UAE government has just announced the new VAT policy. Even Though the decision has been on the table for the last few years; last week the UAE finance ministry made the official announcement. The new VAT structure is planned to be rollout on January 2018 onwards. According to the announcement, the proposed VAT on goods and services is 5%, but basic food items, education, health, social service, etc. would be tax exempt. The GCC countries including Qatar, Bahrain, Dubai, Kuwait, and Saudi Arabia are believed to follow the step and implement VAT all over the GCC.
VAT and Industry
Obviously, the cost of living will be increased as far as people are concerned. The industries in UAE especially Dubai will also take some time to adjust to the new VAT regime. One of the hurdles the industry may face is making the accounting software compatible with the new VAT structure.
Here we present UAE/GCC VAT ready online accounting software Cybro Accounts, and its offline version Account suite, both are specifically designed to meet the requirements of new UAE VAT structure.
Cybro Accounts is a GCC VAT ready online accounting software which can manage all the operations related to Inventory and Accounting part of a business firm. The software is more than an accounting solution, it is a comprehensive accounting ERP which can manage the Accounting, Payroll, and Inventory needs of any type of organization. The size and nature of the business is not a concern, Cybro account ERP is flexible and customizable to any environment.
Cybro Account is a software developed with the reliable Microsoft.net platform and the previous versions of the software are widely used across GCC countries like Dubai. he new GCC VAT ready version of Cybro accounts provides all the possibilities of the previous versions along with new VAT structure support. Cybro Accounts is a proven product which serves the clients across Australia, South Asian, Southeast Asian and GCC countries like Bahrain, Dubai, Qatar, Saudi Arabia, and Kuwait.
'Account suite' is an offline 'GCC VAT ready software' which has all the features of 'Cybro Accounts'; except it is offline. Account suit is also developed by Microsoft .net platform and it offers all the Accounting, Inventory and Payroll features needed for an organization.
the strategy allows anyone to buy the source code of the above two products, rebrand it and resell at an expedited mode, rather than developing from scratch.
Cybro Accounts offers the following GCC VAT compatible features:
1. Calculate VAT automatically.
2. VAT support in Sales, Purchase, Sales and Purchase returns, Journal entries.
3. Generate Federal Tax Authority compatible tax reports.
4. VAT Paid (charged by suppliers) and Vat Collection (Charged to customers) Analysis.
5. Transaction wise details of VAT paid and VAT collected.
6. Attach every Vendors/Customers VAT number and other details.
7. VAT supported for Goods (stocked) and Service (non-stocked) items.
8. Online, On the go, and Automatic accounting.
9. VAT Account Reconciliation, VAT Collection & VAT Paid analysis report.
10. Report export to excel and other standard formats.
11. VAT return statement compatible with Federal Tax Authority standards.
Cybro Accounts & Account Suit General Features
1. Branch, Department, Employee and User Role management
2. Inventory Support; Warehouse, Product and Product Price Management.
3. Provides all the normal accounting transactions including Contra, Payment, Receipt, Journal, and Service Vouchers, PDC management, Bank Reconciliation, Stock journal, etc.
4. Sales and Purchase Management
5. Financial Statements including Profit and Loss, Trial Balance, Balance Sheet, Cash flow, Fund flow and Chart of accounts.
6. Budgeting and budget Variance
7. Service Management
8. Payroll Management including, Employee salary setting, Bonus/Deduction, Advance Payment, Payslip and Salary voucher generation.
9. Detailed Reporting including
10. Account Group and Ledger wise report
11. Day Book, Cash Book
a) Stock report
b) Sales and Purchase report
c) Ageing Report
d) C/O Report
e) Product Statistics Report
f) VAT Reports etc.