VAT Training for UAE
Get trained in VAT and Accounting Online – VAT Training for UAE
VAT In UAE
VAT Training for UAE
VAT is a form of Indirect tax on the domestic consumption of goods and services, except those that are zero-rated (such as food and essential drugs) or are otherwise exempt (such as exports). It is levied at each stage in the chain of production and distribution from raw materials to the final sale based on the value (price) added at each stage. It is not a cost to the producer or the distribution chain members, and whereas its borne by the end consumer, it avoids the double taxation (tax on tax) of a direct sales tax.
The VAT system is invoice-based. Each seller in the product chain includes a VAT charge on the buyer’s invoice. Under a VAT taxation system, all sellers collect the tax and then pay it to the government. The VAT gives sellers along the supply chain a direct economic motivation to collect the tax, thereby reducing the incidence of tax evasion.
VAT a milestone in UAE
- 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.
GCC has agreed upon VAT due to the fall in oil prices as UAE government generated its major revenues from oil business.
Penalties for non–compliance of VAT
As per the FTA regulations,
- If the person fails to keep required records and other information specified in the laws will be fined Dh10,000 in the first instance and Dh50,000 in case of repetition.
- If the person fails to submit data, records and documents related to tax in Arabic to authority when requested, he would be penalized Dh20,000.
Get trained in VAT and Accounting Online – VAT Training for UAE
GET STARTED WITH REACH ACCOUNTANT
VAT is a breakthrough for UAE, introduction of VAT has changed the functioning of business verticals. It is very important for the business to adhere to all the rules and regulations prescribed by FTA to continue the business operations in UAE. Therefore any lack of knowledge and awareness pertaining to VAT can cause exorbitant penalty to the company.
Reach Accountant Online Seminar and Course to understand VAT
Reach VAT courses provide a comprehensive and extensive understanding of the VAT system, covering all the aspects in depth such as fundamental principles of VAT, regulation and administration, and guidance on the interpretation and consistent application of the GCC VAT legislation.
Our diverse range of courses has been carefully designed to address business requirements at all levels; executive, managerial and operational. They are suitable for corporate and government sectors and can be customised for in-house training requirements. The highlight of the course is it comes free of cost. It is free online VAT course designed in the interest of the UAE residents. All you have to do is log in to the website www.reachaccountant.ae for further details. The study material contains 31 videos providing practical demo, the course will very shortly be going live. Keep visiting the site for updates on free online VAT course and avail its benefits.
Beneficiaries of the Course
| Type Of Industry |
| Manufacturers |
| Job work and Contractors |
| Consultant and Free Lancers |
| Café and Bakery |
| Jewellery Store |
| Transporters |
| Electronic and spare part dealers |
| Furniture Store |
| Packers and Movers |
| E-Commerce Back end |
| Service Centre |
| Textile Store |
| Importers and Exporters |
| Supermarket |
| Rentals and Subscription |
| Used Car Dealers |
| Diamond Traders |
| Takeaway Business |
| Wholesale and distributors |
| Workshop |
| Startup Business |
| Café and Bakery |
| Furniture Stores |
| Basic Course | Chapter # | |
| · Introduction
o What is Cloud Accounting? o What is Reach Accountant? |
||
| · Getting Started
o Creating a Organization o Creating a Branch o Creating a Financial Year o Downloading the Desktop Icon o Downloading the mobile App
|
1 | |
| · Customization
o Customizing the menu o Customizing the Tabs o Designing Invoice |
2 | |
| · Setting up
o Setting up Templates o Setting up email and sms |
3 | |
| · Importing
o Importing Customers o Importing Vendors o Importing Products o Importing Account Heads o Importing Sales Orders o Importing Quotes o Importing Invoices o Importing Receipts o Importing Purchase Orders o Importing Supplier Bills o Importing Payments o Importing Bank Transactions |
4 | |
| · Income
o Invoicing o Receipts o Sales Returns |
5 | |
| · Expenses
o Purchase Bills o Payments o Purchase Returns |
6 | |
| · Banking
o Bank deposit o Bank Withdrawal o Cheque returns o Bank Reconciliation |
7 | |
| · Salary
o Advance to staff o Salary Payments o PF/ ESI Payments o Boss / Director Salary |
8 | |
| · Cash Management
o Petty cash management o Expenses spent by Boss o Advance given for expenses |
9 | |
| · Asset Purchase
o Buying an Asset o Selling an Asset o Depreciation |
10 | |
| · Capital/ Loan
o Receiving a Loan o EMI payment o Partner Capital |
11 | |
| · Filing Tax Returns | 12 | |
| · Year end Closure | 13 | |
| · Point-of Sale Management
o Billing o Exchange o Gift cards o Loyalty points o Schemes o Pricelist o Discounts o Schemes o Daily Settlements o Lots o Touchscreen |
14 | |
| · Workshop Management
o Job card o Flooring Credits |
15 | |
| · Inventory Management
o ROL o Barcoding o Serial Number o Missing Stock o Loss or Damage o Conversion or Form o Units and conversion |
16 | |
| · Manufacturing Management
o Production Planning o Bill of Materials o QC o Batch Tracking o Effeciency tracking |
17 | |
| · Sales Management
o Enquiries o Appointment management o Quotations o Sales Orders o Sales Order Approvals |
18 | |
| · Purchase Management
o Purchase Indents o Purchase Orders o Purchase Approvals |
19 | |
| · Customer Management
o Credit limits o Invoice reminders o Birthday reminders o Receivables |
20 | |
| · Warehouse Management
o GRN o DC o Stock Transfer o Stock Journal |
21 | |
| · TDS Management
o Tax Deducted by us o Tax deducted from us o Reports |
22 | |
| · Import and Export Management
o Purchase in Foreign Currency o Sales in Foreign Currency o Forex Gain and Loss |
23 | |
| · Project Management
o Project o Stages/ Task o Bill of Quantities o Purchase Requisition o Project Invoicing o Profitability Tracking |
24 | |
| · Transport Management
o GC o THC o Approvals o THC wise profits |
25 | |
| · E-commerce Management
o API Integration o Auto importing orders, customers, products o Auto adjusting Inventory o Accounting and Taxes |
26 | |
| · Jewel store Management
o Order Management o Gold smith management o Chits o Old gold |
27 | |
| · Direct Sales Team management
o Database o Telemarketing o Appointments o Quotes o Orders |
28 | |
| · Consigment Management
o Consignment Sales o Consignment Purchases o Consignment Stock |
29 | |
| · Sub-contractor management
o Sending Raw Materials o Receiving Finished Goods o Accounting for payments |
30 | |
| · Branch Management
o Internal Vs. External Branch o Internal branch 1. Stock Transfers 2. Sales 3. Accounting o External Branch 1. Stock Transfer 2. Branch Control Account 3. Accounting |
31 | |
| · VAT Management
o DC without Invoice o Purchase under Reverse Charge o Export Sales o Bad Debts |
32 |
Takeaway from the E learning Course
The benefits of the training are enormous: more efficient handling of VAT by knowledgeable staff improves compliance and can positively impact on cash flow; the risks of fines and penalties are reduced; staff morale is boosted; and costs are reduced by more efficient procedures.
