Defining Software Requirements Before Starting a Business in Georgia

The software should record business transactions in GEL and, for payments abroad, also be able to document foreign currencies and the exchange rates used. The chart of accounts must be adaptable to the company’s activities, without carrying over unsuitable foreign account structures unchanged. Businesses registered for VAT need separate tax codes for transactions subject to 18 percent VAT, VAT-exempt transactions with or without the right to deduct input VAT, and transactions not taxable in Georgia. Input VAT, non-deductible VAT, import VAT, and reverse charge should also be recorded separately. The program should clearly link invoices, correction documents, payments, and the related business documents. Bank accounts, cash, receivables, payables, and open items must be reconcilable. Required tax data should be available for checking before filing and for the tax account with the Revenue Service of Georgia. The software must support traceable corrections, user logs, and orderly document retention. Before selecting software, also assess data volumes, number of users, required languages, and collaboration with an accounting or tax advisor. Testing typical purchase, sales, payment, and correction transactions shows whether the planned workflows can be fully handled.