Discover top ERP systems for Saudi compliance, offering ZATCA-approved e-invoicing, VAT reporting, billing, and scalable business solutions.
In today’s globalized world, Saudi commercial companies must adhere to local rules and regulations. Currently, the country’s regulatory framework is dynamic, particularly in terms of financial management and taxation. This necessitates the adoption of appropriate tools that address not only the issue of compliance but also the overall performance of the businesses. One of the tools is an ERP system in Saudi Arabia, which combines billing, accounting, and compliance management into a single system.
As the number of Saudi requirements, such as VAT and electronic invoices, grows, selecting the correct ERP system becomes increasingly important. In this blog, we will look at the best ERP systems for meeting Saudi standards and regulations, as well as how the billing system inside these ERPs may assist streamline the tax process, make it more compliant, and improve overall financial management. Any organization, large or small, must understand how ERP systems can contribute to compliance in order to prevent errors that could result in resource waste.
Why is it critical to comply with Saudi regulations?
Saudi Arabia has established a number of new rules and regulations in recent years, particularly those dealing to taxation and value-added tax (VAT), as well as computerized invoicing. These reforms established by the Zakat, Tax, and Customs Authority (ZATCA) need the development of reliable software solutions capable of handling the VAT system, invoices, and tax compliance.
To comply with Saudi rules, an ERP system must meet several critical requirements, including:
Saudi Arabia has implemented VAT since July 2018, and businesses must be able to calculate, collect, and report VAT on transactions. The ERP system’s capability is expected to include the capacity to handle VAT at both the national and international levels
Beginning in December 2021, Saudi Arabian firms will be compelled to follow the new e-invoicing standards. This means that businesses must create and archive invoices in electronic format. The ERP system should be integrated with Fatoora, an e-invoicing platform used in Saudi Arabia to issue, store, and submit invoices to authorities
These systems must ensure the accuracy of financial reports and documentation that comply with Saudi regulations. This includes recording financial transactions, tax bills, and payment histories, all of which are easily produced during an audit.
The following are some of the best ERP solutions that can help your corporation run a compliant business in Saudi while enhancing its efficiency:
Quickdice ERP is a Saudi-specific ERP solution that is ZATCA-approved and fully optimized for e-invoicing compliance in Saudi Arabia. It provides a full set of capabilities, including accounting, billing, inventory, and labor modules. Quickdice ERP is designed with local rules in mind, ensuring full compliance with ZATCA Phase 2 e-invoicing requirements. It is suitable for organizations of all sizes searching for a reliable ERP solution that also supports Arabic and English.
Key features include ZATCA-approved e-invoicing in Saudi Arabia, automated VAT processing and compliance invoice generation, real-time dashboards, and customizable financial reporting. Features include seamless interaction with local e-invoicing platforms, as well as affordability and customization for Saudi businesses.
Oracle NetSuite is another ERP system that has a wide range of capabilities that can be used to comply with Saudi rules. It also supports Saudi VAT and can generate Fatoora-compliant invoices using its billing software. There is also a provision for reporting based on the country or region where the system is used.
Overall, choosing the correct ERP system is crucial for Saudi Arabian enterprises to comply with existing and upcoming requirements, including VAT, e-invoicing, and financial reporting. As a result, when choosing an ERP solution, it is best to consider one that incorporates billing software to enable automatic tax computation, the preparation of compliant invoices, and record-keeping. This not only helps to meet legal requirements, but it also boosts productivity, reduces the amount of errors, and allows businesses to focus on expansion and development.
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