What is one benefit of utilizing accounting software for VAT management?

Utilizing accounting software for VAT management offers significant advantages, particularly in automating the calculation and recording of VAT liabilities and recoveries. This automation reduces the potential for human error associated with manual calculations and entries, ensuring greater accuracy in tracking VAT obligations. Accounting software can seamlessly update rates and rules, facilitating compliance with changing tax regulations. By streamlining processes, businesses can save time and focus on other critical areas, as the software can efficiently handle routine tasks such as generating reports and preparing submissions for tax authorities. This enhances overall efficiency in VAT management, providing businesses with reliable and timely financial information to make informed decisions.

The other options do not accurately reflect the comprehensive benefits of accounting software. While it can aid in record-keeping, it doesn't completely eliminate the need for manual oversight. Filing VAT returns is typically constrained by specific deadlines rather than being available at any time throughout the year. Additionally, the software does not guarantee refunds on excess VAT paid, as that is contingent upon the outcomes dictated by the tax authorities during their review and reconciliation process.