Tally https://tallysolutions.com/mena/ Thu, 21 Mar 2024 11:17:22 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.1 6 Smart Ways to Transform Traditional Accounting Practices with TallyPrime https://tallysolutions.com/mena/tally/6-smart-ways-to-transform-traditional-accounting-practices-with-tallyprime/ https://tallysolutions.com/mena/tally/6-smart-ways-to-transform-traditional-accounting-practices-with-tallyprime/#respond Thu, 21 Mar 2024 11:17:22 +0000 https://tallysolutions.com/mena/?p=15362 Traditional accounting practices such as using physical ledgers, journals, and spreadsheets to record and report financial transactions, are no longer considered efficient. For the most part, they are time consuming and susceptible to human error. They have now been replaced by software technologies that help automate repetitive tasks in accounting. If you are considering automating … Continue reading 6 Smart Ways to Transform Traditional Accounting Practices with TallyPrime

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Traditional accounting practices such as using physical ledgers, journals, and spreadsheets to record and report financial transactions, are no longer considered efficient. For the most part, they are time consuming and susceptible to human error. They have now been replaced by software technologies that help automate repetitive tasks in accounting.

If you are considering automating your accounting workflow, TallyPrime can be an excellent choice for you. It lets you bid goodbye to your traditional accounting practices and implement innovative, quick and reliable accounting principles in your operations. Thanks to TallyPrime, you can improve the profitability, visibility, and productivity of your business instantly.

This blog sheds light on some ways through which TallyPrime helps you transform your traditional accounting practices and streamline your accounting.

#1. Ease of recording entries

TallyPrime helps you record entries easily and accurately. You can use different vouchers to record your transactions, including purchases, sales, or receipts.

5 Must Have Reports Insights in Your Dashboard

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Sometimes, you need to make an entry for post-dated transactions or record transactions that you have not yet received. All of these can be quite time-consuming and complicated when done manually. However, with TallyPrime, you can do it within a few seconds.

#2. Accurate grouping of accounts 

To adhere to proper accounting standards, you have to record the entries in proper ledgers. TallyPrime makes this job simple for you, as it offers 28 predefined groups for accurate reporting of transactions. With 15 primary groups (like assets and liabilities) and 13 secondary groups (like bad debts), you can record transactions that add value and meaning to your business.

#3. Better financial reporting

Your financial reports tell you the health of your business. For example, a look at your Profit and Loss Statement will inform if your business is in profit or loss. Even a small mistake in these reports can make a huge impact on your business decisions. TallyPrime, with its updated and automated features, helps you create accurate financial reports for more informed decisions. 

Some of the features of  TallyPrime are Transaction Registers, Trial Balance, Profit and Loss Accounts, Balance Sheets and more. You can easily record real-time transactions in these groups, reducing errors to a great extent.

#4. Multi-bank transactions made easy

As a business owner, you might have to handle transactions to and from different kinds of banks. In a physical system of accounting, it is quite difficult to track every check, online payment, and demand draft that you receive or pay to more than one bank. This is where the multi-bank utility feature of TallyPrime helps you record these transactions with ease, accuracy and speed.

#5. Ease of handling transactions of multiple currencies

Here is another reason why it is time to say goodbye to your traditional accounting practices and introduce TallyPrime to your business. With this software, you can handle transactions in multiple currencies and record all your international business transactions without any errors. This way, you can accurately account for gains or losses on foreign exchange and make appropriate business decisions.

#6. Financial planning like never before

The base for effective financial planning is accurate accounting. With TallyPrime, you can make accurate forecasts, prepare annual budgets, allocate resources to different departments, track budgetary expenses to check if they are in line with the plans, contingency planning and more. This way, you can be sure of the correctness of your accounts at any time during a particular year.

Bottom line

As you can see, TallyPrime helps seamlessly streamline your end-to-end accounting processes without any hitches or errors. As your accounting process gets more accurate and reliable, you can understand the health of your business in real time and manage your finances like never before. Mastering the features of TallyPrime, and imbibing the same into your accounting operations will definitely give you an edge over your competitors.

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How to Create and Use Barcodes for Inventory Management with TallyPrime https://tallysolutions.com/mena/tally/creating-using-barcodes-inventory-management-tallyprime/ https://tallysolutions.com/mena/tally/creating-using-barcodes-inventory-management-tallyprime/#respond Thu, 21 Mar 2024 04:52:44 +0000 https://tallysolutions.com/mena/?p=15368 TallyPrime is one of the most widely used business management software that allows you to get complete control over your inventory, from managing, tracking, and reordering it to much more. One of its key features is barcode assignment.  TallyPrime lets you quickly assign barcodes to your inventory, which makes inventory management and tracking a breeze. … Continue reading How to Create and Use Barcodes for Inventory Management with TallyPrime

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TallyPrime is one of the most widely used business management software that allows you to get complete control over your inventory, from managing, tracking, and reordering it to much more. One of its key features is barcode assignment. 

TallyPrime lets you quickly assign barcodes to your inventory, which makes inventory management and tracking a breeze. But how can you best use TallyPrime’s barcode feature for efficient inventory management? Read on to know more about the same.

5 things you should know before using barcodes with TallyPrime

  • Be clear on the type of barcode standard you would want to match your line of business. Some of the common barcode scanners that TallyPrime supports are Universal Product Code and International Article Number.
  • Next, you need a proper barcode generator that is in line with the barcode scanner you have selected. 
  • Every item in your stock should be assigned a unique barcode.
  • In TallyPrime, you can choose a barcode that has a maximum of 32 characters.
  • When using the barcode scanner on your inventory, the appropriate software should be installed in your system, and the scanner should be connected to your system at all times.

A brief overview of the steps involved in barcode creation in TallyPrime

Before you know about these steps to create barcodes in the software, it would be a good idea to have a customised module of TallyPrime to suit the nature of your business.

