Best Accounting Software in Dubai

Best Accounting Software in Dubai

Best Accounting Software in Dubai

What is an accounting software application?

The Accounting software application is a remedy bookkeepers, audit professionals, and local business owners use to process accountancy deals and manage accounts. Here are a few of the most vital features, benefits, and things to consider when searching for the best accounting software UAE.

Every account management software has different areas – components – that manage particular parts of the audit procedure.
Other modules in different bookkeeping software programs are added as required. They consist of:

  1. Costing for going into employee business-related expenses.
  2. Pay-roll, for tracking staff member wages and also relevant taxes.
  3. Records for printing out monetary data on various parts of the business.

Key features you should try to find in an audit software

Service audit includes a wide range of activities to capture a company’s economic photo. Done by hand, it’s complicated and time-consuming work. However, accountancy software has assisted in simplifying these procedures, offering business owners more time to focus on managing and implementing their methods.

Allow us to take a look at a few of the crucial attributes that you ought to try to find in an audit software program:

Automation of managing your account books

To guarantee total accuracy from start to end, your Audit Software Application must enable you to automate procedures completely. Hand-operated bookkeeping is tedious for local businesses, precisely when there is growth. 

With automation, the accounting software program maintains hand-operated information entry to a minimum and raises performance. An ideal bookkeeping software program would only ask you to configure features once, comprehend your behavior, and provide results without repeatedly specifying actions.

Monitoring of balance dues as well as payables

Audio management of balance dues and accounts payables is vital to evaluating a company’s financial health. Accounts receivable describes the amount a business is qualified to obtain from its consumers for products or services sold on credit. Accounts payable is any money an organization owes to its vendors, shown as a responsibility on a business’s balance sheet. In essential words, when you purchase products or solutions with a setup to pay later, such an amount till it is spent is referred to as accounts payable. Debtor management is crucial to keeping optimum cash flow. Also, with the help of your accounting software program, you will undoubtedly be able to manage your balance dues and payables more appropriately.

Anytime, anywhere protected accessibility

Remote accessibility to data has become a requirement rather than an option. In a time when everybody is on the move and also locations can not pass as an excuse for poor job performance, remote gain access can be your best ally. There could be numerous instances where you would need accessibility to some essential firm data and documents back in your workplace. During such times, remote access capacity has enabled you to get the preferred information on the move. However, when a software option gives you remote gain access to the center, it is of prime significance that it additionally allows you to define user-specific controls for the information to prevent any data breach. Therefore, this will enhance your staff members’ efficiency, conserve time and cost, and help with faster decision-making.

Versatile purchase as well as sales management

Every business is different. Depending on their procedure, they would undoubtedly pick what sort of purchase and sales cycle they intend to adhere to. In such circumstances, an optimal accounts management software program should permit business owners to set up attributes based on their service requirements and not the other way around. For instance, when you establish masters or record a billing, passing any transaction needs to be smooth. The software program you choose for your organization must be customizable as per your requirements so that you can make the most of it. To be more accurate, your software program must be “created for you.” Attempting to measure the advantages you expect to acquire from your tool is crucial. The more specific you are, the more exact you can be when investigating possible software program options.

Provide assistance based on international accounting requirements

Businesses that likewise operate globally usually seek data based on the corresponding nation’s requirements. Be it in regards to money, conformity, age, and so on, an audit software application should be able to mold itself according to the business demands. From the flexibility to give customized options to select or predefine language to generate reports to submitting returns according to the country’s legislation, the software program must enable you to carry out all country-specific activities without opting for any extra exterior resources.

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

Essential, automatic as well as functions just like a human brain. TallyPrime enables services to remain on top of their game with precise bookkeeping reports and an excellent quantity of versatility. They begin with payments, receipts, sales, purchases, debt notes, debit notes, journals, contra, and much more. With just a click of a button, you can pass these purchases quickly in your books, and their effect will undoubtedly show in the respective accountancy reports.

