«By competently managing the transition to the new system, the First BIT team helped us promptly deal with an unfamiliar tax environment. The VAT return feature of FirstBIT Accounting fully complies with the Federal Tax Authority’s guidelines. I’d like to especially note how convenient the system is. We have all the data at hand, can easily build reports, and save a lot of effort by automatic cost calculation»
Director at the Aster Aviation Services
Aster Aviation Services DMCC provides various aviation-related services in the Asian market, arranging and coordinating aircraft ground handling and fueling services at all major Central Asian airports. http://aster.aero/
- Automate the company’s accounting in line with IFRS standards and the UAE law.
- Automate VAT accounting in line with the UAE law.
- Automate the generation of VAT returns for submission to UAE tax authorities.
The value-added tax law has been in force in the UAE since January 1, 2018. Like most local companies, Aster Aviation Services had to submit its tax returns for the first time ever, and its legacy accounting software did not meet the new tax accounting requirements.
Aster Aviation Services had to adapt to the new UAE law quickly to be able to submit its tax return for the first reporting period.
First BIT’s specialists recommended the company to use the FirstBIT Accounting solution, which was created specifically for the needs of Middle East businesses and supports both the new UAE legislation and the IFRS standards.
Aster Aviation Services’s transition to the new accounting system involved three stages:
- Preparing an accounting methodology in line with the business specifics,
- Installing and configuring the software, and
- Assisting the client in submitting the first tax return.
The first step was to analyze all customer business processes. An invited tax auditor assisted the team in drafting the tax accounting policy. After creating an architecture based on the developed methodology, the client and First BIT jointly implemented the FirstBIT Accounting solution.
With the help of First BIT specialists, Aster Aviation Services migrated existing accounting documents to the new database and built a VAT tax report. After the reported information was rigorously checked, the data was successfully entered on the Federal Tax Authority website. The structure of VAT reports generated in FirstBIT Accounting is identical to the official tax return template, which makes checking the information quick and easy.