Online VAT Software for Jewellers with multiple branches

What is VAT?

Value Added Tax (VAT) is a consumption tax applied on a good as its value is increased each stage of its production or distribution. It is an indirect tax that is related to a taxpayer’s consumption and not their income. VAT is applicable in more than 160 countries.Online VAT Software for Jewellers with multiple branches is discussed below.

Gold and Diamonds will be charged at 5% rate of tax.

Gold consumption in the UAE is the highest in the Middle East region. According to the World Gold Council, each person in the country buys about 5 grams of gold, as of 2016.

With the introduction of VAT Merchants across the UAE started charging a 5 per cent VAT to their customers who purchase goods and services across the UAE.Gold jewellery in the UAE will be subject to five per cent value-added tax (VAT) from January 1, 2018.According to Federal Tax Authority, VAT will be imposed on investment gold, silver and platinum jewellery with less than 99 per cent purity.The VAT will be applicable on the whole jewellery piece rather than on the making costs charged by the goldsmiths.

However, VAT will not be levied on these metals with more than 99 per cent purity.

Impact of VAT on Gold Industry in UAE

More than 180 nationalities living in the UAE prefers to buy gold in Dubai rather than their own countries as Dubai’s gold has worldwide been associated with purity, quality, pricing and last but not brthe least wide range of variety at its offering. The industry experts, on the other hand, are bullish on the overall scenario and outlook of the industry post VAT era as well.While ruling out any major impact of VAT, retailers and consumers say that gold is a commodity that has great value and people prefer to invest in.

The VAT (value-added tax) on gold jewellery will likely apply to the entire piece, which effectively means an additional payout of Dh7-Dh8 a gram at today’s prices, according to industry sources. But on gold bars, deemed as investible assets, no such tax will apply. (There will also be no duty on loose diamonds.)

The decision to include gold jewellery under VAT will be spelt out in the Executive Regulation governing the application of value-added tax in the UAE.

As Tourists are also huge buyer of gold in UAE , especially arriving from European countries also have VAT imposed in their own countries on jewellery purchases, often at a rate higher than five percent, so in that regard, Dubai should remain competitive even after the imposition of VAT.

Guide for  Jewellers to be VAT compliant with control over branches.

• Company should be VAT registered.
• Explore best VAT Software – Adapt and Align with your business activities
• Build the organizational competency by educating your teams on the fundamentals of VAT and its impact on your business
• Review your business processes, practices and procedures – mainly pricing, procurement, invoicing, logistics etc. in line with VAT requirements and align accordingly
• Ensure books of accounts are accurate and update date
• Inform your vendors and customers about VAT and subsequent impact on transactions
• Preparation &Transitioning to VAT
• Under the UAE VAT law the books of accounts and records are to be maintained for five years.

Choosing Ideal VAT Accounting Software  

One of the key steps in being VAT compliant is choosing the right VAT software matching all your business requirements. If the Jewellery store has multiple branches in the country, the software chosen should able to synchronize among all the branches for smooth operation of the business.

Reach Accountant Online VAT Accounting software is the perfect software to cater all your business needs seamlessly.Unlike a traditional Accounting software, Reach is accessible online like your gmail or facebook account. so, all your employees can work using the software at the same time. The software is so deigned that all the employees can work at the same time on the same platform from different branches with the updated data and information of the different branches. Thus sharing one common real time information of the business.

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 accounting software that is easily accessed online and an attractive option for large or small business owners. Companies that use cloud accounting require less initial server infrastructure to store data and don’t require IT staff to maintain or update the cloud accounting system. Get the spectacular benefits of cloud accounting as you seamlessly integrate with the powerhouse

Benefits of cloud accounting:

• Streamline billing and ordering processes
• Capture and store financial data to most accurately model and report on your finances
• Use Chatter to enable more effective collaboration across your organization
• Greater return on investment and real-time, multi-dimensional financial analysis

Benefits Of Online VAT Accounting Software

Online accounting software systems are rapidly evolving, giving business owners the ability to choose how and where they manage their finances. Whether at home or on-the-go, business owners are now able to execute administrative functions such as instantly viewing bank balances, tracking expenses, and sending invoices from any part of the world.

There are many advantages to using an online accounting system including:

An online accounting system can help you manage your business by improving your recordkeeping processes and give you the tools you need to analyze business results and make sound financial decisions.