Enhance your organization’s cash flow

  1. Receivable and Payables: Boost your service’s functioning capital as well as handle your exceptional with ease
  2. Cash Flow as well as Fund Flow: Master monetary preparation by approximating your company’s funds resource and usage
  3. Circumstance management: Helps in projecting an organization’s financial resources for better capital
  4. Settlement efficiency of borrowers: Maintain a check on the time your clients take to pay your money and review your credit score plan.

Quicken your organization’s purchases

1. Multi-Currency Bookkeeping: Capitalise on every business opportunity by negotiating in any type of currency

  1. Cheque Management: The extent of mistakes and eliminating uncertainty while negotiating using cheques
  2. Integrated Invoicing: Do fast invoicing by generating expenses inclusive of tax and value your clients’ time.

Control your business expenses

  1. Price and profit facilities: Create as many as you want based on departments, product verticals, workers, and so on, and analyze their performance individually.
  2. Budget plan & Controls: Utilise your organization’s funds efficiently as well as regulate your expenditure
  3. Credit History Monitoring: Minimize lousy debt and enhance your organization’s capital by allocating varying credit lines to various events.

Increase your company’s profitability

  1. Supply activity evaluation: This aids in keeping track of stock much more appropriately. Recognize slow/fast relocating supply products and manage supply throughout various locations.
  2. Product and billing sensible success: Estimate revenues, budget sensible, and remodel the non-performing items.

Frequently asked questions

Just how much does accounting software cost?

Whether you’re a small business or a venture, Tally software download caters to all your ERP or Accounting needs. See our strategies and pricing, and purchase online.

Why do we need an accountancy software application?

Accountancy software is a remedy used by accountants, bookkeeping specialists, and local business owners to refine audit transactions and handle accounts. Below’s why local business owners need to purchase audit software applications:

  1. Automating jobs
  2. Generate annual reports, trial balance, and other essential accountancy reports
  3. Manage impressive easily
  4. Being tax obligation certified
  5. Making data obtainable
  6. Financial made easy

When is the most effective time to switch over to an accounting software application?

The best time to switch over to accounting software is when you wish to automate and streamline your business process a lot more. An accounting software program like Tally UAE molds with your service and your development partner by providing capabilities that will look after your current requirements but also your future demands.

What is a small company audit system?

A small accounting system assists in organizing and streamlining audit and service processes using the most basic method feasible. To select the best audit software application in UAE, you need to remember to comply with the elements:

  1. Free test
  2. Easy to install and also make use of
  3. Online technical support.
  4. Information protection.
  5. Anytime, anywhere, gain access to.

Do small businesses need bookkeeping software programs?

Yes. Small businesses are constantly advised to automate their organization procedures so that they can concentrate on their business development and not on their day-to-day activities. 

A basic, easy-to-install software program like TallyPrime will significantly help local businesses, allowing organizations to stay on top of their video game with precise accounting records and a fantastic quantity of versatility.

Enroll in a free trial of TallyPrime and automate your accounting process with great convenience and precision.

By Team 0 Comments
BENEFITS OF TALLY ON CLOUD FOR YOUR BUSINESS

BENEFITS OF TALLY ON CLOUD FOR YOUR BUSINESS

The use of tally software is rapidly increasing in businesses. Tally is also easy to use and it maintains the books and records of the businesses very efficiently. If we talk about small and medium businesses, then these businesses are looking for ways to grow and expand their scope and operations. Tally software handles almost everything in the business related to accounting, taxes, payroll, sales, etc. And as technology is playing an important role in making the business grow and making the operations easy many businesses are looking for some cost-effective tech solutions for their business. And, cloud technology has been one of the biggest technology solutions for businesses that provide an easy solution for storage, networking, and remote access. Cloud technology develops a virtual environment where businesses can have access to their data remotely from different locations.

Tally on cloud uses Software as a Service (SAAS) technology facilitates the use of tally software and its resources to be used on the cloud. All the data and reports can be accessed through the cloud from anywhere. 

