What is accounting software?
Accounting software is a solution used by accountants, bookkeepers, and business owners to perform accounting procedures and manage accounts. Below are the key features, benefits, and considerations to consider when choosing Best Accounting Software In Dubai for your business.
Each accounting software package has components (modules) that cover specific parts of the accounting process.
The main modules are as follows:
Accounts receivable
Accounts payable is used to record all company debts.
Ledger, the company’s accounting records (“general ledger”).
Invoicing is the creation of all invoices to be sent to customers.
Warehousing and storage, responsible for the company’s entire stock.
Purchase orders for all stock orders
Sales orders, filling all orders received from customers.
Accounting for work-related entries, payments, and billing.
Most accounting software also adds other modules as needed. These include.
Cost accounting, to record employee expenses related to the business.
Payroll, to record employee wages and related taxes.
Reports to print financial data for different business areas.
Looking for a solution to improve business efficiency?
Key features to look for in accounting software
Business accounting includes a wide range of functions to give you a comprehensive view of your business finances. Manual work is a complex and time-consuming process. However, accounting software has streamlined this process, allowing managers to spend more time managing and implementing strategies.
Here are some key features of accounting software that you should look for.
Automated accounting management
To get a truly accurate process from start to finish, it’s important to automate it with accounting software. Manual bookkeeping can be tedious, especially for SMEs that are constantly growing. Accounting software can reduce manual data entry and increase efficiency through automation. Ideally, accounting software should define the function, understand the process and present the results once so that the process does not need to be redefined repeatedly.
Receivables and payables management
Proper management of receivables and payables is an important factor in assessing the financial health of a business. Accounts receivable is the amount a company is entitled to receive from customers for goods or services sold on credit. Accounts payable are amounts owed by the company to suppliers and are shown as liabilities on the company’s balance sheet. Simply put, if goods or services are purchased under contract and then paid for, they are called accounts payable until paid. Managing receivables is important to optimize cash flow. Accounting software can help manage receivables and payables in more detail.
Secure access anytime, anywhere
Remote access to data is no longer an option, but a necessity. Today, when everyone is on the move and location is no excuse for low productivity, remote access can be your powerful ally. There are always situations where you need access to important company data, and your data is in the office. In such cases, the remote access feature comes in handy as it gives you access to the data you need when you are not in the office. However, an important part of a remote access software solution is the ability to set user-specific data controls to prevent data leakage. This not only increases employee productivity but also saves a lot of time and money and speeds up the decision-making process.
Flexible purchasing and sales management
Every business is different. Depending on their process, they decide which buying and selling cycle they want to follow. In such scenarios, the ideal financial management software should allow business owners to configure operations to suit their business needs, not the other way around. For example, when generating basic data or entering an invoice, each transaction should flow smoothly.
The software you choose for your business should be tailored to your needs so that you get the most out of it, or more precisely, your software should be “built for you”. It is very important that you try to quantify the benefits you expect to get from your tool. The more specific you are, the more specific you can be in your search for possible software solutions.
Provide support in line with global accounting standards
Internationally active companies also often need data that meets the standards of the country concerned. Accounting software needs to be able to adapt to the company’s requirements, be it currency, compliance, language, etc. From the flexibility to provide customized options for selecting or pre-defining the language for reporting to the filing of tax returns in accordance with national laws, the software should allow you to perform all country-specific operations without having to rely on additional external resources.
Why is Bestaxca the best accounting software in the UAE for SMEs?
Simple, intuitive and works like the human brain. Bestaxca allows businesses to stay ahead with accurate financial statements and great flexibility. From payments, receipts, sales, purchases, credit and debit entries, journal entries, clearing entries, and more. With a single click, you can easily enter these transactions in your accounting and their impact will be reflected in the corresponding financial statements.
Improve your company’s cash flow
Receivables and payables: improve your company’s working capital and manage your receivables with ease.
Cash flow and cash flow: manage financial planning by assessing the sources and uses of your company’s funds.
Scenario management: help you forecast your company’s cash flows for better cash flow.
Debtor payment behavior: monitor your customers’ payment terms and review your credit policy.
Accelerate your business transactions.
Multi-currency accounting: take advantage of all business opportunities by processing transactions in any currency.
Benefit from all business transactions by taking advantage of the business opportunities that each transaction brings: Reduce errors and eliminate uncertainty when processing cheques.
Eliminate errors, reduce errors, and avoid errors when it comes to cheque processing.
Control your business costs.
Cost and Profit Centers: Create as many as you want by department, product area, employee, etc. and analyze their results individually.
Budget and control: use your company’s resources efficiently and control your spending.
Credit management: reduce bad debts and improve your company’s cash flow by setting different credit limits for different parties.
Improve the profitability of your business
Inventory movement analysis: helps you monitor stock levels more accurately. Identify slow/moving stock and manage stock in different locations.
Profitability by item and by invoice: Estimate profit per item and invoice and review products that are not profitable.
See other accounting features offered by Bestaxca.
products available on Bestaxca and see other features offered by Bestaxca.
How much does accounting software cost?
Whether you’re a small business or a large enterprise, Tally business software will meet all your ERP or accounting needs. Check out our plans and prices and buy online.
Silver Perpetual (single-user version) AED 2,340
Gold Perpetual (multi-user unlimited edition) AED 7,020
Why do I need accounting software?
Accounting software is a solution used by accountants, bookkeepers, and contractors to perform accounting procedures and manage accounts. Here are some reasons why entrepreneurs should invest in accounting software.
Automation of operations.
Automate the preparation of balance sheets and other important accounting forms
Easily manage receivables
Achieve tax compliance
Allow access to data
Simplify banking operations
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 like Tally Prime adapts to your business, partners with you as you grow, and provides features that meet your current and future needs.
What is a small business accounting system?
Small business accounting systems help you organize and streamline your accounting and business processes in the simplest way possible, and here are some things to consider when choosing the best accounting software in the UAE.
Free trial period
Easy to install and use
Easy to use, easy to learn, easy to use, easy to learn, easy to use
Price
Easy to use, easy to use, easy to install, easy to learn, easy to use
Data security
Accessible anytime, anywhere, anytime
Compliance.
Do SMEs need accounting software?
Yes. It is always advisable for SMEs to automate their business processes so that they can focus on growing their business rather than being distracted by day-to-day operations, and simple, easy-to-install software like Bestaxca can be a great help for SMEs. Accurate accounting reports and great flexibility help you stay one step ahead.