consultants
Need to upgrade to Reach VAT Accountant Software
Reach Accountant software is well designed to match all the needs for successful running of the business. The software can be used in different industries ,traders ,manufacturers, retailers, workshop ,business projects etc. It is an accounting software that can automatically manage your book of accounts, taxes, inventory, sales, purchases and more online quickly and securely.
Top Features of the Accounting Software are:
Accounting Management: All functions relating to accounts are inbuilt with the software. You can manage your Accounting Ledgers, Bank & Cash Operations, Purchase & Sales Estimates, Warehouse Allocations, Expense Recording, Expense Grouping, Payments – Part or Full, Journal Entries, Income and loss a/c, Balance sheets, Receipts – Part or Full, Contra Entries, Financial Reports, Day book.
Tax Management: Our accounting Software automatically calculates the taxes relevant for every bill created. The Software is designed as per the government norms for calculation of VAT. It also has the option to add any number of taxes relevant to the business. In case of change in tax percentages a change it in the software on your own. All you have to do is add your tax percentage and our software will calculate the taxes automatically. This multiple tax scheme can also be applied to multiple products on a single purchase.
Income Management: The Company can create Quotations then the same can be converted as a Sales order or Pro-forma invoice or Invoice. From Invoice you can create Receipts as well. Accountants will be able to know what payments have been received and what are pending in the reports. You can also set reminders for receiving payments.
Expense Management: You can create Purchase Orders then the same can be converted as bill or payments. You can also create Debit notes for purchase returns. Accountants will be able to know which purchase bills have been paid and which are pending in the reports. You can also set reminders for making payments.
Receipt: Receipts can either be manually entered or imported it in excel format easily.
Payments: Payments can either be manually entered or imported it in excel format easily.
Multi Company: Manage business through comfort of the smart phone.
Tally Import: Tally files can be easily imported to Reach Software of various periods and manage business easily.
Auditor’s Report: Full Financial Report are available,Read process by Auditor,Tax Reports,VAT Report with e-filing options,PF & ESI Reports,Tax Consulting Modules are some features mentioned.
Mobile Application: Access business information through tabs and android smart phones, pick photos of expense vouchers and attach to expenses, daily profitability and other key reports can be viewed on phone.
Bank Synchronization: Bank Statements can be imported in to Reach software through excel files.
Security: There is complete security of data stored in the hard disk. Data can be accessed and control by creating access restriction. One time password facilities also ensures a check in the log in to the website.
Run Business from anywhere: The business can be run access data from anywhere at your comfort. Just like checking mails from the laptop or systems.
Free and Automatic Upgrades: At Reach Accountant you will be provided free services of upgrading the software frequently with new features and use it absolutely free.
No investment in expensive hardware: The software is browser based. It just requires internet connection which can be connected to multi computers without using LAN and servers.
Automatic Data Backup: Reach stores all the data in servers offsite with regular backups. Hence business information is safe and secure.
Top Two Features of the Reach Accounting Software
Outsourced Accounting: The software enables to finish the outsourced accounts in less than 30 minutes.
Real Time Accounting: Allows client to record sales and purchases online, while finalizing accounts that is checking the Audit trail, providing MIS reports, checking Tax reports, printing financial reports and filing taxes
Technology Used
Reach has implemented the latest technology Cloud Computing to handle day to day business transactions just a click away from your browser from any part of the world.
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:
| Benefits | Explanation |
| Lower Cost | Cloud computing allows firms and organization to measure its IT capacity without incurring high capital cost.Activities like acquisition and installation of hardware,software, maintenance of servers ,license renewal ,managing IT issues will be taken care by cloud service provider(Reach),providing the organization to focus on its core business activities. |
| Flexibility | Cloud computing provides 24/7 services and allows the user to get real time data and information from any point of place and time. |
| Scalability | Cloud computing can be customized as per the business requirements. |
| Integration | It is a user friendly application, consolidating business process and software. |
| Data Security and Recovery | All the data and information is stored in the safe storage devices, and can be retrieved as and when required. Assuring business data security. Also protects from hard disk crash |
| Environment Friendly | As servers are maintained by the service provider,Cost on electricity consumption for cooling purposes can be reduced drastically. |
| Business Expansion | As business can be run without any geographical boundaries,it can lead to better utilization of resources ,expansion of business and higher revenues. |
| Work –Life Satisfaction | Cloud computing provides flexible working options,reducing commuting cost,also improves job and work life balance. |
| Accessibility | Business information can be accessed even on the mobile phones. This feature enables multiple employees to work on clients account at the same time from anywhere. |
| Outsourced Accounts | Helps you to finish outsourced books of account less than 30 minutes. |
Selection Of Type of Cloud Hosting Services:
As per the size of the organization we at Reach offer you the below mentioned services to suit your business requirements.
Software as a Service: Service provider gives ready to use, centrally and remotely hosted web application to the customer.
Infrastructure as a Service: Firms outsource their IT resources and equipment such as networking, data centers space and, storage.
Platform as a Service: IT end to end solutions are delivered from sourcing equipment to configuration.
Anything as a Service: Other IT related issues are addressed and services are provided.
How to Register
- ü Sign the partner form and get one of the key employees RCA certified. This takes half day for online training on one to one basis.
- ü Once done, Reach will create your free account and help you add clients.
- ü On completion of the process client can go live on cloud technology.
Pricing of the Reach Software
Outsourced Accounting: The software will be used on behalf of the client and finish the accounts of the client. This will be free of cost.
Real Time Accounting: Create the account for client to use the software themselves. Remuneration of 40%will be given on the selling price. Billing will be done every fortnight.
Price to resell the Accounting Software to your clients:
| Type | Buying Price Per Month | Selling Price Per Month |
| Bronze | AED 600 | AED 1000 |
| Silver | AED 1200 | AED 2000 |
| Gold | AED 1800 | AED 3000 |
Smart comparison between Tally, Quickbooks and Reach Accounting Software
| Product Name | Tally | Quickbooks | Reach |
| Price | Not listed | AED1299 to AED8999 | Licenced Version is free |
| No of clients per docket | Unlimited | 1 | Unlimited |
| No of employees working on same account at same time | 1 | 7 | Unlimited |
| Option for the vendor and client to work at the same time | Not Available | Available | Available |
| Features for traders ,manufacturers, retailers ,like inventory | Available | Not Available | Available |
| Allowing clients to work on certain functions | Not possible | Not possible | Possible |
| Automatic data backup and hard disk crash protection | Not Available | Available | Available |
| Anti-Virus Protection | Not Available | Available | Available
|
| Cloud Computing Technology | Incorporated | Not Incorporated | Incorporated |
Reach Your perfect IT partner guiding you reach the objective of the business.
Attractive offers can be availed on the software and applications.
Contact Us for demo and any further information at
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