Following are some of the major benefits of Tally on cloud for businesses:

 

  1. Easy access: Tally on cloud can be accessed from anywhere, anytime and using any device. Therefore, it becomes very much flexible and efficient to use tally for small businesses also.
  2. Security & Data reliability: There is no doubt that you need the utmost security you’re your business data and tally can help you in this as Tally on cloud comes with its own server’s security which prevents any data hacks or breaches in security and also it ensures the data reliability with automated backups at regular intervals.
  3. Scalable & Customizable: With tally on cloud you get the utmost freedom to make configurations & customizations to your tally on cloud plan. Businesses who are having need of scaling up can easily meet their needs by tally on cloud.
  4. Cost-effective: With tally on cloud, one user can facilitate tally use from multiple locations. Thus, you need not to incur any extra costs on having multiple user licenses as one tally user can help you use from different locations and for different users. Thus, a lot of your money can be saved.
  5. Business planning: With the help of tally on cloud you can effectively manage your records and can analyze them and later on you can plan for the future and take actions wherever you require. Thus, by this, you can effectively take some crucial future steps for your business and make plans accordingly.

 

Thus, these all are some of the major benefits of tally on cloud, and the major advantage of tally on cloud is that any type of business can use it, whether your business is small-sized or big-sized, because it is cost-effective and you should also have tally on cloud for your business, whether your business is in Bahrain or India or any corner of the world.

By Team 0 Comments
why tally

WHY TALLY IS MUCH BETTER THAN OTHER ACCOUNTING SOFTWARES

Tally is not only accounting software, the features and capabilities it has, it is very much beyond that. Tally has a lot of benefits to offer to a business, and if we talk only in accounts perspective then it is very good software. 

In this blog, we will know what are the features that make tally stand apart from other accounting software.

  1. Comprehensive Business solutions: Tally is an enterprise management software, it provides comprehensive solutions to business to manage the tasks of business and meet the needed requirements. It provides solutions for finance, inventory, employee management, accounting, sales and in many other areas
  2. Remote access: By using tally, you can access your data from anywhere at any time which is convenient for you. It also supports multiple user activity and creates separate entries.
  3. Easy to use: This software is so widely used because it is very easy to operate. If you are finding a software which is flexible and easy to use, then tally is the perfect choice for you.
  4. Runs on multiple operating systems: Tally.ERP 9 runs on multiple platforms and operating systems like Windows 7, Windows XP, etc. Thus it can be used without any stress and questions regarding its functionality.
  5. Generate numerous reports: This is one of the most important features of tally, it generates a lot of reports and such a number of reports can be hardly generated through any other software. It generates reports starting from cash flow to balance sheet and that also very quickly. You can later make use of these reports for decision making for your business.
  6. Ease in tax compliances: With the help of tally software  you can calculate the appropriate taxes to be paid by you on the correct time in each financial year on different activities thus the tax compliance becomes easy and any penalties can be avoided as timely payment of taxes is done
  7. Payroll Management: The tally software helps in payroll management, it offers functions like employee groups, attendance management, timely salary payments, and also other complex payroll calculations.

So, due to these important features, tally is often considered as a better accounting software than many other accounting software. Tally is also a cost-effective software therefore small businesses can also afford it and scale up their business and achieve efficiency.

Green FX WLL situated in Bahrain offers high-end TALLY Customization to its clients in Bahrain and many other countries, and it also offers Customized Softwares, Training & Development, and related services. If you want any requirement regarding tally than you can Contact Us.

By Team 0 Comments
ADVANTAGES OF USING TALLY IN SMALL BUSINESSES

ADVANTAGES OF USING TALLY IN SMALL BUSINESSES

ADVANTAGES OF USING TALLY IN SMALL BUSINESSES

Tally is software has made accounting calculations very simple, it is now part & parcel of all businesses. Small enterprises believe that Tally software saves a lot of time, and also provides accuracy and carries out different transactions.

