The right VAT management system can do wonders for your business. There are many FAQs about VAT software that people often don’t seem to find answers for. Given the recent NBR guidelines, businesses with over 5 crore BDT annual turnover rates must use an NBR enlisted VAT software.
A VAT management system does a lot more than one can assume. There are plenty of ways in which a VAT management system helps a business grow and make proper VAT return submission without having to go through much hassle. This alone is one of the biggest reasons why an organization must switch to a VAT management system
Why Choose a VAT Management System?
Many might not initially understand what amazing things a VAT system can do for their business, however, with time and a little research it’s quite clear how easy VAT submission gets with a system.
So now the question remains, what are the features that you should look for in a VAT management system. Here are our picks:
Compliance and ease of use:
First, check that the software is NBR compliant for VAT management system as you will be unable to file your return unless it is. The software provider should clearly state that it is compliant or you can check the NBR approved list of providers here. When registering for VAT you will be required to also link your software to NBR and give authority for your software to transmit the data to NBR.
Request to trial the software first. Some programs are much easier to use than others and so the best one to suit your business will be dependent on the user’s level of technology maturity.
The more user friendly the better as some may not be suitable for your business or experience. Systems such as Southtech’s EasyVAT are easy to use and quick at drilling down and finding data. These data can be easily managed through a proper VAT system.
Real-time reporting:
VAT management system is supposed to make your life easier. So while choosing a VAT software, you must keep in mind that, it calculates the VAT return and submission in real-time. This feature alone can reduce the possibility of missing the deadline for Mushak return.
Following government recommended Mushak, Southtech’s EasyVAT helps you to generate real-time purchase, sales & transparent inventory reports.
Training and support:
Utilize the provider’s help center. Most software providers offer online FAQs, and online or email chat to help resolve problems or answer questions, but few offer a phone helpline. For those less tech-savvy who may not know the correct terminology to search for, or to ask about, then organizations like Southtech provide them with an active customer service officer so that you can speak to a live person to swiftly resolve issues and reduce frustration.
Check what user training the software provider offers, as this is critical to getting to grips with the software quickly and to reduce the possibility of errors. Check if the company hosts any training seminars or webinars as they will guide you through the software processes.
Proper security and administration:
While choosing your VAT management system, security and administration should be your top priority. Choose a system that helps you set all the security policies that are suitable to implement within your organization. It should also allow different users to be created, updated, and modified according to your needs. The system should have an easier user access control which will help set role wise screen permission
Back office maintenance:
Choose a VAT software that sets all the core functionalities of the system and allows you to set up static data, product, supplier, customer information and product transactions A fully compliant VAT software must help you with updated facilities with product to auto calculate VAT, SD and other duties.
According to the previous VAT Act (1991), companies were to send the paper copies of their VAT returns which was a big hassle for many of them. However, as per the new VAT & SD Act (2012) that has been introduced, now they can submit VAT returns monthly through a simple online form. The new system is much easier with the new VAT management system approved by NBR.
So, the VAT management system has become an integral part of any business in Bangladesh. To make the method more accessible, one should use the appropriate VAT management software for their business.
