Economy Middle East Tips: Accounting Software for SMEs

In the Middle East, where there are over 557,000 small and medium-sized enterprises (SMEs), the impact of adopting accounting software proves significant.

It allows these SMEs to not just streamline their financial processes but likewise shift their attention and resources to other pivotal aspects of their business operations. 

Ultimately, this optimization and reallocation of resources results in their heightened effectiveness and productivity.

Tally ERP 9

Tally ERP 9, a widely recognized accounting software, is known for its comprehensive enterprise resource planning system. It offers features like accounting, inventory management, payroll, and tax management. 

Compatible with various operating systems, namely Windows, Linux, and macOS, it also provides localization for the Middle Eastern market, including VAT compliance. Pricing varies depending on users and features, starting at around $630 for a single user. 

Although lauded for its robust features and localization, Tally ERP 9’s interface could affect the overall user experience. Considering these factors, this accounting software is ideal for medium- to large-sized businesses with varied operations.

Zoho Books

Zoho Books accounting software provides businesses with a straightforward, user-friendly interface. More so, it includes features such as time tracking, invoicing, inventory, and project management. Additionally, this software is GST-compliant, making it particularly suitable for Middle Eastern markets. 

Offering a range of pricing tiers, Zoho Books starts at AED60 per organization per month for the Standard plan. While its extensive features and reasonable pricing are indeed an advantage, certain limitations may deter some businesses from choosing this accounting software. 

Despite that, Zoho Books effectively caters to small and medium-sized businesses in search of a comprehensive and user-oriented solution.

Read: Software enabling the world

QuickBooks Online

Known for its power-packed tools, QuickBooks Online supports most business needs like tracking sales, customers, and inventory. They offer four plans starting at $18 per month with a 30-day free trial. 

Moreover, its cloud-based operability allows access from anywhere, a convenience for businesses with remote teams. However, one potential drawback is its slightly steep learning curve, making it tricky for beginners. 

Nonetheless, this accounting software is a reliable option for businesses of all sizes, particularly those with distributed teams.

Elate

Elate offers a slew of features, from financial planning to inventory tracking to receivable tracking. It is particularly renowned for its UAE VAT-compatible solution. For pricing, one needs to contact the sales team, making it less transparent than others. 

Notably, some users have reported it to be less intuitive, which might pose a problem for non-tech-savvy users. All things considered, Elate accounting software is well-suited for businesses that are working to be VAT-ready.

Bayan HRMS

Bayan HRMS, a software company specializing in human resource activities, also offers a financial management system in its portfolio. 

Similarly, it complies with regional laws and includes payroll, personnel, and many more features. For pricing, contacting their sales team is recommended. While its specialized HR focus is a boon, its limitations in other accounting features might require additional tools, adding costs. 

Bigger corporations with complex HR requirements can benefit significantly from Bayan HRMS.

Benefits of accounting software for your business

• Efficiency. Firstly, accounting software automates complex accounting procedures. Hence, it increases efficiency by saving businesses substantial time and resources.
• Accuracy. In addition, by automating calculations, the software minimizes errors that are common in manual accounting.
• Compliance. More so, these accounting software programs are usually designed with the local tax regulations in mind. This means efficient handling of VAT and other region-specific tax calculations.
• Real-time monitoring. Furthermore, accounting software updates financial data in real-time. This enables businesses to monitor their financial performance constantly.
• Scalability: Moreover, as the business grows, so does the volume of financial transactions. Accounting software can easily handle this increase, allowing the business to scale seamlessly.

Final thoughts

After an in-depth look at diverse accounting software, it is clear that the choice depends on the business’s size, budget, and specific requirements. By considering these factors, businesses can select software that can enhance their operational efficiency.

For more stories on technology, click here.