Manual transactions are very time consuming that’s why tally is being used in almost all the organizations. By use of tally the chances of error are reduced to a great extent. Tally has many features that are really blessings for business.

Some Major Advantages of using Tally in small businesses are as follows:

  1. Payroll Management: While disbursing salaries to the employees, several calculations are to be done, tally helps in maintaining financial record of the company that includes net deductions, taxes, bonuses, and net payment.
  2. Data Reliability & Security: The data that is entered in tally is reliable & secure. There is no scope of tampering or altering data, after being entered in the software.
  3. Regulation of data across different locations: Tally can be used to manage data of the businesses globally. It brings together all the branches and does calculations for the company at large. So it doesn’t matter which location an employee has access, it will be uniform throughout.
  4. Ease of maintaining a budget: Tally helps to manage expenditure of companies with a budget in mind. This ensures that the company does not indulge in over-spending.
  5. Audit tool for compliance: Tally acts as an audit tool as it carries out regular audits of companies. It does a thorough compliance check towards the beginning of the financial year and ensures all monetary transactions are smoothly being carried out.
  6. Remote access of data: With the help of tally employees can access financial data by logging in using a unique user id and password. 
  7. Quick Access to documents: Tally saves all important documents like bills, receipts, invoices, vouchers, etc in a folder. All the documents which were previously saved can be accessed quickly.

Thus we can say that Tally is really very useful for small businesses; apart from being cost-effective, it saves time and ensures accuracy in business management. It helps in digitalization of bills & signatures. So, tally can really be a blessing for small business.

By Team 0 Comments
Features To Protect Your Tally Data While Working Remotely

Features To Protect Your Tally Data While Working Remotely

Features To Protect Your Tally Data While Working Remotely

Due to COVID-19, almost all the businesses and their employees are managing from work from home. And, one point that should be considered upon is that how these businesses are surviving & tackling the various problems that arise regarding data safety & employee performance. 

If you are a tally user, we will let you know some features that will help you in this situation to improve your company’s overall performance.

1.Data Safety: Tally software is all about data & reports. Tally.ERP 9 contains very important data regarding your clients, stock, cash/bank details, etc. In the current situation, it may seem hard to rely on employees working from home on the tally with such confidential information.

Tally on cloud is the only way you can work from home with Tally. To keep you Tally data safe, ensure you invest in Smart Backup++ which will continuously backup your Tally data from time to time and inform you if there is any discrepancy.

2.User Activity: User activity management is important to improve the overall performance of the business. In the case of multiple users, accountability may not be possible and hence errors may be repeated over and over, causing loss to the business.

One way by which you can avoid the problem of multiple users in tally software is to use audit pro features. It helps you to see the entries made by each user. It also keeps track of every entry from creation to editing and to deleting. 

3.Data Entry Security Level: In this work from home situation, it may be challenging to control user activities. So, to limit the data access to users, you can set the Advance Voucher Type Level Security. It will help you to assign specific rights to every user. The user will not be able to view any other information which is not part of his/her assigned rights. This makes sure that data is safe and is being used only as per the role of the person.

4.Virtually Signed Invoice To Avoid Delays: One of the important challenges that arise by work from home is how to collaborate with different departments and get a signature from authoritative persons in the organization without wasting much time. One way of doing this is to ensure the signature is digital.

The digital signature mainly ensures the authenticity of the document as well as saves a lot of waiting time.  Digitally signed invoices can be mailed to the customers and hence time is not spent is sending the invoice through the post

It is very important for employees working from home, to take care of data security at all levels of the business hierarchy. So, these are some proactive measures a business can take care to ensure high productivity with high data security.

By Team 0 Comments
KEY ACCOUNTING REPORTS IN TALLY.ERP 9 FOR BUSINESSES

KEY ACCOUNTING REPORTS IN TALLY.ERP 9 FOR BUSINESSES

KEY ACCOUNTING REPORTS IN TALLY.ERP 9 FOR BUSINESSESReports in business are very important; reports help to manage day-to-day business operations efficiently. Tally.ERP 9 provides many important results. Tally reports are developed to suit all the aspects of accounting management, inventory management, and statutory. 