Importance of Fixed Assets management for your Business

ZATCA-Compliant E-invoicing: A Comprehensive Guide for TallyPrime Users

  • You will first assign barcodes to your stock items in TallyPrime by opening a particular item in the master file.
  • When you open this item, you will find the name of this item in the left-hand corner. Below this field, you will notice a field named, “Alias”. Here, you can enter the unique barcode for that item. 
  • Please remember to press Ctrl-A after entering the code, to save the details. This way, the code will come up automatically whenever you enter the name of the item in the TallyPrime module.

Steps to generate vouchers, using the barcodes you have created:

  • To create a voucher, press Alt+G on the main module page. 
  • Now, press F8 to view the sales page.
  • In the page that appears, you will find the field, “Name of item”. Keep your cursor in this field, and use the barcode scanner to scan the codes on the items. You will notice that the unique barcode of that particular item will automatically appear on the screen now.
  • All you need to do is enter the rate and quantity of the items, and the amount gets calculated automatically.
  • You can now save the voucher after entering the relevant GST details.
  • With this process, you can now create sales, purchases and other transactions within minutes, thanks to the automatic barcode generation feature of TallyPrime.

Why choose TallyPrime for assigning barcodes to inventory?

Have you wondered how using barcodes with TallyPrime will help you have better control over your inventory than before? Here are some points that will clear any ambiguity you might have:

  • Simple to use – Once you have the proper system in place, including the required software to create and print barcodes, you will have almost finished the process of assigning barcodes to your inventory. This process is simple, and with a single scan, all the details of your inventory get recorded into your system for easy management and tracking.
  • Good value for money – Using TallyPrime and a good barcode generator would cost your business only a few thousands of rupees. However, the value it generates is priceless, as it helps you manage all your inventory (across all locations) from a single point with utmost efficiency. The peace of mind you get when you have taken professional care of your inventory cannot be explained in words.
  • Accurate data at all times – Data accuracy plays a big part in the success and integrity of your business. With the barcode system of TallyPrime, you can be sure of data accuracy at all times because manual intervention is reduced considerably.
  • Guaranteed safety of inventory – When you have proper barcodes assigned to your inventory, you don’t have to worry about them getting lost or destroyed in transit. You can easily track the status of your inventory with these codes, and ensure that they get delivered to the right customers at the right time. Every type of inventory is assigned a specific code; hence, there are no chances of duplications or missing stock.
  • Better management of inventory across different locations – Without the help of technology and sophisticated software tools such as TallyPrime, it is almost an impossible task to manage and track inventory in different locations. With a single, centralised system, you can fulfil all customer orders by tracking your stock levels in multiple locations.
  • Increased speed, efficiency and accuracy – With Tally’s barcode system, you can increase the speed and efficiency of your inventory management. You don’t have to spend time manually recording the inventory as the items enter/leave your warehouse. You can rely on the automated processes of the software to do the job perfectly for you. This way, you have enough time on your hands to concentrate on other core areas of your business.

Bottom line

As you can see, TallyPrime is one of the best software tools you can use for effective inventory management for your business. Its automatic barcode creation process is easy and effective even for small businesses. 

The best part of TallyPrime is that it doesn’t require a huge investment, but provides excellent returns for many years. This makes it a good choice for businesses with a tight budget as well. 

If you are looking to streamline your inventory management process with immediate effect, using the barcode feature with TallyPrime for your business would be an excellent choice for you.

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Consequences and Impact of Non-Compliance with e-Invoicing https://tallysolutions.com/mena/tally/consequences-impact-of-non-compliance-with-e-invoicing/ https://tallysolutions.com/mena/tally/consequences-impact-of-non-compliance-with-e-invoicing/#respond Thu, 21 Mar 2024 04:48:17 +0000 https://tallysolutions.com/mena/?p=15376 Governments all over the world have been focusing on digitising transactions for better control and administration of finances. Middle East and North African (MENA) governments are no exception. In the last two years, they have introduced many regulations with respect to electronic invoices, tax compliance, and accounting practices, with consequences for not complying with them. … Continue reading Consequences and Impact of Non-Compliance with e-Invoicing

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Governments all over the world have been focusing on digitising transactions for better control and administration of finances. Middle East and North African (MENA) governments are no exception. In the last two years, they have introduced many regulations with respect to electronic invoices, tax compliance, and accounting practices, with consequences for not complying with them.

This blog sheds light on the regulations that are currently in practice in the MENA countries, along with the consequences and impact of non-compliance with electronic invoicing. We recommend that readers visit the official websites of their respective governments from time to time for updates to these rules, if any.

e-Invoicing and consequence of non-compliance in the Middle East

Over the recent past, the Gulf Cooperation Countries (GCC) have been implementing various measures to digitise their transactions. While all the countries under its mandate have been getting used to the new electronic invoicing and receipt systems, one country that stood out as a clear leader is Saudi Arabia.

Here are some e-invoicing and non-compliance regulations in Saudi Arabia:

  • The Saudi Arabia Zakat, Tax and Customs Authority (ZATCA) introduced e-invoicing regulations in the country in December 2020.
  • All resident taxpayers had to mandatorily implement the system of electronic invoices, wherein they could issue, save and modify these invoices by 4th December 2021.
  • Arabic should be the language in which these e-invoices are issued, though the ZATCA permitted additional languages along with Arabic.
  • On 24th June 2022, the ZATCA introduced Phase 2, also known as the Integration Phase, and this was effective from 1st January 2023.
  • Many waves of this phase would soon be announced on the official portal of ZATCA. All resident businesses in the Kingdom of Saudi Arabia (KSA) with an annual taxable turnover of over SAR3 billion in the year 2021 had to comply with the regulations introduced in this first wave of Phase 2.
  • If these businesses don’t comply with the e-invoicing regulations of ZATCA, they would be penalised according to the terms in the VAT legislation of KSA.
  • Some of the common e-invoicing violations in this country are not issuing electronic invoices, not having appropriate QR codes, not informing ZATCA about problems in issuing e-invoices and making deletions or modifications to the e-invoices after they have been issued.

