01
Oct 2018
The effect of the recent technological advancements can be seen everywhere. The use of technology is increasing in all the parts of your life, be it entertainment, transactions or business. Even in the field of accounting and advisory services, companies now have accounting software which is very easy to operate and can interlink all systems and application together. The use of these software is gradually increasing as they not only make managing the financial aspect of business easy, but it also saves a lot of time and money.
Nowadays, accounting software is an invaluable resource for modern businesses. The working of this accounting software would differ from each other depending upon the product and the accounting firms in Dubai. Most of the enterprises select a modified software which would integrate data from the different departments, collate and analyse them as a whole.
Let’s first understand as to why does business require such accounting software.
Need for Accounting Software in Dubai
Dubai is considered as one of the leading places to set up your business and provides a very conducive environment to market, new and old. The state of the art infrastructure and the various tax benefits offered by the Dubai government make it a very lucrative place for the investors to set up a business here. With an increase in the number of businesses, there would be a direct growth in the financial accounting and advisory services in the area. The advantages of using accounting software are as follows:
Benefits of Using an Accounting Software
1.Minimal Errors
Accounting software gives you a clear and precise overview of the current financial state of the business. This would help you in developing future strategies and the proper allocation of resources and can also assist in the outsourced bookkeeping services.
2.Provides Customization
The accounting software can be very easily updated and also provide us with the option of customisation. With this, we can find tailored solutions to our business problems.
3.Security
If the financial data of business falls into the wrong hands or is lost due to a mistake, the company is doomed. This situation can be prevented by using accounting software. Such software has many fail-safes in place which would prevent the confidential financial data to be jeopardised in any way.
4.Easy to Use
Without paying any third party to handle all the accounts and with little to no training, a business owner can perform all the financial duties and can comply to all the rules and laws if the investor uses the software.
5.Time and Cost Saving
The software automates the key administrative and calculative procedures which in turn increases productivity by saving time and money for the business.
These are some of the benefits that a business can avail by using accounting software. This software provides services and features such as:
Features of Accounting Software
The various elements of the accounting software are:
- Invoice processing
- Payroll management services
- Tracking of the inflow and outflow of funds (Cash flow and forecasting services)
- Management of IRS taxation forms
- Storage of financial statements
These benefits and features make the use of accounting software challenging to pass, but an investor must be cautious as to the kind of software to be bought. The service’s software must be subscribed only after the proper scrutiny of the requirements of the business. Let’s have a look at all the necessary step one needs to perform before buying accounting software.
Precautions to take before Buying an Accounting Software
- The software should provide you with the flexibility of customisation whenever required by the business.
- The software should provide you with a neatly arranged dashboard where all the primary data is readily available.
- The chosen software should give priority to data security.
- Always choose to buy a simple software which integrates with the tools you have been using already.
- The software should also have a mobile version as nowadays most of the people use mobiles much more frequently.
- The more a software offers, the more it will cost, so buy according to your need and budget
- It is always better to buy an accounting software which allows testing support in advance
Modern accounting software is very advantageous to use for a business. If you are a new player in the business environment of Dubai, then you need to take the advice from the software consultancy in Dubai. At JAXA, we help our clients in finding an accounting software which would help their business to reach new heights. For any assistance in Dubai or the rest of the UAE, contact us – we’d be glad to assist!