VAT Enabled ERP Software Solutions in Bahrain

Nowadays, the word, VAT is common among us but actually, what is it? I think a majority of us don't have a clear picture about it. We have heard that VAT is going to be implemented in GCC including Bahrain, UAE, Saudi, Qatar, Kuwait, and Oman. It is a true fact that this new tax calculation will affect the companies in these regions.

What is VAT or value-added tax? VAT is a consumption tax which is placed on a product. i.e. it is the tax that we pay on goods and services. Since this tax rate is based on the location of the consumer, it is implemented as a destination based tax. Usually, the VAT rate is decided by the state by calculating the percentage of end market price. It is considered at each stage of the supply chain.VAT can be calculated by two methods either by invoice based method or by accounts based method. More than 160 countries use this taxation because it has many advantages.

What are the advantages of VAT?

• Provide a stable revenue base
• It can be imposed on all types of businesses
• Provide strong incentives for business
• Reduce obstacles to exports
• Useful to maintain a balanced tax system

VAT Enabled ERP Software

Actually, most of the ERP software systems are equipped with some kind of VAT. VAT Enabled ERP Software in Bahrain verify VAT treatment of business's transactions mechanically or manual method. iCresp is one of the leading VAT enabled ERP software solutions in Bahrain. This software will be useful for companies to carry out VAT related activities efficiently. This software will be useful to kept business accounting up to date.

Companies which don't have a VAT-enabled ERP software will have to face the following problems -

• Tax issues
• Accounting issues
• Cash flow forecasting issues
• Penalties for VAT taxation
• Manual data entry burdens
• Internal and external pressures
• Tax compliance
• Tax audit assistance

iCresp which is the best VAT enabled software Bahrain is user-friendly, budget-friendly, robust and can be customized to meet your financial demands. It will manage your business taxation and thus you can overcome the above-mentioned issues. By referring to the following site, you can know more features of this software system - http://www.icresp.com

6 Tips To Choose The Best ERP System Software 2018

Nowadays the importance of ERP system software has increased so that we have to opt an ERP system software to manage our business efficiently. Do you know what is an ERP system software and how to choose the best one?

What is ERP? ERP is Enterprise Resource Planning. It is a software package which is designed for organizations to integrate all data related to it and covers all functions of an organization. An ERP system is a software package which offers all functionalities of an organization as a single package. A typical ERP system can replace more independent applications of an organization. ERP systems are complex and comprised of finance, HCM, CRM, purchasing, business intelligence modules. ERP software is used to manage the supply chain, warehouse, and inventory.

Today, various types of ERP system software are available, especially in Saudi so that you should be very careful while choosing one. It will be better if you keep in mind the following points -

• Make a clear idea about your business requirements
• Make a study on ERP systems which are available now. Have a clear idea about the software platform that you want - local, cloud or hybrid
• ERP system should be customizable to manage your business
• It should be user-friendly, robust and flexible
• Make sure the ERP system is mobile-friendly
• It should meet your budget

Hope these points will be useful for you while selecting the best ERP System Software Saudi. Always remember that it is an important responsibility so give some seriousness to this selection process.

In my opinion, iCresp will be the best ERP System Software Saudi. It has a strong accounting platform. This cloud-based ERP software is user-friendly, robust and flexible. If you want a demo of this, then you can check it on the following website: http://www.icresp.com/