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TallyPrime with WhatsApp for Instant and Secure Communication

  • Non-compliance with the regulations will attract different types of penalties. First-time offenders will be let off with a warning, but after that the penalty amount ranges from SAR 1000 (second-time offenders) to SAR 40000 (non-compliance up to 4 times and more).
  • Eight waves have already been decided, with each wave including taxpayers in various brackets, to eventually include all taxpayers in the country by March 2024, the time when the 8th wave is expected to be concluded.

e-invoicing and compliance regulations in other countries in the Middle East

  • In the UAE, electronic invoicing regulations have been introduced in two phases, with the first phase expected to begin only by July 2025.
  • In Oman, mandatory implementation of electronic invoices is expected to happen between April and September 2024.
  • In the Kingdom of Bahrain, the National Bureau of Revenue submitted the  Request for Proposal for creating and maintaining a centralised system for electronic invoices. The project is expected to be implemented in the country towards the end of 2024 only.

e-Invoicing and compliance regulations in North Africa

In North Africa, only Tunisia and Egypt have implemented or proposed to implement e-invoicing systems. They were one of the first countries in the Middle East and North Africa region to propose e-invoicing systems as soon as these systems were launched globally. 

  • In Egypt, the implementation of e-invoicing and related regulations is expected to get in full swing by the end of 2024. The Egyptian Tax Authority has made it mandatory for all public and private companies in the country to implement this system in different phases. Egypt is expected to mirror the e-invoicing system popularly used in countries like Latin America.
  • In 2016, Tunisia was the first African country to implement mandatory e-invoicing for all B2G and a few B2B transactions. It follows the regulations prescribed by the Continuous Transaction Controls (CTC).

Bottom line

By the end of this year, most countries in the Middle East and North Africa are expected to have made considerable progress with implementing e-invoicing systems in their administration. Once the systems are up and running, it would become easier for the governments to standardise tax compliance and calculate penalty charges for non-compliance. Not adhering to the new invoicing and tax compliance would mean a penalty for businesses in these countries.

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Late Registration Penalties in UAE Corporate Tax  https://tallysolutions.com/mena/uae-vat/late-registration-penalties-in-uae-corporate-tax/ https://tallysolutions.com/mena/uae-vat/late-registration-penalties-in-uae-corporate-tax/#respond Tue, 19 Mar 2024 11:18:42 +0000 https://tallysolutions.com/mena/?p=15359 In the recent update a new Dh10,000 penalty has been announced by the Ministry of Finance on 27th February 2024 for late Corporate Tax registration that will be implemented from March 1st 2024.  As per the UAE Corporate Tax Laws, in order to get a Tax Registration Number (TRN), it is mandatory that all Taxable … Continue reading Late Registration Penalties in UAE Corporate Tax 

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In the recent update a new Dh10,000 penalty has been announced by the Ministry of Finance on 27th February 2024 for late Corporate Tax registration that will be implemented from March 1st 2024. 

As per the UAE Corporate Tax Laws, in order to get a Tax Registration Number (TRN), it is mandatory that all Taxable Persons and specific types of Exempt Persons (such as Qualifying Public Benefit entities and Qualifying Investment Funds) register for Corporate Tax (CT) with the Federal Tax Authority (FTA) within the stipulated deadline. Failure to register for the Corporate Tax can incur severe legal consequences as well as a hefty fine. 

Corporate Tax registration timeline 

Federal Tax Authority(FTA) has made it compulsory for the Taxable Persons liable to register for Corporate Tax by certain deadlines to avoid breaking any tax rules. The law went into effect in June of last year and is applicable to Tax Periods beginning on or after June 1, 2023. The new FTA Decision, that went live on March 1, 2024, establishes deadlines for natural and juridical persons that are either resident or non-resident entities to apply for registration for corporate tax. 
 

Month of License Issuance 

The year the license was issued is irrelevant 

Deadline to apply for Corporate Tax Registration 

January or February 

May 31, 2024 

March or April 

June 30, 2024 

May 

July 31, 2024 

June 

August 31, 2024 

July 

September 30, 2024 

August or September 

31 October 2024 

October or November 

30 November 2024 

December 

31 December 2024 

 

How to register for corporate tax? 

The UAE CT Law mandates that all Taxable Persons and specific types of Exempt Persons (such as Qualifying Public Benefit entities and Qualifying Investment Funds) register for Corporate Tax (CT) with the Federal Tax Authority (FTA) to obtain a Tax Registration Number (TRN). 
 
The deadlines for seeking for exemption for specific categories of Exempt Persons under the UAE CT Law and for acquiring CT registration were previously outlined in Decision No. 7 of 2023, which was issued by the FTA. 
how to register for corporate tax?

Penalty on late registration 

The purpose of the penalty was to incentivize taxpayers to adhere to tax laws and timely register. The excise tax and value added tax penalties for late registration are correlated with the penalty amount for late tax registration 

Cabinet Decision of 2024, which was made public on 27th February 2024, the Cabinet Decision of 2023’s schedule of infractions and administrative fines.  
 
The latter detailed the administrative penalties that would be levied for infractions pertaining to the execution of the Corporate Tax Law by the Federal Tax Authority (FTA). These fines become operative on August 1, 2023. On March 1, 2024, the Cabinet decision will take effect. Hence, an administrative penalty of Dh 10,000 will be imposed for late corporate tax registration on businesses that don’t submit the corporate tax applications within the due date directed by the Federal Tax Authority. 

How TallyPrime can help  

If your company needs to manage financial transactions, procedures, reports, and more, TallyPrime is the ideal solution. 
 
We provide our business management software, which can handle your company’s expanding requirements. Along with many other capabilities, it offers complete support for UAE VAT, from creating tax invoices to accurately completing VAT reports. 

  • Create quick company reports that assist with calculating corporation tax, including accounting, inventory, and financial statements like balance sheets and profit and loss accounts 
  • Finishing VAT returns quickly, accurately, and consistently  
  • Produce invoices that adhere to VAT regulations while overseeing various VAT supply categories, including imports and exports  
  • Easily maintain your accounting records with excellent accuracy and consistency.  
    total adaptability to various sales and buying procedures
  • Different pricing levels may be created for items based on many price points, such as wholesaler, retailer, customer, etc.

