Quickbooks is a well-known software for accounting. Other software adheres to the needs of a particular business perfectly or is simply better. In this article, we will explore the Quickbooks alternatives in UAE and comment on their relevance to your business.
About Quickbooks
Quickbooks is not restricted to a particular range of business models or industries. It is utilized by every kind of company imaginable. They’ve done well by releasing several versions of their software to the demands of the industry.
The primary market for Quickbooks desktops is business and professional services. Professional service companies and independent freelancers are increasingly using Quickbooks online.
Contractors, manufacturers and distributors, lawyers, and even retail and restaurant enterprises are among the target markets for Quickbooks Enterprise. This means that QuickBooks appears to be effective and useful in nearly every industry.
Are Accounting Software Required For Businesses In The UAE?
Accounting software is of utmost importance in the UAE due to the stringent financial regulations that businesses must adhere to. These regulations necessitate thorough financial record-keeping, encompassing income, expenditures, and assets, with annual independent audits to ensure accuracy. Moreover, businesses are required to convene yearly meetings to review their financial standings.
Commencing in 2024, businesses may face profit taxes if they exceed specific income thresholds, with tax rates ranging from 0% to 9% depending on their earnings. Additionally, the UAE has implemented Value Added Tax (VAT) on various purchases since 2018.
Notably, the UAE government does not impose taxes on the profits shared among business owners. While there are no retirement benefits, health insurance coverage costing AED 1000 annually is mandatory for all UAE residents. Furthermore, customs duties are levied on certain imported goods.
Considering these stringent financial regulations, the use of robust accounting software becomes indispensable for UAE businesses. It ensures compliance with these rules and helps maintain financial accuracy. While Sage is a popular choice, it’s crucial to be aware of its limitations and explore alternative options like ProfitBooks, QuickBooks, and FreshBooks to ensure businesses can effectively manage their finances while staying compliant with UAE regulations.
Why Do We Need Quickbooks Alternatives In UAE?
What are the issues with Quickbooks? The downsides? What alternatives do we have? We’ll first list down the negatives for Quickbooks and then look at the Quickbooks alternatives in UAE.
Costly
QuickBooks offers three plans, ‘Simple Start’, ‘Essentials’, and the ‘Plus’ plan valued at $9/month, $13.50/month, and $19/month respectively. These are on the higher spectrum. The services vary significantly with a change in plan, making QuickBooks suitable only for large businesses and hence it becomes a negative considering the small and medium-sized businesses in the UAE.
Depleting Customer Service
Quickbooks answers queries and complaints only through mail which gets you a response in a day. That is a bit delayed compared to the standard practice in the industry. Many other software, for the sake of efficiency and gratitude to the clients, answer queries and complaints over phone calls, effectively providing immediate responses.
Improper Training
In comparison to Quickbooks alternatives, Quickbooks does not offer enough training for its software. It is a sizable piece of software with an array of features and options. It is going to be challenging for beginners in accounting to handle all financial matters alone using Quickbooks. Quickbooks alternatives in UAE should be looked for in this case.
Bugs
Numerous bugs have been found in Quickbooks, according to reports. The software occasionally lags as well. Probably as a result of subpar cloud services. This is a serious issue because it could delay crucial business transactions and result in unhappy clients.
Quickbooks Alternatives In The UAE
Let’s look at the choices that we have got for replacing Myob. We’ll look at their features and pricing, giving a general idea of what it will be like to use them.
1.ProfitBooks
ProfitBooks creates a pretty welcoming environment for businesses to thrive. What’s good about them is they’ve made it super user-friendly, so you don’t even need to hire an accountant. I mean, even if you’re clueless about accounting, you can handle it with ease.
Invoicing is good. They offer 25 invoices per month even on the FREE lifetime plan. The invoices are very professional yet simplistic to understand.
They’re not big on direct integrations with other platforms, but they’ve got a workaround using Excel to move data around if you ever need it. Profitbooks also has fantastic inventory management providing support for a well-maintained record of items. The inventory could also be secured by controlling its access.
One more thing that sets ProfitBooks apart is its simplicity. They don’t overwhelm you with super complicated reports. Instead, they keep it focused on what matters. It helps you concentrate on the essentials, which later leads to a more solid and non-negotiable analysis of crucial points, resulting in steady but significant growth.
They’re one of the very few accounting software providers worldwide that offer a lifetime FREE plan. It’s not some stripped-down version either; it’s quite valuable, especially for startups and small businesses. I’ve found it to be quite handy myself. It is probably the best QuickBooks alternative in the UAE.
PRICING:
They offer two plans; the full-time free plan labeled the ‘Startup’ plan and another plan called the ‘SMB’ plan worth $15/month. This is quite cheap compared to the counterparts with little to no compromise on services offered.
2. Xero
Xero has very good functionalities and it is confirmed by every decent source that I researched. It has a huge set of reports and analyses. Xero mingles well with other APIs and software. Large and medium-sized businesses could look forward to Xero as their accounting software.
Xero proves to be an upgrade on Quickbooks as an alternative but is still very pricey. Other QuickBooks alternatives mentioned in the article are not very expensive and offer enough services. Xero also seems to be an accountant’s software provided its complexity. It may lead to the necessity of an accountant.
