Best Online VAT Software like Quickbooks in UAE

What is VAT?

VAT is a multi-stage tax levied at each stage of the value addition chain, with a provision to allow input tax credit (ITC) on tax paid at an earlier stage, which can be appropriated against the VAT liability on subsequent sale. VAT is intended to tax every stage of sale where some value is added to raw materials, but taxpayers will receive credit for tax already paid on procurement stages. Thus,VAT will be without the problem of double taxation. Best Online VAT Software like Quickbooks in UAE is discussed below.

Business Readiness for VAT in UAE with Best Online VAT Software like Quickbooks in UAE.

• Understanding the likely impact of VAT on demand for goods and services and competitors’ responses
• Understanding VAT registration obligations and going through the process of applying for VAT registration number
• Ensuring that the relevant books and records are maintained in the appropriate manner
• Revising terms of business with customers to ensure that VAT becomes a cost to customers not to supplier
• Ensuring that the accounts payable function evidences that VAT paid and is recovered as quickly as possible
• Ensuring that the account receivable function understands when VAT should and should not be charged, and it is accurately accounted for
• Revising enterprise resource planning (ERP) systems to ensure that they can cope with the charging and recovery of VAT
• Implementing manual VAT accounting processes if no central ERP system is used
• Charging invoice templates to ensure that new fields relevant for VAT accounting are included
• Ensuring that business is structured in such a manner as to avoid unnecessary cash flow or absolute VAT costs arising, particularly on intercompany transactions

Companies in the UAE that report annual revenues of over Dh375,000 will be obliged to be registered under the GCC VAT system. The companies whose revenues fall between Dh187,000 and Dh375,000 will have the option to register for VAT during the first phase of VAT implementation.
Businesses not registered for VAT cannot charge VAT on their sales and cannot claim any VAT incurred on their inputs.
The transition to a VAT will likely require significant resources and it is recommended that businesses start planning now for the introduction of VAT, as the expected changes required to comply with the tax will require significant lead time to design and implement.

Failure to register for VAT, not applying VAT correctly, not submitting VAT returns, or failure to adhere to any compliance requirement would attract severe penalties. While the government is in the process of defining the fines and other penalties for non-compliance, it is certain non-compliance would be costly for the business. Ignorance of the law is not an excuse, and it makes no difference whether the violations or noncompliance were deliberate or a result of some honest mistake or misunderstanding.

While it may be early days to consider hiring in-house VAT professionals, businesses may require additional hands to handle accounts, IT, and documentary controls for VAT. Businesses would do well to partner with competent consultants and software developers, especially those who have experience with VAT and taxation regimes of other countries, such as India Instituting a seamless and automated software would take the load off the requirements, sparing enterprises the need to hire additional hands to do the manual work, and allowing them to focus on their core businesses rather than on compliance headaches.

Planning in advance and striking the right partnerships would allow the business to convert a potential crisis into an opportunity, and a potential cost-center into a profit-center spearheading organizational efficiency.

Reach Accountant Best Online VAT Software like Quickbooks in UAE.

Only Online VAT Accounting Software Which Suits Every Business Reach is a unique ready to use software which suits 21 different business end to end. You can use Reach instead of using multiple software for different functions or trying to create customized software.

What makes Reach Online VAT Accounting Software best online VAT Software like Quickbooks in UAE.

• Keeps DATA Safe and Secure in the Clouds.
• Server free maintenance
• No hard disk crashes which is possible in Tally ERP 9.0
• Updation of Data every second.
• Comparatively very low in the price.
• 24/7 365 days customer support

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.

Reach Accountant  Online VAT Accounting software is well designed to match all the needs for successful running of the business. The software can be used in different industries ,traders ,manufacturers, retailers,  workshop ,business projects etc. It is an software that can automatically manage your book of accounts, taxes, inventory, sales, purchases and more online quickly and securely.

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
• 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 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.

At Reach Accountant our clients are kept up-to-date of the constantly changing business environment through counselling, publications, and circulars. Our practitioners are experienced executive level professionals with real world achievements, helping with utter integrity to guarantee immediate client expectations, credibility and results. By using our product you can be assured of being VAT compliant as Reach Accountant online VAT Software are in compliance to the rules and regulation laid down by FTA with regards to VAT. We at Reach Accountant also ensure the objectives and goals of the business are achieved in a very short curve.Thus making Reach best online VAT Software like Quickbooks in UAE