As we all know VAT is set to come into affect on 01-Jan-2018 in the United Arab Emirates, Kingdom of Saudi Arabia and or other GCC countries.
The new law mandates all organizations to have proper books of account & present audited financial statements from a certified government approved auditor as and when needed by the authorities in United Arab Emirates. This is done to purely prove that what you have reported is accurate and true.
Majority of small businesses do not maintain proper books of accounts, this will change as businesses will now need to keep proper books of accounts, which also means proper payroll records, in addition to the normal sales, purchase and other accounting records.
It is the best time to evaluate your current payroll process, majority of small businesses can easily manage payroll records on an a set of simple excel sheets. With VAT in the equation you will need to claim your input tax credits for even expenses incured by employees on the organization’s behalf, i.e. Telephone bills, Meals, Travel, but can you do it if you don’t have proper accounting records and or system in place ? Surely you will need to get more organised, the question of, whether you need a payroll solution or no, is no longer relevant in today’s process driven world, I cannot highlight the benefits of a self , process-driven solution, enough, if we need to save time, resources, be compliant, all objectives met and at the same time save on costs, we need a solution to make it happen.
HR Chronicle is a simple yet powerful and scalable solution, whether you have 5 employees or 50k employees, it will surely fit your need.
With our completely web based cloud offering, with a mobile app, all the infrastructure on Microsoft Azure Platform. You are sure you get the best bang for your buck, good things are not necessarily the most priciest.
Connect with us to understand how we can help you align your payroll process.