Best ERP Software Solutions in Oman

 Due to the pandemic, it was a rollercoaster ride for businesses globally. Businesses had to figure out systems to handle everlasting challenges. The business faced many challenges like remote work, interrupted supply chains, unexpected changes in the prices of raw resources, an onslaught of information, and a scarcity of labor, to name just a few. Many businesses streamlined and enhanced their tasks and in these vexing times with the support of Enterprise Resource Planning (ERP) systems.

In the future, we know that ERP will be accessible to even more flexible and agile structures. It will empower companies to function with zero downtime, enhanced resource functionality, and overall superior process optimization. With varying business dynamics and execution of VAT in Oman, most of the businesses in Oman have familiarized the significance of ERP software solutions for their business. ERP Software in Oman supports the business to assimilate all functions into a single unified structure. Every single piece of data associated with business is stored in a single system. As a result, it offers complete business statistics for decision-making. An ERP solution supports increasing productivity in handling the business and offers real-time accurate business reports for assured decision making.

Benefits of Best ERP Software in Oman

The following are the business benefits of using ERP solutions.

The effortlessness of handling records of accounts

It helps in accounting and issuing VAT compliant invoices

Improved control on bills receivable and payments

Generates automatic, precise, comprehensive, and real-time business reports

Inventory and stock-levels management made easy

Handling VAT records and creating VAT returns on-time

Enhanced cash flow supervision and unified banking

Easy to access business documents remotely

Handle many branches and merging of business information

Supports budget analysis and cost optimization

ERP for Construction Industry

Since the data related to any construction project is so enormous and expanded, it must be consolidated in a single site so that it can be quickly and effortlessly accessed by every person involved, all the way from the tender phase to a conclusion. ERP construction software offers powerful analytics with the help of data from numerous construction processes such as accounting management, contract administration, equipment or record management, human capital supervision, project management, retailer management, tender management, planning, asset management, and much more. This software guarantees comprehensive follow-through of the life cycle of each project, allowing all the processes essential to the specific individualities and demands of the construction sector to be unified and dealt with. ERP can fully be integrated with managerial and financial progressions too. This vastly enhanced information flow stimulates extensive rises in productivity and less incoherence, leading to a drop in costs. 

ERP for Manufacturing Industry

ERP for the manufacturing industry incorporates all characteristics of business like resource management, processes, tracking, sales, accounting, and finance, etc., and endows businesses to operate effortlessly by upholding a single database. The outcome of organizations operating in the industrial sector relies mainly on the well-organized planning of the production process. To help these organizations enhance their processes, merging all the potential of their material and human resources to attain augmented productivity, ERP compromises a production management solution that maximizes the results by building value. An ERP solution for the manufacturing industry was established specifically to address the specific needs of the industrial sector. It helps in scheduling, programming, implementation, and monitoring of the entire manufacturing process, from procuring raw materials to delegating and cost control. We offer the best ERP Software for the manufacturing industry in Oman that can automate the processes by reducing its dependency on manual methods. This not only quickens the production process but reduces errors and increases productivity significantly.

ERP for Asset Management

ERP software for asset management will help you accomplish, track and utilize your assets in the most dynamic way. Incorporated with other business departments, the software would help you keep track of the usage of all assets and schedule jobs for all machines, with load and maximum proficiency. In areas such as industry, energy, intelligent building management, construction, health, hospitality, and public administration, to name but a few, ERP software is absolutely paramount for any company’s performance. Though, there is a tendency for the conservation of assets and installations to be ignored after the primary investment has been made. 

ERP for Project and Services

Project-based ERP systems offer an end-to-end business solution for all divisions of businesses that produce revenue by leading complex projects. These systems comprise sections that address monetary management, project and resource design, sales and marketing, and services. By recording all project-related data, businesses gain reflectiveness into the type of projects that are the most lucrative. Businesses that may use ERP software for projects and services comprise engineering, construction businesses, as well as a government service provider. ERP system is used to plan and track operations. An ERP for a project digs deeper into the minuscule details of the production like workforce, inventory, and highlights. This offers a more comprehensive view of individual projects and developments. Most businesses used to track project details in separate spreadsheets and files but with the help of ERP, the whole lot can be pooled in a single ERP system. This makes ERP systems simply a more complete form of enterprise resource scheduling.

