October 25, 2022Dated: | Byadmin admin | Uncategorized | Now it is high time that every business has to be cautious while choosing its accounting software. It is not “just software“, it is “the accounting software“. As common people, we feel all the same but in technicality, each software has its own pros and cons. Accounting software has a major impact on business growth and development. The Federal Tax Authority (FTA) of UAE plays a major role in regulating and monitoring accounting and taxation. FTA has approved certain accounting software out of the huge bunch available in the market. This means that all accounting software in the UAE market is NOT accredited by the FTA. By now, we would have got the point! YES, we need FTA-accredited software that is VAT enabled to track your business activity and make sure that we avoid the FTA fines and penalties. Points to be considered while choosing the accounting software FTA accredited or not Software type (cloud-based or not) Features & Customization Pricing User Friendly Multi-user access Cloud-based and mobile access Report generation Customer Service Data Storage Data Security Tax Accounting Software Vendors as listed by FTA based on their validity: SoftwareValid TillVersionWayZ ERPJan-2320.1Epicor ERPJan-2310.2.600Visual Dolphin ERPJul-239.11FactsERPNov-224First Bit AccountingNov-222.1.1.9Focus8Nov-229ExpressTXR / Express VATNov-221.0.1Xelerate for GCC VATApr-232.3Tally PrimeJan-231.1.4ONESOURCE Indirect TaxJan-23R12 Cloud-based solutionSun FacetsApr-23v2.0Zoho Books (Cloud Based)Nov-22MILESTONE_ZFUAE_1R7 VATJul-231.39 Benefits of choosing the right accounting software: Time-saving Automated reports Higher accuracy One place to manage all accounting requirements Automated payroll Automated tax submissions Questions to be asked while choosing the right accounting software Once narrowed down the list based on the above criteria, ask yourself these questions before finalizing on the right one: Does this software fit the type of business that I do? Do they provide customizations based on my requirements? How many employees and clients can this software support? In order to increase the count of users or clients, what will be the additional cost involved? How can this software help me in compliance with UAE law? What is the status of data recovery if something happens and my local data is lost? Finally, the price should not burn a hole in the pockets! Still worried about choosing the right accounting software for your business? Leave your trouble with us! We at FlyingColours are in the market for 18+ years, our team of professional, qualified accountants and tax advisors bring maximum benefit to our clients while choosing the right accounting software that suits your business and pocket friendly, by analyzing their nature of business, work pattern, and their requirement. Our team is up-to-date with UAE commercial laws and taxation rules. Our team of expert tax consultants evaluates your current situation for tax planning and regulates the bookkeeping of your company, to provide you with the necessary records and registrations with compliance to the UAE law.