Key Accounting Reports in Tally

1.Cash Flow/Fund Flow: The Cash flow report in Tally is useful to get a view of cash inflow & outflow during an accounting period. This report makes it easy for business owners to understand the cash flow situation for a specific period and helps make decisions. 

The fund flow report in Tally provides the details in the sources of funds and their net flow status monthly.

2.  Ratio Analysis Report: The ratio analysis report is a powerful report for financial analysis. The multiple ratios of the report provide us a clear understanding of the financial position of a business. These are Debt Equity Ratio, Quick Ratio, Return on Working Capital, Return on Investment and so on. 

3.  Balance Sheet: The balance sheet gives a complete glance at the financial position of a business. The balance sheet shows the assets & liabilities of a company. The Balance Sheet can be configured using F12 configuration in Tally.ERP 9. It also provides a Schedule VI Balance Sheet for businesses. The Balance Sheet can be viewed for any given dates. Multiple valuation types are given for defining stock valuations such as FIFO, LIFO, Average Cost, Average Price and many more.

4. Profit & Loss Statement: The P&L report in Tally ERP 9 helps to show the company’s net profit or loss in a given period. The tally report considers the period starting from the date when the books begin to the entry date of the last voucher. This report can be configured with F12 configuration available within the report. 

5. Inventory Reports: The stock summary report displays the current position of stocks or stock in hand for a particular date. With the help of this report, a businessman can view item-wise rates, quantity and value of stocks available. The report also shows the status of stocks available across the various godowns. By this, the owner can see the net stock position by considering purchase & sales orders which are yet to be processed.

6. Stock Ageing Analysis Report: Stock ageing analysis report helps businesses understand their slow-moving goods. This report in tally helps business owners to make decisions based on the procurement of stocks, or whether to liquidate stocks based on their age. 

7. E-Way Bill Reports: Tally gives comprehensive e-way bill reports to make life simple for users. By this user will be able to view transactions that have been exported for e-way bills, transactions that are yet to be exported for e-way bills, e-way bills that have already been generated. 

So, there are many reports in tally that help can help your business in financial analysis of your business in the easiest manner and take quick business decisions.

By Team 0 Comments
KEY FEATURES OF TALLY THAT BUSINESS OWNERS MUST KNOW

KEY FEATURES OF TALLY THAT BUSINESS OWNERS MUST KNOW

KEY FEATURES OF TALLY THAT BUSINESS OWNERS MUST KNOW

While running a business, you have to pay attention to each & every department of your org. and you have to continuously measure and control the activities to ensure the highest level of productivity.

Manually handling of all these work of business is next to impossible, it’s not practical also but fortunate we have computers so we don’t have to deal with physical files anymore.  To take away the burden from business owners, Tally.ERP 9 Software has some amazing reports that are helpful to almost every business type. These reports will help you to measure, analyze and implement control measures if needed. 

Reports in Tally

  • Balance Sheet: Balance sheet shows you the current position of the company. It shows assets & liabilities, which shows the financial standing of the company. 
  • Profit & Loss Statement: A profit & loss statement is also called statement of financial performance. It helps to survive the business and profitability of the same.
  • Purchase Register: Purchase register helps to show a summary of all the purchases made by the company at a specific period. 
  • Sales Register: A sales register shows summary of all the sales done at a specific period of time. It will help you to keep a check on the movement of the goods out of the organization; by this you can get insights about your best sold products.
  • Stock Summary Report: By this report, you can check the present condition of the stock. It will help you to understand how to optimally reorder stock without wasting it. 
  • Ratio Analysis: A ratio analysis report is an amazing tool to understand the financial position of the company. Different ratios give you a clear understanding of the financial position of the company. The ratios like debt-equity ratio, quick ratio, etc are available in tally. 