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ZATCA-Compliant E-invoicing: A Comprehensive Guide for TallyPrime Users https://tallysolutions.com/mena/saudi-vat/zatca-compliant-e-invoicing-with-tallyprime-guide/ https://tallysolutions.com/mena/saudi-vat/zatca-compliant-e-invoicing-with-tallyprime-guide/#comments Thu, 14 Mar 2024 08:40:36 +0000 https://tallysolutions.com/mena/?p=15289 Businesses are increasingly turning to electronic invoicing (e-invoicing) for efficiency and compliance. Saudi Arabia is leading the way with its ZATCA (Zakat, Tax, and Customs Authority) compliant e-invoicing system, joining other countries in simplifying tax processes.  Understanding ZATCA-compliant e-invoicing:  The Saudi government aims to transition away from handwritten invoices towards a digital, paperless environment. To … Continue reading ZATCA-Compliant E-invoicing: A Comprehensive Guide for TallyPrime Users

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Businesses are increasingly turning to electronic invoicing (e-invoicing) for efficiency and compliance. Saudi Arabia is leading the way with its ZATCA (Zakat, Tax, and Customs Authority) compliant e-invoicing system, joining other countries in simplifying tax processes. 

Understanding ZATCA-compliant e-invoicing: 

The Saudi government aims to transition away from handwritten invoices towards a digital, paperless environment. To facilitate this transition, it has implemented e-invoicing in Saudi Arabia, enabling businesses to operate with increased efficiency and security. As part of the e-invoicing system, businesses are required to integrate their systems with ZATCA, enhancing trade transparency. 

Types of e-invoices in Saudi Arabia 

ZATCA has specified that e-invoices are mandatory for all types of tax invoices under VAT. There are various types of e-invoices, with the commonly used ones being: 

  1. Standard tax invoice: 
  • Issued by a business to another business (B2B). 
  • Includes all essential elements of a tax invoice, with a focus on the VAT registration numbers of both the buyer and seller. 
  1. Simplified tax invoice: 
  • Typically issued by a business to a consumer (B2C). 
  • Contains the primary elements of a simplified tax invoice, catering to transactions with end consumers. 

ZATCA e-invoicing regulations 

The Saudi government has set forth e-invoicing regulations that every individual taxpayer needs to follow. Here are the regulations in the ZATCA e-invoicing process: 

  • E-invoicing provisions apply to all taxable products and services, regardless of whether they are subject to standard or zero rates of VAT. 
  • VAT-registered business owners in Saudi Arabia, excluding non-resident taxable individuals, must utilize the e-invoicing system for both domestic and international sales. 
  • Third-party entities in Saudi Arabia, such as accounting firms issuing invoices on behalf of taxable individuals, are required to follow the e-invoicing process. 
  • E-invoicing is mandatory for all types of transactions, including Business-to-Business (B2B), Business-to-Government (B2G), and Business-to-Consumer (B2C). Additionally, when sending an e-invoice to a customer, a printed copy must also be provided. 
  • Invoices must be written in Arabic; however, translations or additional languages can be included, provided that the e-invoice is issued primarily in Arabic. 

Benefits of ZATCA-compliant e-invoicing for businesses 

Streamlined operations with enhanced efficiency 

ZATCA E-Invoicing brings about a significant boost in efficiency, primarily through automation. The system eliminates the reliance on manual data entry, effectively minimizing the chances of errors and enhancing overall accuracy. This automation not only saves businesses valuable time but also conserves resources, enabling them to allocate efforts to other critical aspects of their operations. 

The real-time tracking feature of the system is instrumental in expediting the invoicing process. Businesses can monitor the status of their invoices as it unfolds, leading to quicker payments and an overall improvement in cash flow. For small businesses, in particular, this aspect proves vital, as timely payments play a crucial role in sustaining their cash flow and ensuring operational continuity. The efficiency gains from ZATCA E-Invoicing contribute to a more streamlined and agile business environment. 

Enhanced regulatory compliance 

ZATCA E-Invoicing brings about a significant improvement in regulatory compliance for businesses. The system establishes a secure platform for the seamless exchange of invoices between businesses and their suppliers or customers. This not only ensures adherence to tax laws but also acts as a robust measure in mitigating the risk of fraud. 

It also eliminates the requirement for businesses to manage paper invoices, thereby diminishing the likelihood of errors. The system’s digital framework not only reduces administrative complexities but also facilitates easier tracking of invoices, aiding businesses in maintaining meticulous records in line with regulations. 

Cost-efficiency gains 

ZATCA E-Invoicing presents an avenue for businesses to significantly cut costs. The automation of the invoicing process eradicates manual data entry, mitigating the risk of errors and enhancing overall accuracy. This time and resource-saving aspect enable businesses to divert their efforts towards other crucial operational areas. 

Moreover, the system does away with the necessity for businesses to uphold paper invoices, leading to a reduction in storage and printing costs. This aspect holds particular significance for small businesses operating within tight budget constraints, offering them a tangible means to optimize their financial resources effectively. In essence, ZATCA E-Invoicing not only streamlines operations but also contributes to substantial cost savings for businesses. 

 TallyPrime: Simplifying e-invoicing for you 

TallyPrime, accredited by ZATCA as a compliant e-Invoicing (FATOORA) software, is more than just a business management tool—it’s a solution crafted for your success. With an extensive 30+ years of market presence and the trust of over 2 million businesses globally, TallyPrime is your trusted companion for effortless e-invoice generation and management. Every intricate detail is taken care of, promising you a delightful user experience. 

In the ever-evolving landscape of business, TallyPrime stands as your bridge to the new era of seamless, real-time e-invoicing and compliance. Be prepared to embrace innovation and efficiency with TallyPrime at your side. Your journey into this transformative era is backed by the reliability and commitment of TallyPrime—your partner in business excellence. 

Here are some of the key TallyPrime e-invoicing features: 

  • Automated generation of e-invoices with IRN and QR code, eliminating the need for manual intervention. 
  • Capability to directly send bulk invoices to the IRP for e-invoice generation. 
  • Simultaneous generation of e-way bills alongside e-invoices for applicable invoices. 
  • Provision of comprehensive e-invoice reports by TallyPrime, offering a holistic overview of transaction statuses. 
  • Ability to cancel invoices and send cancellation details directly to the IRP from within the TallyPrime software interface. 

