Annual IT Maintenance Contract (AMC)

Business task

Bookkeeping and Taxes

Confidently manage your VAT returns with automated VAT calculation.

Business Challenges

Penalties for incorrect/overdue VAT returns.

Penalties for accounting errors.

Difficulty raising funds because audit reports are not available.

Cash shortages due to poor cash flow forecasting.

Lost deals due to using custom (non-standard) formats of documents-(clients may refuse to pay if there are no documents of specific formats).

Failing to recover proper input VAT amounts due to errors in paperwork.

Key business tasks

Excise tax calculation and payment.

Cash management (bank accounts, checks, and petty cash).

Management of Accounts Payable and Accounts Receivable.

Preparation of reports in different formats required by different Free Zones. Report compliance with IFRS.

Depreciation calculation. Modernization of fixed assets. Purchase and sale of fixed assets. Disposal of fixed assets. Market value adjustments.

Generation of tax invoices. Input VAT accounting. Reverse charge mechanism. VAT calculation for exported supplies. VAT calculation for advance payments. Preparation of VAT returns. Preparation of tax group reports. VAT calculation for foreign-currency transactions. Bad debt write-offs.

FirstBit Accounting