Accounting Software Guide for Starting Business

Accounting software is an essential tool for any new business. It helps streamline financial processes, provides real-time insights into business performance, and ensures compliance with local regulations. However, with so many options available in the UAE market, choosing the right accounting software in UAE can be an overwhelming task for startup entrepreneurs. This guide will help you understand the top accounting software in UAE, their key features, and how to select the one that best suits your business needs.

Top 10 Accounting Software in UAE

The UAE accounting software market offers a wide range of solutions catering to businesses of all sizes. Here are some of the most popular accounting software options used by startups in the UAE:

1. Standard ERP

Standard ERP is a comprehensive ERP (Enterprise Resource Planning) software developed by Hansa World specifically for the Middle East market. Key features include accounting, inventory management, CRM, e-commerce integration, and multi-currency support. It is highly customizable and offers both on-premise and cloud-based deployment options.

Pros:

• Comprehensive Suite of Features: Standard ERP offers a comprehensive suite of features, including finance, inventory, and CRM modules, providing an all-encompassing solution for business management.
• Accredited by UAE Tax Authorities: This software is accredited by the UAE tax authorities, ensuring compliance with local regulations and providing peace of mind in tax-related matters.
• User-friendly Interface: Standard ERP boasts a user-friendly interface, facilitating easy navigation and making it accessible for users with varying levels of technical expertise.

Cons:

• Initial Setup Time-Consuming: The initial setup of Standard ERP might be time-consuming, requiring careful configuration to tailor the software to specific business needs.
• Training Required for Advanced Features: Some of the more advanced features may require additional training for users to fully harness the software's capabilities.

2. WayZ ERP

WayZ ERP is a full-featured ERP software with modules for accounting, inventory, purchasing, CRM, and business intelligence. It offers multi-company, multi-currency, and multi-language capabilities. WayZ ERP is cloud-based and optimized for fast implementation and easy use on mobile devices.

Pros:

• Robust ERP Solution with Customization: WayZ ERP stands out for its robust ERP solution with a focus on customization, allowing businesses to tailor the software to their unique requirements.
• Cloud-Based Accessibility: Being cloud-based, WayZ ERP provides accessibility from anywhere, facilitating remote work and collaboration among team members.
• Strong Support and Training Resources: The software comes with strong support and training resources, ensuring users can maximize its potential.

Cons:

• Overwhelming for Small Businesses: WayZ ERP may be overwhelming for small businesses that do not require the full range of features offered, potentially leading to unnecessary complexity.
• Higher Pricing: Compared to some competitors, WayZ ERP comes with a higher pricing structure, which may be a consideration for budget-conscious businesses.

3. DGTX

DGTX is a cloud-based POS (Point of Sale) and retail management software developed by Skylines to help retailers and merchants digitize their operations. In addition to basic POS functions, it provides inventory management, customer loyalty programs, and real-time business analytics and reporting.

Pros:

• Specialized Point of Sale (POS) Features: DGTX offers specialized Point of Sale features, making it an excellent choice for businesses with a focus on retail sales.
• Integration with Payment Systems: The software seamlessly integrates with various payment systems, streamlining the payment process and enhancing transaction efficiency.
• User-Friendly Interface: DGTX features a user-friendly interface, ensuring that users can quickly adapt to its functionalities.

Cons:

• Limited Scalability for Large Enterprises: DGTX may have limited scalability for large enterprises with extensive and complex business operations.
• Additional Modules for Advanced Features: Some of the more advanced features of DGTX may require the purchase of additional modules, potentially increasing overall costs.

4. Epicor ERP

Epicor ERP is an industry-specific ERP solution catering to various verticals like manufacturing, distribution, retail, and services. Key modules include financial management, supply chain, CRM, and business intelligence. It offers both on-premise and cloud deployment along with mobile accessibility.

Pros:

• Scalable Solution for Growing Businesses: Epicor ERP is a scalable solution suitable for growing businesses, ensuring that the software can evolve with the expanding needs of the company.
• Robust Reporting and Analytics Tools: The software offers robust reporting and analytics tools, providing valuable insights into business performance.
• Integration Capabilities: Epicor ERP has strong integration capabilities with other business applications, promoting a cohesive and interconnected system.