Are you looking for ERP Software in Oman? We get you covered!

We at Peniel Computer offer an Enterprise Planning System (ERP) that covers all of your necessities. We provide you the best ERP software for small businesses and large corporations. Get ready for single software that covers all divisions, units, and departments. You can control your business from one single system. If you are a budding business, then don’t worry, we get you covered too. Our ERP software is cost-effective, and you don’t have to change software any longer as our ERP develops with you. We know that support and service is the most essential thing when it comes to software. We offer support and service that make us one of the best software companies in Oman. 

Tally ERP 9 Dealers In OMAN - Partner UAE - Bahrain - Saudi Arabia-Dubai

 

What is TallyPrime?

TallyPrime Software - TallyPrime takes this to a new level, making your start to automation, or your switch to Tally simpler than ever before. You can now discover the product much more easily and make the product do more for you, without learning anything new. We are the Official Dealer of Tally Prime in Dubai, UAE, Bahrain, Abu Dhabi, Sharjah, Oman, Saudi Arabia and all over the Middle East. 

VAT Enabled Tally ERP 9 (Tally Prime VAT) for Oman - Tally VAT Version Oman

Tally Solutions oman, the best ERP software provider announced the launch of its Value Added Tax (VAT) software–TallyPrime Release 1.1.3 to assist the Oman businesses towards an easy transition to the new tax factor.TallyPrime will enable businesses to set up the software easily and record and print VAT bills in Arabic and English with ease, it will also allow them to start their VAT compliance journey from the beginning.

We are here to find out the perfect solution for all Queries Regarding Tally VAT in Oman. Just Contact Peniel Computer for more information and VAT setup in Oman. 

Tally Prime VAT Compliance - Partner Oman - Bahrain - Dubai - UAE

Tally.ERP 9 (New Tally Prime) is the world's fastest and most powerful concurrent Multi-lingual business Accounting and Inventory Management software. Tally.ERP 9, designed exclusively to meet the needs of small and medium businesses, is a fully integrated, affordable and highly reliable software. Built on the proprietary technology of Tally Solutions UAE - C: MuLATE (Concurrent Multi-lingual Accelerated Technology Engine) - Tally.ERP 9 is a perfect fusion between the path-breaking Concurrent Multi-lingual Platform and an Object-Oriented Database Engine. Technology on which someday all business accounting solutions will be built.

Tally Solution has officially Launched TallyPrime 2020 Software in Dubai, UAE on 9th Nov 2020 (Tally Prime Launching Date/release date: 9/11/2020). for the best Tally Prime Price Software in Dubai, UAE Feel free to contact Peniel Computer UAE. We allow Free tally prime software download also Tally Prime Demo Download.  We offer Tally Prime in Dubai and Tally Prime in UAE at the best Price.

Tally.ERP 9 (New Tally Prime) is easy to buy, quick to install, and easy to learn and use. Tally.ERP 9 is designed to automate and integrate all your business operations, such as sales, finance, purchasing, inventory, and manufacturing. With Tally.ERP 9, accurate, up-to-date business information is literally at your fingertips anywhere. The powerful new features and blazing speed and power of Tally.ERP 9 combine with enhanced MIS, Multi-lingual, Data Synchronization and Remote capabilities help you simplify all your business processes easily and cost-effectively.  Introducing Tally.ERP 9 Release 6.6. Grow your business with secure access to Tally reports, now on web browsers. The Lates version for tally ERP 9 is tally 6.6. Contact us for more details about tally on cloud in Bahrain, Oman, Saudi Arabia.

@https://www.penielcomputer.com/

 

 

 

Few Benefits of Applying VAT in Oman

 

The application of Value Added Tax will be revolutionary for the country as it will not only benefit the growth of the economy but will also support the progress of the country as a whole. This would prove to be one of the critical steps that the state takes to expand its economy. Oman would turn out to be the fourth member of the Gulf Cooperation Council (GCC) to implement VAT in the single Unified VAT Agreement.

