Android/ Ios Mobile Accounting App helps you with VAT and automate business.

VAT in UAE

What is VAT?

Value Added Tax is one of the methods of taxation, where tax is levied at every stage of production till the final good is sold to the customer. Unlike sales tax,where the end consumer pays the tax,VAT ensures taxation is divided among all the mediators in the production process. The amount of VAT the user pays is on the cost of the product, less the tax that has already been paid during the production cycle. This form of taxation (VAT) ensures there is no double taxation of the same product or services. Android/ Ios Mobile Accounting App  help you with VAT and automate business is explained below.

Synopsis Of VAT 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.

Impact Of VAT

UAE government has publically announced implementation of VAT from 1^st January 2018.Thisconcrete step has been taken due to the fall in oil prices as UAE government generated its major revenues from oil business.

With the introduction of new taxation system all the companies, Audit  firms ,tax consultants, software companies and governmental departments should get prepared for new  form of tax regime in the country.

With the implementation of VAT in UAE market is booming with numerous accounting software attracting companies to subscribe their accounting product. There can be promotional offers with regards to price and other features of the software. Companies   should carefully and meticulously decide the appropriate software suiting their business operations, and should also pave way for the growth of the business.

How can I make my business VAT Compliant?

• Start maintaining your financial records in orderly manner;
• Businesses will now need to develop more efficient processes;
• Cost cutting on all fronts that you feel are unnecessary;
• Restructure your business to incorporate new talent who are able to multi task;
• Incorporate a robust accounting system that has VAT module;
• Get professional help for right ways to implement systems;
• Hire professional CA firms who could do the groundwork or leg work for your business for implementation;
• Assess capability of existing systems;
• Identify VAT implementation strategy;
• Identify contracts that need a VAT action;
• Identify inter-company transactions;

• Undertake training / awareness.
• Using appropriate software meeting all the business requirements post implementation of VAT

• Android/ Ios Mobile Accounting App helps you with VAT and automate business.-Additional Benefit to the company when installed.

Android/ Ios Mobile Accounting App helps you with VAT and automate business.

VAT Specific

Being a resident of UAE or business entity it is mandatory to align business operations as per the new taxation reform. There would be many questions and perceptions running in one’s mind. One of the important concerns would be will the business be affected if new prescribed rules and regulation regards to new taxation system are not adhered. Like filing returns on time, maintaining accounts of books ,generating invoices as per VAT mandate. A mentor preferably who can be there at all time to assist and answer all the queries relating to VAT. Reach VAT software and Reach Mobile App is the perfect solution proving to be your best companion in the VAT transition period.  It is also compliant with the VAT guidelines as prescribed by the FTA (Federal Tax Authority) of UAE.

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. Reach Android/ Ios Mobile Accounting App helps you with VAT and automate business through few of the below mentioned features

• 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.

Reach Online accounting VAT software and Reach Accounting mobile app enables you to file vat returns, manage accounts and other business operations from any geographical area be it at the comfort of the house.

Android/ Ios Mobile Accounting App helps you with VAT and automate business.-The Need  Automate Business Specific

As business are established to earn profits and grow it becomes mandatory for the owner of the business to have a close watch on each and every transaction of the business .Practically this is not possible to be available all the time in the office premises.

To address these issues Reach Accountant has come up with the feature of handling your business through your mobile device. Business is simplified with the help of Reach accounting mobile app. It is an app that helps you automate your business, it manages your business every side and keeps it under your control. This could be your one-stop shop for managing your business when you’re away from a desktop or laptop.

Using cloud-based accounting software that has an Android  / IOS app lets you check financial tasks off your to-do list from the palm of your hand. You can use the Reach Online VAT Accounting Software app or Reach Mobile App  to send invoices, accept payments, track receipts, and plan budgets bill reminders, mobile wallets, bank transfers, and time tracking . Now You shouldn’t have to wait until you’re back at a computer to check your company’s account balances, manage your cash flow, or send invoices to clients. . It offers a flexible pricing plan, custom branding, credit card payment gateway integration, recurring subscriptions, and collecting online payments all through the same system .The software is scalable, and you can upgrade your account between as your business grows. Companion apps for Android and iOS devices are available, and the software integrates with hundreds of third-party applications. , so whether you are using iOS, or Andriod, you can have access to your accounting software wherever you are. If you prefer to do most of your accounting from your mobile device, check out our Online VAT Accounting software  packed with features and offer the best mobile experience for various business activities.

• Send invoices
• Reconcile transactions
• Take photos of receipts and attach to expenses
• View customer information and add new customers
• View dashboard data, such as your account balance, profit and loss report, and open and past due invoices.
• With the mobile app you’re able to manage expense reports, purchase orders, security records.
• Create, share, and send files from iOS and Android devices, as well as on desktop
• Let you schedule meetings, stream audio and video, share your screen, and record your events, all from a smartphone.
• Push Notification-Updates the Owner of the company on the mobile as to what designated work is been done by each employee working on the Reach Online VAT Accounting Software. Therefore keeps the owner updated of every single move of the employee in the company.

Reach Extended services of Android/ Ios Mobile Accounting App  helps you with VAT and automate business can be availed by

Top Features of the Reach OnlineVAT Accounting Software  and Reach Mobile App 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. 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.

• 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.
• 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 features 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 hard disk. 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.

Top Two Features of the Reach Accounting Software 

• Outsourced Accounting: The software enables to finish the outsourced accounts in less than 30 minutes.

• Real Time Accounting: Allows client to record sales and purchases online, while finalizing accounts that is checking the Audit trail, providing MIS reports, checking Tax reports, printing financial reports and filing taxes. 

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 Computing is a concept through which organizations can manage their data centres, processes and applications online via internet on the scheme of pay for use basis.

Advantages of Cloud Accounting Software:

– Nothing to install. Just signup and start entering your transactions
– You don’t have to worry about upgrades as all changes are pushed automatically. Online softwares are always up to date.
– Can be accessed from any internet enabled device at any point of time
– Cloud accounting software providers take care of backup and maintenance which is a cost saving for you.
– Data across all your offices is always synchronised.
– It can integrate with other cloud based applications. 

Reach Customer service

Reach Online services provides several support channels to its customers. It offers both e-mails and chat support, which you can access directly throughout the company’s website. Or, if you prefer to troubleshoot problems yourself, the support page has a searchable knowledge e-base tutorials a collection of articles, guides and videos. Reach also offers a blog, a user community and training classes. If you want in-person assistance, Reach as advisers can give you one-on-one help on using the software and  Mobile App advising your business to grow in right direction .The customer support is prompt, supportive, and flexible.