Businesses have started to embrace cloud computing increasingly in the last couple of years, for their data storage needs. Accounting is no exemption. Cloud accounting is an efficient way to keep track of your business, that lets you access your company’s finances in real time. Data is stored on infrastructure that is far more powerful, secure and sophisticated than office computers.

Cloud technology has turned out to be boon for accountants as it enhances collaboration with clients and improves the quality of services. Cloud accounting makes it possible to access figures anytime, anywhere. You need not be physically present in the office to check your company’s financial details.

According to a recent report by Sage titled “The Practice of Now”, based on responses from 3,000 accountants, 45-58 % companies have adopted cloud accounting. Size of the company plays a crucial role here; 45% of small companies, 57% of midsize companies and 58% of large companies had opted for cloud accounting over desktop alternatives.

Time being a crucial factor in business, cloud accounting can turn out to be saviour as it automatically generates invoices as well as reminders at regular intervals. Data can be shared with multiple people and you are saved from the burden of sending selected reports and files via email.

A person need not be an expert in managing financial accounts, for you to use cloud accounting software as it is pretty simple and user friendly. Human errors can be reduced significantly and even if you make a mistake, it can be easily recognized and corrected.

Businesses can choose an accounting software that best suit their needs, out of the diverse options available. These software programs are highly affordable and offer excellent accounting capabilities. If you want your business to work fast and smart, then think no further, cloud accounting is the best option!

It’s been 120 days since the implementation of VAT in UAE and by now more than 275000 businesses have registered for VAT. The implementation being a novel one in UAE, the impact of it on the business sector is something that needs to be analysed. The fact that almost 99 percent of the UAE companies have filed tax clearly indicates that UAE nationals have embraced the landmark implementation. According to Federal Tax Authority, few companies have failed to register, which can be intentional or unintentional.

The FTA, in collaboration with the Department of Economic Development intends to send their analysts to unregistered companies to “help them register, if they are having technical issues.” According to the estimates made by FTA in the previous year, around 350,000 companies should have registered for VAT by now. But 75, 000 companies failed to register, resulting in a breach of the new policy. The VAT return process was indeed challenging for certain companies; ensuring accuracy of the information entered in the return was one of the major concerns.

Even though people had to struggle in the initial phase, response levels to the tax system is quite satisfactory. UAE had implemented VAT laws and regulations with effect from January 1, 2018, along with Kingdom of Saudi Arabia. The businesses registered under UAE VAT will be levied 5 percent tax.