Automate Your VAT Returns with R7VAT
The most comprehensive VAT software solution for GCC,
brought to you by the experts in tax technology
Remove the Challenges in VAT Management
The United Arab Emirates (UAE) and the Kingdom of Saudi Arabia (KSA) introduced VAT from Jan 1st 2018. Sooner or later, other countries in the GCC will also introduce VAT. To adapt to this regulatory requirement, companies must adapt and tackle their business challenges through automation. A specialized VAT software such as R7VAT can help companies to achieve VAT compliance quickly and efficiently. Some of the challenges that can be addressed with automation are
Heterogeneous Systems
Use automation to extract tax data from source business systems
Data Validations
Use automated rule engine to perform error checks and validations as per FTA laws
Readiness for Audit
Generate FTA Audit File automatically whenever you need it
Large Data Sets
Perform data reconciliation across millions of records within seconds
Risk of Penalty
Reduce the risk of non-compliance with FTA VAT regulations by using a software
Resource Utilization
Using a software can help you use your resources more productively
Records Maintenance
Using a software makes it easy to maintain records and retrieve them when needed
Maker-Checker
Use VAT software as a checker for independent verification before filing returns
Future Concerns
A software can help you to remain updated with the evolving changes in VAT laws
Do You Really Need Specialized VAT Software?
It is important to ask this question before you invest your time, effort and money into a VAT software for your organization. We believe that if you have the following challenges, then you definitely need one and we are happy to help.
Heterogeneous Systems
Use automation to extract tax data from source business systems
Data Validations
Use automated rule engine to perform error checks and validations as per FTA laws
Readiness for Audit
Generate FTA Audit File automatically whenever you need it
Large Data Sets
Perform data reconciliation across millions of records within seconds
Avoid Risk of Penalty
Reduce the risk of non-compliance with FTA VAT regulations by using a software
Resource Utilization
Using a software can help you use your resources more productively
Records Maintenance
Using a software makes it easy to maintain records and retrieve them when needed
Maker-Checker
Use VAT software as a checker for independent verification before filing returns
Future Concerns
A software can help you to remain updated with the evolving changes in VAT laws
R7VAT
A fully automated solution for managing VAT in your organization
R7VAT simplifies the process of preparing VAT returns for companies of all sizes. It offers an end to end automation that extracts source data from various business systems, performs extensive validations as per the VAT laws for the specific country in the GCC and auto-populates the VAT returns.
VAT Returns
Auto-population of VAT returns in the prescribed FTA format
FTA Audit File (FAF)
On demand generation of FTA Audit File across millions of invoice records
Reconciliation
Item level reconciliation for VAT Register vs. General Ledger across Org hierarchy
Rule Engine
Over 400 inbuilt validations as per FTA rules and field level error reports
Document Generation
Generate invoices and credit notes as required
Reports
Unique reports such as Refund claims and Currency reconciliation
Bridge Business Systems with FTA
R7VAT uses a proprietary 7-stage methodology developed by our experts in tax & technology that extracts tax data from various source systems, validates it as per FTA rules and prepares it for filing the VAT returns
The R7 Methodology
R7VAT extracts AR and AP data from source ERP and accounting systems using pre-built or custom connectors.
Using data mappers and massagers, R7VAT converts the source data into FTA compliant formats
In this step, R7VAT validates the data as per FTA rules and acts as a checker to the maker (ERP)
R7VAT produces comprehensive and accurate error reports at the transaction level that helps users to correct them before filing VAT returns.
The VAT returns are auto-populated with the correct data in R7VAT. It also generates an accurate FTA Audit File on demand.
R7VAT provides an intuitive dashboard to give access to important statistics. It also reconciles GL and VAT register.
As per regulation, R7VAT maintains all records for upto 7 years. It also tracks and records all user activity.
The R7VAT Advantage
Fully Automated
VAT returns, FAF generation, Input tax apportionment and Refund claims documentation can be completely automated
Powerful & Scalable
400+ error checks, ability to skim through millions of records and drill down from summary to line item transaction level records.
Simple & Easy
Access to statistics from dashboard, reports on GL and currency reconciliation and ability to create documents on the go.
Saves Time
Retrieve to record automation, real time data access and increase in efficiency & productivity
Saves Cost
Avoid penalties, use less resources, save on costs of delay and resolve errors faster
Mitigates Risks
Complete audit trail ensures you have good governance and control on VAT management
Gives Peace of Mind
Improves Processes
Gives Better Control on VAT
R7VAT is designed by two of the leading companies in the tax and technology domain – Dhruva and Cygnet.
Dhruva is a boutique firm providing tax advisory services to global clients and Cygnet is a multinational technology firm specializing in tax technology solutions. Dhruva and Cygnet have formed a joint venture D&C to offer VAT automation solutions in the GCC.
Why Choose R7VAT?
We differentiate ourselves through our commitment to service, over and above the solution offering. With D&C and R7VAT, you can be assured that your VAT management is in professional and safe hands.
On Premise / On Cloud
R7VAT is available as cloud solution and also can be implemented on premise
Integration
Integration with ERP is no challenge with our ready connectors
Customization
With appropriate customization and configuration, solution can be tailored
Support & Help Desk
Support is only a phone call or an email away. Our staff is responsive and dedicated
In House Expertise
All expertise is available in house without depending on third party SI
Would you like us to assist you with VAT automation?
Feel free to contact us.