“SMEs have always been the backbone of the UAE economy,” says Mohsin Aikal, head of liabilities, payments & bancassurance at Noor Bank. The main factor which determines Small and medium enterprises (SMEs) are the staff headcount and whether they are either turnover or balance sheet total.
According to a strategy provided by SMEs in Dubai, it states that SMEs contribute approximately 50 percent of Dubai’s gross domestic product while it accounts for 52 per cent of the total workforce in the UAE. Thus, many audit firms in Dubai successfully address audit issues, provide quality financial reporting, and stand to achieve international credibility.
The UAE Minister of State for Monetary Affairs introduced Valued Added Tax (VAT) in Dubai from January 1, 2018 at a standard rate of 5%.
A traditionally TAX-FREE territory carries with it a plethora of benefits as well as a slew of difficulties. The Ministry of Finance mandates a 5% VAT on a variety of transactions for varies goods and services, as well as on the employment of public facilities and utilities used.
Dubai, as a part of UAE, is going to be involved in establishing a legal mechanism for the tax, in collaboration with other Gulf Cooperation Council (GCC) countries, to ensure that the levy supports and diversifies the local economy as expected. This is where your company requires a Dubai VAT consultant. With the help of a VAT specialist in Dubai, make sure the company is prepared for the legislation’s economic effect.
What are the 5 affordable accounting Software in UAE?
Xero is a leading provider of accounting and deployment services. It is a cloud-based accounting platform that enables companies to make real-time adjustments, monitor, and updates to their accounts. The Xero app is synchronized so that it is constantly updated, giving accountants immediate access to a company’s financial statements. Xero is a completely free software tool.
Wave is a software used to manage income and expenses. It keeps track of everything and integrate with other Wave items like accounting, payments, and invoicing. It is a software which is automated into one perfect bundle. It also provides a 30-day free trial.
Quickbook is an accounting software build for small businesses. It tracks expenses, customize invoices, keep track and manage sales tax, track inventory, run reports and many more features are available. It also provides a 30-day free trial.
Tally is a powerful business management software build for Small and medium enterprises (SMEs). Through Tally your business data is safe and secure. Report maintenance, data entry and recording are some features of Tally software. Tally is a 30-day free trial.
Zoho Book is an online accounting software built for businesses. It manages finances, automates enterprise workflows, and facilitates cross-departmental coordination. Zoho Book allows collaborations where your colleagues can access your account, view reports, or manage the account. It is an integrated platform which has built numerous apps to help customers manage their business. Zoho is a 14-day free trial accounting software.
Kloudac is a 15-year experienced accounting firm in UAE. It provides wide range of accounting services in Dubai for Small and medium enterprises in order to ensure your company meets an accounting software to assist you manage your company with VAT consultancy, Sales Invoice Processing, Expense Bills Processing, Monthly Finance Meetings, Audit assurance, Payroll Processing, Business Consultancy and many more.
Kloudac accounting firms in Dubai provide accounting services not only for large firms but also for small businesses in Dubai which release you from sparing your valuable time on account and finance handling. Therefore, you have the ability to focus on your main business without having to be concerned on maintaining accounting records and bookkeeping. Furthermore, poorly structured and maintained or outdated documents will adversely impact the success of the company, which is why Kloudac provide accounting services to busy business owners with all the powerful facilities.