What is VAT?

VAT is a general consumption tax that is charged on dutiable goods and services that are bought and traded in Oman comprising the import of goods and services. It is taxed and collected at each phase of the supply chain right from the producer’s buying of raw materials to a seller’s sale of an end-product to a customer.

Omani businesses act as tax collectors for the Sultanate of Oman and are assigned with the duty of charging, collecting, and remitting the tax to the government. Companies need to register for VAT if they happen or expect to meet a yearly deliveries threshold.

Benefits of applying VAT in Oman?

Implementing VAT in Oman is said to have a progressive impact on its growth and global competitiveness and will help in building a defensible knowledge-based economy for upcoming generations. Below are some of the most vital benefits of practicing VAT in Oman:

Entitled to claim input VAT reduction

Input VAT is the tax abided by the taxable person in respect of the products or services provided to him or imported to conduct the activity. The tax unpaid and payable by any chargeable person for any tax period will be figured as the excess amount, of the overall value of output tax less than the complete value of input tax-deductible for that phase. The taxable person can claim the input tax deduction in 3 years from the date of an effective tax invoice.

Reliability and business status

As VAT registration number is to be exhibited on business documents, compulsory, such statements which offer trustworthiness and authorization of businesses. With an appropriate certification in place, businesses seem well recognized and firms would desire to do business that is trustworthy.

Audit trail

With the implementation of VAT, industries will need to ensure that they are maintaining the precise records for at least 5 years for submitting for FTA upon request. This not only confirms complete compliance but also gives the actual picture of the business’s economic circumstance.

Now the next plan for you would be to make your industry ready for VAT execution and can be done by selecting a business management software like TallyPrime Oman, which allows you to be VAT-ready quickly.

VAT in Oman

 

Oman will announce a value-added tax (VAT) system associated with the GCC VAT Framework with effect from April 2021. The standard rate of VAT will be 5%, making it one of the lowermost rates in the world. It is consistent with the GCC Unified Agreement with provisions for zero-rating and exceptions in the Oman VAT Law. Oman turns out to be the fourth Gulf Cooperation Council (GCC) member state to implement VAT, along with the UAE, Kingdom of Saudi Arabia, and Bahrain.

VAT execution in Oman

The online registration for VAT in Oman lives from 1st February 2021 until 15th March 2021 for taxable individuals with yearly supplies beyond or likely to exceed One million (OMR). The voluntary registration will also be accessible for taxable individuals with yearly supplies or expenses beyond or expected to exceed (19.250) OMR. The registration should be done through Oman’s official Tax Authority’s Online Portal.

In the implementation of Value Added Tax Law, one must register with the Tax Authority according to the given data:

Category	Registration Due Date	Effective Date of Registration
If the cost of annual goods surpasses or is likely to go beyond 1,000,000 Omani Rials	February 1 – March 15, 2021	April 16, 2021
If the cost of annual goods is between 500,000 and 1,000,000 Omani Rials	April 1-  May 31, 2021	July 1, 2021
If the yearly value of goods is between 250,000 and 499,999 Omani Rials	July 1 – August 31, 2021	October 1, 2021
If the yearly value of goods is between 38,500 and 249,999 Omani Rials	December 1 – February 28, 2022	April 1, 2022

Conclusion

With VAT being implemented throughout Oman on April 2021, industries have a limited period to get set for VAT. Industries or businesses in Oman should self-assess their VAT registration responsibility in Oman. Therefore, every business should keep VAT records of at least ten years from the end of the year to which they are associated for review. VAT returns must be filed electronically and are estimated that the VAT period will be a minimum of one month, and VAT expenses and returns must be filed within 30 days of the completion of the tax period.  VAT being on the approach of execution, it is very crucial for a business to become tax compliant. Business holders can be well-prepared with a complete view of their business transactions and VAT compliant with the help of TallyPrime VAT.

What is VAT and How Does it Work?

What is VAT: Value-added tax widely known as VAT is an indirect tax that is charged on the supply of goods and services. It has been executed in more than 160 nations and on April 1st, 2021 Oman will join the association of countries that have executed VAT. The VAT being a new system, businesses need to know the concept of VAT and how the structure works.

