Many international corporations are having difficulty handling their VAT returns and being NBR compliant. It’s clear as a day that businesses are seeking methods to simplify their processes. After all, automation of VAT is clearly playing a significant role in enterprises, particularly those of medium & large in size.
With some new regulations from the NBR, it has become crucial to grab the appropriate VAT management software for any organization’s VAT compliance requirements. However, how can one know which software is ideal for their company?
Keys to Choose the Right VAT Software in Bangladesh
For practically all enterprises in Bangladesh, VAT is a novel concept. All firms must be aware of the VAT in order to ensure that they are following the NRB guidelines. The National Board of Revenue (NBR) of Bangladesh took VAT online years ago in order to make things easier and more systematic for businesses in Bangladesh.
Following this, each and every NBR enlisted VAT software company has come up with their VAT Management software which has made picking the right one a tough job. So, if you really want to add the right software to your business, going through the following aspects can ease up the ‘picking’ a lot easier for you.
Software that is really automated completes the essential job with no or little human intervention. The same can be said for software that automates VAT. There are lots of software in BD that claims to be the ultimate automated VAT management solution, though tons of them can fail terribly from the data extraction step through the VAT return preparation phase.
So, make sure that you’re grabbing a solution with End-to-end automation that takes source data from multiple business systems, conducts thorough validations in accordance with FTA NBR VAT legislation, and creates VAT returns that are perfectly good to be submitted on government portals with no errors!
You must ensure that the program you choose got an interface that is perfectly user-friendly. You should be able to simply use the solution and examine various financial reports and data. Some of the solutions like Prime VAT provide a user-friendly dashboard with access to a variety of key sales/purchase information as well as reconciliation.
The software solution should be able to be implemented in the cloud, depending on your company’s requirements, of course. Many companies opt to use a cloud-based solution. Prime VAT is an example of a VAT automation system that can be used in the cloud flawlessly, without compromising the security.
Customizations & Integration
The VAT software should be able to integrate with other company systems seamlessly and without errors. The majority of the time, several data source systems are used by businesses to hold financial records.
It’s also possible that a company with lots of branches employs distinct source systems. As a result, VAT automation software must be highly adaptable and readily linked with a variety of systems in order to generate appropriate VAT returns.
Approved by the NBR
It is essential that the program you choose has to be approved by the National Board of Revenue. You should verify which solution has been authorized by NBR and you can check it out on their official website.
Selecting one that isn’t NBR authorized will just add to your workload. After all, an NBR-approved program provides superior control over the VAT administration and adheres to all NBR guidelines, resulting in accurate and error-free VAT returns.
Business Intelligence Report
Business intelligence reports need to be available via the solution, giving you an insight of previous and present business activities. All these reports are focused on assisting you in understanding your operations in a better way and making all the adjustments as needed. Plus, the financial reporting should become more accurate with the help of the VAT management software.
Validation of Data in Real-Time
The solution you’re picking should be capable of evaluating data in real-time. So that the problems can be detected early and you don’t get to submit your VAT return with blank forms. To avoid NBR fines and be NBR compliant, the software should execute thorough data validation checks after the extraction of the source data to guarantee that mistakes are found and remedied before completing the VAT return.
Capacity to Handle a Huge Amount of Information
In the typical business environment, many major firms have several business touchpoints, a vast client base, and significant data created by a variety of data systems, necessitating the provision for large-scale financial data storage through a web interface.
The program must be able to manage a significant volume of information. Once you upload large volumes of data, the program has a chance of crashing. Your efforts will go in vain for sure in such cases, and you may lose a bunch of data.
Active Customer Service
While picking a VAT Management Software, make sure that their customer service is available all the time so that they can respond to your questions quickly. Also, ensure that the solution you chose has a responsive and active support staff that is knowledgeable about both technical and VAT issues.