Last Updated on
Best Accounting Software for Dubai Based Business
The United Arab Emirates, over the past couple of years, has managed to establish itself as one of the leading business destinations in the world. This is perhaps a lot to do with how the country’s economy is growing at a rapid rate and offers business owners the possibility of earning higher profits and returns than anywhere else in the world. Moreover, the Dubai also has a political or regulatory framework, which makes it quite easy to set up a business here. People not just from Dubai but also from the rest of the world come here with the intention of setting up their business.
In order to ensure that your company functions smoothly and is able to achieve all targets and goals, you need to oversee the operations of multiple departments such as advertising, research, marketing, human resource management, accounting, etc. Unless all of them work together and cooperate, it would be next to impossible to attain the goals. However, you must also keep in mind the fact that while it is an interplay of all departments that ensures that the company as a whole function properly unless there are a proper means to manage the company’s funds, it would become nearly impossible to actually carry out any operation, since almost all of them require funding, and this is where accounting is highly crucial.
What is Accounting and Why is it Necessary for A Business?
If your company has been doing really well and has been seeing a lot of cash inflow, it means that your company has been able to accumulate a certain amount of wealth. Moreover, since you are a business, it goes without saying that there is a lot of other kinds of financial transactions going on at all times, which also generates a lot of financial data in the form of payments, receipts, sales and discounts, invoices (including tax invoices), etc.
In order to get a proper idea of how the company is doing in terms of finances, it is of utmost importance that all these financial transactions and the related data are both systematically organized, recorded and then analyzed. This is exactly what accounting is. It refers to the process of collecting all the financial data, organizing it into categories, recording it, and then analyzing it so as to prepare reports on the same. It is on the basis of these reports that you would be able to understand your company’s financial situation the best.
An accountant is highly important for your company, not only to prepare such reports, but also to advise you on all financial and tax-related matters, and to help identify where the money is being spent in excess, where it needs to be allocated, how you can save some, where there is a discrepancy in the accounts, etc. And to make the whole process easier and faster, there is accounting software that has been developed; they make it easier to enter data, calculate, analyze, etc.
Some of the Best Accounting Software for UAE Based Business
If you have a business in the UAE, no matter what your company’s activities are, it is a given fact that there is a constant flow of money, which in turn generates financial data as well. To make the whole process of accounting much smoother and faster, there is accounting software that is application software designed specifically to record as well as process financial transactions. To ensure that you get the best results, it is key that you use nothing but the best accounting software, and some of them are as follows: –
- ZOHO: It is accounting software which is quite well-known in the UAE, for its versatility and also its ability to connect with just about any everyday programs. The cloud storage is quite ideal, whether you use One Drive, Dropbox, Google Drive, or any other kind, and if you wish to use the software on a mobile device, it is available on iOS, Android, Windows, etc. which makes it highly accessible. Moreover, this software, which is approved by the FTA, enables you to deal with different accounting aspects such as sales, POs, billing, banking, payments, workflows, and also VAT integration, something which is relatively new in the UAE.
- Tally ERP 9: An accounting software that is available in different variants, each configured for different purposes, business types, or users, allows you to add features specific to the before-mentioned, which makes it highly user-friendly. Tally ERP 9 has over a million users all over the world and is a suitable accounting software, if you are looking for effective business management functions such as audit support, tax records, multi-location business support, multi-business support, etc. What makes it such great software is that its powerful connectivity makes it possible to keep the records up to date.
- Exact MAX ERP: An accounting software introduced by Exact Software is designed specifically for those who have a small or medium-sized company and are looking to replace traditional accounting methods and systems with more modern and digital ones. A key feature of this accounting software is that it provides integrated support for manufacturing processes, and also, it integrates quite well with some other accounting software such as Microsoft Dynamics GO, Intuit QuickBooks, etc. It also offers you the possibility of adding more functions or modules as per your needs.
- SAP ERP: It is one of the leading accounting software available in the market and was introduced by the software giant SAP. With thousands of customers or users, SAP ERP offers different business management solutions such as core finance functions, product planning, human resource management, etc. and is available in 37 different languages and 45 localisations. This is a very user-friendly and easy to use accounting software which makes the whole process much easier.
When hiring accountants to take care of your company’s finances, it is absolutely key that you only hire those who are extremely qualified and have a lot of experience, even if you outsource the work. But, on top of that, keeping in mind all the changes in accounting trends and the increase in the financial data, it is a good idea to invest in really good accounting software, which would make recording and analyzing the financial data faster and simpler.