First BIT gives the second VAT awareness workshop for UAE businesses
With less than 12 months left to the adoption of VAT in the UAE, companies are seeking ways to build their VAT capability across the whole range of their operations. To support them in this endeavor, First BIT is giving a series of free seminars to raise VAT awareness among the country's SMEs and help them create a comprehensive VAT implementation roadmap that would encompass processes, people, and technology.
The latest of the workshops aimed at early identifying and addressing key VAT touch points before was held on February 16, 2017 in Media Rotana Hotel in Dubai. Just as expected, the event was a success, with more than 70 attendees coming from various industries and functions — from controlling to executive management and from bookkeeping to IT.
Besides presentations by First BIT experts, the attendees and hosts engaged in active conversations on various topics, ranging from sales and marketing (credits, returns, pricing, client relationships) to manufacturing and purchasing (suppliers, vendors, invoices). Of course, a large portion of the discussions revolved around legal (contracts, assets, debts, etc.) and IT matters. Special attention was paid to long-term contracts reaching beyond January 1, 2018, and the ways in which they should be rearranged.
According to Evgenii Podborskii, Head of Automation Department at First BIT, “It is impossible to become VAT compliant without adopting necessary technologies and reviewing the technology stack, including ERP and other IT systems.” That’s why First BIT thoroughly follows all VAT requirements to be incorporated in the company’s flagship solution, FirstBIT ERP.
”From automated integrity checking to accrual impact reporting, FirstBIT ERP takes into account all aspects of the upcoming VAT introduction. This takes a lot of hard work for our team, but it’s absolutely worth it, because our clients can be sure they won’t be caught off guard when the VAT legislation comes into force,” says Podborskii.
With two successful seminars given, First BIT is determined to host more such events in the future in order to promote VAT awareness among small and medium businesses. To follow the updates, you can subscribe to the company’s newsletter by writing to UAE@firstbit.ae.