FirstBIT Accounting Software Achieves the UAE Federal Tax Authority (FTA) Accreditation

FirstBIT Accounting Software Achieves the UAE Federal Tax Authority (FTA) Accreditation

17.08.2018
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First BIT is pleased to announce that FirstBIT Accounting software has been accredited by the UAE Federal Tax Authority (FTA).

Globally recognized IT solutions provider for management and accounting, First BIT has achieved the UAE Federal Tax Authority accreditation for their accounting software. The company has been one of the pioneers in helping the UAE-based businesses with their complex accounting requirements following the recent implementation of VAT in the country.

FirstBIT Accounting has been approved as a provider of the VAT-compliant accounting software by the Federal Tax Authority. 

Over a period of 20 years, First BIT has helped more than 150,000 of companies worldwide to transform business processes and to comply with local VAT requirements.

Following the introduction of VAT in the UAE on January 1, 2018, they have played an active role in helping numerous UAE-based businesses implement the latest ERP and accounting software for VAT compliance.
The Federal Tax Authority (FTA) accreditation is awarded to recognize tax accounting software vendors and tax agents following a rigorous process. The objective of this accreditation is to ensure that the UAE-based businesses are able to deal with their tax-related obligations without wasting time or making costly errors, while complying with the international best practices.  

Mentioned below are some of the key requirements set by the Federal Tax Authority (FTA) for VAT accounting software accreditation.

  • Capable of generating non-editable VAT return files as per FTA’s prescribed format.
  • Automatic generation of complete and accurate FAF (Audit File). 
  • Issue credit/debit notes, tax invoices, and self-billed invoices in compliance with VAT rules.
  • Comprehensive documentation support for auditors, the government, and users.
  • Access controls to ensure that data can be accessed and processed only by authorized users.
  • Provisions for data back-up.
  • Generation of weekly, monthly, quarterly, and annual reports.
The FirstBIT Accounting software was designed by taking local users and the UAE legislation into account. Based on their requirement, the users can choose between the cloud and self-hosted deployment models. The users can also opt for a number of add-on modules such as Fixed Assets, Cheques, Production, and Orders among others. It is suitable for enterprises of any scale, being aimed to optimize the accounting processes and avoid penalties for non-compliance of recently adopted VAT law.

“FTA accreditation confirms that FirstBIT Accounting completely corresponds to all legal UAE requirements,” said Eugenii Podborskii, the Head of Automation Department from First BIT. “Our clients have a strong guarantee that First BIT team will keep its commitment to fully comply with the latest changes in the UAE legislation, including new regulated report forms. Our development and support teams are here in the UAE and provide the SLA-based hotline support.
We are proud that we have 100% successful VAT return submission rate among FirstBIT Accounting users in UAE.”


Learn how a VAT-ready accounting software will help you comply with the UAE`s VAT regulations call us +971 4 439 6900 or try FREE 7-day trial http://accounting-software.ae/register/

About First BIT:  First BIT is a global IT company that provides business automation and IT solutions worldwide with 80 branch offices in five countries. Over a period of 20 years, First BIT has helped more than 150,000 of companies worldwide to transform business processes and to comply with local VAT requirements.


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UAE@FirstBIT.ae

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