What is Accounting System Software?

An accounting software is an application widely used by accountants and businessmen to organize and manage their finances in one place. Normally, accounting software comes with a myriad of features that are tailored to all business needs. It helps businesses to keep track of their accounts.  

Most of the software allows the user to create and send invoices, manage expenses, record transactions, reconcile bank, filing taxes, generate reports, and much more. Accounting software has an edge over traditional accounting process by delivering comprehensive data reports. These analysis reports are the key element to make important decisions and allow efficient forecasting. 

There are accounting platforms that offer free accounting services along with accountant consulting. They help to develop small businesses by enabling them to stay on top of their finances. Today, Many accounting platforms have adopted advanced technology like cloud computing, blockchain, and triple entry which ensure secure and reliable bookkeeping.  

What Does an Accounting System Do? 

Manages cash flow – from supplier expenses to customer income, an accounting system manages and streamlines every cash inflow and outflow. While older methods of accounting require hours of effort for manual entries, the automated accounting systems make faster entries and better organization. 

Generate finance reports – with all the input data in the system, accounting software generates efficient financial reports. It mostly comprises of profit and loss report, trial balance report etc with easily comprehensible data.  

Creates invoices  accounting systems is a godsend for invoicing in a professional way. It allows to create and send invoices to customers and suppliers instantly. With multiple customizable options, these platforms make it possible to generate invoices suitable to your business. 


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Accounting Myths and Facts

The world has lots of false impressions regarding many professions, especially jobs that seem incomprehensible to the public. A prime example of this is accounting. Many people including business owners have misconceptions on financial matters. It is important to know the actual truth behind the stereotyped beliefs so that you avoid serious consequences in the future. Here, we are throwing some light upon those accounting myths and facts.

Myth 1: My business is small, I don’t need an Accounting Software.

Accounting software is necessary for even small businesses to stay on top of their finances. It makes cash handling easier and keeps business intact. These digital solutions cater specifically to your business needs. Accounting software speeds up the data entry process, that is with less time and effort you get efficient financial results of your company. It eliminates manual errors and improves accuracy. All these benefits your company to make better decisions and forecasting.  

Myth 2: Accounting is only important during tax season. 

Tax season is an important and busy period for all businesses and accountants. Some companies make a huge mistake by making their accounts active only during this tax season. Rather, it is important to keep track of your books throughout the year. This helps data entry and tax filing much easier. Staying on top of your finances all through the year ensures that your business performance is intact.  

Myth 3: It is not affordable to own accounting software. 

This varies according to the different accounting software you go for. There are many accounting software that are affordable to your business in the market. There are accounting platforms that even give free packages. Certain online accounting systems provide different plans from which a user can choose a suitable one that complies with their business needs. This allows the user to customize financing according to their business niche and pay only for what he uses.  

Myth 4: Adopting new technology is unnecessary.  

There have been businesses which has flourished without any advanced accounting technology. But with the breakout of a digital era, we cannot miss out the benefits yielded from a system enabled by innovative technology. With blockchain, triple entry system, Automation etc. being the next big things in accounting, you cannot deny the fact that staying away from these technologies may slow down your business performance. 

Instead of hesitating to try out new things, be open to every innovation around you. All these streamlining makes your job easier and effortless. Thus, enhancing your organization’s efficiency and increasing the company’s overall turnover. 

Do not fall into these accounting misconception traps, instead understand these accounting myths and facts. It’s better we know the reality and act according to it.

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Best Blockchain Accounting Software for Business


lockchain is one of the most looked forward technology in today’s digital world. The tech world finds immense potential for this amazing technology to disrupt finance, supply chain, real estate, and many other industry sectors. 

Blockchain is a digital record-keeping system that records and distributes assets in different places at the same time. Blockchain can only be updated by consensus between users in the system, and once new data is recorded it can never be removed.  

As accounting demands for reliable distribution of ledger, blockchain becomes the mechanism for achieving the same. In blockchain, data is cryptographically stored and shared through systems; it promises high-level security without being handed over to a third-party. Blockchain also enable users to keep track of their activity or data and detect frauds. This service saves your money by disabling third-party interference, keeping track of your data, giving better data analytics, and more. 

