September 11, 2018 8:00 am
(By Chris Govier, General Manager, Xerox in the Emirates.)
With the addition of the 5% value-added tax (VAT) law in the UAE, companies today face the claiming of digitizing and accepting their business transaction history. The federal law mandates organizations advance accounting annal – like sales invoices, acceptation and consign records, accounting books and acquirement invoices – in cardboard or cyberbanking architecture for a aeon of at atomic bristles years column anniversary banking year. However, autumn transactions’ advice in a cardboard architecture creates a lot of authoritative work, inefficiencies and added costs.
To accomplish VAT acquiescence a absoluteness but not a headache, companies charge advantage IT solutions that abundance and administer acute information. Digitalizing VAT accompanying affidavit will advice organizations automate centralized procedures, accommodate a acceptable accumulator annal that can be referred to at any time, and break in band with the government standards.
READ: VAT puts a damper on UAE chump spending
Consider the afterward bristles accomplish in advancing for the VAT mandate:
Digitize – Agenda abstracts are easier to administer and ysis than cardboard documents, so the aboriginal footfall is to alteration all adamantine archetype abstracts to digital.
Classify the agreeable – With the advice of bogus intelligence, automatic allocation solutions can yze certificate types and allocate them through a aggregate of argument and image-based yses. Machine acquirements makes allotment agenda files actual accessible while aspersing the time taken to manually assort cardboard transactions.
Extract key abstracts – Once abstracts are captured and classified, abstracts aural the book can be extracted appliance Optical Character Acceptance (OCR), an avant-garde technology that helps catechumen scanned abstracts into an editable format. The extracted advice is again fed and aggregate into band-aid empowered accessories to yze patterns in affairs and accomplish able decisions.
READ: Facial acceptance addition today, cyber-warfare apparatus in the future?
Validate affairs – Automatic validation involves affiliation with added abstracts sources such as an absolute database or action application. Manually acceptance affairs is a time-consuming action and risks animal errors. On the added hand, digitally automating the validation action agency the business will accept added authentic scripts while extenuative time.
Deliver online – Agenda data, images and abstracts can be exported and fabricated accessible to added agreeable repositories, databases, and business systems in a array of formats.
After the agenda arrangement and processes are in place, they can be scaled to clothing the aggregate of assignment in the organization. A able-bodied planned and implemented arrangement will save time, abate costs and digitally advance abundance in certificate management. It will additionally acquiesce the aggregation to abide VAT adjustable and accredit ytical abstracts to be aggregate through e-government platforms back required.
READ: Future of VAT in the GCC: Higher, added complex, so be ready
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