Security and Control Features in Tally

  • Tally Vault: Tally Vault keeps data encrypted, only when you enter a password, the data can be accessible. With this feature, you can ensure your data is not being accessed by any unauthorized person.
  • Hide data path: In Data path your tally data is saved in default Tally, your data path is visible to the user. Some businesses may see this as a threat to their data and may want to hide the location of their data. In such businesses, Tally Server 9 can be used to get higher levels of security.
  • Data Report and log: With the help of this feature you can monitor your employee’s activity and you can ensure work efficiency. The more you are aware of the day to day activities of your employees, the more you will be able to execute control measures to improve their performance.

These are some of the important features in Tally that every business owner must know; these features will make the work of owners easy & comfortable.  

By Team 0 Comments

List of business expenses on which input VAT is blocked

List of business expenses on which input VAT is blocked

Every service has particular typical business expenses which are incurred on a day to day basis. With the intro of VAT in UAE, certain kinds of costs are such that input tax recovery is not allowed on them. It is important for companies to acknowledge this typical overhead and ensure that input tax is not recuperated on these. In this article, let us understand this typical overhead on which input VAT recovery is not permitted under VAT in UAE.

The costs on which input VAT healing is blocked can be categorized into 3 broad classifications:

a. Home entertainment expenses
b. The automobile used for individual purposes
c. Worker associated expenditures
Let us understand these in detail.

Home entertainment expenditures

Organizations signed up under VAT are not allowed to recover input tax on expenses sustained for offering home entertainment to anyone not used by the organization, consisting of clients, potential clients, officials, investors, owners, and investors in the business.

The type of home entertainment expenditures which are not allowed for input VAT recovery includes hospitality (For example Accommodation, food, and drinks) which are not supplied in the normal course of a meeting, access to shows or occasions, or trips offered the functions of pleasure or home entertainment.

When an organization sustains any such expenditure, it will not be able to recover the VAT incurred on these costs.

Motor vehicles utilized for personal purposes

Normally, a person signed up under VAT is enabled to recover VAT sustained on the purchase, lease or rental of an automobile which is used for their organization activities. However, where the automobile is offered for the personal use of any person in business, the registrant will lose the right to recover the VAT sustained on the purchase, lease or rental of the automobile.

Here, a ‘motor vehicle’ is any road automobile which is created or adapted for the conveyance of no greater than 10 individuals, including the motorist. ‘Motor vehicle’ does not include a truck, forklift, hoist or other similar vehicles. This guideline guarantees that the VAT incurred on essentially business cars is not obstructed due to incidental personal use.

An automobile will not be treated as being available for personal use if it is within any of the following classifications:

a taxi accredited by a competent authority
an automobile registered as, and utilized as an emergency situation vehicle, consisting of by the police, fire brigade, paramedics, or similar emergency services and
an automobile which is utilized in a lorry rental organization where it is rented to a customer

Employee related expenses

Particular expenditures incurred by a service for the function of their employees are not enabled input tax recovery. The VAT paid on employee-related expenditures will not be recoverable by the business where the goods or services are purchased to be utilized by workers for no charge to them and for their individual advantage.

There are, nevertheless, specific exceptions from the above guideline. The above guideline will not use in the following circumstances:

Where the company has a legal responsibility to provide those goods or services to the workers under any suitable UAE labor law.
Where it is a legal responsibility or documented policy of the company to supply those goods or services to workers, to enable them to perform their role, and where it can be proven to be regular business practice to do so in the course of work
For instance: In the employment contract of call center employees, it is assured that conveyance to and from the office will be given, for late-night shifts. Here, as this is a contractual responsibility to the staff members, the organization can recover the VAT paid on the conveyance expenditures.
Thus, companies need to note these costs on which input VAT recovery is obstructed. Even more, it is necessary to keep in mind that the basic conditions for input tax recovery require to be pleased, for input tax healing to be allowed on any type of service purchases. The conditions for input tax healing are listed in our article Input tax recovery under VAT in UAE.

By Team 0 Comments
Send a Message