Simply put, blockchain and accounting is a perfect mix to bring effective financial operations. Now being in the incubation period, unleashing the full potential of blockchain can revamp the accounting management in the upcoming years. Here we introduce some accounting software that incorporate blockchain technology for a secure, transparent and immutable financial operations. 

SimpleAccounts is an all-in-one accounting software with advanced features catering SMEs and accountants. SimpleAccounts is introducing an efficient blockchain feature that helps you to run a hassle-free business by managing your books incredibly. It enables you to make efficient forecasting with their elementary reports and statements absolutely free. 

Secure, consistent, real-time – this blockchain enabled triple-entry accounting software has an edge over other accounting systems. SimpleAccountsblockchain based technology allows for developing an immutable accounting ledger and automated account auditing using a triple-entry accounting system, assuring every transaction is immutable, tracked, and verified.  

Integrating SimpleAccountsservice to your business can bring manifold benefits to your business. With its reliable bank-reconciliation feature, sync your bank account with the SimpleAccounts for an error-free, fast and accurate financial statements. The blockchain enabled accounting software detects frauds, tracks receivables and manage transactions to make your business good-standing. 

SimpleAccounts is the one-stop solution for all your accounting related problems. We streamline your invoices, VAT reports, and cash flow with the most secure blockchain technology. Get insights into your business status anytime, anywhere in a glance through our proficiently designed dashboard. 

SARA Technologies

SARA Technologies offers the most accessible and most efficient blockchain accounting software to manage your organization accounts and ledgers, without the risk of data tampering. They have satisfied a massive range of business accounting needs by their highly secured and technically superior accounting based on blockchain technology.  

SARA Technologies offers the most accessible and most efficient blockchain accounting software to manage your organization accounts and ledgers, without the risk of data tampering. They have satisfied a massive range of business accounting needs by their highly secured and technically superior accounting based on blockchain technology.  

The integration of blockchain into the accounting system free-up the businesses from the headaches of maintaining separate records as per the transaction receipts. Organizations can record their transactions right into a decentralized ledger, forming an interlocking arrangement of abiding accounts and records. 

The team of blockchain professionals here have helped a vast number of clients with the accounting software development services and assisted them to establish a highly secured accounting system using blockchain technology. 

As a blockchain software developer, it understands the importance of accounting transactions, and financial records for your business thus offer smooth audit services as well.

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10 Effective Ways Accounting Systems Improve Your Business


t’s not unusual that business owners get busy with several management operations. One among them is the bookkeeping process of the company. It can get you caught up for days and monthsThis is why companies have started adopting different accounting systems to run their business hassle-free.

Today, businesses have a higher scope for improvement through several ways. With better and enhanced technology of accounting software, every establishment is finding roads to their financial destination. You cannot deny the fantastic ways by which these accounting systems improve your business sustainably. Let’s look at some of them –

10 ways accounting systems improve business

1. Financial Stability

As the saying goes ‘you can’t do it unless you organize’. If you can’t get your finances organizedyou cannot do your business properly. If the cashflow of your company is stable, you get a precise understanding of how much the money comes in and goes out. Accounting systems improve business by getting accurate insights of the financial stability of the business. Having a systematic money management also helps to take accurate forecasts for future revenue and expenses.  

2. Effective Marketing

When your financial records are stable and organized, it delivers insights into the cashflow and expenses of the company. The company gains clear monetary information which helps to make informed decisions regarding business marketing. 

You get to decide the right time to launch a marketing campaign with accurate accounting information and helps you understand whether the marketing efforts are worth it or not. 

3. Easier Tax Filing 

The tax month is said to be the most stressful time for every business owner. Identifying every penny spent and calculating the taxes can be really taxing and complicated. With a systematic accounting system in hand, it turns out to be the easiest task. It aids you to record your financial operations throughout the year and allows you to generate taxes in a single click.  

Do you want to generate VAT from your financial records seamlessly? Click here to learn more.

4. Real-time Financial Reports 

Real-time financial reports provide a snapshot of the company’s financial health and help to keep track of the operations. Financial statements like profit and loss statement, trial balance report and detailed ledger indicate the firm’s standing in the financial status. Moreover, you can understand business performance and identify business trends which eventually improves the accuracy of business forecasts and goals. 

