VAT Return Software: Why you should implement one right now!

Another fiscal year (2019-2020) is coming to an end. This is the time of the year (June-July) when businesses start over with new budgets, estimations and most importantly – new hope. But you might be wondering why a VAT return software should be your number 1 priority now, right?

In this blog, we will make it easy for you. We will break down the need and benefits that come with a VAT automation system and why it is a “MUST” for you. So let’s get started!

Riding the pandemic storm with automation

After already spending half of it, we can safely say that 2020 has turned out to be a disastrous year for businesses. The global coronavirus pandemic has forced us to rethink how to operate our businesses.
Organizations have slowly started to embrace the “new normal”. People will have to conduct their activities in a changed social and economic environment. This will mean only the smartest will survive and thrive.

Rethinking our business operations means doing what is absolutely important for the survival of the business, and skipping the avoidable where we can. We have to think of ways in which we can minimize costs and increase efficiency at the same time.

How to do that you ask? Well, Automation holds the key!

Manage VAT the easy way

EasyVAT allows you to submit VAT returns digitally without any hassle!

See How

Manage VAT the easy way

EasyVAT allows you to submit VAT returns digitally without any hassle!

See How

Introducing a smart way to do business enables you to adapt to difficult situations. A solution like VAT return software decreases human involvement – cuts costs and also minimizes risks of error. So even if it seems like a significant cost while implementing, smart automation systems ensures the smooth running and longevity of your business.

Going ahead, running your business, there are a few things that you cannot compromise on right now. A VAT software is one of them.

Decoding the history of VAT Return Software

Previously, Bangladesh used to follow the VAT act of 1991 – which required companies to send hard copies of VAT returns regularly to the National Board of Revenue (NBR) . This used to take up a lot of time and was a big hassle for both parties.

There were a lot of errors and fixing such issues took up a lot of time and money. The lack of transparency also meant that the government was losing a big chunk of money every year due to frauds and TAX evasions. Recording, maintaining and keeping track of so many paper documents was becoming virtually impossible.

Then came the new VAT act (2012). It required businesses to submit VAT returns monthly through a simple online form. To facilitate this and make it even more...