10 Things to Consider While Choosing VAT Automation Software

10 Things to Consider While Choosing VAT Automation Software

Many multinational companies are having challenges in managing their VAT returns and staying compliant with FTA. Businesses are looking at ways to make things easy for them. Here is where VAT automation plays a big role in the businesses, especially the ones that are medium size and large size. It becomes very vital for one to choose the best VAT automation software for their VAT compliance needs. But, how will one be able to decide which software is best for them and their business?

Here are the 10 points to look for while choosing VAT Automation Software

VAT in UAE is a new thing for almost all businesses. It is necessary for all businesses to understand the VAT and make sure they stay compliant with the FTA norms. The Federal Tax Authority (FTA) Dubai has taken VAT online a while back, to make everything easy and systematic for the business in UAE.  

Truly Automated

Truly automatic software completes the required task with no or minimum human interference. The same is the case with VAT automation software. There are many software out there that pretend to be an automatic VAT management solution but they fail miserably in the phase of extracting data from the source system to the preparation of VAT return.

An automated software offers an end to end automation that extracts source data from various business systems, performs extensive validations as per the FTA VAT laws and prepares VAT returns ready to be filed on the government portals without any errors!

User-Friendly Interface

When picking software, you must make sure that it has a user-friendly interface. It should be easy for you to use the software and easily view different financial reports and statistics.

Some solutions provide a user-friendly dashboard that allows access to many important sales/purchase reports and reconciliation.

Cloud/On-Premise Solution

Based on your business needs the software solution shall have the provision to be deployed on-premise or on the cloud. Many businesses prefer the solution to be on the cloud. Cygnet R7VAT is one such VAT automation solution that provides an on cloud/on-premise solution depending on your needs.

Integration & Customizations

The software should provide seamless and error-free integration with other business systems. Most of the times business use different data source systems to store the financial records. Sometimes it is also a case that a business with many locations uses different source systems. So, the VAT automation software should be highly customizable and should easily be integrated with many sources system to prepare the accurate VAT returns.

FTA Approval

It is very important that the software you choose should have an FTA UAE approval. You can go on their website to check which software has been approved by them. Choosing one that is not FTA approved, will only double the work for you.

An FTA accredited software ensures better control over VAT management and follows all the norms by FTA leaving you with proper and error-free VAT returns.

Business Intelligence Reports

The software should be able to provide you with business intelligence reports that give you an overview of the past and the current business operations. These reports will help you in understanding your operations better and make changes accordingly. VAT automation software will provide more accurate financial reports.

Real-Time Data Validation

The software should be able to validate the data in real-time so that errors are rectified immediately, and you don’t send incomplete forms for your VAT return. After extracting the source data software should perform strong data validation checks to ensure that errors are identified and corrected before preparing the VAT return to avoid the penalties from FTA and staying FTA compliant.

Quick Access to your VAT Obligations, Liabilities, and Payments

You should be able to access all the data immediately related to VAT obligations, liabilities or any payments. If there is a delay in addressing these issues your business might have to face some consequences, hence quick access to all these is very important.

Ability to Handle a Large Amount of Data

The software should be capable enough to handle a large amount of data. Sometimes the software crashes when you upload huge amounts of data, if that is the case, your efforts go in vain and you might also lose some data. Considering the common business scenario, many big companies have different business touchpoints, a huge customer base and enormous data generated involving a wide range of data systems, so the provision for storage of large volume of financial data with a web interface is required.

Active Customer Support

When choosing a VAT accounting software, it is important that they have customer support that is active all the time and can attend your queries immediately. Make sure you choose the software with a responsive & active support team with all the technical as well as VAT related knowledge.

What is ‘R7VAT’ & why to choose it for VAT Automation?

R7VAT simplifies the process of preparing VAT returns for companies of all sizes, helping them move from manual to digital record keeping. It offers an end to end automation that extracts source data from various business systems, performs extensive validations as per the FTA VAT laws and auto-populates the VAT returns.

Businesses that already have VAT automation are deriving great results. These businesses are rated higher in compliance when compared to those which have no automation. You ultimately spend less time in rectifying errors, which means you are submitting VAT on time, as you spend less time on other tasks. You also tend to get more accurate business and financial reports.

R7VAT is FTA approved, user-friendly, can handle a large amount of data than any other software. There are many reasons why R7VAT is the best VAT automation Software in UAE, let’s look at a few of them.

  • Fully Automated Solution
  • Strong Data Validation in Real-time
  • Easy and quick mapping process
  • Easy Integration & Customization
  • Business Intelligence Reports
  • Simple & Easy User Interface
  • Comprehensive Dashboard
  • Ability to mitigate risk
  • Powerful and scalable
  • Active customer support & helpdesk.

Read Our Success Story: A complete Automated Solution for Indirect Tax Filing

It’s time for you to go the automation way. R7VAT has helped many companies automate their VAT and be VAT compliant. It is one of the best VAT return software. If you are looking for any assistance on the same, you can get in touch with our team on hello@r7vat.com or call on +971-52-830-5127

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