Understanding VAT

VAT is a universal consumption tax that is imposed on dutiable goods and services that are accepted and sold in Oman together with the import of goods and services. It is charged and collected at each phase of the supply chain right from the producer’s purchase of raw materials to a vendor’s sale of an end-product to a customer. As it is an indirect tax system, the listed businesses act as mediators to charge, accumulate and remit the tax to the authorities.

How does VAT System work?

The tax is charged on value addition in every phase of the supply chain. This is attained through the perception of input VAT deduction, which permits the industry to set off the VAT paid on procurements known as Input VAT along with Vat collected on the sales know as Output VAT. Let us understand the tenure of VAT Filing

• Businesses functioning with more than a certain threshold must file the VAT return once-a-month.
• Businesses functioning with less than a certain threshold must file the VAT return quarterly.

The Ministry of Finance in Oman may choose to outline a diverse tax filing period for particular businesses that fail to meet the terms. This may lead to fines or penalties.

Importance of collecting VAT for Oman Government

It benefits the government to produce adequate income for the smooth operations of public segments. It also assists in reducing the dependency on the oil capitals of the country. This is mainly an enhanced substitute to just trusting on natural reserves of the nation.

Does everyone pay VAT?

Certainly not, meanwhile, there are few exemptions declared by the government where individuals or companies are not necessary to pay VAT. In case, in real estate, the materials for commercial building are VAT applicable; but, the materials of residential building are VAT exempted. There is a distinct unit of “Zero Rated Supplies” which clarifies the whole lot about VAT exemptions.

Conclusion

TallyPrime manages your business by helping a transit to VAT regime and smooth functioning of your business. 

VAT Registration Guide in Oman

 

VAT in Oman is likely to get applied from April 2021. Oman would be the 4th of 6th Arab Gulf states to announce VAT as part of a 2016 VAT union agreement. The six states had been granted to implement a harmonized 5% regime. The mandatory Oman VAT registration onset is OMR 38,500. But, it is likely to apply for a volunteer registration above OMR 19,250. Non-resident industries will have to VAT register if they offer taxable goods, regardless of the registration threshold boundary. Find Below VAT Registration Guide in Oman.

Key highlights of VAT registration guide of Oman

The guide has explained that the below-mentioned steps must be followed in case any industry or individual needs to register for VAT.

• Decide whether the individual is obligated to register or not.
• Determine the constituents of the annual goods for the purposes of registration.
• Analyze or evaluate the total value of goods for the periods.
• Approving the registration date based on the result of computing or estimating the total value of goods.
• Apply for registration as per the processes that will be explained by the tax authority.

VAT Registration Timeline

After calculating the yearly goods, the person required to register must give an application for registration with the tax consultant within the dates stated by the Decision of the Head of the Tax Authority. The date of registration is the day on which the registration turns into effective, and the registered person must fulfil all necessities of the law as of this date, such as delivering tax invoices, keeping accounting histories, submitting tax statements, and other tax responsibilities.

How to apply for VAT registration?

Companies that meet the above conditions can start registering for VAT by logging in to the online VAT registration website provided by Oman tax experts. Steps for VAT registration are mentioned below:

Diagram

· The individual has to register must visit the tax authority’s portal i.e. https://taxoman.gov.om/portal/ar/home

· Then the individual has to log in with the electronic authentication provision

· Fill out the electronic form to register for VAT wisely

· Make sure the accuracy of the data and confirming that the application fulfills all the essential documentary requirements

· Submit the application and preserve the receipt of the application from the tax authority

· The tax expert reviews the registration application, and if accepted, it will issue a VAT registration license that comprises the registration number and other info such as the date of the registration beginning, tax periods, etc.

Being tax consent is exceptionally essential for business holders. TallyPrime confirms that the software is constantly prepared for any up-to-date statutory variations for the smooth working of your business.

