Is Your Accounting Software UAE VAT Ready?

The UAE government has implemented VAT on January 1, 2018. It is the product of careful planning and thought over the last few years. VAT levied is 5% on products and services except those exempted such as basic food items, educational services, health care products and social service. VAT is implemented in UAE along with Saudi Arabia and the implementation of VAT will be expanded to other GCC countries within this year. It is a new regime in the economic history of these countries.

VAT and Businesses:

VAT is an indirect tax levied on each step of development of a product and it is the end buyer who has to pay it. General public is the end buyer and thus the living cost of general public will shoot up considerably. Business firms in UAE have to comply with VAT for smooth sale of their business. Accounting software of every business should comply with UAE VAT.

GCC VAT PRO has introduced accounting software that will integrate or replace ERP system of every business firm to comply with VAT. It is the most simplified cloud based accounting software with complete UAE/GCC VAT compliance. It is available for monthly subscription at a very low cost. Thousands of companies across UAE and GCC countries have already subscribed for GCC VAT PRO and have started to function well as per UAE VAT structure.

GCC VAT PRO: GCC VAT PRO is a cloud based online accounting software available for low monthly subscription. This accounting software can carry all functions of a business firm from inventory to finance accounting. Its function is not limited to accounting alone. Sales, service, purchase, accounting, inventory management and all other functions of a company can be ably managed by this online software. It is suitable for small as well as large organisations to carry out daily tasks and functions. The software can be customized to suit any type or nature of organisations. GCC VAT PRO is an established brand successfully running in many other European and Asian countries.

GCC VAT PRO provides the following UAE/GCC VAT compatible features:

ü  Automatic calculation of VAT

ü  VAT support in sales – order to cash, service order to cash, purchase, accounting, inventory management and Dashboard

ü  Details of VAT collected and VAT charged

ü  Invoice with VAT number in them

ü  VAT supported for Goods and Services

ü  Report on Excel sheets of every activity

ü  VAT returns statement compatible with VAT laws.

General features of GCC VAT PRO accounting software:

ü  User role management of every branch, department and employees

ü  Management of inventory including material planning, goods incoming and outgoing, adjustments in stock, transfer and disposal of stocks, product planning and pricing

ü  Enables all the accounting transactions like payment, receipts, service vouchers, VAT return, statement of VAT, balance sheet etc.

ü  Financial statements of profit and loss, balance sheet generation and chart presentation of all accounting activities

ü  Expense, profit, loss and overall development comparisons of each branch and departments

ü  Detailed report on customer payments, vendor payments, profit and loss, stock report, sales and purchase report etc.