VAT Smart is a comprehensive software that delivers compliance solutions related to value-added tax.
The application enables businesses to generate VAT invoices and submit the Tax returns as per FTA format, also it helps in updating their existing GL accounts if required. The application is aimed for SME and large enterprises which are in the Tax net and are either using an software for managing their finances or otherwise, it also provide as a consolidation tool for those companies who are using multiple ERP’s and need to file consolidated returns.
The Smart TAX Engine
- VATSmart has a sophisticated setup to configure your company and tax rule requirements.
- Setup Company, sub companies and VAT Services your business deals with.
- The system while uploading your invoice data will automatically allocate the right VAT rate as per the conditions established by the tax authority.
- Your accountants need to reconcile the error logs, any invoices that are mentioned as exceptional and that’s it!
- VATSmart generates and maintains Sales, Purchase, Sales Credit Notes, Purchase Credit Notes, and GL Vouchers all processed under the VAT Rules
- Alongside this, the system also maintains a batch wise record of data you have uploaded, just in case if you wish to reconcile at any given time.
- System supports back date and period wise financial transaction maintenance to support any adjustments
- Users can define dynamic financial periods as per their company policies and manage data accordingly.
The FTA Return
With all this, VATSmart generates a complete authentic FTA return file as per the format issued by FTA