In United Arab Emirates (UAE), businesses are required to have efficient financial management to set their mark in the dynamic and fast-paced business hub of UAE. Accounting software plays an important role in helping businesses manage their finances, comply with tax regulations, and streamline their operations.
There is a vast variety of accounting software options available on the market and business owners can choose the one that best fits their business type and needs. With the help of accounting software, companies can store years of financial records and information about important transactions seamlessly, without needing much physical space.
This article presents top recommendations for accounting software by the UAE’s top accounting firm.
1. Zoho Books
Zoho Books is a cloud-based accounting software that has gained popularity in the UAE for its comprehensive features and ease of use. It enables the user to manage expenses, send invoices, generate accounting reports and track inventory. It is VAT-compliant accounting software which is a significant advantage for the businesses operating in UAE. The affordability and scalability of Zoho Books are its distinguishing features which makes it particularly suitable for small to medium-sized enterprises (SMEs) in the UAE.
Key Features:
- Zoho Books is a VAT compliant software that generates invoices and reports in accordance with the UAE VAT (Value Added Tax) regulations.
- The software automatically calculates Value Added Tax on sales and expenses, with detailed VAT audit reports.
- Zoho Books comes with multi-currency support for international clients, helping businesses to carry out transactions in various currencies. This feature enables the businesses operating in UAE to deal with international clients.
- The software automatically carries out recurring transactions, hence saving time and costs incurred.
2. QuickBooks Online
QuickBooks is a cloud-based accounting software that comes with versatile features and user-friendly interface. This software helps businesses in maintaining accurate financial records in accordance with the UAE’s VAT regulations. QuickBooks is highly recommended by the accounting firms in UAE for mid-size businesses with revenue up to $250 million. This software offers multiple benefits for businesses including invoicing, expense tracking, tax calculation, and more.
Key Features:
- QuickBooks is a VAT compliant accounting software that automatically generates VAT reports and guides its users about tax filing in great detail.
- This software enables businesses to keep their accounting records in the cloud, making the data easily accessible from anywhere at any time.
- QuickBooks allows its users to connect their bank as well as credit card accounts to the software. After doing so, QuickBooks automatically starts tracking the business’s expenses and automates invoice reminders.
- Through this accounting software companies can easily access their financial statements such as income statement (Profit & Loss Statement), balance sheet, and cash flow statement. This feature helps management in making informed decisions for the business’s financial growth.
3. Talley ERP 9
Tally ERP 9 is one of the most widely preferred accounting software options in UAE. It is best suited for small and medium-sized enterprises (SMEs). This software is well known for its VAT compliant features and generates comprehensive financial reports in accordance with the UAE’s VAT regulations. It comes with a user-friendly interface and performs a variety of accounting tasks efficiently including invoicing, inventory management, and payroll. Tally ERP 9 is the latest version of Tally which is a software developed by Tally Solutions Pvt Ltd in Bangalore, India.
Key Features:
- Tally ERP 9 has a comprehensive VAT management feature. It automatically generates VAT returns and detects errors in return filing to ensure adherence to tax regulations.
- This software provides multi-location business support by helping the business in taking control of its multiple branches with centralized data synchronization.
- Tally ERP 9 facilitates businesses for international trade by managing transactions in multiple currencies.
4.Xero
Xero is a cloud-based accounting software with built-in VAT compliance and user-friendly interface. Accounting firms in the UAE recommend Xero for businesses that are looking for seamless integration with third-party apps. This accounting software is known for its powerful integration capabilities and efficiently links business functions like sales, E-commerce, CRM, HR, and inventory management. Xero has an App Store which enables you to connect hundreds of popular Apps to your Xero Accounting performing crucial business functions effectively. Xero is best suited for small businesses including startups, and growing companies.
Key Features:
- Xero has multiple time-saving functions for its users. It provides instant cash flow analysis and makes VAT reports easily accessible from any device.
- This accounting software enables the businesses to link their bank accounts, send invoices and pay bills from Xero.
- Xero provides real-time financial information to its users, helping them to make informed financial decisions for future business growth.
In a nutshell, the current article provides top 4 recommendations by the UAE accounting firms regarding the accounting software options for the businesses wanting to establish themselves in the UAE’s dynamic financial landscape. Each accounting software has unique features, advantages, and drawbacks, making them suitable for different businesses with specific needs. Therefore, the businesses operating in UAE can benefit from these accounting software options for enhancing their financial management and record keeping practices.
