Businesses demand for a bespoke accounting system to collect, store and process financial and accounting data for accuracy. An accounting system, usually a computer software like Sage 50 Accounting, Sage 300c or QuickBooks is used to track accounting activities in conjunction with information technology resources. To top that off, VAT enabled accounting software embedded in the existing ones is just an added advantage.
The new generation accounting systems are enabled with VAT (Value Added Tax) and e-return filing features to make the working easy for the trading community, small businesses, departmental stores, retail stores, shopping malls, and other small to medium businesses.
Benefits of Using VAT Enabled Accounting Software
- A VAT enabled accounting system provides 360 degrees solution for computerized financial accounting, installed with advanced features.
- It is much simpler to use and takes lesser time.
- Fair and proper product training is possible.
- Accounting software inbuilt with VAT structure ensures effective stock management system.
- Saves time by automatically generating report and statements
- Helps the company in generating and customizing bill format as per the company’s norms.
- Facilitates automatic creation of journal entries
- One time report for VAT Return
- There is a barcode system that keeps figures crystal clear.
Features of VAT Accounting Software
- The VAT accounting software is completely codeless so there is no concern of any bugs.
- Enabling a VAT accounting system helps save time as there are no worries of creating or remembering difficult codes for items, customers’ references etc. It makes your work simpler and organized.
- To make your VAT reporting simple it makes a system generated VAT report.
- Every statement is stored for future references.
Since VAT accounting software is soon going to be implemented in GCC countries, we look forward to enjoying the benefits. They are popularly known to provide a hassle-free computerized system of accounting for the smooth functioning of enterprises. They are intended to precisely maintain a complete and accurate statement of income and expenses with emphasis on Goods and Services Taxes (GST) or Value Added Taxes (VAT), paid and collected by your business.
The VAT accounting feature vaunts to generate a variety of statements related to expenses, income, profit, general ledger etc., and provides the facility to businesses to categorize their income and expenses for tax purposes. Having the business’s records fully organized saves valuable time and money during taxation. Some VAT accounting software can be used for multiple businesses, currencies, divisions, locations, branches and so on. You can now keep a track of sales, customers, inventory, and receivables, as the software offers complete business management solutions for small and medium enterprises.