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The Kenyan Revenue Authority (KRA) introduced changes to the tax and invoice management systems last year. As a result, businesses had to move to electronic systems with respect to their invoices and taxes. The traditional TIMS (Tax Invoice Management System) was replaced by the new eTIMS (electronic Tax Invoice Management System).
Businesses not familiar with the new eTIMS are facing challenges while integrating their old systems to the new platform. So, what are these challenges and what steps should be followed to ensure a seamless integration? We answer all of these questions and more in this blog.
To ensure a smooth integration of their accounting system in the new eTIMS structure, businesses in Kenya should follow the below steps:
Most of the challenges observed were because individuals and businesses weren’t aware of who should or should not comply with eTIMS regulations in Kenya. Here are a few points that will bridge this knowledge gap:
Here are some tips to seamlessly integrate your accounting systems with the new eTIMS structure. This way, you can get all your invoices compliant with eTIMS and avoid paying the penalty charges. Currently, taxpayers have to pay twice their usual tax rates for eTIMS non-compliance.
Selecting the right ERP software is essential for smooth eTIMS integration. The software should be fully compatible with eTIMS, user-friendly, and customizable to fit your existing accounting processes. Real-time data synchronization is crucial for maintaining updated and compliant invoices. Additionally, strong support and training from the ERP provider are vital for a smooth transition.
TallyPrime offers all these features, ensuring seamless integration with eTIMS. By using TallyPrime, you can enhance transparency and accuracy in your invoice generation and tax processes, making the transition efficient and hassle-free.
Integration with eTIMS will be a seamless and hassle-free process when you choose the right software with the right features and functionality. Some of the basic features your software should contain are:
When your business grows, your eTIMS integration software should also be able to grow and accommodate the changes easily. It should have the bandwidth for scalability. This way, you can future-proof your business from all possible changes that might occur later. As a result, when you choose scalable software for eTIMS integration, you can expect your software to always work effectively.
One of the most critical ways to integrate your accounting system with eTIMS is to choose the right software. Software solutions like TallyPrime have automated e-invoicing and cash flow management features. If you are a business that is going through challenges shifting to the new eTIMS structure, look no further.
TallyPrime is introducing an eTIMS solution certified by KRA to simplify the invoicing journey for businesses. Our solution can help you upload all transaction-related information in the required format directly to the eTIMS server without leaving the TallyPrime interface. Here's a quick preview of the features you can expect from eTIMS on TallyPrime:
Create and submit invoices to the eTIMS portal in real-time and avoid uploading them separately through another interface.
Generate authenticated e-Invoices with QR codes. Built-in validation checks will ensure that your invoices are correct before they are uploaded to eTIMS.
TallyPrime’s eTIMS Status report feature will keep you updated on the status of your uploaded transactions.
All uploaded transactions on eTIMS are captured within TallyPrime to auto-fill in VAT return forms, update inventory, create insightful reports, etc.
Instant e-Invoicing with TallyPrime’s eTIMS Solution
VSCU and OSCU – A Beginner’s Guide to Setup
A Guide to the Different Types of eTIMS Solutions
eTIMS Onboarding for VAT and non-VAT Businesses
Step-by-Step Guide to Onboarding on eTIMS
e-Invoicing Grace Period Provided for Non-VAT Registered Taxpayers