Accounting is a concept that permeates our daily lives, both personally and professionally. Tracking income and expenses in daily life seems to be a big challenge for individuals. To solve this problem, most of us use personal accounting apps available on the app store.
If accounting for simple, straightforward personal transactions can be a pain, imagine how complex it is for businesses to maintain their books. That's why we have the best accounting software for small, medium, and large businesses in the UAE, making accounting for your business easier, less stressful, and more digital.
What is Accounting Software?
Accounting software is a program that helps accountants in business organizations report financial transactions. The scope of business accounting software varies from organization to organization. In addition to automating accounting functions, modern business accounting software offers many more features such as accounts receivable and payable management, automatic bank reconciliations, budgeting, and instant reporting.
Many people use the terms "accounting software" and "ERP software" interchangeably. Are they the same?
No, it's not.
Difference between Accounting Software and ERP software
ERP software is comprehensive software that integrates and automates the functions of all departments in an organization, such as procurement, sales, marketing, warehousing, manufacturing, human resources, inventory, and other departments. ERP software consists of several modules, and accounting is one of them. The accounting module automates accounting functions. But in reality, accounting is an integral part of ERP software. ERP software cannot exist without an “accounting module” because every business transaction impacts the company’s finances. On the other hand, the accounting module can also stand alone and only record the financial part of every transaction made. In this case, it is called "accounting software".
It turns out that accounting software and ERP software are different but closely related.
Why do companies use accounting software? As already mentioned, transactions in commercial enterprises are complex. If done manually, the process can take several months. Additionally, manual processing is prone to errors. Computer programs help us and complete office tasks in seconds and with 100% accuracy. For a deeper understanding, read about the key areas where accounting software can be a game changer.
Scope and Features of Accounting Software
Accounting Automation
The great thing about accounting software is that you only have to enter the data once. As soon as a new transaction is entered, it will automatically appear in all relevant locations. Additionally, if you have historical data associated with a particular account, many fields will be filled in automatically. Data entry is probably the first and most time-consuming step in accounting. This is largely error-prone and any errors can have serious consequences. Classified by business accounting software.
Report
Accurate and simple reporting is another accounting challenge. Accounting software instantly processes vast amounts of data and creates useful reports that are clearly presented to users through dashboards. Unlike the human brain, software programs can consider multiple variables simultaneously when analyzing data, thus providing information on various KPIs. For added polish, these reports can be customized to suit your needs. These can be extracted at any time and sent to anyone in the world with the click of a button.
Budgeting
Budgeting is the door to the future. The higher the accuracy, the better. There is no doubt that the budgeting features of business accounting software will simplify the budgeting process and increase its accuracy and speed. The next benefit of budgeting with an accounting software solution is expense monitoring and control. This is done by establishing approvals, document-level budget constraints, and comparisons to the actual budget. If creating a single budget is a headache for your accountant, you can use business accounting software to create multiple budgets on a quarterly, annual, or semi-annual basis..
Fraud prevention and compliance
Accounting software leaves no room for fraud because everything is recorded electronically and transparently. All actions in an accounting software solution follow a predetermined workflow. The system will not tolerate any deviation from such current. Additionally, user-level limits ensure accountability and keep your information protected at all times.
Fraud prevention and compliance
Accounting software leaves no room for fraud because everything is recorded electronically and transparently. All actions in an accounting software solution follow a predetermined workflow. The system will not tolerate any deviation from such current. Additionally, user-level limits ensure accountability and keep your information protected at all times.
Parameters to choose the Best Accounting Software in UAE
As an international market, the UAE has several options. You can decide which accounting software is best for you in the UAE or any other country after asking the following questions:
1. Is the software able to handle multiple currencies?
2. Can the software be easily integrated with other software programs?
3. Can it manage multiple cost centers?
4. Is the software customizable?
5. Is the software scalable?
6. Is the software easy to use or easy to learn?
7. Does the software vendor have enough experience in the market?
Get started with Axolon Accounting Software – UAE
We have clients who are starting as small businesses and need simple accounting software. We supported the company's growth by providing additional ERP modules as the company grew. Today, we provide comprehensive ERP solutions to many of our traditional customers. Axolon ERP Software Dubai is considered one of the most feature-rich and user-friendly ERP and accounting software in the UAE. This is one of the reasons why we have a 100% customer retention rate.
