Best Accounting Software in UAE for Small Business

Pratibha Devasenapathy | Updated on: February 8, 2022

• What is an accounting software?
• Key features you should look for in an accounting software
• Why TallyPrime is the best accounting software in UAE for SMBs?
• Frequently asked questions

What is an accounting software?

Accounting software is a solution used by bookkeepers, accounting professionals, and business owners to process accounting transactions and manage accounts. Here are some of the most important features, benefits, and things to consider when you pick an accounting tool for your business.

Every accounting software has different sections - modules - that deal with specific parts of the accounting process.

The core modules are:

• accounts receivable, for all money the business receives
• accounts payable, for all money the business owes
• general ledger, which is the company's records ("books")
• billing/invoicing, for all invoicing to the business' customers
• inventory/stock, for all the company's inventory
• purchase order, for all the inventory orders
• sales order, for all the orders received by customers
• bookkeeping, for the business records payments and collections

There are other modules in different accounting software that are added on as needed. They include:

• Costing expense, for entering employee business-related expenses
• payroll, for tracking employee salary and related taxes
• reports, for printing out financial data on various parts of the business

Key features you should look for in an accounting software

Business accounting involves a wide range of activities in order to capture a business's entire financial picture. Done manually, it's complex and time-consuming work. But accounting software has helped simplify these processes, giving business owners more time to focus on the administration and execution of their strategies.

Let us take a look at some of the key features that you should look for in an accounting software:

• Automation of managing your books of accounts

To ensure complete accuracy from start-to-end, it is important that your accounting software allows you to automate processes completely. Manual bookkeeping is tedious, especially for small businesses, especially when there is consistent growth. With automation, accounting software keeps manual data entry to a minimum and increases efficiency. An ideal accounting software, would only ask you to configure features once, and understand your behaviour, and give out results without having to define actions, time and again.

• Management of accounts receivables and payables

Sound management of accounts receivables and accounts payables is crucial to assess a company’s financial health. Accounts receivable refers to the amount that a company is entitled to receive from its customers for goods or services sold on credit. Accounts payable is any sum of money owed by a business to its suppliers shown as a liability on a company's balance sheet. In simple words, when you buy goods or services with an arrangement to pay later, such an amount till it is paid, is referred to as accounts payable. Debtor management is crucial to keep optimum cashflow, and with the help of your accounting software, you will be able to manage your accounts receivables and payables more accurately.

• Anytime, anywhere secure access

Remote access to data has become a necessity than a choice. In a time when everyone is on the move and locations can’t pass as an excuse for poor work productivity, remote access can be your best ally. There could be several instances, where you would need access to some important company data, and your records are back in your office. During such times, remote access capability comes in handy, as it allows you to get the desired data on-the-go. However, when a software solution provides you a remote access facility, it is of prime importance that it also lets you define user-specific controls to the data, to avoid any data breach. Thus, this will not only increase your employees’ productivity, but will also save a lot of time and cost and help in faster decision making.

• Flexible purchase and sales management

Every business is different. Depending on their process, they would decide on what kind of purchase and sales cycle they want to follow. In such scenarios, an ideal financial management software should allow business owners to configure features based on their business requirement, and not the other way around. For example, when you set up masters or record an invoice, the process of passing any transaction should be seamless. The software which you choose for your business should be customisable as per your needs so that you can make the most of it, to be more precise, your software should be “designed for you”. It’s very important to try and quantify the benefits you’re expecting to gain from your tool. The more specific you are, the more accurate you can be when researching prospective software solutions.

• Provide support as per global accounting standards

Businesses who also operate internationally, often seek data as per the respective nation’s standards. Be it in terms of currency, compliance or language, etc., an accounting software must be able to mould itself as the business requirements. From the flexibility to give customised options to choose or predefine language to generate reports to filing returns as per the country’s law, the software should enable you to perform all country-specific actions, without having to opt for any external additional resources.

Why TallyPrime is the best accounting software in UAE for SMBs?

Simple, intuitive and works just like a human brain. TallyPrime enables businesses to stay on top of their game with accurate accounting reports with great amount of flexibility. Starting from payments, receipts, sales, purchases, credit notes, debit notes, journal, contra, and more. With just a click of a button, you can pass these transactions easily in your books and their effect will reflect in the respective accounting reports.

Enhance your business' cash flow

1. Receivable and Payables: Improve your business' working capital and manage your outstanding with ease
2. Cash Flow and Fund Flow: Master financial planning by estimating your business' funds source and usage
3. Scenario management: Helps in forecasting business finances for better cash flow
4. Payment performance of debtors: Keep a check on the time taken by your customers to pay your money and review your credit policy.

Expedite your business transactions

1. Multi-Currency Accounting: Capitalise on every business opportunity by transacting in any currency
2. Cheque Management: Reduce scope of errors and remove uncertainty while transacting via cheques
3. Integrated Invoicing: Perform quick invoicing by generating bills inclusive of tax and value your customers' time.

Regulate your business expenses

1. Cost and profit centers: Create as many as you want on the basis of departments, product verticals, employees, etc. and analyse their performance separately
2. Budget & Controls: Utilise your business funds efficiently and control your expenditure
3. Credit Management: Minimize bad debt and improve your business's cash flow by allotting varying credit limits to different parties.

Boost your business' profitability

1. Stock movement analysis: This helps in keeping a track of stock more accurately. Identify slow/fast moving stock items, and manage stock across various locations
2. Item and invoice wise profitability: Estimate profits item and invoice wise and rework on the non-performing products.

Take a look at more accounting features that TallyPrime offers.

Frequently asked questions

How much does accounting software cost?

Whether you're a small business or an enterprise, Tally's business software caters to all your ERP or Accounting needs. See our plans, pricing and buy online.

Why do we need accounting software?

Accounting software is a solution used by bookkeepers, accounting professionals, and business owners to process accounting transactions and manage accounts. Here's why business owners must invest in accounting software:

• Automating tasks
• Generate balance sheet, trial balance and other important accounting reports
• Manage outstanding easily
• Being tax compliant
• Making data accessible
• Banking made easy

When is the best time to switch to accounting software?

The best time to switch to accounting software is when you want to automate and streamline your business process more. An accounting software like TallyPrime molds with your business and becomes your growth partner by offering capabilities, that will not only take care of your current needs but also future requirements.

What is a small business accounting system?

A small accounting system is one that helps organise and streamline accounting and business processes in the simplest way possible. To choose the best accounting software in UAE, you must keep in mind the following aspects:

• Free trial
• Easy to install and use
• Scalability
• Price
• Online technical support
• Data security
• Anytime, anywhere access
• Compliance

Do small businesses need accounting software?

Yes. It is always advised to small businesses to automate their business processes, so that they can focus on their business growth and not about their day-to-day activities. A simple, easy-to-install software like TallyPrime will be of great help to small businesses, enables businesses to stay on top of their game with accurate accounting reports with great amount of flexibility.

Sign up for a free demo of TallyPrime and automate your accounting process with great ease and accuracy.