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10 Questions You Should Ask About a VAT Software Company in Bangladesh

VAT Software company in Bangladesh

What is the first thing you do while buying something? Getting as much information as you can get about it, right? Well, the same thing goes for VAT software solutions, you have to study the VAT software company in Bangladesh to learn about the product and services.

It seems easy, but there is one challenge that most businesses face when choosing reliable VAT software in Bangladesh. The challenge is asking the right questions to make a perfect decision. That’s because, depending on the answers, you can decide whether to get their solution or try other options. So, which questions should you ask in the first place? Well, that’s what this blog is all about.

VAT Software Company in Bangladesh – 10 Questions You Should Ask

Q – 1: What is the prime purpose of a VAT Software in Bangladesh?

VAT Software Company in Bangladesh

First, ask yourself if you need VAT management software for your business. According to the latest regulation from the National Board of Revenue (NBR), any company with an annual turnover of more than five crores BDT should submit their VAT reports periodically. You can come to a conclusion from the above information whether your business will maintain it or not.

Cloud-based VAT management software is one of the most useful solutions that local businesses in Bangladesh use on a regular basis. To get rid of managing loads of paper and filing, smart business owners opt for software solutions that protect all their records and submit them to the authorities in real-time. Plenty of options are available on the market, and you should ask the next questions.

Q – 2: Which VAT Software Company in Bangladesh provides the best Solution?

When it comes to value-added tax (VAT) management, companies have little to do as the NBR authority regulates the entire process. Therefore, it is not appropriate to say one VAT management software solution is feature-wise better than others. All of them come with the same sets of features and modules; thus, the defining factor is something else.

The National Board of Revenue (NBR) has enlisted 44 solutions on their website, which they have approved and authorized. Using any of those solutions will be sufficient for businesses to get rid of paperwork while complying with government policies. So what makes the difference?

Usually, the customer support, user-friendliness of the solution, quick implementation facilities and value addition like easy navigations, voice search, and AI-powered tools make the difference among all the NBR enlisted VAT software companies. What else can you expect from the best VAT software company in Bangladesh? The answer comes in the next few questions.

Q – 3: Is there a problem if the VAT solution is not from an NBR enlisted VAT software company?

NBR Logo

The answer is yes; you cannot use VAT management software that is not NBR-approved. In other words, your VAT solution should be developed by an NBR listed VAT software company. Otherwise, the authority will not be able to keep track of your VAT records, which may result in complications and a lack of transparency.

The practical explanation for the above statement is that your sales, purchases, imports, and exports can all affect how VAT is calculated and reported. The program has to be able to calculate VAT amounts for various transaction types precisely and then provide relevant reports. By doing so, you may be certain that your VAT reporting is error-free and in accordance with the rules.

Avoiding fines and other legal trouble necessitates strict adherence to VAT requirements. Make sure the software has been tailored to meet the needs of the VAT system in Bangladesh. VAT amounts should be calculated correctly, exemptions should be managed, and compliant reports should be generated. Otherwise, you will face legal action, which will have a negative impact on your business revenue.

Q – 4: How quickly can they implement the solution to any server?

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The answer is a variable depending on the capacity of the VAT software company in Bangladesh that your business prefers. Usually, the leading VAT software in Bangladesh, Prime VAT, takes around 3-4 hours to implement unless there are any complications or custom requirements from the clients. Other available solutions may not match that, given that its developer company, iBOS Limited, is vastly experienced in robust solution development.

Quick implementation is one of the most important values a VAT software company in Bangladesh can offer. It is not a criterion from the NBR or government but from most software users who do not want to waste their valuable time following up on a software implementation process. Therefore, VAT software in Bangladesh needs to be adaptable to any server to ensure customer satisfaction.

Q – 5: Is it possible to get a Demo of the solution before purchasing?

Cloud-based solutions have changed the landscape of business software in Bangladesh. Enterprises no longer have to purchase licensed software from abroad and implement it into the system before using it. Almost all VAT management software approved by the NBR provides free demos to potential customers so that they can check them before making a decision.

As VAT is one of the most complicated and sensitive matters, businesses always take extra precautions before storing their documents and transaction data in any cloud server. Therefore, leading VAT software company in Bangladesh have only one option: letting their customers inspect their solutions. Live demonstration, trial, and pre-implementation mockups are common practices in Bangladesh’s IT sector.

