Name: Finora
Rating: 4.8 (120 reviews)
Author: Finora

Managing VAT manually is time-consuming, error-prone, and stressful. Spreadsheets, paper invoices, and manual calculations create compliance risks that can cost your business thousands in penalties. Finora transforms VAT management from a monthly burden into an automatic, seamless process.

The VAT Compliance Challenge

Nigerian businesses face significant VAT compliance challenges:

Challenge	Impact
Manual calculations	Errors in VAT amounts
Missing invoices	Lost input VAT claims
Late filing	Penalties and interest
Poor record keeping	Audit vulnerabilities
Complex regulations	Classification errors
Multiple tax rates	Incorrect VAT treatment

Finora addresses each of these challenges through intelligent automation.

Automatic VAT Calculation

For Sales (Output VAT)

When you create an invoice in Finora:

Select the product or service from your catalog
VAT is automatically calculated based on pre-configured rates
Invoice displays VAT separately as required by NRS
Output VAT is recorded to your VAT ledger

You never manually calculate 7.5%—Finora does it every time.

For Purchases (Input VAT)

When you record a supplier invoice:

Enter the invoice details or scan/import the document
Finora extracts VAT information automatically
Validates against eligibility rules (business use, proper invoice)
Records claimable input VAT to your VAT ledger

Handling Different VAT Treatments

Finora manages all VAT scenarios:

Transaction Type	Finora Handling
Standard-rated (7.5%)	Auto-calculates and records
Zero-rated (exports)	Records at 0% with documentation
Exempt supplies	No VAT calculated; tracked separately
Reverse charge	Auto-calculates on imported services
Mixed supplies	Applies apportionment automatically

Smart Product and Service Catalog

Configure Once, Apply Always

Set up your products and services with VAT treatment:

Product: Business Consulting Services

Category: Professional Services Unit Price: ₦250,000 VAT Rate: 7.5% (Standard) VAT Amount: ₦18,750

Every time you invoice this service, the VAT is correct—automatically.

Bulk Configuration

For businesses with many products:

Import product lists with VAT settings
Set category-level VAT defaults
Override at individual product level when needed

VAT-Compliant Invoicing

NRS-Compliant Invoice Format

Every Finora invoice includes all required elements:

✓ Your business name and address
✓ VAT registration number
✓ Customer details
✓ Unique invoice number
✓ Invoice date
✓ Description of goods/services
✓ Quantity and unit prices
✓ Subtotal before VAT
✓ VAT amount (clearly stated)
✓ Total including VAT

Professional Invoice Design

Choose from professional templates that:

Display your branding
Present VAT information clearly
Are accepted by all customers including government
Can be emailed or downloaded as PDF

Credit Notes and Adjustments

Handle returns and adjustments properly:

Generate credit notes linked to original invoices
VAT automatically adjusted
Clear audit trail maintained

Real-Time VAT Dashboard

Know Your Position Instantly

The Finora dashboard shows:

Metric	Description
Output VAT collected	Total VAT on your sales
Input VAT paid	Total VAT on your purchases
Net VAT payable	What you owe NRS
VAT trend	Comparison to previous periods
Filing deadline	Days until next return due

Monthly Tracking

Watch your VAT position build throughout the month:

Running total updates with each transaction
No surprises at month end
Forecast your cash requirements

Alerts and Notifications

Receive alerts for:

Unusual VAT patterns
Large single transactions
Approaching filing deadline
Overdue payments

One-Click VAT Returns

Automated Return Preparation

When it's time to file:

Click "Generate VAT Return"
Review the auto-populated data:

Output VAT by category
Input VAT claims
Net VAT payable
Supporting schedules

Download in NRS-compliant format
Submit through TaxPro Max

What used to take hours now takes minutes.

Supporting Schedules

Finora generates all supporting documents:

Sales schedule by customer
Purchase schedule by supplier
Input VAT analysis
Output VAT summary
Reverse charge calculations

Historical Returns

Access any previous return:

View what was filed
Compare to current period
Track filing history
Support audit queries

Input VAT Validation

Automatic Checks

Finora validates input VAT claims:

Check	What Finora Does
Supplier VAT number	Flags missing or invalid numbers
Invoice requirements	Ensures all required fields present
Business use	Confirms expense is business-related
Timing	Verifies invoice date vs claim period
Duplicates	Prevents double claiming

Supplier VAT Verification

Record supplier VAT registration numbers
System alerts if number is missing
Track which suppliers are VAT registered

Reverse Charge Automation

For Imported Services

When you receive a foreign supplier invoice:

Record the invoice amount in Naira
Finora calculates reverse charge VAT (7.5%)
Records both output and input VAT correctly
Includes in VAT return appropriately

Note: Multi-currency support with automatic conversion is planned for a future release. Currently, record foreign transactions in Naira equivalent.

