In a collaborative approach to diversifying revenue sources, the states of Gulf Cooperation Council (GCC) – UAE, Saudi Arabia, Bahrain, Kuwait, Oman and Qatar have signed a unified agreement confirming their intention to implement Value Added Tax (VAT), an indirect tax, across the region starting Jan’ 2018. A benchmark of 5% VAT is levied at the point of sale on consumption of certain good and services. This VAT regime will impact every stage of the supply chain within the organization from procurement to sales.
Why should businesses be VAT compliant?
As tax system has been introduced for the first time to businesses and clients in the GCC states, it has become mandatory for businesses, manufacturers, wholesalers, retailers, and other clients to comply and configure their Sage 300 accounting solutions with the new taxation system revolving around vendors, suppliers and products. Businesses need to ensure that all the financial transactions are recorded, keeping books of accounts accurate and up to date with the list of invoices, detailed break up of customers and the VAT that is levied.
Greytrix VAT add-on for Sage 300
To make your business VAT ready for your Sage 300 accounting solution, Greytrix with its diverse knowledge and experience in offering taxation solutions, introduces VAT add-on for Sage 300. This unique add-on will configure your Sage 300 ERP with the statutory tax rules and accounting systems making it compliant, thereby driving a seamless transit into the VAT era.
Greytrix with a consistent methodology helps businesses align and adapt to the tax configuration challenges. Having worked on complex taxation systems such as the Malaysian GST, Singapore taxes, India GST, offers successful implementation of tax configuration systems for businesses across the globe. The underlying factor that makes Greytrix VAT add-on for Sage 300 prominent is the simplicity and hassle-free systems allowing enterprises to function seamlessly with a wide range of features. Our aim is that your business receives support and guidance for the implementation journey and help in successfully overcoming the uncertainties and challenges that lie ahead in your financial transactions.
Key features of VAT add-on for Sage 300
The features of Greytrix VAT add-on for Sage 300 include –
- One time tax configuration
- Definition of proper vendor wise and product wise tax class
- Control of vendor and product level tax rates
- Vendor Master level tax configuration
- Customer Master level tax configuration
- Product master level tax configuration
- Tax tracking report for transaction wise tracking
Benefits of VAT add-on for Sage 300
Greytrix VAT add-on for Sage 300 GCC is a holistic solution for making your business VAT ready impacting every part of your business from cash flow, capital costing, pricing of products and services, financial reporting, tax accounting, compliance processes and supply chain. The benefits of the add-on for your business include –
- A strategic decision-making ability around business structures ensuring efficiency, understanding reputational risks.
- Easy management of operational challenges on transactions, cash flow management, tax credits, payments, refunds and accounting periods.
- Businesses can gain extended reporting features based on the requirements on VAT declarations, tax authority audits.
- The one-time tax configuration of Greytrix VAT add-on for Sage 300 effectively manages financial and commercial systems integration allowing you to concentrate on business operations rather than your complex accounting process.
Generate VAT efficiency and savings by minimizing the risks of losing finances and reputation and make your business VAT ready with Greytrix VAT add-on for Sage 300.
To know more about Greytrix VAT add-on for Sage 300, write to us at accpac@greytrix.com
About Us
Greytrix a globally recognized Premier Sage Gold Development Partner is a one-stop solution provider for Sage ERP and Sage CRM needs. Being recognized and rewarded for multi-man years of experience, we bring complete end-to-end assistance for your technical consultations, product customizations, data migration, system integrations, third party add-on development and implementation expertise.
Greytrix offers unique GUMU™ integrated solutions of Sage 300 with Sage CRM, Salesforce.com and Magento eCommerce along with Sage 300 Migration from Sage 50 US, Sage 50 CA, Sage PRO, QuickBooks, Sage Business Vision and Sage Business Works. We also offer best-in-class Sage 300 customization and development services and integration service for applications such as POS | WMS | Payroll | Shipping System | Business Intelligence | eCommerce for Sage 300 ERP and in Sage 300c development services we offer services such as upgrades of older codes and screens to new web screens, newer integrations using sdata and web services to Sage business partners, end users and Sage PSG worldwide. Greytrix offers over 20+ Sage 300 productivity-enhancing utilities that we can help you with such as GreyMatrix, Document Attachment, Document Numbering, Auto-Bank Reconciliation, Purchase Approval System, Three way PO matching, Bill of Lading and VAT for Middle East.
For more details on Sage 300 and 300c Services, please contact us at accpac@greytrix.com. We will be glad to assist you.