Accounting is challenging regardless of the type of business. Some businesses have unique accounting requirements, which is why accounting software have been introduced to avoid the complexities and challenges. Also, in the UAE, compliance of business operations with VAT regulations is crucial. These software simplify VAT reporting, generates invoices, audit-ready reports, and automates financial processes.
The Federal Tax Authority (FTA) has set inflexible guidelines for the use of approved accounting software. Al Riyady accounting software are FTA-approved and assist companies in managing their VAT (value added tax) requirements through automation. VAT is an indirect tax applied to the sale of goods and services.
Top Considerations for FTA Approved Accounting Software in Dubai
Choosing the right software is essential to adhere to the UAE VAT laws; also, automating financial processes helps businesses focus on growth and minimizes the risk of errors. While choosing the software, different factors should be taken into account; these factors may include:
Size of the business
Complexity of the work
Need of customization
Budget-friendly
Scalability
FTA UAE Approved Accounting Software
Following are some commonly used FTA approved accounting software in Dubai to facilitate efficient accounting management and delivering accurate financial reports.
WayZ ERP
WayZ ERP is unconventional enterprise resource planning software designed to meet the various needs of businesses across industries. Its versatility makes it suitable for small enterprises and large multinational corporations. Its system effortlessly handles financial tasks and analyses, including payments, invoices, and tax calculations.
Sage 300
Sage 300 is an all-in-one business management software and ERP designed for small to medium sized companies. It integrates accounting, supply chain functions, and inventories in one platform with powerful financial management and operational efficiency. The major advantage of this software is that it eliminates complexity by providing a multicurrency, multilingual, and user-friendly interface.
TallyPrime
TallyPrime’s mission is to empower business owners through technology. It offers the right balance of essential features without unnecessary complications. A key highlight of TallyPrime is its real-time updates feature, which allows businesses to make well-informed decisions with precise data reports.
Visual Dolphin ERP
Visual Dolphin enterprise resource planning software is a unique industry-specific solution that stands out for business operations in the markets dealing with shipping, distribution, and logistics. Some of the salient features of Visual Dolphin ERP are keeping real-time track of retail operations and optimizing market strategy to maintain stocks. It securely links the head office to remote retail locations.
Epicor ERP
Epicor ERP is the best software for medium-sized and large enterprises, providing scalability for growing businesses. It has specialized budget planning and management features to review finances and sales and build a foolproof plan for the business’s growth. Due to its user-friendly interface and flexibility as cloud-based or on-site software, it helps businesses get real-time data updates.
Zoho Books
Nowadays, businesses are becoming more advanced, and they look for solutions to manage everything on the go. Zoho Books provides them with this facility with its remarkable integrity and seamless collaborations with Google Drive and Dropbox for easy cloud storage. So, finance management, billing, sales, and promotions can easily be handled through iOS, Android, and Windows mobile apps.
Accounting Software in Dubai Used by Al Riyady
Al Riyady offers a range of FTA-approved software, and the great thing is that they are suitable for all types of businesses. It is recommended that you choose the solution that best fits your needs.
Software like Xero, Odoo, Quickbooks, Sage, and Zoho Books are among the most popular software professionals recommend. Al Riyady also uses software like SYMEX-OneVat, E-VATUAE, Sun Facets, VATeGenie, Xelerate, Focus8, and many more that can help you in delivering accurate financial reports.
Quickbooks
Quickbooks is designed to manage financial operations like bookkeeping, expense tracking, invoice creation, and tax preparation for all sizes of businesses. Whether you’re a small business startup or a large company, QuickBooks has solutions tailored to your needs. With automated services, it saves time and reduces effort, minimizing the risk of errors. It integrates with other banking platforms, allowing easy syncing of transactions.
QuickBooks is a cloud-based solution with an easy-to-use interface. Its users can access information updates anytime, anywhere, and keep track of their financial records.
Odoo
Odoo is a highly customizable and extensive business management solution our professionals use. It is an all-in-one featured accounting software that offers everything from accounting and inventory management to e-commerce and customer relationship management.
Odoo is the best solution for better customer service, increasing sales, and error-free audit records, as it helps maintain customer relations and keep track of sales through automation with its advanced features.
Benefits of Choosing the Right Accounting Software
Making the right choice while selecting FTA UAE approved accounting software offers you a variety of significant advantages:
- These systems reduce the workload and risk of errors by automatically calculating VAT, preparing invoices, providing reliable audit reports, and filing timely.
- With cloud-based solutions, businesses can access real-time updates, team collaborations, and records of their financial performance anytime, anywhere.
- These solutions enable businesses to continuously monitor and analyze their sales performance. With comprehensive reports of sales trends, customer transactions, and revenue streams, businesses can make informed decisions based on data to ensure sales growth.
- The right choice of software will help you maintain a healthy customer relationship by keeping a detailed record of customer’s preferences and purchases. Businesses can offer personalized experiences for their frequent customers to enhance customer satisfaction and build loyalty.
Frequently Asked Questions
WHAT IS AN ACCOUNTING SOFTWARE?
Accounting software is designed to manage financial activities efficiently and quickly. It handles tasks related to invoices, billing, tracking expenses, and financial reports. It also saves time and provides accuracy to maintain professionalism.
CAN I CUSTOMIZE ACCOUNTING SOFTWARE?
Yes, customization options are available for some software users. You can customize it according to your business category and needs.
HOW MUCH DOES ACCOUNTING SOFTWARE COST?
The cost of accounting software depends on factors such as the number of users, duration, and features it offers. You can get free trials of 30 days to check the features offered by accounting software.
WHAT TYPES OF SOFTWARE ARE AVAILABLE AT AL RIYADY?
Al Riyady offers reliable and effortless FTA approved accounting software in UAE to different businesses depending upon their complexity, size, and needs. This software makes it easier for businesses to manage their financial processes through automation and makes them compliant with UAE tax regulations.
WHAT ARE THE PROS AND CONS OF USING XERO ACCOUNTING SOFTWARE?
These are some pros and cons of Xero software that should be considered
Pros
· Versatile and adaptable
· Offers a trial period
· Customizable
· Unlimited users in each monthly plan
Cons
· Limited features in mobile application
· Restriction on the number of invoices
WHAT IS THE MINIMUM VAT REGISTRATION LIMIT IN THE UAE?
For resident businesses, the minimum VAT registration limit is AED 375,000 annually. If the business supplies exceed or expect to exceed this amount, it must register for VAT.
WHAT IS THE FTA AUDIT FILE?
The Federal Tax Authority requires it during the audit to check the accuracy and transparency of the tax record. It contains all the financial details, including invoices and tax-related transactions.