Cons:

• Initial Setup Complexity: Setting up Epicor ERP may be complex, requiring careful planning and possibly involving a longer implementation time.
• Higher Cost for Advanced Features: While the basic features are cost-effective, accessing advanced features in Epicor ERP may incur higher costs.

5. SYMEX - OneVAT

SYMEX - OneVAT is a VAT and tax compliance software that helps businesses in the UAE file VAT returns, issue invoices, and manage other tax processes automatically. It integrates with popular accounting packages and offers multilingual support.

Pros:

• Focus on VAT Compliance: SYMEX - OneVAT places a significant emphasis on VAT compliance, making it an ideal choice for businesses operating within the UAE.
• User-Friendly Interface: The software features a user-friendly interface, facilitating quick implementation and ease of use.
• Quick Implementation: SYMEX - OneVAT offers quick implementation, allowing businesses to get up and running swiftly.

Cons:

• Limited Customization Options: Businesses with highly specific requirements may find that SYMEX - OneVAT has limited customization options, potentially impacting adaptability.
• Lack of Advanced Features: While suitable for basic accounting needs, SYMEX-OneVAT may lack some of the advanced features offered by other solutions.

6. RealSoft

RealSoft is a comprehensive ERP software developed by Cinque specifically for SMEs in the Middle East. Key modules include accounting, inventory, CRM, e-commerce, and business intelligence. It offers cloud hosting, mobile access, and multi-currency capabilities.

Pros:

• Extensive Modules Covering Various Functions: RealSoft boasts extensive modules covering various business functions, providing a comprehensive solution for enterprise management.
• Multilingual Support: The software offers multilingual support, accommodating businesses with diverse language requirements.
• Configurable for Specific Business Needs: RealSoft is highly configurable, allowing businesses to tailor the software to their specific needs and workflows.

Cons:

• Interface Overwhelming for Beginners: The interface of RealSoft may be overwhelming for beginners, necessitating thorough training for optimal usage.
• Training Required: Users may need thorough training to leverage the software's full capabilities effectively.

7. DEAR

DEAR is a cloud-based ERP software developed by DEAR Systems to help SMEs digitally transform their operations. Modules include accounting, inventory, purchasing, CRM, and business intelligence. It offers features like multi-company setup, mobile accessibility, and integration with popular apps.

Pros:

• Cloud-Based for Accessibility: DEAR is a cloud-based solution, that provides accessibility and collaboration capabilities, especially beneficial for remote teams.
• Integration with E-commerce Platforms: The software seamlessly integrates with e-commerce platforms, streamlining online business operations.
• Cost-Effective for Small to Medium-Sized Businesses: DEAR is cost-effective, making it a suitable choice for small to medium-sized businesses with budget constraints.

Cons:

• Limited Offline Functionality: DEAR's functionality is limited when offline, which may pose challenges for businesses operating in areas with unreliable internet connectivity.
• Customization Requires Technical Expertise: Customizing DEAR may require technical expertise, potentially limiting its adaptability for businesses without dedicated IT support.

8. Visual Dolphin ERP

Visual Dolphin ERP is a full-featured ERP software catering to trading, manufacturing, and service companies. Key modules are financial accounting, inventory management, purchasing, CRM, and business intelligence. It offers both on-premise and cloud-based deployment along with mobile accessibility.

Pros:

• User-Friendly Interface: Visual Dolphin ERP features a user-friendly interface, ensuring that users can navigate the software with ease.
• Specialized Features for Retail Sales: The software offers specialized features for retail sales, including robust inventory management capabilities.
• Strong Inventory Management: Visual Dolphin ERP provides robust inventory management capabilities, essential for businesses with a focus on retail.

Cons:

• Limited Scalability for Large Enterprises: Visual Dolphin ERP may have limitations in scalability, making it less suitable for large enterprises with extensive operations.
• Additional Modules for Some Features: Accessing some of the advanced features in Visual Dolphin ERP may require the purchase of additional modules, potentially increasing overall costs.