Stay VAT Compliant with TallyPrime’s Amazing Capabilities

 

VAT is a universal consumption tax that is charged on taxable goods and services that are bought and sold in Oman together with the import of goods and services. It is charged and collected at each phase of the supply chain right from the company’s purchase of raw resources to a store’s sale of an end-product to a customer. Since it is a secondary tax system, the listed businesses act as mediators to charge, collect and remit the tax to the consultants.

Oman VAT registration released on February 1, 2021, for chargeable individuals with yearly supplies beyond or likely to exceed 1 million Omani Rial. Companies will need to keep VAT accounts for a minimum of ten years from the end of the year to which they are associated.

These histories will need to be made accessible for review at any time. The first step to make yourself for VAT compliance is by creating invoices following Oman VAT laws since the day of operation. It is expected that the VAT period will be a minimum of one month, and VAT expenses and returns must be filed within 30 days of the closure of the tax period. 

TallyPrime competencies for VAT compliant

With VAT execution just a few weeks away, companies are all set to welcome the new tax policy with open arms. From system outline to gaining compliance awareness, businessmen in Oman are prepping themselves to produce significant cash flow and complete tax costs. Using TallyPrime’s VAT-compliant billing, you can follow all the required tax laws.

Using TallyPrime, you can:

• Simplified configuration of the VAT rate
• Design tax rates based on their taxability
• Recording and creating precise invoices
• Create bills in Arabic/English or both
• Develop exception reports for discrepancy dealings
• Accomplish all kinds of VAT transactions in TallyPrime

What to consider in software for accurate VAT compliance?

Technology plays the most exciting, time-consuming, and complex role in the VAT implementation journey. Therefore, it is of major importance that your ERP system supports you systematize VAT calculation. It includes the creation of several types of invoices with many items, multiple tax types, and multiple currencies, tax reports, and the generation of tax invoices. The customized system information must be developed in advance to avoid VAT return filing and audit difficulties. Therefore, using an automated system for VAT compliance will increase your business efficiency. Check our website for Tally Prime VAT today that manages VAT implementation, guaranteeing VAT compliance and business stability.

VAT Invoice in Oman

 

Invoices function as an important purpose for both, the business directing the invoice and the client accepting it. For small companies, an invoice supports expedite the expense by providing customers a statement of the payment that is unpaid. Not just that, a bill also aids you to track your company’s sales and income and retain your books of accounts updated. With VAT in Oman, the invoice issuance grabbed more importance. This is because the VAT law orders all the industries registered for VAT to offer an invoice on making a taxable supply.

What is a tax invoice?

Tax Invoice in Oman just refers to a printed or electronic document which the payable person must issue, and it must comprise of particulars of supply and all other details in accordance with the requirements of law. Businesses that are listed under VAT must now issue a tax invoice for the resource of taxable goods and services. The VAT and guidelines commend the necessities of Tax invoices as it is one of the compliance responsibilities that business must be followed.

When should you issue a tax invoice?

Under Oman VAT, on selling a taxable source of goods and services, a registered industry must issue a tax invoice. The tax invoice should be issued when:

• Supplying of goods or services
• estimated supply
• reception in full or part beforehand the date of supply

Tax invoices may perhaps be issued by third parties on behalf of the taxable person only on the authority’s consent is attained. The guidelines will define the circumstances and instructions to issue tax invoices, their kinds, their substitutes, alterations and the data it must comprise, and cases that are exempted from dispensing a tax invoice.

Components of tax invoice

A thorough tax invoice must be issued for all taxable goods showing, among others, the sum of VAT unpaid and the net value for each line element.

A tax invoice is required to include:

• Mention to “tax invoice”
• Trader name, address, and VAT ID number (VATIN)
• Client name and address
• Serial invoice number
• Date of invoice issued
• Date of supply
• Report and amount of goods or services
• Chargeable amount and unit price in OMR
• Tax percentage
• Amount of VAT charged in OMR

Format of a Tax invoice (Picture)

Currency in which VAT should be issued

The tax invoice is to be issued in Omani Rials or in a foreign currency, but the tax value is to be considered in Omani Rial for each the average purchase and sale price of the currency issued by the Central Bank of Oman.

TallyPrime will uphold regular accounting records in a timely manner that helps transit to the VAT regime.