The development of the business sector has made it harder to follow taxation regulations caused by the rigorous Value-Added Tax (VAT) requirements imposed by the National Board of Revenue (NBR) in Bangladesh. Businesses struggle to comply with the importance of NBR approved VAT management software in Bangladesh.
As a complete VAT compliance tool, PrideVAT enhances efficiency across a range of sectors. Whether your business operates in manufacturing, services, or trading, PrideVAT delivers accurate, automated solutions for NBR compliance.
Establishing a company in Bangladesh, whether large or small?
The system simplifies reporting on VAT and works well with other systems like PrideERP.
In this blog, we’ll explore what VAT Management software is, the features and benefits of PrideVAT, and why it’s one of the best NBR approved digital VAT software options for small and large businesses in Bangladesh.
What is VAT Software and Why Your Business Needs It?
What is VAT Software?
VAT software functions as an electronic system designed to handle VAT (Value-Added Tax) tasks, including estimating and reporting.
VAT handling without software is often tardy and susceptible to mistakes resulting in violations.
Using VAT Management software in Bangladesh allows businesses to automate these tasks, ensuring proper, real-time VAT calculations and reports.
Typical features of VAT accounting software include:
- Automated VAT calculations
- Easy-to-use VAT invoice management
- Generation of VAT returns for NBR filing
- Real-time tax updates and compliance alerts
- Seamless integration with accounting systems for better financial management
To maintain legal compliance and boost efficiency in operations, businesses in Bangladesh must rely on NBR approved VAT software.
Why Your Business Needs VAT Management Software
If you are a business in Bangladesh, using digital VAT accounting software is no longer optional; it is a necessity.
Here’s why:
- Compliance: NBR has mandated that businesses use approved VAT software, ensuring legal and financial compliance.
- Efficiency: Digital VAT solutions simplify tax calculations, saving you time and reducing human error.
- Cost-effective: Although there might be an upfront cost, VAT software reduces the likelihood of errors, audits, or penalties that can become costly.
- Data Security: Most VAT Management software solutions ensure that sensitive financial information is encrypted and securely stored, which is critical for protecting business data.
By selecting NBR approved VAT software in Bangladesh, your business remains compliant while reaping benefits from automation and exact tax reporting.
PrideVAT: Comprehensive VAT Solution
PrideVAT offers a complete digital VAT management software solution tailored to the tax compliance needs of businesses in Bangladesh.
It simplifies VAT procedures in accordance with NBR guidelines fully compliant with the VAT Act 2012, automating report generation, and integrating with business management systems like PrideERP.
PrideVAT enhances VAT administration, allowing businesses to handle VAT filings, generate detailed sales and purchase reports, and ensure full compliance with NBR regulations.
Key Highlights:
- Automates VAT reports generation for compliance with NBR.
- Fully integrates with PrideERP and other third-party software solutions.
- Provides a web-based platform for remote access, making it easy to manage VAT from anywhere in the world.
Features of PrideVAT and Why It’s the Best VAT Management Software
PrideVAT offers a rich set of features designed to simplify VAT management software systems for businesses.
Whether it’s the ability to handle multiple organizations under one platform or generating monthly VAT returns, PrideVAT features are comprehensive, ensuring smooth operations.
Key Features of PrideVAT:
- Capable of handling multiple business organizations in one PrideVAT solution.
- Group/category and HS code-wise item creation.
- Yearly VAT & SD price percentage declaration.
- Cost analysis.
- Capable to create the monthly VAT return—Mushak 9.1.
- Multiple-level approval layer.
- Stock movement analysis.
- Re-order Level.
- Store Ledger.
- Supports multiple levels in the chart of accounts.
- Multiple group structures in the inventory system.
- Bill of material (BOM) setup and co-efficient declaration.
- Finished Stock and Sales Register.
- Issue subcontract.
- Item-wise stock report.
- Secured Data Backup and Restore Facility.
- Stock-wise item location transfer.
- Vendor profile setup.
- Customer profile setup.
- Creation of locations, batches, and measurement units.
- It can generate various MIS reports.
- Reconciliation Report.
- PrideVAT is able to integrate with an online payment gateway.
- Capable to integrate with any kind of third-party software and very familiar with PrideERP.
