VAT Accounting Software Dubai, UAE & Middle East
Accounting Software Companies in Dubai, UAE
Due to the introduction of value-added tax (VAT) in UAE, companies are now looking and evaluating provider for VAT enabled accounting software. Foreseeing this, Brainsphere IT Solutions have developed robust VAT accounting software that will help an organization to manage VAT (value-added tax) better than any accounting software available in the market. Equipped with all the provision our accounting software helps an organization to track all the direct and indirect taxes and generate the VAT return file. Brainsphere IT Solutions not only make sure that all value-added taxes (VAT) related transactions &functionalities used optimally but also train your staff to examine and analyze your transaction to meet your business obligations. Inbuilt multiple currencies and multi companies’ functionalities helps automatic tax calculations by making any necessary modifications. Brainsphere’s VAT Accounting Software Dubai, UAE is an integrated business accounting software for Micro, Small and Medium businesses. With over 500+ installations worldwide, Our Accounting Software is one of the leading accounting software in UAE.
Now let us look at the key Benefits of Accounting Software for New/Small Companies.
You are just starting a new business and you have to take care of a lot of things from securing financing to managing your cash flow. With the right accounting software, you can manage all of your financial transactions effectively and comply with all accounting standards. That is why it is important to implement it as soon as possible. Given the great number of systems available out there, choosing one can be confusing, but you will certainly benefit if you choose the right one.
First, you have to define your financial and technical requirements. The accounting solution for your new business has to have features for managing all of your financial transactions. Think of the number of transactions that your company has now and try to estimate their number in the short term. Consider factors such as transactions for employee remuneration, foreign currency transactions and stock management.
When it comes to technical requirements, you need to consider operating system compatibility and compatibility with other systems that you are using plus flexibility, availability of upgrades and technical support. In order to reduce their initial investment, many new businesses choose to use an accounting solution in Dubai that can grow in line with their venture. Basically, you invest in a set of basic modules and then increase their number along with the system’s capabilities for handling transactions.
Below are some of the benefits of using accounting software for new or small business.
Save Time & Cost
A most important advantage of having accounting software is that it saves a lot of time over manual calculations. It reduces the time of doing accounts and keeps up to date reports, which will reduce the audit costs. You can run your small business smoothly without any problems. Many small companies still hesitate to invest in accounting software due to the initial costs involved, but its important to know that cost will be recovered from long term saving.
Minimize Errors
An Accounting system helps to reduce all the manual errors that could happen by automating tasks and faster data entry. There won’t be any mistakes in the calculation as this will be taken care of by the software
Accurate Reports
With the help of accounting software, you can meet your business invoicing and indirect tax reporting obligations. An Accounting software UAE by recording, summarizing, measuring and comparing all the financial data gives a complete report on your cash, assets and liabilities. Which will helps to forecast and take prior actions to achieve the financial goals of your business.
Better Cash Flow management
Cash is what keeps a business alive. By properly tracking the cash inflows and outflows, accounting software will help in the better cash flow management, and another advantage is that you will never lose track of receivables, payables, credit risks and current outstanding.
Better Inventory Control
You can track all the information’s about your inventory which results in efficient inventory control. This software helps to identify inventory requirements through monitoring and recording inventory utilization. This enables you to handle Inventory of Vendors, Customers, and Consignee or Internal departments
With best accounting software you will be able to access your important financial and operational data easily. It will help to create budgets and forecasting report in a more accurate way so business owners can quickly access the information for better forecasting and planning.
Now that you know some of the benefits of accounting software, purchasing any accounting software that you come across will be very risky for you. Since the Vat implementation in UAE, not just any accounting software is not enough, it should be a VAT compliant accounting software approved by the federal tax authority in the UAE. Brainsphere IT solution provides ERP Software in UAE that is accredited by the UAE federal tax authority (FTA). Brainsphere offers Financial accounting module that has the accreditation of UAE FTA. If you need more information on the best accounting system in UAE that you can have please reach us on +971 52 640 3909 or email to info@brainsphereit.com.
Modules for Accounting software
With the real-time data, our solution will help your finance team to forecast and take preemptive actions to accomplish the financial obligations in order to meet the targets on time. And, be relaxed and confident about the reports which are fully compliant to the rules and regulations of the region derived as per the International Financial Reporting Standards.
- Alerts and reminders as per Accounts Payable and Accounts Receivable schedules
- AP and AR age analysis for accurate financial planning
- Profit & Loss, Balance Sheet, Trial balance, General Ledgers
- Scheduled Quarterly / Annually financial reports and accounts statements
- Consolidated statement of accounts with Group Trial Balance
- Cost center wise Gross Profit analysis, daily bank position, Monthly comparisons
- Enterprise Asset and Depreciation Management
- Budget definition and control
- Intercompany transaction
- Dynamic Business Intelligence Reports to ascertain the financial health of the organization
- Various grouping structures and Templates for financial statements
- VAT return XML file generation
Order processing module consists of sales and purchase, this module is backbone without which no company can survive. This helps company for efficient sales forecasting and manage procurement. Brainsphere’s accounting software have a robust mechanism to manage sales and purchase cycle, generate and send across all quotation and invoices in no time.
- CRM Module for enquiry registration and sales lead management.
- Enable to collect customer RFQ
- Generate and efficient follow up of sales quotation
- Creating sales orders once quotation is approved which can be than followed by sales invoice. (Fetching data from previous documents by document linking helps to save time and data error)
- Delivery order with complete details of packing list and transportation details.
- Provision for progressive sales invoice and billing.
- Sales return and settlements with or without credit notes.
- Configuration of multiple price and discount structure customer and item wise.
- Potential supplier to supplier evaluation (S2S Analysis – Vendor Analysis)
- Provision for tracking pending purchases orders and invoices.
- Alerts and Reminders for tracking delivery schedules.
- Preparation of Advance shipping (ASN) and Generate goods receipt note (GRN).
- Quality check control and Purchase return process.
- Clearance of the invoice and payment to supplier.
- Compare purchase history from multiple vendors to take appropriate procurement decision.
- Facilitating automated generation of purchase requisition based on minimum available quantity and regular demand.
- Provision for periodic follow and attachments for each document.
- Generate VAT amount on each sales and purchase invoices as per FTA Guideline.
- Financial integration and postings as and when sales/purchase or return occurs.
Having accurate inventory tracking and proper warehouse management procedures is must to avoid any last-minute surprises. Brainsphere IT solution provides a powerful and flexible set of features to identify and report your inventory status at any point of time. It also aids to identify inventory requirements, to configure and utilize replenishment processes, to monitor inventory utilization, to reconcile the inventory balances, to handle inventory transfers amid warehouses.
- Handle Inventory of Vendors, Customers, Consignee or Internal departments
- Set item attributes like Barcode, Serial number, Manufacturer, Brand, Size, Colour etc for ease of tracking
- Whether included or exempted, provision to capture VAT percentage in each inventory as per FTA guidlines.
- Effective expiry management and alerts with Batch control system
- Define multiple units combined with accurate conversion to the base unit
- Track Location / Zone and Bin / Palette wise inventory
- Inter-Warehouse, Inter-Location or Inter-Bin stock transfers
- Put away and Picking procedures
- Effective authorization levels to monitor stock movement
- Industrial compliant barcode solution – barcode generation and label printing
- Integrated real time stock updating and accurate physical stock reporting
- Stock replenishment based on forecasting and order level
- Stock reservation based on requests
- Periodic Inward and Outward Q/C Approval Procedures
- On the fly Kit assembly procedures
- Check-in time packing and repacking facility
- Temperature controlled binning