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Key Features of Corporate Tax in UAE https://tallysolutions.com/mena/uae-vat/key-features-of-corporate-tax-in-uae/ https://tallysolutions.com/mena/uae-vat/key-features-of-corporate-tax-in-uae/#respond Thu, 29 Feb 2024 10:02:55 +0000 https://tallysolutions.com/mena/?p=15292 The United Arab Emirates(UAE) once earned a reputation for its tax-free policies, drawing businesses and professionals worldwide. Nonetheless, there’s been a notable adjustment in its tax policy.  Introducing the new UAE corporate tax—a development sparking interest among businesses. While not all enterprises are feeling its impact, understanding its implications is key for those navigating these … Continue reading Key Features of Corporate Tax in UAE

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The United Arab Emirates(UAE) once earned a reputation for its tax-free policies, drawing businesses and professionals worldwide. Nonetheless, there’s been a notable adjustment in its tax policy. 

Introducing the new UAE corporate tax—a development sparking interest among businesses. While not all enterprises are feeling its impact, understanding its implications is key for those navigating these changes. 

Corporate tax rate

On May 8, 2023, the UAE Cabinet of Ministers enacted Cabinet Decision No. (49), imposing a 9% corporate tax on specific businesses. This measure is perceived as a strategic initiative aimed at broadening the UAE’s revenue streams beyond oil, while simultaneously upholding its position as a pivotal commercial center in the region. 

As per Ministry of Finance, CT rates are: 

  • 0% for taxable income up to AED 375,000 
  • 9% for taxable income above AED 375,000 

How is corporate tax calculated in UAE? 

Corporate tax UAE is calculated at 9% of the net profit shown in the company’s financial statements after deducting all applicable deductions and excluding the exempted income. Any foreign taxes paid will also be allowed for reduction from the profit shown in the financial statement. 

The net profit derived after all deductions will be considered as taxable income. The 9 % corporate tax will be levied only if the taxable value exceeds AED 375,000. 

Taxable entities in the UAE 

The United Arab Emirates (UAE) tax framework identifies several categories of taxable persons, encompassing a broad spectrum of entities and individuals engaged in economic activities within its borders. Taxable entities in the UAE include: 

Resident person: 

  • A juridical entity that is incorporated, established, or recognized within the UAE, including entities within free zones, or a foreign entity that is effectively managed and controlled within the UAE. 
  • A natural person engaging in business or commercial activities within the UAE. 

Non-resident person: 

  • An entity or individual without resident status that either has a permanent establishment in the UAE, derives income sourced within the UAE, or has a nexus in the UAE as defined by Cabinet Decision. 
  • A branch of a non-resident entity in the UAE is considered the same taxable person for taxation purposes.

Violations And Penalties Under UAE Corporate Tax Law

FAQs on Corporate Tax in UAE

Exempt person and incentives 

Under UAE Corporate Tax law, certain entities are exempt from taxation, provided they meet specific conditions: 

  • Government entity: Entities that are part of the government structure. 
  • Government-controlled entity: Entities under significant government ownership or control. 
  • Entities engaged in certain extractive businesses: Those involved in the extraction of natural resources, subject to specific criteria. 
  • Entities engaged in certain non-extractive natural resource businesses: Those involved in activities related to natural resources but not directly in their extraction. 
  • Certain qualifying investment funds: Investment funds that meet predefined eligibility criteria. 
  • Qualifying public benefit entity: Entities that serve the public interest and comply with certain conditions. 
  • Pension or social security fund: Funds established for pension or social security purposes, adhering to specific requirements. 
  • Other specified persons: Additional entities or individuals as determined by a Cabinet decision. 

Small Business Relief 

Small businesses that generate revenue below a predetermined threshold are eligible for ‘small business relief,’ which exempts them from taxable income for the applicable tax period. This relief also allows for simplified compliance procedures. To take advantage of this relief, eligible businesses must formally elect this option with the Federal Tax Authority (FTA). 

Applicability to free zones 

The UAE Corporate Tax Law introduces a “Qualifying Free Zone Person” (QFZP), defined as a company or branch in a free zone that: 

  • Maintains substantial presence in the UAE. 
  • Earns income (to be specified through a Ministerial Decision). 
  • Complies with transfer pricing rules. 
  • Fulfills additional criteria set by Ministerial Decisions. 

A QFZP may benefit from a 0% Corporate Tax rate on qualifying income but can elect to forego this preferential regime and be subject to the standard CT rate 

Taxable income 

Taxable income under the UAE Corporate Tax Law is primarily based on the accounting income reported in a company’s standalone financial statements, subject to specific adjustments: 

  • Adjustments for unrealized gains or losses related to capital items. 
  • Adjustments for income and expenses incurred by an exempt entity in the course of its exempt activities. 
  • Inclusion of dividend income and other profit distributions received from resident entities. 
  • Application of the participation exemption to dividend income and capital gains. 
  • Inclusion of income from foreign permanent establishments (PE) taxed at a minimum rate of 9%. 
  • Inclusion of income derived by non-residents from operating or leasing aircraft and ships in international transportation. 
  • Adjustments for gains or losses from reorganizations or intragroup transfers of assets/liabilities, under certain conditions. 
  • Net interest expenditure limited to 30% of EBITDA. 
  • Deductibility of entertainment-related expenses up to 50% of the incurred amount. 

How TallyPrime can help: 

In the dynamic landscape of business operations, especially with the complexities of corporate tax law and VAT compliance, selecting the right business management software becomes a critical task for ensuring both compliance and operational efficiency. TallyPrime emerges as a robust solution, designed to meet the evolving needs of your business. This software is engineered to facilitate a seamless management experience across various business dimensions. 