 Online Access 24/7

Switching to an online bookkeeping system will mean that the business users will be is able to access business  financial information and reports anytime and anywhere. As long as you have an available internet connection and details of your secure login details you can access your information online meaning you can review your financial standing at any time

Cost

Cloud accounting is perfect for startups, entrepreneurs and small businesses. There’s no up-front outlay for software, hardware or a dedicated on-site employee. All that is required is some setup to personalise your accounts, upload your financial data and learn how to use it, which is no different than on-site software – and is frequently much easier with online tutorials and videos that help you

User Friendly

Online accounting software is designed to be easy to use.  No more specialised training for use of the software like some desktop based services. After the intial set up and brieft introduction the software is easy to use by all memebers of staff with no specialist training required.

Technical Support

Should any problem occur within the online system, there is no need to worry  because friendly customer service representatives are ready to guide the user  through the technical process or you can contact us and we will guide you through the problem. We can easily log into your account and rectifiy any items which need to be amended. 

Efficiency – Transactions only need to be entered once. The software then updates the ledger and financial statements and reports can be generated with ease. Any adjustments or corrections are usually real-time and flow through the reports immediately. 

Analysis – Online accounting software packages include a wide variety of standard reports that business owners can use to review the results of operations. For example, income and expense accounts can be reviewed on a monthly basis. Comparisons between the current year and prior year’s figures and percentages can be reviewed.Online accounting packages also give the user the option to write reports or sort data in many ways to assist with company performance review and decision-making.

Security and Accuracy – Software packages include out-of-balance and posting error alerts, backup reminders, and passwords to restrict access.Security is critical for any organisation with large amounts of data, and it’s particularly important for accounting. The obvious advantage to keeping vital and sensitive information on the cloud is removing the human element and the possibility of lost or stolen hardware. People do make mistakes, misplacing their laptops full of important data and losing months of work, and servers can and do fail. Fortunately, cloud services manage backups for you, so you don’t have to worry about losing your data!

Cloud-based accounting also addresses other safety concerns with higher, uniform security standards, automatic redundancies for data and scheduled, seamless security upgrades at no cost to the user. Reach Accounant for example use the same level of encryption that is used by banks, and the data is located in enterprise grade hosting facilities that have biometric systems and onsite security guards. Far better protection that  businesses would employ to protect their information. It really is the safer choice.

Scalability

One final advantage to cloud-based accounting is its scalability. Whether you’re a small business just starting out, or a huge firm with hundreds of employees, the cloud grows with your business.

Reach Accountant is the ultimate guide providing solution to suit your business needs.There is a tendency the gold market can react adverse to the introduction of VAT, but proper business planning and appropriate software will help the business run smoothly. Various features of the Reach Accountant online VAT Accounting software designed exclusively for jewellery stores.

Online VAT Software for Jewellers with multiple branches

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.

1. 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 above challenges can be easily resolved by Reach VAT Accounting Software.

Other Features of Reach VAT Accounting software benefitting UAE Jewellers ,also with multiple branches are

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.

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  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.`

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. 

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. 

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

Barcode and Batches Management: Generates batch codes and barcodes  and reads automatically on a bar code scanner.

Project: Cost Management reflecting cost at every stage of production. Order Management –Used for invoice orders. 

Purchases: Purchase Orders/Estimates,Purchase Bills,Purchase Return,Vendor Outstanding Management. 

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 

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

Multi Company:Benefit of handling the business operations from the touch of the smart phone. 

Auditor View: Full-fledged Financial reports,Tax reports,VAT reports,read process by auditor, with e-filing options,PF & ESI Reports,Tax Consulting Modules 

Mobile Application:Business is just a touch away from you. Easy access through tabs,ipads,iphones,android phones.Click pictures of expense vouchers and attach to expenses.Raise invoices, check cash and bank balances,day to day income and expense and other reports through mobile applications. 

Business Automation: Business expansion by  searching leads suitable for your business profile ,Leads  from mail server,Changing leads to appointments,converting quotations to invoices.

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. 

API: The client can integrate the existing software with Reach accounting app,seamlessly. 

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.

Pricing of the software: No upfront investment, Low monthly rentals ,free servers,free routers,LAN ,Network cabling not required,Anti Virus not required, free data back up.