Invoices following VAT guidelines must be created for proper record-keeping and reporting. The VAT rules in Bangladesh have certain formatting requirements for invoices, and the software must have tools to automatically compute and include VAT amounts, display the VAT registration number, and comply with these criteria.

Q – 6: How promptly do they respond to any customer need?

technical support

Customer support is undoubtedly the most important factor for any business when choosing VAT management software. This is not only because the solutions are complex in nature but also because the technology literacy level of customers is not the same for all organizations. Often, we see software users lose their cool while the system does not respond, or they make a mistake and cannot undo it. A prompt customer support team is required in such cases.

The most advanced VAT software company in Bangladesh usually responds to any customer query within hours. If any NBR listed VAT software company fails to make commitment on their customer support, it is a possibility that they will not only lose their clients but also be questioned by the authority for not ensuring 100% accurate reporting from their clients. 

Q – 7: Do they adapt any policy change into their system in real time?

Frequent changes in VAT and Tax related policies are rare anywhere in the world. However, amendments to those regulations often occur depending on the state’s economic, financial and political objectives. During such cases, VAT management software must be 100% adaptable to new policies without delay.

Products and services may be subject to different VAT rates and exclusions. The software must be adaptable enough to handle different VAT rates and exemptions in accordance with Bangladesh’s VAT regulations. You may rest certain that your VAT calculations will be correct and in line with the rates and exemptions that apply to your company.

As all the NBR enlisted VAT software company produces solution that are applicable for businesses in Bangladesh, such facilities should be available in all the solutions. However, we will advise you to make a through study on all the available VAT management software to find out.

Q – 8: Do they provide multi-level user access control with full administration to clients?

Several employees always use business software in an organization carrying out different responsibilities. In the case of VAT software in Bangladesh, usually, the junior officers provide input of sales or purchase data in the system to submit VAT reports. The next senior officer checks and approves the data and scrutinizes for potential mistakes, and finally, the head of the department or Chief Financial Officer (CFO) approves the submission.

The process requires to have access control of users depending on job functions. In addition, a super administration user access role needs to be available to the IT department of the same organization in case they need to remove any approved record with potential mistakes. Ideally, a VAT software company in Bangladesh grants their clients user access control and full authority. However, it is finalized based on discussions and client requirements stated in the contract paper.

Q – 9: How frequently do they upgrade the solution to keep up with the latest technology changes?

Technology evolves every day, and therefore, software becomes outdated very frequently. Software companies must upgrade their solutions regularly to avoid any unexpected circumstances. The same goes for VAT software companies in Bangladesh, which may not make any feature-related changes but should keep the back-end technology updated. It ensures that users using compatible devices from any permitted network get the update in real-time without delay.

We cannot assure you about all the NBR enlisted VAT software companies in Bangladesh and their technology upgrade practices, but leading IT companies like iBOS Limited always keep their system up-to-date and compatible with all users. If you are using a solution from any other company, we recommend you inquire about this from your service providers, as it is one of the most important factors for automated business software.

Q – 10: How affordable are the solutions for Small and Medium Enterprises (SMEs)?

Every business wants to save time, money and effort to increase profitability. Implementing VAT software in Bangladesh can serve this purpose for all businesses, but small and medium enterprises (SMEs) can only sometimes afford it. Thus comes the question: how affordable are these solutions for small and medium businesses bound by budget constraints? Is there any particular scheme for such companies that can help them adapt to technology without worrying about spending much money?

The answer cannot be specified in this article as the financial proposals of different VAT software companies in Bangladesh are confidential and vary based on several factors. However, software companies always look for numerous clients, which means they often compromise on pricing strategy in order to develop their user base. Based on that, we can project that many NBR listed VAT software company offers affordable software solutions for small and medium enterprises (SMEs) in the market.

Final Words

While committing to use a cloud-based VAT management software developed by another organization to manage their transaction, taxation, production, sales, and exemption-related confidential information, it is natural that the users will have lots of concerns. VAT software company in Bangladesh should appropriately address those queries by ensuring transparency and communicating formally. It is better for the software company ecosystem in Bangladesh and helps organizations get more clients through Word of Mouth (WoM).

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