Accounting Software fulfils business requirements like managing accounts payable, accounts receivable, inventory management, order management, billing etc. and helps the businesses in producing the accounting information into tax report. Tax accounting software is an accounting software which has an inbuilt capability to generate the tax report from its accounting records with zero or minimum efforts.
FTA’s key requirements in Tax Accounting Software are :-
(2) Supports issuance of tax invoices, credit/debit notes and self-billed invoices,
(3) Comprehensive documentation to assist auditors in understanding how the software operates,
(4) Access controls to ensure that only authorised users can access and process data based on the permissions given,
(5) Password control features,
(6) Inbuilt capabilities to prevent, detect and correct the Incomplete and invalid data to ensure that details in VAT return and FAF file is complete and accurate,
(7) Inbuilt control to prevent the editing and deleting of entries made,
(8) Back-up of data and restores as when required,
(9) Multiple user profiles with different access rights and
(10) Generate configured reports on weekly, monthly, quarterly and annually.
Key benefits of FTA Accredited Tax Accounting Software are :-
(1) Generating VAT compliant tax invoice, Debit note and Credit note,
(2) Automatic generation of VAT return form (VAT 201) and FAF (Audit File) with zero or minimum efforts,
(3) VAT returns and audit file generated are complete and error-free,
(4) On-Time filing of VAT returns in Dubai ,
(5) Saves you from paying hefty penalties for delayed compliances,
(6) Maintaining books and all other VAT records for a period of 5 years or 10 years as applicable,
(7) Helps in reducing the compliance cost for businesses,
(8) Easier for taxable person as well as FTA to co-operate in areas such as audits and
(9) It gives the business owner’s peace of mind and allows them to invest more time concentrating towards your business growth rather than get stuck in the compliance.