June to July must have been a stressful time for you, particularly with VAT return submission! And if I am not wrong, you don’t want your next year to be more stressful. So, let us tell you why you need VAT automation software for your organization.
For the last couple of years, every business sector has been focusing on automation. In particular, the financial department of every company is on the pick of complete automation. And VAT management is one of the immediate priorities. In fact, NBR has even made it mandatory for companies with over five crores of annual revenue.
So, there are particular reasons why you should consider using VAT automation software. You don’t use it because the NBR said so, but there are also multiple beneficial reasons. Before we learn how VAT automation software helps your organization, let us understand what is it first.
What is a VAT Automation Software?
VAT automation software is a digital solution for VAT management. It helps companies to auto calculate Value-Added-Tax (VAT) for products. Besides, it generates different Mushak depending on government-imposed VAT for retails, manufacturing, trading, and all the other businesses. Furthermore, it helps you submit annual VAT returns to NBR automatically.
Before any software solution, companies were working with paper-based VAT management. The paper-based solution was inefficient and made things very hard to track. Therefore, the VAT management system was invented. Thanks to VAT automation software, you can conduct your business without having to write Mushak every time.
Importance of VAT Return Submission
As we have discussed earlier, VAT return submission is the most crucial role of VAT automation software. But do you know why VAT return submission is essential?
Your annual VAT return submission is vital because it goes to NBR. The National Bureau of Revenue (NBR) is a government entity in Bangladesh that looks after the VAT and Tax issues. When it is about NBR, you cannot afford to make any mistakes. Your VAT return documents should be accurate. For one mistake, your company may end up in big trouble.
Therefore, all the companies are cautious about annual VAT return submission. So, preparing a VAT return submission becomes very stressful. And VAT automation software is the only option to feel safe. Now let’s discuss the five ways VAT automation software helps your organization.
5 Ways VAT Automation Software Helps
Easy and Risk-Free VAT Return Submission
A VAT automation software helps organizations in VAT return submission. This might be the most important reason why companies use VAT software.
The annual VAT return submission is a big hassle for large companies. They compile one year of Mushaks and revenues into one report. Think, how does this go along with retail and large manufacturing companies? It is tough enough for a few people to work on this year long.
But, if you have VAT automation software, you don’t need to worry about the process. You just keep inputting and generating the report anytime you want.
Book Keeping for VAT-related Documents
There is no better option for the safekeeping of your VAT documents than VAT software. With VAT automation software, businesses can preserve records on a secured server. You can access your data anytime you want. More importantly, you can generate reports anytime from anywhere. If there is any issue related to NBR, you are safe because your data is properly stored.
So, bookkeeping keeps your organization out of trouble. On the other hand, it also helps you manage your inventory with ease.
Automated VAT Calculations
Are you still using a calculator or your Excel sheet for VAT calculation? We know, a lot of companies still use calculators and excel sheets to date. But now, VAT automation software is all you need.
VAT management solution automates your VAT calculation. For retails, it functions seamlessly with a POS. Use a bar code reader or input the product manually; it calculates your VAT automatically. So, it helps your employees to work on other important things.
Reduces Operational Cost
There is no doubt; you are spending a lot of money on VAT management. Usually, VAT and Tax experts are expensive. For a whole year of operation, large organizations need VAT professionals to work continuously. So, don’t you think you are spending too much on this?
VAT software, on the other hand, is a one-time investment. Moreover, VAT software is less expensive than hiring a VAT professional. So, your company can cut a significant amount of costs on VAT management with VAT automation software.
Future-proof Your Business
One of the primary roles of technology is to future-proof businesses. And VAT software is no different from that. The world is moving forward with technology-based solutions, so does VAT management. Government requirements, customer demand, and employee efficiency all require a software solution for day-to-day VAT management. Therefore, VAT automation software is the future of your company.
To conclude, VAT automation software is the future of VAT management. From VAT calculation to VAT return submission, everything becomes easy with VAT software. Besides, it saves your operations costs and maximizes your business in many ways.