Despite this Xero is recommended among the Quickbooks alternatives if you think your business needs a very robust and complexly functional software.
PRICING:
Xero currently offers four plans in the UAE. The starter plan at $29/month, the standard plan at $59/month, the premium 5 plan is $76/month, and the Ultimate 10 plan is $110/month.
3.FreshBooks
Over 24 million people use FreshBooks, a popular accounting program, across more than 160 countries. Both small and large businesses, as well as independent contractors, can use it. Invoicing, expense management, and time tracking are important features.
The platform provides easily navigable invoice templates that can be customized. However, the $15 to $50 monthly price range can be viewed as somewhat expensive. Although it offers seamless third-party app integration and support for international payments, some users complain that it lacks advanced accounting features.
There is no 24/7 hotline, but there is a Help Center, online chat, and phone support available at certain times.
Customizable invoices, expense management, project collaboration, custom estimates, accounting reports, mileage tracking, and multi-currency support are just a few of the accounting features available. It integrates with Gusto for payroll needs even though it doesn’t have internal payroll.
PRICING:
FreshBooks provides a range of pricing plans to suit various business needs. The “Lite” plan is available at USD 17.00 per month, offering essential features for invoicing. The “Plus” plan, priced at USD 30.00 per month, includes additional capabilities such as automatic expense tracking. For more advanced users, the “Premium” plan is offered at USD 55.00 per month, featuring enhanced customization. Additionally, FreshBooks offers a “Select” plan with personalized pricing.
4. Sage
Sage Accounting has its upsides and downsides. On the positive side, it offers useful financial reports like cash flow statements and balance sheets, helping businesses make smart decisions based on their financial performance. You can also organize and save these reports in different formats. However, when it comes to integrating with other software, Sage’s options are a bit limited, mainly because many integrations are with other Sage products. Pricing is decent in the UAE, but the basic ‘Start’ plan lacks some essential features like bank reconciliation.
One drawback is that Sage can be a bit tricky to use, especially compared to simpler options like ProfitBooks. Customer support is primarily through email, which can be slower than phone support. Sage also has some restrictions, like limited payroll features and extra charges for more users, which might not be great for small businesses. There have also been reports of software glitches.
So, while Sage has its strengths, its usability and limitations are things to consider carefully before choosing it for your accounting needs.
PRICING:
Cost-to-service ratio becomes a critical factor for any business and hence, how pricing affects features offered becomes an important part of our Sage review. Sage offers two plans in the UAE. The ‘Start’ plan is at USD 11/month and the ‘Standard’ plan is at USD 11/month.
How To Choose The Best Suitable Software For Your Accounting Needs?
Choosing the right accounting software for your company is a big decision. First things first, you’ve got to pick between desktop-based or cloud-based software. Cloud-based software is quite popular because it can sync your data, back it up automatically, and you can access it from anywhere with an internet connection. But if you’re in a place with shaky internet or need to do stuff in person super quickly, the offline option might be better.
Now, let’s talk security. Your data’s safety is a big deal. Make sure the software uses something called HTTPS for secure data transfer. And if they’re partnering with reliable cloud hosting companies like Amazon or Rackspace, that’s a good sign.
Next, figure out what you need the software to do. Do you need it for things like making invoices, tracking expenses, managing your inventory, or reconciling your bank statements? That’s important to know.
Think about the future, too. You want software that can grow with your business.
Also, make sure you can easily take your data with you if you ever decide to switch software. Watch out for any hidden fees, like extra charges for transactions or integration. And be clear on what the free trial version lets you do.
Don’t forget about support! It’s super important. Check if they have different ways to get help, respond quickly, have good knowledge, offer resources, and update the software.
Do not hesitate to change the software you are using if you find that it is not enough for your business. Look for alternatives as we did with this article accessing Quickbooks alternatives in UAE.
In the end, when you’re picking your accounting software, just remember these things and match them up with what your company needs and wants. One option to consider is ProfitBooks. It’s great for small and medium-sized businesses, with user-friendly features, room to grow, a reasonable price, excellent support, and clear expenses.
Conclusion
In conclusion, there are a number of important factors to take into account when selecting the best accounting software for your company in the UAE. With the benefits of cloud-based software, such as data synchronization and accessibility from anywhere, in mind, first decide whether a desktop-based or cloud-based solution is more appropriate.
Security must always come first, so check that the application partners with trustworthy cloud hosting providers and uses secure data transfer protocols like HTTPS.
Decide what accounting requirements you have, such as invoicing, expense tracking, inventory control, or bank statement reconciliation. Choose software that can meet your needs now and grow with your company in the future.
To prevent any unexpected costs, look out for any hidden fees and comprehend what the free trial version provides. Excellent customer service is crucial because it guarantees that you can get assistance when you need it and that the software is supported and updated.
Finally, if your current software is not meeting the changing needs of your company, be willing to switch. Alternatives like ProfitBooks, a user-friendly, affordable, and feature-rich option for small and medium-sized businesses in the UAE, should be taken into consideration.
In order to ensure smooth financial operations in compliance with UAE regulations, the ideal accounting software should be in line with your company’s present and future needs, offer strong security, and offer excellent customer support.