VAT Training for UAE -Online Accounting
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 should work with automated software and need to update their accounting 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.
A solution that many businesses are starting to use is online accounting software. These applications make the process of calculating revenue, cash flow, and payroll easy and accurate. Your company’s financial information will be secure, but you can access it from anywhere with the correct security code. Simply put, online accounting software is a great investment for any small business.
Here are some of the benefits a business can discover through online accounting software:
- User Friendly
Online accounting software is generally easy to learn and use in day-to-day business operations. Once it is set up, you can keep your accounts up to date with a few regular data entries – information from bank statements and invoices can be automatically uploaded and processed into the correct categories. This means that you and your employees don’t have to worry about advanced accounting details – you can do what you need efficiently with a few clicks.
2. Security
Since online accounting software stores data online, some business owners might be worried about security. However, security is a top priority for online business software companies. In addition, the online connection makes it easy to invoice clients, link up with bank information, and assess your business’ financial health wherever you are.
3. Cash Flow
Effectively managing your cash flow can help your business save money. Online accounting software makes it simple to determine incentives for employees and discounts for creditors or customers. In addition, the manager or business owner can view profits and losses in a comprehensible way.
4. Invoicing
One of the most important aspects of any business is invoicing, because it brings revenue to the company. Creating invoices with online accounting software saves you time and prevents losses caused by human error. You can even send invoices directly to clients through email to save paper and stamps.
5. Accuracy
For all types of business computations, accuracy is essential. Mistakes made in calculations can possibly lead to significant losses or other issues. Online accounting software keeps you from making these mistakes.
6. Cost
One of the greatest benefits of online accounting software is the cost savings. For small businesses running on tight budgets, hiring an accountant can be expensive. Even running software on an in-house server can end up costing a lot with all the upgrades and system tools. When a business buys online accounting software, it only has to worry about paying for the software and training employees to use it. And since many online software companies run on subscriptions, you’ll only have a small fee each month instead of a large one-time purchase.
7. Productivity
Paperwork can be tedious and tiring, causing employees to get distracted and become less productive. Online accounting software is much more efficient than filling out paperwork because half the work is already done. This helps employees be much more productive than they were before.
8. Opportunities
Many types of online accounting software help businesses track trends, losses and profits far better than they could in the past. This may help the business discover new opportunities to improve revenue.
9.Inter Connectivity of Branches: As online accounting software are cloud based company branches have the option of being inter connected with one common real time data of the business such as current stock held, any transaction details which needs to be shared among all the branches instantly any many other details for the growth of the business.
Reach Online VAT Accounting Software-FTA Certified
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 customized software. Reach software are VAT complaint which simplifies business.
Top Features of the Reach Online VAT 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.
- 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. 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.
- 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.
- Multi Branch: Gives the option of owning the business individually. No matter how widespread your organization becomes, you need to work hard to retain team cohesion and the philosophy that everyone is on the same team regardless of where they work
Reach Accountant Online VAT Accounting Software addresses the below issues which a jewellery store with multiple branches may face.
- Out-of-site-out-of-mind syndrome. When things get busy at your primary location, it can be hard to give your employees based at other locations the time they deserve and training.
2. Loss of spontaneous communications.Because you do not see your employees of different branches at the same time and also fail to get real time information, there is very little natural or unplanned communication.
3. Attenuated logistics. Anything that cannot be sent electronically, must be mailed, which causes time delays and increased effort.
4. Complicated work assignments. It is harder to perform certain types of jobs or collaborate on them when employees are based in remote locations.
5. Lack of team cohesiveness. Your team members will not know each other as well. This can easily be taken care by ReachVAT software
6. Concerns over general supervision. If you have a remote office that has a clients visit, it’s virtually impossible to see if your employees are arriving on time, working appropriate business hours or wearing proper business attire.
To tackle these and other challenges, then, organizational leaders need to focus on three key areas: systems, technology, and communication.
- All these challenges can be easily resolved by Reach VAT Accounting Software.
- 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 featuress 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 servers. 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.
- 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.
- Business Intelligence Dashboard: The software has a feature of providing you the 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.
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