Accounting Software for Small Businesses in UAE
Accounting software is a solution used by accountants, bookkeepers, and business owners to perform accounting operations and manage their books. Here are the key features, advantages, and considerations to look out for when choosing an accounting tool for your business.
Each accounting program has different sections (modules) that deal with specific parts of the accounting process.
The main modules are
- Receivables Manage all payments the company receives.
- Accounts payable: Deals with all the money the business earns.
- Ledger (“general ledger”), the company’s accounting system.
- Invoicing (all invoices issued to customers).
- Inventories/storage includes all the stock the business owns.
- Purchase orders for all stock orders.
- Sales orders: includes all orders from customers.
- Accounting of business documents such as payments and receipts.
Different accounting programs have other modules that are added as needed.
These include the following:
Expense accounting records costs related to employees’ work.
Payroll manages employees’ salaries and related payments.
Reporting, for printing financial data for various parts of the business.
Are you looking for a solution to improve the efficiency of your business?
Key features to look for in an accounting software package
Corporate accounting covers a wide range of activities that provide an overall view of a company’s finances. Doing this manually can be a complex and time-consuming process. But Best Accounting Software In Dubai can simplify these processes, allowing managers to spend more time managing and implementing strategies.
Here are some key features you should look for in accounting software:
Automate accounting.
To ensure complete accuracy from start to finish, it is important to fully automate the process with accounting software. Manual bookkeeping can be burdensome, especially for small businesses that are constantly growing. Accounting software with automation reduces manual data entry and increases efficiency. The ideal accounting software is one that creates functions only once, understands activities, and delivers results without having to redefine activities repeatedly.
Claims and liability management
Good management of receivables and payables is critical in assessing a company’s financial position. Receivables are the amounts a business is entitled to receive from customers for goods or services sold on credit. Accounts payable are the amounts a business owes to its suppliers and are liabilities on the balance sheet.
When a business purchases goods or services and then arranges for payment, that amount is called a debt until it is paid. Managing creditors is important to maintain optimal cash flow, but accounting software can help you manage your receivables and payables more accurately.
Secure access anytime, anywhere
Remote access to data is no longer an option, it’s a necessity. In an age where everything moves everywhere, remote access is your strength. There may be several situations where you need access to critical business data and the data is in the office. In such cases, remote access is a handy feature to get to the data you need while away from home.
But most importantly, if your software solution provides remote access, you can also define user-specific controls over data to prevent data leakage. As a result, you can not only increase employee productivity but also achieve significant time and cost savings and faster decision-making.
Flexible management of purchases and sales
Every business is different. Depending on their processes, they decide what kind of buying and selling cycle they want. In this case, the ideal financial management software should allow business owners to configure features according to business requirements. For example, when assigning owners and recording invoices, it should be possible to seamlessly transfer all transactions.
The software you choose for your business should be customizable to your needs so that you can get the most out of it. More specifically, the software should be “designed for you”. It is very important to quantify the benefits you expect to get from the tool. The more specific you are, the more precise you can be when researching possible software solutions.
Companies operating internationally often look for data according to national standards. Whether it is currency, compliance or language, accounting software must meet the requirements of the business. From selecting or pre-defining customization options for reporting languages to archiving in compliance with national legislation, the software must be able to perform all country-specific operations without the need to select additional external sources.
Why is TallyPrime the best accounting software for SMEs in the UAE?
TallyPrime allows you to stay on top with a flexible business thanks to accurate accounting reports. Starting with payments, receipts, sales, purchases, credit notes, debit notes, logs, and loans. With the click of a button, these transactions can be easily transferred to the general ledger and the impact is reflected in the corresponding accounting reports.
Improving the cash flow of your business
Receivables and payables Improve your company’s working capital and make it easier to manage receivables.
Cash flow and financing flows. Projections of the company’s sources and uses of finance can guide financial planning.
Scenario management. Support business funding forecasts to improve cash flow.
Debtor ability to pay: Check when customers are due to pay and review credit policies.
Speed up business transactions.
Improve the speed of payments. Conduct transactions in any currency to take advantage of all business opportunities.
Cheque processing.
Account Integration. Spend more time with your customers by quickly preparing and organizing tax invoices.
Organize business expenses.
Cost and profit centers. Prepare required quantities by department, product line, employee, etc., and analyze their performance separately.
Budget and management: efficient use of working capital and control of expenditure.
Credit management. Allocate different credit lines to partners to minimize bad debts and improve the cash flow of the business.
Improving business profitability.
Analyze stock movements. This gives a more accurate picture of stock levels. Identify slow/fast-moving stocks and manage stocks in different locations.
Profitability per item and per account. Item-by-item profit estimation, invoicing, and follow-up of defective products.
Additional TallyPrime accounting functions.
How much does accounting software cost?
Whether you are a small business or a limited company, Tally’s business software meets all your ERP and accounting needs. Check plans, and prices and buy online.
Silver Perpetual Edition (single user version) AED 2,340
Gold Continuing Edition (unlimited edition with multiple users) AED 7,020
Why do I need accounting software?
Accounting software is a solution used by accountants, bookkeepers, and business owners to perform accounting procedures and manage financial statements. Here are some reasons why business owners invest in accounting software.
Automation of tasks.
To prepare balance sheets, trial balances, and other important accounting reports.
Easily manage pending cases.
To comply with tax regulations
Making data available
Facilitate bank administration
When is the best time to switch accounting software?
The best time to switch to accounting software is when you want to further automate and streamline your business processes. Accounting software such as Tally Prime is tailored to your business and offers features that meet your current and future needs, making it a partner for growth.
What is a small business accounting system?
A small business accounting system is a system that organizes and streamlines your accounting and business processes in the simplest possible way. To choose the best accounting software in the UAE, consider the following points
Do small businesses need accounting software?
Yes, small businesses need accounting software. It is always advisable for small businesses to automate their business processes so that they can focus on growing their business rather than day-to-day operations. A simple and easy-to-install software like Tally Prime can greatly help small businesses stay on the forefront with accurate accounting reports and great flexibility.
