Integrate e-commerce website with Online VAT Accounting Software –UAE

VAT In UAE

VAT has come in effect to all business transactions from January 1^st 2018.It will be a positive reaction for UAE as it will generate revenues for development of infrastructure and economic growth of the country. It is estimated that with the introduction of the new form of taxation “Value Added Tax” the economy may raise its annual revenues by Dh 12 billion in the first year of implementation of the VAT system. Gulf Cooperation Council (GCC) decided upon the implementation of VAT system as being one of the steps to diversify revenues due to the fall in oil prices. Tax reform was top priority in UAE succumb to the fall in oil prices and revenues. This fall in oil prices also affected real estate industry impacting the economic growth of the country. Standard VAT rate of 5% will apply to goods and services unless specifically declared as zero rated or exempted. Integrate e-commerce website with Online VAT Accounting Software –UAE is explained below.

How should businesses prepare for VAT implementation?

With the introduction of VAT in UAE, there are considerations that businesses would have to take care of with regard to tax consulting of VAT and amending business policies.

• 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;-Integrate e-commerce website with Online VAT Accounting Software –UAE
• 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

  Integrate e-commerce website with Online VAT Accounting Software –UAE

Choosing the right accounting software can be challenging. Each program includes a different set of features, and most offer multiple pricing plans to choose from, which also vary by feature, number of users or another factor. Carefully choose the right software for your accounting abilities, size, type of business, and required functionality. One of the key features is online accounting software having the capability of integrating with e-commerce web site of the business.

Reach Online VAT Accounting Software is perfect choice to Integrate e-commerce website with Online VAT Accounting Software –UAE

Reach Accountant 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 accounting software that can Integrate e-commerce website with Online VAT Accounting Software  and automatically manage your book of accounts, taxes, inventory, sales, purchases and more online quickly and securely .

Integrate e-commerce website with Online VAT Accounting Software –UAE   with Reach Accountant Online VAT Accounting Software- Detail and close view

What is E-Commerce?

E-commerce (electronic commerce or EC) is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet. These business transactions occur either as business-to-business, business-to-consumer, consumer-to-consumer or consumer-to-business. The terms e-commerce and e-business are often used interchangeably. The term e-tail is also sometimes used in reference to transactional processes for online shopping. Simply put, ecommerce refers to commercial transactions conducted online. This means that whenever you buy and sell something using the Internet, you’re involved in ecommerce.

What is E-Commerce website?

E-Commerce websites are online portals that facilitate online transactions of goods and services through means of the transfer of information and funds over the Internet. In the early days, e-Commerce was done partially through emails and phone calls. Now, with a single website, anything and everything that a transaction needs can be executed online.

Need For E-Commerce Website

For a business to grow it must consistently reach new customers and communicate effectively with existing ones. Creating an e-commerce website allows a business to break-through the limitations a physical location presents, while increasing sales of its products.

Running an ecommerce website offers business owners a chance to reach far more customers and is an affordable, scalable way to increase your revenue.
Below are some of the reasons why you need to incorporate an e-commerce system as part of your business model.

1. You Can Gain New Customers through Search Engines

There are many ways to make sure people can find your website. Whether you focus on long tail keywords or Pay Per Click advertising on Search Engine, it is essential that your website appears when searching for the products or services you offer.

2. Sell Your Products Nation / World Wide

Customers do not have to visit your shop to buy your products, you can now send them direct to their door.

One major advantage of having an e-commerce website is that customers do not have to visit your shop to buy your products, as they can be delivered anywhere in the country and direct to the customer’s door.

3. Customers Can Browse Your Products No Matter Where They Are

Potential customers can browse your entire product range at their comfort. You can also up sell and cross sell by recommending products that relate to the ones they are browsing.

4. Your Social Media Following Is Growing thus Potential Customers Have To Visit Your Business To Buy From You

For your business to really benefit from a growing social media following you need to make it as easy as possible for potential customers to buy your products. Continue to provide valuable content and then start sending your followers to your website is the best way to turn followers into customers.

5. Increase Sales

Increasing the number of opportunities to sell your products can massively contribute to the numbers of sales you generate.

The benefits of e-commerce include its around-the-clock availability, the speed of access, the wide availability of goods and services for the consumer, easy accessibility, and international reach.

Why integrate e-commerce website with Online VAT Accounting Software –UAE?

Reach Online VAT Accounting Software 

It is a beneficial decision to integrate the company’s e-commerce website with online VAT Accounting Software as it would increase efficiency and growth of the business. Run your ecommerce business with simple accounting software as it would avoid double work of noting the details of same transaction.

