VAT is likely to affect nearly every business in one way or the other. VAT does have an impact on cash flows and profitability. Accounting obligations and VAT costs need to be identified to be addressed correctly. IT systems will also need to be geared to ensure VAT compliance.
Key considerations for businesses are to review existing business models, transactions and processes, step-by-step to understand the impact on financial (margins, pricing, cash flow), operational (supply chains/processes, transaction flows) and legal (contract, business structures) aspects of the business. Subsequently, businesses need to put processes in place for a seamless and accurate VAT structure and compliance. All these require a structured approach to be addressed by senior management.
HOW EARNINGO WILL HELP YOU:
- Perform VAT impact analysis on your business
- Assistance on registration with the FTA
- VAT Training/Workshops
- Identification/drafting of contracts that need VAT action
- Advising on managing the VAT transaction process
- Advising on mandatory compliances with legislations
- VAT Transitional support and compliance
- Invoicing under VAT
- IT Migration
- Post VAT implementation monitoring and advisory
- VAT Accounting
Earningo’s comprehensive approach will help you meet your VAT responsibilities in an efficient, structured & timely manner.