Tally Solutions: More Than 20,000 Businesses in UAE Shift Base From Manual to Digital Accounting Thanks to Mandatory Vat Returns Submissions

Press release
Published July 19th, 2018 - 10:45 GMT
Vikas Panchal, Business Head at Tally Solutions in the Middle East.
Vikas Panchal, Business Head at Tally Solutions in the Middle East.

Since the launch of Value Added Tax (VAT), more than 20,000 small businesses in the UAE have shifted from manual to digital accounting following the mandate issued by UAE government to submit tax returns online.

“Digital accounting has become imperative for countries worldwide. It not only facilitates operational and cost efficiencies, but also ensures better security, speed and reduced errors. Making VAT digital makes way for a modern and fast service which help businesses get their compliance right, reduces the tax gap, as well as plummets the cost, uncertainty and worry that businesses face while filing returns,” said Vikas Panchal, Business Head at Tally Solutions in the Middle East.

The UAE recently implemented value-added tax (VAT) beginning January 1, 2018. Tally Solutions - a leading international accounting and compliance software provider help businesses comply with the new law by creating awareness on the importance of maintaining proper accounting records as well as facilitating the ease of filing returns through its automated software -  Tally.ERP 9 Release 6.4. Trusted by more than 1.2 million businesses globally, Tally Solutions already includes a list of 50,000 satisfied clients across GCC.

“Ever since VAT was introduced in the UAE, companies have moved from pen and paper and scaled up their computing processes to be able to match up to UAE’s digital processes. Digitalisation has helped businesses to manage timely and accurate record-keeping, whilst preventing errors associated with manual processes. While digital accounting facilitates regulation it also allows businesses to access tax information in a single place, file returns online from any place and deliver improvements in business process,” added Panchal.

While automated accounting will have a significant impact on the way authorities collect, administer and enforce tax, it also helps resolve issues faster, making the tax system more sophisticated than ever before.

In the UAE, where significant strides have been made in realising the nation's vision to become a technology and green economy pioneer, VAT digitalisation is a step ahead of the curve to engage effectively with businesses, remain competitive, boost productivity and take advantage of the broader benefits and cost-efficiencies that going digital gives.

Background Information

Tally Solutions

Tally Solutions Pvt. Ltd. is a pioneer in the business software products arena. Since its inception in 1986, Tally’s simple yet powerful products have been revolutionizing the way businesses run. Having delivered path breaking technology consistently for more than 30 years, Tally symbolizes unmatched innovation and leadership. Today, it caters to millions of users across industries in 140 countries and continues to be the unchallenged industry leader in the enterprise resource planning software domain.

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