5. Better Decision Making 

Financial information delivered by accounting systems is a great decision-making tool. A sophisticated accounting system improves a company’s accounting management. With elementary reports and graphical representations, it makes it clear to understand the financial condition of the business. In turn, you are able to make insightful, smarter strategies easily based upon the accounting data.  

6. Automates Your Accounting  

When everything around is transforming into an automated mode, why not accounting too? While it’s notoriously known that accounting process is a manually exhausting, automated accounting systems comes as a great relief. It makes accounting operations simple. From generating invoices to bank reconciliation, automated accounting systems improves your business by delivering a hassle-free business management. 

7. Faster Error-detection 

Accounting transactions are recorded instantly into the accounting software. This makes it easier to spot mistakes or any malicious activities within a matter of time. This way quick actions can be taken. As there’s a bulk of data flowing into the system, automated accounting tools consolidate it and give accurate results. You have less room for errors when the software computes expenses and revenues in real time.  

8. Financial Data Security 

A company’s most confidential information is the financial data. You have to make sure that the financial information is highly secured, or it can create a huge data loss in your company. Data security planning is important and accounting software ensures that. With end to end cloud security or protected firewalls, accounting systems safeguard your financial information strongly. Unless you are not granted rights to enter into the system, you cannot see the data. 

9. Quick invoicing  

Accounting systems improve your business by offering automated invoicing suitable for every business. They allow you to create and send infinite invoices to your suppliers or customers and get you paid before due. Another significant benefit of having that is, it saves a lot of time and eliminate mistakes. And they say time is money. So, imagine the factors you save by adopting an accounting software – time, money, effort.  

10. Determine Business Profit 

The ultimate purpose of running most of the business, whether standalone or in partnership, is to determine the profit of the firm. Without systematically computing the business revenue and expenses, it is difficult to evaluate the profit earned by the business. A business may or may not be profitable initially but measuring and streamlining it throughout the course of time is important.  

With so many strong lifesaving elements put out, no businessperson would hesitate to embrace an accounting system for their own company. An accounting system improves business by giving financial stability effortlessly and quick accounting operations done within a matter of time. Besides, it helps to get better insights into data and makes you take informed decisions for the company. 

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How VAT works in UAE? An overview

VATor value-added tax is a consumption tax levied on goods and services at each stage of its sale. Initiating from the production stage to the final consumer of the product/service, each stage of the value addition chain is liable for tax payment.  

VAT is meant for paying a tax at every stage of sale, but the ones who pay the tax can reduce it by receiving the credit at the time of output. This way, VAT prevents the issue of double taxation that existed in the previous sales tax laws. 

VAT was introduced as a relief to the conventional sales tax system, where only the retailer collected the tax from the final buyer. The main aim behind the introduction of VAT was to eliminate the presence of double taxation and the cascading effect from the then existing sales tax structure. 


Value Added Tax was introduced in the UAE on 1 January 2018. The VAT helps the UAE government to rely less on oil and hydrocarbons as a source of income. Moreover, it acts as an alternative of the source of revenue for UAE to provide high-quality public services. More than Dh12 billion is estimated to be generated as additional revenue after the first year of tax implementation. The standard rate of VAT is 5 per cent.  

How does it work?

  • A business is liable to register for VAT if it reports annual revenues of over AED 375,000.
  •  It is optional for companies whose revenues fall between AED 187,500 and AED 375,000 per annum.
  • When a business pays the tax to the government collected from the customer, it receives a refund of the tax paid to its suppliers from the government.
  • Certain designated zones of Free zones in the country as defined by the UAE cabinet will be exempted from the payment of tax.

Companies in UAE can register for VAT in the FTA website. FTA is responsible for implementing, collecting and auditing taxes.

There are 3 categories under VAT in UAE: 

  • 5% Value Added Tax
  • Zero-rated supplies
  • Exempt supplies

School education and public higher education have a zero-rated VAT, though educational supplies are applicable for VAT. Certain non-preventive healthcare services are liable for tax payment. It is to be noted that domestic passenger transportation is exempted from VAT. Food, beverages, telecommunications and electronic services are accountable for VAT. 

