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The Federal Tax Authority’s (FTA) requirements for accrediting the tax accounting software truly reflects the commitment of the Authority to simplify the taxpayer's life in adhering to the VAT compliance. This also emphasises the importance of usage of accounting software in the journey of achieving 100 % compliance for businesses.
The prime objective which FTA wants to drive through the Tax accounting software requirements is that the automation of all tax-based responsibilities of a taxpayer such as keeping track of records, payments, file VAT returns, generating FAF (Audit File) etc.
In this article, we will discuss the key benefits of using FTA accredited software for businesses. Before we put down the list of benefits, let us understand the key functionalities a tax accounting software must have.
Among the various requirements, the three key functionalities that must be included in the accounting software is that the system should have the ability to automatically generate
To know more on tax accounting software requirements, please read 'FTA’s Tax Accounting Software Requirements'
In the context of FTA, tax accounting software is one, which has, inbuilt capabilities to produce tax reporting from the accounting records. Let us understand this with pictorial graphics.
From the above illustration, it is clear that accounting software should produce the tax reporting from the accounting records i.e. the details of purchase and sales should automatically be reported into relevant VAT reports such as VAT return form and audit file. This will be possible only when the tax accounting software has the inbuilt capabilities to:
Tax accounting software is accredited by FTA after a strict verification of requirements that an accounting software has met. Once the accounting software is accredited by FTA, it is guaranteed to simplify the VAT compliance for businesses. The following are some of the key benefits of FTA Accredited Tax Accounting Software.
All this sounds to be too good! Are there any other benefits of Tax Accounting software?
The answer is 'Yes'
A Tax Accounting Software is an integrated software which helps the businesses in managing their business needs such as managing books of accounts, Accounts payable, Accounts receivable, Billing, Financial reporting, Order management, inventory management etc. and at the same time, helps you to be 100% VAT compliant.
You may be interested to read 'Simplified VAT Compliance with Tally.ERP 9 Release 6.3'