Apportionment for Mixed Supplies

Automatic Calculation

If you make both taxable and exempt supplies:

Track revenue by VAT category
Calculate recovery ratio automatically
Apply to input VAT claims
Generate apportionment report

Period-End Adjustment

Finora handles the complexity:

Monthly provisional apportionment
Annual true-up calculation
Adjustment in VAT return

Filing Reminders

Never Miss a Deadline

Finora's reminder system:

Timing	Notification
7 days before	Email reminder to start preparation
3 days before	Dashboard alert
1 day before	Urgent notification
On deadline	Final reminder if not filed
Past deadline	Late filing warning

Calendar Integration

View all tax deadlines in one place
Export to your calendar app
Team reminders for larger businesses

Audit-Ready Records

Complete Documentation

Every transaction in Finora includes:

Full transaction details
VAT calculation breakdown
Supporting document attachment
User and timestamp
Modification history

Document Storage

Attach supplier invoices to purchases
Store sales invoice copies
Import documentation for imports
Contracts and agreements

Instant Reports

Generate audit-ready reports:

Output VAT report by period
Input VAT detail with supplier information
Transaction listing
VAT return reconciliation
Exception report (unusual items)

Multi-User Controls

Role-Based Access

Control who can do what:

Role	Permissions
Data Entry	Record transactions
Reviewer	Approve entries, view reports
Accountant	Generate returns, access all data
Admin	Full access, user management

Approval Workflows

For larger businesses:

Invoice approval before sending
Expense approval before recording
VAT return sign-off before filing

Integration Capabilities

Bank Feeds

Connect your bank accounts:

Automatic transaction import
Match to invoices
Identify unrecorded sales/purchases
Reconciliation support

E-commerce Platforms

For online sellers:

Import sales from major platforms
Automatic VAT calculation
Consolidated reporting

Accounting Software

If you use other tools:

Export VAT data
Import historical transactions
API access for custom integration

Getting Started with Finora VAT

Step 1: Set Up Your Business

Enter business details and VAT registration
Configure your chart of accounts
Set up VAT rates and categories

Step 2: Configure Products/Services

Add your products and services
Set VAT treatment for each
Import from spreadsheet if needed

Step 3: Record Transactions

Create invoices for sales
Record supplier invoices for purchases
Attach supporting documents

Step 4: Generate Returns

Review your VAT position
Generate NRS-compliant return
Download and submit

Step 5: Maintain Compliance

File monthly returns on time
Respond to any NRS queries
Keep records for 6 years

Real Results for Nigerian Businesses

Finora users report:

Metric	Improvement
Time spent on VAT	80% reduction
Filing errors	Near elimination
Late filing penalties	₦0
Input VAT recovery	Improved accuracy
Audit confidence	Significantly higher

Security and Reliability

Data Protection

Bank-level encryption
Secure cloud storage
Regular backups
Access controls

Compliance

NDPR compliant
Data stored in secure facilities
Regular security audits

Uptime

99.9% availability
Regular updates
24/7 monitoring

Pricing

Finora offers affordable plans for businesses of all sizes:

Plan	Best For	Key Features
Starter	Small businesses	Core VAT features
Professional	Growing businesses	Full automation, multiple users
Enterprise	Large businesses	Custom features, API access

All plans include VAT automation features.

Frequently Asked Questions

Can Finora file my VAT return directly to NRS?

Finora prepares NRS-compliant returns that you submit through the TaxPro Max portal. Direct filing may be available in future updates.

How quickly can I get started?

Most businesses are up and running within a day. Import your existing data or start fresh—Finora guides you through setup.

What if I have historical VAT data?

Import past transactions to build a complete picture. Finora accepts various import formats.

Is support available if I need help?

Yes. Finora provides email support, help documentation, and guided setup assistance.

Can I try before I buy?

Absolutely. Start with a free tier to experience the full VAT automation features.

Conclusion

VAT compliance doesn't have to be a monthly headache. Finora automates the entire process—from calculating VAT on your invoices to generating NRS-ready returns and maintaining audit-proof records.

Join hundreds of Nigerian businesses that have transformed their VAT compliance with Finora. Spend less time on tax administration and more time growing your business.

Ready to automate your VAT compliance?

Get started for free today. See how Finora handles your VAT automatically.

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