Most Reasonable and Cheapest Online VAT Accounting Software in UAE

VAT is a form of tax known as indirect tax. it is also referred to as a type of consumption tax that is placed on a product or service whenever value is added at a stage of production and at final sale. Different to income tax, it is based on the consumption of goods and services rather than income. Most Reasonable and Cheapest Online VAT Accounting Software in UAE is discussed below.

Over 150 countries have implemented VAT (or its equivalent, Goods and Services Tax), including all 29 European Union (EU) members, Canada, New Zealand, Australia, Singapore and Malaysia. A 5% VAT will be introduced across the UAE on January 1, 2018. Businesses that provide taxable goods or services, with annual revenues of more than AED375,000 will be required to register for the VAT. However, businesses with taxable supplies below AED375,000 but over AED187,500 will have the option to register.

Benefit of VAT in UAE

The UAE Federal and Emirate governments provide citizens and residents with many different public services– including hospitals, roads, public schools, parks, waste control, and police services. These services are paid for from government budgets. VAT will thus provide our country with a new source of income, which will contribute to the continued provision of high quality public services into the future. It will also help the government move towards its vision of reducing dependence on oil and other hydrocarbons as a source of revenue.

Here are three ways for Business to get themselves prepared and ready for VAT in 2018:

1. Early assessment and proper planningTo fully comply with VAT, business may need to make some changes to their core operations, their financial management and book-keeping, their technology, software subscribed and perhaps even their human resources (e.g., accountants and tax advisors). It is essential for business to try to understand the implications of VAT now through the help of professional advisors. Once the legislation is issued, business must make every effort to align their business model to government reporting and compliance requirements.
2. Proper book-keeping Business in the UAE will need to record their financial transactions and ensure that their financial records are accurate and up to date. Businesses that meet the minimum annual turnover requirement (as evidenced by their financial records) will be required to register for VAT. Nonetheless, business that do not think that they should be VAT registered should maintain their financial records in any event, in case the government needs to establish whether they should be registered or not.
3. Proper training programs Training staff on the implications of VAT is important since this a new concept for people who live and work in the UAE. Staff would need to know how to explain to customer sand suppliers on the requirements of VAT and how it affects business transactions. They will also need to ensure adequate record keeping and make sure that appropriate goods and services have the VAT marked up and that the correct documentation is collected also.

Guide to purchase the right   VAT Accounting Software

Every taxable entity registered under VAT has to file returns online every month or quarter depending on the nature of their business. From a compliance perspective, businesses that work with automated software in any way will need to update their tools to incorporate the new VAT laws. This update will affect sales operations, accounting methods, and expense management systems, therefore companies need to be confident of being VAT-compliant in all realms of the business. Besides managing business finances, software should be able to capture your contacts’ VAT details, raise VAT compliant invoices, create business reports, and generate VAT returns without hampering day to day operations.

Choosing accounting software can be challenging. Each program includes a different set of features, and most offer multiple pricing plans to choose from, which also vary by feature, number of users or another factor. Here are few points to keep in mind when selecting accounting software for your business:

1. Would you prefer inexpensive, basic accounting software or an application that exactly suits your business needs and also can be customized?
2. How many users need to access the software? Do you prefer a cloud-based system you can access anywhere Do you need it to have a mobile app?
3. What do you need the accounting software program to do? Do you need both accounts receivable and accounts payable tools? Which reports do you need it to generate? Do you need it to track inventory? Do you need it to include ancillary services, like time tracking, project management?

2) Data Security :If you are thinking forward and considering an online accounting application, then data security is the most important aspect to check.

3) Other Features

Here are some more features which must be part of a good accounting package.

• Create VAT compliant invoices and customize the look and feel
• Track expenses according to categories
• Manage inventory, inward-outward stock movements and wastage
• Perform bank reconciliation by importing bank transactions
• Create purchase orders (PO) and record inventory purchases
• Create and manage taxes
• Record Journal Voucher  entries
• Manage list of customers & vendors
• View account payables & receivables
• View Balance Sheet, Profit & Loss statement and Trial Balance reports
• Add additional team members
• Support for multi-currency transactions
• Categorise transactions according to projects
• Access control for every team member
• Budgeting and Forecasting
• Generate Audit Reports
• File VAT returns

Most Reasonable and Cheapest Online VAT Accounting Software in UAE

Reach is`the ultimate destination to use software which suits 21 different business with end to end process. You can use Reach instead of using multiple software for different functions or trying to create a customized software. Reach software are VAT complaint which simplifies business.

Price Comparison

From the above table in can be inferred that Reach Accountant OnlineVAT Accounting  Software is Most Reasonable and Cheapest Online VAT Accounting Software in UAE, matching business needs from small to medium scale industries.