Key Features of TallyPrime: 

  • Instant business reports: Quickly generates detailed accounting, inventory, and financial reports, aiding in accurate corporate tax calculation. 
  • VAT compliance: Simplifies VAT return filing and invoice generation, ensuring compliance with VAT regulations for various transactions. 
  • Accurate account management: Maintains your account books with high accuracy, streamlining the accounting process. 
  • Flexible transactions: Adapts to different purchase and sales workflows, offering operational flexibility. 
  • Variable pricing: Supports multiple pricing levels for different customer segments, such as wholesale and retail. 

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5 Must Have Reports Insights in Your Dashboard https://tallysolutions.com/mena/tally/5-must-have-reports-insights-in-dashboard/ https://tallysolutions.com/mena/tally/5-must-have-reports-insights-in-dashboard/#comments Wed, 13 Dec 2023 07:27:25 +0000 https://tallysolutions.com/mena/?p=15233 A good dashboard is like your business’s command center in today’s data-driven business world. It helps you keep an eye on everything that matters. To truly understand how your company is doing, here are five important things to put on your dashboard: Comparison Comparative analysis plays a vital role in your dashboard. It involves assessing … Continue reading 5 Must Have Reports Insights in Your Dashboard

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A good dashboard is like your business’s command center in today’s data-driven business world. It helps you keep an eye on everything that matters. To truly understand how your company is doing, here are five important things to put on your dashboard:

Comparison

Comparative analysis plays a vital role in your dashboard. It involves assessing the performance of your various branches in relation to one another. Additionally, if your business spans different verticals, TallyPrime’s intuitive and powerful Dashboard allows you to conveniently compare their performance for efficient analysis. This lets you compare factors such as revenue, profitability, and customer satisfaction across your branches or verticals. 

This report is a valuable tool for uncovering your strengths, identifying weaknesses, and pinpointing areas that require enhancement. It empowers you to spot growth opportunities and maintain competitiveness within your industry. 


Net profit trend

TallyPrime’s intuitive and powerful dashboard excels in showcasing the trend in your net profit. By incorporating Net Profit Trend on your dashboard, you can easily identify how your net profit is evolving over time. TallyPrime’s efficiency in data visualization allows you to spot trends, whether they are positive or negative, and make timely strategic decisions. This feature empowers you to adapt your business strategies in response to changing market conditions and internal performance, ensuring that your company remains on a path to sustained profitability. 

Receivables and payables

Efficient management of receivables and payables is vital for maintaining a healthy cash flow and financial control. TallyPrime’s user-friendly dashboard simplifies tracking these critical financial metrics. It allows you to monitor receivables and identify Receivables Overdue, so that you can take timely actions for debt collection. Additionally, you can track payables and keep an eye on Payables Overdue to ensure timely payments to suppliers, avoiding late fees and preserving strong supplier relationships. TallyPrime’s intuitive and powerful dashboard helps you in keeping track of these processes, so that you can efficiently maintain financial control, manage cash flow effectively, and make informed decisions for the overall financial health of your organization. 

Order outstanding 

TallyPrime’s user-friendly dashboard provides a streamlined approach to tracking order outstanding, encompassing both pending sales orders and pending purchase orders. Pending sales orders represent unfulfilled customer commitments, signifying potential revenue, while pending purchase orders are commitments to suppliers for goods or services yet to be received. Monitoring these orders is essential to meet customer expectations, ensure timely deliveries, and maintain a streamlined supply chain. TallyPrime’s intuitive and powerful dashboard helps monitor these processes, ensuring you meet your commitments to both customers and suppliers, optimizing your supply chain, and enhancing your operational efficiency 


Cash flow

Cash is like the heartbeat of your business. The Cash Flow Statement gives you the big picture of how money is coming in and going out in your company. It includes details on operating activities (cash generated from day-to-day business operations), investing activities (cash used for investments such as equipment or acquisitions), and financing activities (cash from sources like loans or equity). With TallyPrime intuitive and powerful dashboard, you can have a clear Cash Flow Statement on your screen that can help you check how much cash you’ve got and how financially fit your company is. It’s a powerful tool for handling cash well, getting ready for unexpected things, and making smart choices about where to invest your money. 

Incorporating these essential reports and insights into your dashboard is the first step towards informed decision-making, and with TallyPrime, you can take this process to the next level. TallyPrime’s intuitive and powerful dashboards transforms your business data into intuitive, visually engaging formats. What sets it apart is its full flexibility and customizability, catering to the unique needs of every business and user. With Tally Prime, you have the tools to not only monitor your company’s vital metrics but also adapt your dashboard to the ever-evolving landscape of your industry. It’s a powerful ally in your pursuit of success, ensuring that your dashboard remains a dynamic and invaluable resource for your business. 

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Unlocking Business Insights: TallyPrime’s Intuitive and Powerful Dashboard https://tallysolutions.com/mena/tally/tallyprime-dashboard-business-insights-customization/ https://tallysolutions.com/mena/tally/tallyprime-dashboard-business-insights-customization/#respond Wed, 13 Dec 2023 07:27:12 +0000 https://tallysolutions.com/mena/?p=15227 TallyPrime has introduced an all-new graphical dashboard feature that revolutionizes the way businesses analyze and present their data. With the power of visualization, this feature not only makes data more accessible but also more engaging.   Every business is unique, and so are their key performance indicators (KPIs) and metrics. The diverse needs of users within … Continue reading Unlocking Business Insights: TallyPrime’s Intuitive and Powerful Dashboard

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TallyPrime has introduced an all-new graphical dashboard feature that revolutionizes the way businesses analyze and present their data. With the power of visualization, this feature not only makes data more accessible but also more engaging.  

Every business is unique, and so are their key performance indicators (KPIs) and metrics. The diverse needs of users within an organization often demand tailored approaches to data tracking and reporting. TallyPrime understands these dynamics and offers a solution that empowers businesses to customize their dashboards to suit their specific needs. TallyPrime’s intuitive and powerful dashboard is designed with flexibility in mind, allowing businesses to personalize it in a way that works best for them. This adaptability not only fosters better decision-making but also ensures that businesses can stay in sync with their ever-changing operational landscape. 

In this blog, we will explore the various aspects of TallyPrime’s intuitive and powerful dashboard, highlighting its flexibility, customization options, and the value it brings to businesses.  

