FirstBIT Accounting

FirstBIT Accounting is the solution allowing to automate process of accounting according to International Financial Reporting Standards.

2021: Prolongation of accreditation of Federal Internal Revenue service in the UAE

"The first Bit" announced on February 2, 2021 TAdviser that its solution for automation of accounting and management in the international companies FirstBit based on "1C: Enterprise" underwent the next accreditation of Federal tax authority in the United Arab Emirates for 2021. Read more here.

2018: Accreditation from the Federal Tax Service of the UAE

On August 15, 2018 The First BIT company announced that the Federal Tax Service of the United Arab Emirates (UAE) approved the solution FirstBIT Accounting as the software for the accounting supporting calculations for the VAT.

Accreditation of the Federal Tax Service serves as recognition that software providers for tax statements and tax agents follow strict procedures. The purpose of this accreditation — to help the companies located in the UAE with observance of their tax liabilities without excess costs of time and expensive errors, explained in The First BIT company.

The Federal Tax Service of the UAE for receiving accreditation on the software for accounting including VAT introduced the following key requirements:

1. the Possibility of creation of declarations, unavailable to editing, on the VAT according to the format ordered to FTS.
2. Automatic creation of the complete and exact file with results of audit (FAF).
3. Release of credit and debit advices, tax invoices and the self-exposed invoices according to accounting rules of the VAT.
4. Full support in execution of documentation for auditors, authorities and users.
5. the Access control guaranteeing that only users with necessary powers will be able to get data access and to process them.
6. Opportunities for data backup.
7. Creation of week, monthly, quarterly and annual reports.

According to the statement First of BIT, at software development much attention was paid to the legislation of the UAE and users in the region. Users can select between placement on own servers and cloud model. Also users can purchase a number of add-on modules, including Fixed Assets (Property (non-current assets)), Cheques (Checks), Production (Production) and Orders (Orders). The solution is suitable for the enterprises of different scale aiming to optimize processes of accounting and to avoid sanctions for non-compliance with the law on the VAT adopted since January 1, 2018. Accreditation of FTS confirms that the solution FirstBIT Accounting completely conforms to all requirements of the legislation of the UAE, the solution designer emphasized.

2017: Development

The company announced on November 20, 2017 the First BIT development according to a request of the Middle Eastern market of the software solution FirstBIT Accounting. The product is completely adapted for business needs of the Middle East.

As explained in the company, in the market of the UAE there were serious changes. The Minister of Finance of the UAE Obeyd Humeyd Al Tayer announced that establishment of the VAT in the amount of 5% is one of the main milestones of economic reforms in the State Parties of Gulf Cooperation Council. According to the resolution issued by Council of cooperation of Gulf States, establishment of a VAT rate becomes effective since January 1, 2018.

FirstBIT Accounting automates all VAT procedures, allows to monitor transactions from purchase before drawing of accounts and to calculate expenses on the VAT. The program is quickly and easily started and configured, has high quality of 1C: Enterprise platform and guarantees 100% data security, developers claim. The solution allows to keep account according to the local legislation of the UAE and, at the same time, to make financial statements according to international standards.

According to Alexander Smolyaninov, simplicity and convenience of the solution FirstBIT Accounting, the English-language interface and an opportunity to keep account according to International Financial Reporting Standards give the chance to clients quickly to begin work and to automate all VAT procedures.