For Instance: When a customer browses on the company’s web site and order a product. The integrated online software reads and notes the product details, Order No, Dispatch details and other details directly in the backend online software. Therefore avoiding manual intervention of duplicating details once again for back end processing. We call it hassle-free accounting and reconciliation. When orders are processed, Reach Online Accounting Software automatically records the transaction fees and credit card fees as sales receipts and bills in the accounting software. It’s a small feature that makes a big difference.

Reach easy-to-use accounting software with E-commerce website for inventory, point of sale and more. Check cash flow and the health of your business – from anywhere.

Automated business by synching all the multi channel sales, expenses and orders directly into the software so it can keep an account of everything.

Benefits of integrating E-commerce website with Reach Online VAT accounting software

The Reach online VAT accounting software program provides a wide range of eCommerce accounting procedures making it an ideal choice for a diverse range of small and medium sized online businesses.The program easily deals with all aspects of eCommerce bookkeeping, from generating invoices and quotes to reconciling your bank balance. Looking for a cloud software program with the benefits of a proven track record in web based accounting and the ability to integrate with other aspects of your e-commerce business, Reach Online VAT Accounting Software  will tick all the boxes.Reach  has all the functions that you would expect from an industry standard eCommerce accounting software package, such as:

• Multi-currency pricing
• Tax bundling
• Bank reconciliation
• Cloud-based system
• Integrates with inventory management so you can track all your business finances from one dashboard

• Mobile app for iPhone and Android
• Time tracking (record your time spent using the built-in stopwatch or smart timesheets)
• Support system that includes online guides, webinars, and email and telephone support

• Automatically post, track, and sync all orders, expenses, fees, and shipping costs directly into Reach Online VAT Accounting Software
• View financial reports for your entire multichannel business from one dashboard to make smarter decisions
• Always know where your money is—revenue, inventory, sales tax, shipping costs, and fees—from stores, marketplaces, and payment processors
• Post orders to accounting individually—or group several into a summary
• Sync and track dues from Customers  Invoice Reports into Reach Online VAT Software
• Track payment processor fees—from different payment portals—with your accounting software
• Track shipping costs from third-party shipping applications
• See financial reports of your entire business and get strategic insights
• Post orders as a single transaction or group them together on a monthly, weekly, or daily basis
• Easily select, by store, groups of orders and post as a batch
• See revenue and expenses in your accounting for financial accuracy without excessive detail
• Record transactions against a standard customer in accounting or track individual customers
• Easily manage refunds and cancelled orders
• Cancel an entire transaction or just part of it
• Generate a refund check automatically in accounting
• Automatically and instantly update inventory for refunded orders
• Automatically track and validate VAT—as per FTA Rulesl—for each online order
• Post orders to your accounting with the VAT
• Have full confidence in your tax compliance and financial reporting across all sales channels
• Save money on outsourced bookkeeping and accounting
• Your inventory stays optimized and organized. The inventory level remains under check so you know when to restock your items before you are forced to label them as out of stock.
• Keep your customer history so it does not require for them to enter their details every time they purchase in case they remain your guest.
• Record all the order details like customer information, item details, amount taxes, shipping charges, amounts, taxes, discounts and payment.
• View all your business sales and profit from the dashboard which will help you in taking better decision for your business.

• Automatic Daily Sync

You can choose to automatically sync order data between E-commerce website and Reach and receive daily notification emails.

• Orders

Create seamless financial reports. Refunds, discount, and payment fees are automatically recorded separately.

• Create Invoices

With a single click, you can export your orders into individual invoices that can include partially paid or pending orders. Products on your invoice can be linked to your product report in Reach .You also have the option to automatically import customer information along with your orders.

• Global Tax Support

Regardless of where you are, our integration provides worldwide support. If you’re located in any part of the world you will be asked to file your tax returns on or before due date.

• 24/7 Unlimited Support

Reach customers enjoy unlimited, free support delivered through a range of options – including email, comprehensive online help and online communities.

Features of the Reach Online VAT Accounting  Software In detail 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.

• 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.
• 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 Online VAT 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 have established themselves as long-term experts in user-friendly business accounting. Their accounting software makes it easy to manage income and expenses, unlimited bank transactions, and even generate reports for better decision making. With pricing plans for every business type, from a small start-up to a rapidly growing international business, you’ll definitely be able to find the right plan for your business. The system comes with full customer support and the various pricing options making value for money in terms of initial cost and Return on Investment.