Multiple tile dashboard: a holistic view of your business 

TallyPrime’s intuitive and powerful dashboard simplifies the process of understanding and acting on data. The multiple-tile dashboard feature allows you to consolidate insights from various reports onto a single screen. This makes it easier to track your business’s key financial aspects. For example, you can have tiles displaying information on sales, expenses, profits, inventory, and more, all in one place. This holistic view enhances your ability to see correlations and spot trends that might be missed when data is scattered across various reports. No more flipping through pages or opening multiple tabs; the dashboard provides a holistic view of your business’s health and performance. 

Customization at your fingertips 

One of the most compelling aspects of TallyPrime’s dashboard is the high degree of customization it offers. You have the freedom to tailor the dashboard to your unique needs. This is particularly useful because every business has different key performance indicators (KPIs) and reporting requirements. With the ability to add, move, and remove tiles, you can rearrange the dashboard to prioritize the data that matters most to you. For example, if you’re primarily concerned with revenue and cash flow, you can place those tiles front and center. This customization empowers you to create a dashboard that aligns perfectly with your business strategy and goals. 

Different views for different insights 

TallyPrime’s intuitive and powerful dashboard isn’t just about displaying data—it’s about presenting it in a way that makes the most sense to you. The ability to choose between horizontal and vertical views enables you to emphasize key data and insights according to your preferences. For instance, you may want to view sales data in a horizontal layout for a detailed year-over-year comparison. In contrast, you might prefer a vertical view for a quick snapshot of your monthly expenses. This adaptability ensures that you can gain insights efficiently and make quick, data-driven decisions. 

Furthermore, the customization extends to the type of information displayed within each tile. This flexibility is incredibly valuable as it caters to different users’ preferences within your organization. For individuals who require a detailed, data-rich view, the combination of data values and graphs is perfect. Meanwhile, those who need a quick overview can stick to the graphical representation. 

The interactive aspect of the dashboard takes this one step further. If you need to dive deeper into a specific metric or graph, the dashboard allows you to drill down for more detailed information. This means that you can go beyond the surface-level insights and access the underlying data for a comprehensive understanding of your business’s performance. 

Flexibility and convenience 

Businesses evolve, and their reporting needs change over time. TallyPrime’s dashboard is designed with this in mind, offering flexibility and convenience to adapt to your evolving requirements. Whether you need to create new dashboards for specific projects, departments, or periods, it’s a straightforward process. You can effortlessly organize tiles according to your preferences and save your favorite view for quick access. This adaptability ensures that your dashboard remains a valuable tool as your business grows and changes. 

Additionally, the option to view the dashboard horizontally or vertically caters to different presentation styles. If you need to share your insights with a team or during a presentation, you can easily expand a tile to emphasize critical data points. This dynamic presentation feature makes it easier to highlight key information during discussions or meetings. 

Seamless access and security 

TallyPrime’s intuitive and powerful dashboard is designed for quick and secure access. It’s conveniently available on the TallyPrime home screen, ensuring that you can instantly access your business data without navigating through multiple menus. What’s more? You can configure your TallyPrime so that dashboard opens as soon the company is loaded. If you are business owners and decision-makers, you would love this as it provides a quick glance of insights to inform their strategic choices.  

To maintain data security, TallyPrime offers access control based on user roles. This means that you can control who has access to specific tile in the dashboard. For instance, sensitive financial data may be restricted to a select few, while other team members have access to less sensitive information. This feature ensures that your data remains protected while still being available to those who need it, enhancing data privacy and compliance. 

Sharing insights made easy 

Sharing insights and data with stakeholders is often a critical part of decision-making. TallyPrime’s dashboard simplifies this process by allowing users to print and share dashboards via email or even WhatsApp. This means you can quickly disseminate important information, improving communication and collaboration within your organization. 

In conclusion, TallyPrime’s intuitive and powerful dashboard is a game-changer for businesses looking to make data-driven decisions. Its flexibility, customization, accessibility, and security features make it an indispensable tool for modern businesses. With TallyPrime, you can now visualize your data, gain valuable insights, and share them effortlessly, ultimately leading to more informed and strategic decisions. 

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TallyPrime with WhatsApp for Instant and Secure Communication https://tallysolutions.com/mena/tally/tallyprime-with-whatsapp-for-instant-secure-communication/ https://tallysolutions.com/mena/tally/tallyprime-with-whatsapp-for-instant-secure-communication/#comments Wed, 13 Dec 2023 07:27:00 +0000 https://tallysolutions.com/mena/?p=15220 In the fast-paced world of business, seamless communication is the lifeblood of success. TallyPrime 4.0 recognizes this critical need and offers a seamless integration with WhatsApp for Business. This powerful combination empowers businesses to communicate quickly, efficiently, and securely with their customers. In this blog, we’ll delve into the various features and advantages of integrating … Continue reading TallyPrime with WhatsApp for Instant and Secure Communication

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In the fast-paced world of business, seamless communication is the lifeblood of success. TallyPrime 4.0 recognizes this critical need and offers a seamless integration with WhatsApp for Business. This powerful combination empowers businesses to communicate quickly, efficiently, and securely with their customers. In this blog, we’ll delve into the various features and advantages of integrating TallyPrime with WhatsApp for instant and secure communication. 

Quick and instant document sharing 

One of the standout features of this integration is its ability to facilitate rapid document sharing. Whether you’re dealing with invoices, orders, reports, or any other essential business documents, TallyPrime simplifies the process. With a single click, you can share documents directly from TallyPrime to one or more recipients. This not only saves time but also enhances the efficiency of your operations. 

There’s more. You can share instantly as soon you create an invoice or choose to do it later as it suits your need.  

Bulk sharing of ledgers reports 

A significant advantage of TallyPrime with WhatsApp is the ability to share the ledger reports and reminder letters in bulk. This means you can efficiently manage and share these documents or communicate with multiple customers simultaneously. Thus,  saving you time and effort, and ensuring that communication remains swift and efficient even in large-scale operations. 