- PrideVAT management system’s web-based solution and easy to access any area in the world.
- Data Security Management.
- Role-based user and authentication.
- User-friendly and unlimited users.
- Cover compliance requirements of NBR (National Board of Revenue).
Industry Covered
PrideVAT is designed to support a wide array of industries, making it a versatile solution for businesses across Bangladesh.
Here are some industries where PrideVAT is highly effective:
- Apparel Industries
- Automotive Industry
- Chemicals & Fertilizers
- Consumer Durables
- Corporate Solutions
- Educational Institutions
- Embroidery & Printing
- Financial Organizations
- Food & Beverage Industry
- Footwear Industries
- Garments Industries
- Insurance Companies
- Manufacturing Industries
- Telecom Industries
- Healthcare Services
- Textile Industries
- Trading Services
- Washing Plants
By offering comprehensive VAT management software system solutions tailored to the needs of these industries, PrideVAT ensures smooth operations regardless of the business sector.
VAT Registers & Reports You Will Get with PrideVAT
PrideVAT generates all the necessary VAT registers and reports as required by the NBR.
Here’s a list of some of the VAT reports:
- Mushak 9.1: VAT Return
- Mushak 7.1: Application for adjustment of SD
- Mushak 6.10: Sales & Purchase Invoice over 200k
- Mushak 6.8: Debit Note
- Mushak 6.7: Credit Note
- Mushak 6.6: VDS Certificate
- Mushak 6.5: Transfer Challan
- Mushak 6.4: Contractual Production Invoice
- Mushak 6.3: VAT Challan
- Mushak 6.2: Sales Register
- Mushak 6.2.1: Sale-Purchase Register
- Mushak 6.1: Purchase Register
- Mushak 4.3: Input-Output Coefficient
- TR-6: Treasury Challan
- Audit Reports & MIS Reports
These comprehensive reports are auto-generated based on the transactions recorded, ensuring full compliance with NBR regulations.
Implementation Method
PrideVAT offers flexible implementation options to suit different business needs.
Whether you prefer on-premise hosting or a cloud-based solution, PrideVAT can accommodate your infrastructure:
Flexible Deployment Options
- Platform: Windows, Linux, Hybrid
- Database: MSSQL, Oracle, MySQL, PostgreSQL
- Hosting: On-premise, Cloud, Shared/Dedicated Server
This flexibility allows businesses to choose the deployment and hosting environment that best meets their operational and security requirements.
Why PrideVAT is the Best NBR Approved VAT Management Software in Bangladesh
PrideVAT is full-fledged digital VAT management software for any kind of business vertical. It can be adapted to any kind of business like manufacturing, service business, trading, import & export.
The PrideVAT software fully complies with the rules of the National Board of Revenue (NBR) of the Government of Bangladesh.
According to VAT law, Bangladesh National Board of Revenue (NBR) generates all reports automatically from the PrideVAT management solution
PrideVAT solution is able to integrate any third-party application and is very familiar with PrideERP.
Here’s why it’s the top choice:
- NBR Compliance: Fully compliant with the National Board of Revenue (NBR) regulations, PrideVAT ensures that your business avoids costly fines and penalties.
- Comprehensive Features: From multi-organization support to advanced reporting capabilities, PrideVAT has everything a business needs for effective VAT management.
- Security and Data Integrity: With role-based user access control, data encryption, and backup facilities, PrideVAT ensures that your financial information is always secure.
- Third-Party Integration: PrideVAT easily integrates with other business tools like PrideERP, ensuring a seamless VAT management experience.
- Scalable Solution: Whether you’re a small startup or a large enterprise, PrideVAT can scale with your business, adapting to its growing needs.
Conclusion
In an era where tax compliance is increasingly digitized, businesses in Bangladesh need a reliable and efficient solution for VAT management. PrideVAT stands out as one of the most comprehensive NBR approved digital VAT software for small and large businesses, offering a wide range of features, flexibility, and compliance with NBR regulations. Its robust reporting capabilities, security features, and scalability make it the perfect solution for businesses of all sizes and industries.
Ready to streamline your VAT compliance? Contact us today to learn more about how PrideVAT can transform your business’s VAT management processes.