Upgrading your Accounting Software for GST

Some companies might have started registered themselves for GST. This is the start of getting your company ready for GST.
Next, how about your accounting software ? What should you do with your accounting software ? You have many choices (or do not know the choices) and wonder which one is the best for you and your company.
a) Buy or upgrading the current accounting software ? which software is good for me ?
b) Is there any new requirements (e.g. business workflow or Reports ) or multiple users environments that you need in the new accounting software ?
c) How about the hardware/server or even the desktop ? Will be need to be upgraded ?
d) how about user adoption on the new system ? or training on the new modules ?
e) what is my migration data strategy ?
f) How about timeline ? will it be ready on time?
g) Should I have my team used both or single system ?
There are no one fit all solution and we will be happy to discuss the options with you.  I also make reference to recent articles in thestar  website about the needs for  Firm  to have accounting software early to avoid any last minutes issue.

KUALA LUMPUR: Many businesses are unaware that they need to upgrade their accounting software to comply with the looming goods and services tax (GST), said tax consultant Yong Poh Chye.

Yong, who is executive director of Tax Advisory and Management Services Sdn Bhd (TAMS), warned that such software upgrades could not be done at the last minute, as extensive preparation was required.

He said that steps to take include engaging a GST software consultant and identifying key staff to assist with implementing the GST accounting software.

“I think it is high time to adopt the system now. If you can do a trial run with a live GST database by Jan 1, as well as simulate a submission of the tax returns, then you can be prepared by April 1,” he told reporters after speaking at the National GST Conference 2014 in Kuala Lumpur yesterday.

Yong also urged businesses to realise that despite the big number of software vendors nationwide, only 55 were accredited with the Royal Malaysian Customs Department.

Noting that it has been estimated that the software industry would grow by 8% to 10% this year because of the boom in GST software, he urged companies to do their research before purchasing.

“So one way is to come here (to the conference) and look at the GST software exhibition booths so they know which products are suitable for them.

“The most important thing is that the software must be GST-compliant according to Customs’ requirements,” he said, adding that the software included GAF (GST Audit File) and GST-03 (Tax Filing).

According to Customs, GAF must be available on demand, while GST-03 is dependent on the company’s taxable period.

Yong also advised businesses to take advantage of GST-related booklets containing all the necessary information, as the implementation of the new tax system was less than a year away.

The two-day National GST Conference 2014, which ends today, is organised by the National News Agency of Malaysia (Bernama) and TAMS to equip industry players with the knowledge and capability to comply with the upcoming GST.

Bernama general manager Datuk Yong Soo Heong said that it was exploring ways to help the Government amplify its development policies and plans, following its successful hosting of the National Economic Summit and Dialogue with Prime Minister Datuk Seri Najib Tun Razak in March.

Besides its news reporting activities, he said Bernama could deliver more through other types of formats and platforms.

“In this case, we wanted to help the Government clear the air on an important issue that is still not fully understood by many – the GST,” he said, adding that it wanted to fulfil its responsibility as a useful and credible information provider.

Separately, the Real Estate and Housing Developers’ Association of Malaysia (Rehda) wants banks to look into financing second-hand houses and renovation costs.

Rehda patron Datuk Ng Seing Liong said there were many second-hand houses that were actually more affordable compared with new houses within the same area.

“Furthermore, for the second-hand houses, we don’t need to pay the GST… but the banks are not really coming forward to lend,” Bernama quoted Ng as saying. — By ISABELLE LAI