AccuVAT: VAT Accounting Software
The purpose of AccuVAT, is to help businesses manage and comply with Value Added Tax (VAT) regulations efficiently. It automates and simplifies the recording, calculation, reporting, and filing of VAT-related transactions. AccuVAT is developed in compliance with VAT Act 2012 and subsequent SROs and directives issued by the National Board of Revenue (NBR).
Key Purposes of VAT Accounting Software
- Automated VAT Calculation
- VAT Return Preparation
- Compliance Record Keeping
- Invoice Generation with VAT
- Audit & Reporting
- Multi-rate & Multi-country VAT Support
- Real-time VAT Liability Tracking
- Online Payment and Payment Tracking
- Purchase, Sales and Inventory Tracking
- ERP Integration
- Deployment with NeuroBOSS to make it Bangladesh Compliance
Automated VAT Calculation
- Ensures accuracy in VAT computations, reducing the risk of errors.
- Calculates VAT on sales (output VAT) and purchases (input VAT) based on the applicable tax rates.
VAT Return Preparation
- Generates VAT returns according to the tax authority’s format (e.g., monthly, quarterly).
- Summarizes total VAT collected and paid, and determines how much is payable or refundable.
Compliance & Record-Keeping
- Keeps detailed VAT records required by law (e.g., invoice number, tax rate, amount, buyer/supplier info).
- Helps ensure compliance with country-specific VAT regulations.
Invoice Generation with VAT
- Automatically includes VAT details on sales invoices.
- Shows breakdowns like subtotal, VAT amount, and grand total.
Audit & Reporting
- Generates VAT reports for internal audits and external tax authority inspections.
- Maintains an audit trail of all VAT-related entries.
Multi-rate & Multi-country VAT Support
- Supports multiple VAT rates (standard, reduced, zero).
- Useful for businesses operating in multiple countries with different VAT rules.
Real-time VAT Liability Tracking
- Helps businesses know how much VAT they owe or can reclaim at any given time.