With URA’s implementation of the Electronic Fiscal Receipting and Invoicing Solution (EFRIS), a medium that is being used by all businesses to manage the issuance of receipts and invoices for tax purposes, many challenges have arisen for companies that have pre-existing accounting systems.
At the moment, any person who conducts business and is Value Added Tax (VAT) registered is required to issue an e-invoice or receipt for any supply or sale regardless of whether the supplied or sold good is subject to VAT at a standard rate, zero rate or exempt. However, those who are VAT registered may voluntarily use e-receipts for record-keeping, quick processing of tax claims or refunds and fair tax assessments, among others.
URA has advised companies to either manually process invoices and receipts through their URA Web portal (capturing invoices and receipts twice, both in the company’s accounting system and the URA system) or integrate the company’s existing accounting system to EFRIS.
The easier option of the two is clearly, integrating the company’s already existing accounting system to EFIS. So how do you do this? Well, URA gave a go-ahead for exceptional software companies to help fix this challenge.
This is how Freelyformd comes in, we have dedicated developer teams ready to share an easy to learn breakdown on how we can integrate your already existing accounting system to work hand in hand with EFRIS, that doesn’t necessitate you filling in your financial details back and forth.
This solution applies to accounting systems such as Quickbooks, Tally, Zoho, SAP ERP, Pastel SAGE, Pastel Evolution, Microsoft Dynamics among others.
If you still aren’t sure about the transition, book a FREE consultation with us and we will be happy to share more with you. Alternatively, you may phone us at +256 774 290 781, +256750972609 and we’ll be happy to respond.