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What is blockchain accounting? The pathbreaker in bookkeeping

Blockchain has evolved into a disruptive technology leaving other record-keeping technologies in the dust. Initially designed for the mining of digital currency, blockchain technology was later applied to several other potential domains like banking, investment, voting and more. And now, it’s bringing a paradigm shift in the face of accounting with its reliable features.   

Simply put, blockchain and accounting is a perfect mix to bring effective financial operations. Now being in the incubation period, unleashing the full potential of blockchain can revamp the accounting management in the upcoming years. Let’s see how the integration of blockchain with accounting can bring leaps and bounds to businesses.   

What is blockchain?

Blockchain is a digital record-keeping system that records and distributes assets in different places at the same time. Blockchain can only be updated by consensus between users in the system, and once new data is recorded it can never be removed.  

Blockchain in accounting

As accounting demands for reliable distribution of ledger, blockchain becomes the mechanism for achieving the same. Accounting demanded something like blockchain technology and blockchain serves as an ideal for accounting. Let’s cut to the chase, it had to be for accounting that this revolutionary blockchain technology needed to be discovered rather than cryptocurrencies.  

The blockchain is the financial challenge of our time. It is going to change the way that our financial world operates.
– Blythe Masters, Executive

Though there were disputes that the advent of blockchain could replace accountants, in another sense it is actually a blessing in disguise for the accountants. It allows them to hit the nail on the head when something goes wrong.   

There is a plethora of solutions by which blockchain technology can contribute to accounting,  


Blockchain can be a binding component that enables the data to be distributed securely along with different points. The cutting-edge technology as it contains ‘blocks’ makes it almost impossible to tamper the data in any way. Each block makes sure that they verify the data stored and shared. Also ensures that no invalid data enters, or no existing data loses.

As it is cryptographically stored and shared through systems, it promises high-level security without being handed over to a third-party. Thus, your accounting data is as secure as in a locker.  

Keeping track of data

A prominent feature of blockchain is its traceability. Each time an activity takes place, blockchain records an audit trail of it. This helps users to keep track of their activity or data, detect frauds, and experience security. Blockchain determines the validity or authenticity of the source of data, preventing any kind of duplicity.  


It’s not surprising to think that blockchain, such a bleeding-edge technology may cost a fortune to get deployed, well in fact, it’s just the opposite. Blockchain actually cut costs by serving all the purposes in one place. Blockchain service saves your money by disabling third-party interference, keeping track of your data, giving better data analytics, and more

Time saving and Efficiency

Not to mention the speed and efficiency of blockchain integrated accounting. The faster it is, the more efficient it is. Enabling smart contract can replace traditional ledgers by automated multiple processing, including payments, reconciliation, tax filings, etc. The traditional way of auditing by collecting, organizing, validating, and evaluating data is over and done with. You save time as you have a minimal number of documents to go through. Blockchain offers real-time reports for the users and the auditors to take effective decisions.  


Let’s wait and watch blockchain taking over the accounting empire to give a user experience like never.  Every business is on a pursuit to adopt blockchain technology and integrate with their systems, especially in the financial domain. 


Introducing one-of-a-kind blockchain accounting software soon.
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Invoicing Explained in less than 250 words

For every business, from startups to conglomerates, invoicing is the centerpiece of their proper functioning. Let’s breakdown this term to its simpler form.  

An invoice is nothing but a bill or document that the seller sends the buyer notifying the payment terms. Payment terms may include the transaction list, payment amount and date, sometimes due amount to be paid too.  

Invoice is an itemized bill for goods sold or services provided, containing individual prices, the total charge, and the terms. 
– Dictionary.com

Invoicing is a significant part of business as it is the element that enables quick payment of the services or products provided by them.   

Invoicing is important for both the sender and receiver. For the sender it’s a provision for recording statements, tracking, and speeding up the payment. The recipient on the other hand gets the detailed itemized record. There are different invoices created by business for its various purposes.  

Standard invoice – Most common type issued by businesses, industries.

Credit invoice – Issued for noticing a client about an offer, discount.

Debit invoice – Shows the balance amount to be paid by the client.

Pro-forma invoice – Invoice issued before completing the work stating the estimate.

Interim invoice – Intermittent invoices sent to the client during a large project.

Creating and sending invoices can be done in a matter of seconds. It also allows you to manage your business accounting in a breeze.  

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