Enabling Virtual Services for Businesses to Go Digital

Companies of all sizes across industries in Egypt are now required to digitize their transactions, operations, and records. This includes transactions carried out internally, externally, B-to-B, and B-to-C. ? The government mandated directive is to ensure that Egyptian companies comply and keep pace with the national plan to digitize overhaul and revamp the taxation system enforced by the Egyptian Tax Authority (ETA). This decision comes at a time when the Egyptian government itself intends to digitize all of its own internal operations, services it provides to its citizens, as well as its business transactions with companies.???

Companies and taxpayers are now obligated by law to join the e-invoice and e-receipt systems — a move that the government hopes to widely implement,? to curb tax evasion, facilitate tax collection, and better control the informal economy and integrate it into the formal one. Most importantly, the wide implementation will level the playing field in the market and create a more fair competitive environment between companies.

Joining the e-invoice and e-receipt systems means that all transactions must be submitted electronically to the Egyptian Tax Authority (ETA) via the Tax portal and through integrating their ERP into the Tax Authority’s portal.

The new requirements pose a great challenge to a big portion of businesses operating in the Egyptian market who still find it hard to embrace digitization fully and make it an integral part of how they operate since they are still heavily dependent on outdated manual recording methods and spreadsheets.?

Leverage’s wide and versatile range of virtual services comes in handy to support companies and taxpayers to go digital confidently while having a virtual and digital backbone that supports their business and helps them fulfill the requirements of the Egyptian Tax Authority (ETA).?

One of the hero services provided by Leverage is the virtual Bookkeeper (ZvBK). A bookkeeper is assigned to handle the books of our clients and carry out all of the entailed bookkeeping tasks digitally. Our state-of-the-art technology enables our clients to get updates about their books, financial statements, and reports instantaneously through our online portal.?

Having readily updated digital books makes it easy for all kinds of businesses to glide smoothly into the tax season and submit their tax declarations and returns digitally. Our services extend to include payroll and social insurance calculations, which means that our clients are just one step away from calculating their employees’ income tax and their businesses’ tax returns in a seamless and organized way.

At Leverage, we save our clients the stress and hassle involved in becoming compliant, as we, ourselves, have our system integrated with the Egyptian Tax Authority’s ERP system and we are able to issue an e-invoice for our clients that gets automatically posted on the e-invoice and e-receipt portals so that tax reconciliation can be carried out automatically and smoothly. Having Leverage FC as your partner guarantees that you stay up to date with whatever present and future requirements and obligations that may occur in order for your business to remain compliant and push it towards a sustainable and profitable growth path.

Need financial and accounting support? Contact us at: [email protected] or visit our website to view the full range of our services: www.leveragefc.com