9. FactsERP

FactsERP is an accounting and ERP software developed by Facts to help businesses in the Middle East digitally transform. Modules include accounting, inventory, purchasing, CRM, and business intelligence. It offers features like multi-company setup, mobile accessibility, and integration with popular apps.

Pros:

• Comprehensive ERP Suite: FactsERP provides a comprehensive suite of ERP modules, covering various aspects of business management.
• Tailored for UAE Market: The software is tailored for the UAE market, ensuring that it aligns with local regulations and business practices.
• VAT Compliance Features: FactsERP includes features specifically designed for VAT compliance, addressing the unique tax requirements in the UAE.

Cons:

• Higher Upfront Costs: FactsERP may come with higher upfront costs compared to some other solutions, potentially affecting the initial budget.
• Learning Curve: Users may experience a steeper learning curve, requiring time and effort to become proficient with the software.

10. FirstBIT Accounting

FirstBIT Accounting is an online accounting software developed by FirstBIT specifically for SMBs in the Middle East. Key features include invoicing, accounting, inventory, and reporting. It offers cloud hosting, mobile accessibility, and multi-currency support.

Pros:

• User-Friendly Interface: FirstBIT Accounting features a user-friendly interface, making it accessible for users with varying levels of technical expertise.
• Affordable for Small Businesses: The software is affordable, catering to the budget constraints of small businesses in the UAE.
• Localized Support for UAE Requirements: FirstBIT Accounting offers localized support, ensuring that the software aligns with specific UAE regulatory requirements.

Cons:

• Limited Scalability for Large Enterprises: FirstBIT Accounting may have limitations in scalability, making it less suitable for large enterprises with complex business operations.
• Some Advanced Features Lacking: Businesses with advanced reporting needs may find that FirstBIT Accounting lacks some of the more sophisticated reporting features offered by other solutions.

Choosing the Right Accounting Software for UAE Startup Business

Now that you understand the top accounting software options, how do you choose the right one for your startup business? Here are a few factors to consider:

• Business Size and Needs: Consider your company size, industry, and specific functional needs like inventory, purchasing etc. Choose software with relevant modules.
• Budget: Accounting software pricing varies widely. Choose an affordable option that fits your budget without compromising on the required features.
• Deployment Method: Decide if you need an on-premise or cloud-based solution based on IT requirements and preferences. Cloud offers more flexibility at lower costs.
• Customization: Consider the level of customization available if you need to modify features and workflows to suit your processes.
• Mobility: Check for mobile accessibility if you need to access data on the go from any device.
• Support: Evaluate post-sales support, training, and consultancy offered especially for new businesses.
• Integration: Check compatibility with other apps and systems you use like e-commerce, CRM, payment gateways etc.
• User Experience: Test the software interface, workflows, and reports to ensure ease of use for your teams.

Choosing an accounting software is a strategic decision. Shortlist 2-3 options based on the above factors and do thorough product evaluations and free trials before finalizing.

Table: Accounting Software in UAE

FAQs 

• What features should I look for in accounting software for a new business?

Key features to look for include accounting and financial management modules, inventory management, purchasing, CRM, business intelligence, and reporting. Other important factors are deployment options, customization, mobility, integration, pricing and support.

• How do I choose between on-premise vs cloud-based accounting software?

Cloud-based software offers more flexibility, scalability, and lower upfront costs compared to on-premise. However, on-premise gives more control over customization and data security. Consider your IT requirements, budget, and preferences before deciding.

• Can accounting software help with VAT filing and tax compliance in the UAE?

Yes, there are specialized accounting software like SYMEX - OneVAT that help automate VAT return filing, invoicing and other tax processes for businesses in the UAE to ensure compliance. Many ERP software also offer tax modules.

Conclusion

In conclusion, the right accounting software in UAE can provide numerous benefits for your business, including improved financial management, time savings, and regulatory compliance. By selecting accounting software by carefully evaluating your options from reputable accounting companies in Dubai, you can set your business up for long-term success.