Being a resident of UAE or business entity it is mandatory to align business operations as per the new taxation reform. There would be many questions and perceptions running in one’s mind. One of the important concerns would be will the business be affected if new prescribed rules and regulation regards to new taxation system are not adhered. Like filing returns on time, maintaining accounts of books ,generating invoices as per VAT mandate. A mentor preferably who can be there at all time to assist and answer all the queries relating to VAT. Reach VAT software is the perfect solution proving to be your best companion in the VAT transition period.

Reach Extended services can be availed by:

The above industries can avail the benefit of using Reach VAT Software to be VAT compliant.

Need to upgrade to Reach VAT Software :

Reach Accountant software is well designed to match all the needs for successful running of the business. 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 VAT Software are:

• 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  cash flow, income and expense, total receivables and payables, bank and credit cards status, ongoing projects 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

• Order Management: Receive the sales order and convert them in to invoice once ready Order management is all about keeping track of orders and managing the people, processes and partnerships required to fill them. It involves keeping track of the order itself and managing data around the customer and finally intimating the customer about the readiness of then product.

• Repair Management: Create Jobsheets and sms quotes to customers for approval. Manage both in-house and on-field repair staff. Pre-set the consumables needed for every repair and bring them automatically when you prepare the job sheets. Track the items which came in for repair.

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

• Sales: Provides with quotation, 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 

• 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.

• Goldsmith Outsourcing: Reach Jewellery software also aids in outsourcing the process to other goldsmiths .The software keeps a track of all the orders that are pending with gold smith with details such as old gold exchange, rate of gold per gram, making charges and wastage and date of receipt. 

• Invoicing: Generates VAT compliant invoice of the company in the specified design as requested by the client 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 base currency and further calculating the VAT at UAE standard rate.

·         Print Tax Invoice In Arabic: Reach software lets you print invoices in Arabic, English or both, as per the mandated guidelines of GAZT and FTA.

• Auditor View: Full-fledged Financial reports, Tax reports VAT reports, read process by auditor, with e-filing options, PF & ESI Reports, Tax Consulting Modules are some to be named.
• Check Post for VAT returns: As the software has been designed exclusively to aid individuals and entities to be VAT compliant in UAE, the set of rules and regulation laid by FTA (Federal Tax Authority) of UAE are embedded in the software. Hence any process error will be popped up by the application can be viewed .For instance wrong Tax Registration Number, incorrect taxable figure, wrong taxation period.
• Automatic Update on Tax legal Sections: As the Reach software are cloud computed software gets upgraded to update any revised tax laws and section if any in future.
• Computation Of VAT Returns: The software is inbuilt with all the detailed crucial information  on tax computation Tax Assesee can  fetch all the details of all the taxable transactions It lists down transactions which are included and excluded in the VAT return  calculate input tax, reverse charge and output tax to avail claim if any 

• Filing Of VAT Returns: The registered businesses in UAE are required to generate the VAT return File from their accounting software, login to the FTA’s e-tax portal and upload the return file. On the basis of the uploaded return file, the e-tax portal will validate the file and accordingly the details from the file will be auto-populated in the online return form. Reach VAT software is designed to ease the process of filing returns and comes under the purview of FTA prescribed set of rules and regulations.

• VAT Reports etc.
• Calculate VAT automatically.
• VAT support in Sales, Purchase, Sales and Purchase returns, Journal entries.
• Generate Federal Tax Authority compatible tax reports.
• VAT Paid (charged by suppliers) and Vat Collection (Charged to customers) Analysis.
• Transaction wise details of VAT paid and VAT collected.
• Attach every Vendors/Customers VAT number and other details.
• VAT supported for Goods (stocked) and Service (non-stocked) items.
• Online application accounting.
• VAT Account Reconciliation, VAT Collection & VAT Paid analysis report.
• Report export to excel and other standard formats.
• VAT returns statement compatible with Federal Tax Authority standards.
• Online accounting VAT software enables you to file vat returns, manage accounts and other business operations from any geographical area be it at the comfort of the house.
• 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.

• 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. 

• 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. 

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

• Automatic Data Backup: Reach stores all the data in servers offsite with regular backups. Hence business information is safe and secure

·        User Interface & Complexity:The software is designed to make its use friendly and easy,no cumbersome process to operate the application and software.

• Scalability:It is an VAT accounting software which can scale with your business needs. . Some software companies offer only one version of the product and some have progressive versions depending the business type or size. Reach Accounting software offers both integrated an entry level version as well as a feature rich version which you might not need for the current business processing but will definitely need in future for business development.

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 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. A good cloud-based accounting software travels with you. You can easily access it from wherever you are, using whatever device is handy – android,iphone,Laptops and desktops

Advantages of Cloud Accounting Software:

– Nothing to install. Just signup and start entering your transactions
– You don’t have to worry about upgrades as all changes are pushed automatically. Online softwares are always up to date.
– Can be accessed from any internet enabled device at any point of time
– Cloud accounting software providers take care of backup and maintenance which is a cost saving for you.
– Data across all your offices is always synchronised.
– It can integrate with other cloud based applications.