Share documents in multiple formats 

Recognizing the importance of flexibility in document sharing, TallyPrime allows you to share documents in various formats. Whether your customers prefer PDF, JPEG, or Excel, TallyPrime adapts to meet their requirements. This flexibility ensures that your communication is tailored to your audience’s preferences, thereby enhancing the overall customer experience. 

From sharing invoices to payment collection 

TallyPrime goes the extra mile by facilitating payment collection through WhatsApp. You can share invoices that include a payment link and a QR code with a ‘Pay Now’ option directly embedded in the message. This seamless payment option simplifies the entire process for both you and your customers. It not only ensures that payments are received promptly but also minimizes the friction associated with payment collection.  

Ready-to-use templates 

To ensure top-notch communication standards for WhatsApp Business, META has instituted a requirement for businesses to create and secure approval for message templates. All messages that go from business must adhere to the META-approved templates. TallyPrime simplifies this process by offering a selection of pre-defined and approved templates. It ensures that you get started right away with approved templates. 

These templates include options for messaging with name personalization, templates featuring effective calls to action such as payment links, templates dedicated to report sharing, and various other valuable choices. This feature ensures that your communications are not only efficient but also tailored to each recipient, creating a more personal and engaging interaction. 

Dedicated inbox 

TallyPrime with WhatsApp offers a dedicated WhatsApp portal or Inbox where you can view and manage all incoming messages from customers. This helps businesses to track the replies from their customers and respond to them suitably.   

Ensuring security 

In today’s digital landscape, data security is a top concern. TallyPrime with WhatsApp ensures that your communication is not only instant but also secure. WhatsApp provides a high level of security for your messages and documents, giving you peace of mind in all your interactions. 

Enhanced customer satisfaction 

By embracing the capabilities of TallyPrime with WhatsApp, you can greatly enhance customer satisfaction. Timely and personalized communication, along with convenient payment options, not only streamlines your operations but also improves the overall customer experience. 

Conclusion 

In a world where business operates at lightning speed, staying connected with your customers is crucial. TallyPrime with WhatsApp opens up new avenues for instant and secure communication, ensuring that you’re always in touch with your clients. From quick document sharing and flexible document formats to easy error rectification and enhanced security, this integration is a game-changer for businesses looking to thrive in today’s digital age. Embrace the future of communication with TallyPrime and WhatsApp for Business, and watch your business soar to new heights. 

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Import Data from Excel to TallyPrime https://tallysolutions.com/mena/tally/import-data-from-excel-to-tallyprime/ https://tallysolutions.com/mena/tally/import-data-from-excel-to-tallyprime/#respond Wed, 13 Dec 2023 07:26:47 +0000 https://tallysolutions.com/mena/?p=15212 Excel spreadsheets are a common tool used in businesses for managing a wide range of data, like customer info, finances, and inventory. They’re the go-to format for sharing transaction details in the business world. Even if businesses use software for most tasks, they still rely on Excel for some data. For example, when a business … Continue reading Import Data from Excel to TallyPrime

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Excel spreadsheets are a common tool used in businesses for managing a wide range of data, like customer info, finances, and inventory. They’re the go-to format for sharing transaction details in the business world.

Even if businesses use software for most tasks, they still rely on Excel for some data. For example, when a business gets order or invoice info from an e-commerce platform, it’s often in Excel format. 

The big question is: what do they do with this data in Excel? The answer is quite simple. They need to manually enter this data into their main business software. Imagine you’ve got a bunch of invoices in an Excel sheet from your e-commerce partner. You have to type them into your accounting or business software one by one. This process takes time, and with a lot of data, it can be a bit of a headache.

With the 4.0 release, TallyPrime now offers a user-friendly and efficient Excel Import Function that allows users to import ledgers and transactions seamlessly. This feature is a game-changer for businesses looking to streamline their data entry processes, saving time and reducing the chances of errors.

Some scenarios where TallyPrime’s Excel Import Function would be useful:

  • If you receive a price list from a dealer in Excel
  • If you download the details of your receipts and payments from your collection agent in Excel
  • If your field staff shares data on stock orders or payments received in Excel
  • If you are switching from one business management software to another,
  • If you are using multiple software applications, such as accounting software and logistic software
  • If your field staff shares data on stock orders or payments received in Excel
  • And many more

In this blog, we will explore how TallyPrime’s Excel Import Function simplifies the data import process.

Easily import ledgers and transactions

TallyPrime’s Excel import function is designed to make data migration a breeze. You can import all your ledger and transaction data from Excel into TallyPrime with just a few clicks. This saves you the time and effort required for manual data entry, reducing the risk of human errors.

Flexibility at your fingertips

One of the standout features of TallyPrime’s Excel import functionality is its flexibility. It is so flexible that you can import your data to Tally regardless of how your data is organized or structured in Excel. You can simply map the fields from excel to TallyPrime fields and complete the import. What’s more? You can save the templates for future usage.

Access to sample templates

Looking for a one-tap import of data from excel? We got you covered! Here’s how it works: you can effortlessly download the sample template, input your data into the template, and then import it into Tally with just a few clicks. This user-friendly process ensures that your data seamlessly integrates into TallyPrime, making your transition swift and hassle-free. These templates are specifically designed to work seamlessly with the import feature.

System-assisted corrections

During the import process, TallyPrime’s Excel import function creates logs that identify any errors that may have occurred during the import. TallyPrime goes the extra mile by not only identifying errors but also providing assistance in rectifying them. This function ensures that your data import process is not only efficient but also error-free.

System-assisted corrections not only save you time but also help maintain data accuracy. Whether it’s missing information, data in the wrong format, or other issues, TallyPrime’s import feature provides detailed error reports, making it easy for you to pinpoint and correct the problems.

Conclusion

By easily importing your Excel data into TallyPrime, you can save time and reduce the risk of manual data entry errors. The availability of sample templates and the ability to customize the import process ensure that you can work with your data in a way that suits your business needs.

Make the most of TallyPrime’s Excel import function and experience the efficiency and convenience it offers. Say goodbye to manual data entry and hello to a more streamlined and accurate accounting process.

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