Are you prepared for VAT? Hurry UP!

The much awaited VAT has become a reality in UAE and Saudi Arabia from January 1, 2018 and other GCC countries including Qatar, Oman, Kuwait and Bahrain will implement it in this year or in the early next year. Businesses operating from these countries do not have much time to prepare for VAT. Hence, we exhort you to take necessary steps for being VAT ready in advance.

EY has conducted a survey and the result shows that more than half of the business organisations in GCC countries have not thought of being VAT ready in advance. There are reports of business organisations underperforming due to their lack of being ready for VAT in UAE and Saudi Arabia. In order to avoid such circumstances, every company in GCC countries should be prepared for VAT, otherwise, there will be huge loss. Businesses organisations operating from this region can take a vital step of subscribing to cloud based ERP software for them to be VAT ready.

Every company that run on a computed ERP solution need to update it for being VAT ready and catch up with the latest trends in accounting and financing. Quality Horizon Pvt. Ltd. engaged in researches of producing cloud based ERP solutions for companies operating from GCC countries has introduced GCC VAT ERP solution for companies of this region. It has preconfigured accounting modules with Balance Sheet, profit and loss Statement, cash flow statement and more. It covers the modules of Sales, Purchase, Inventory, Accounting, Expense & Budgeting etc. The most significant feature of GCC VAT ERP solution is that it has user Friendly Intuitive screens and process flows. This cloud based ERP solution covers a number of vital financial and operational reporting’s that are highly necessary for the successful working of business organisations in the VAT regime.