Accounting principles or standards are basically the rules and concepts a company should keep in mind while reporting financial statements and information.

IFRS is the set of accounting framework which serves as a basis to regulate and organize financial information. IFRS proposes guidelines and rules that ensure companies follow a standard accounting system. This helps your company to stay transparent and uniform in the financial statements.  This eventually makes it easier for investors to examine and take essential information from the company’s financial reports. Following these accounting principles also help to understand trend data and budgeting.

IFRS is a decree specified by the SCA, Securities and Commodities Authority, and the Central bank of the UAE. Likewise, the central bank of UAE advises that banks in the 7 states of UAE must follow IRS when maintaining financial reports.

GAAP is another accounting standard followed internationally, although UAE does not have its own GAAP. Generally Accepted Accounting Principles or GAAP comprises of the important rules and guidelines to prepare financial reports and perform accounting tasks.

Accounting Principles In UAE

The standard accounting principle generally followed in UAE is the IFRS, International Financial Reporting Standards.

IFRS is the set of accounting framework which serves as a basis to regulate and organize financial information. IFRS proposes guidelines and rules that ensure companies follow a standard accounting system. This helps your company to stay transparent and uniform in the financial statements.  This eventually makes it easier for investors to examine and take essential information from the company’s financial reports. Following these accounting principles also help to understand trend data and budgeting.

IFRS is a decree specified by the SCA, Securities and Commodities Authority, and the Central bank of the UAE. Likewise, the central bank of UAE advises that banks in the 7 states of UAE must follow IRS when maintaining financial reports.

GAAP is another accounting standard followed internationally, although UAE does not have its own GAAP. Generally Accepted Accounting Principles or GAAP comprises of the important rules and guidelines to prepare financial reports and perform accounting tasks.

If you are a startup and new to businesses, these legal matters might sound too complicated and overloaded for you. So, to ease off things, we can help you take care of your accounting matters in the simplest way.

All successful businesses need an organized way of managing books. And anybody who has been into it knows that it’s not an easy task. That’s why we have picked some really easy, effective, and free accounting software ideal for your business. A perfect free accounting software delivers free bookkeeping services with no compromise in quality and features.

We have sorted out such 10 free accounting software that promises unparalleled accounting services for every business ranging from startups to large entities.  

1. SimpleAccounts

SimpleAccounts is the one-stop solution for every accounting need. It serves small businesses, entrepreneurs, freelancers, and large organizations to get successful. By bringing a disruptive innovation of Blockchain Accounting like never, SimpleAccounts gives a breezy outlook to every business finances out there. From customer invoicing to getting business reports, SimpleAccounts is the perfect antidote to your accounting headache. 

2. Brightbook

Brightbook is the perfect bookkeeping solution for small business owners, freelancers, and contractors. It’s like all the best bits all rolled into one; create and send professional looking invoices in any currency, track your bills, and spend more time doing what you love. Brightbook is changing the way people feel about accounting. It’s for people, not eggheads. Brightbook makes bookkeeping an easier, less time-consuming, and more enjoyable process. And because it’s online you can use it anytime, wherever you are. 

3. Manager

Manager is the most comprehensive free accounting software. It has all the features you’d expect from an accounting package. Manager is free accounting software for small business available for Windows, Mac, and Linux. The database format is universal across all operating systems which means an accounting file created on Windows can be easily transferred to Mac OS X or Linux if the need arises. 

4. SlickPie

SlickPie is designed to fit modern small businesses needs by doing all the heavy lifting work to deliver the most delightful expense management experience. Everything you need for your entire business accounting is here. From straightforward invoices to detailed reports, SlickPie is all you need to keep your business finances always healthy. MagicBot by SlickPie is an automated receipt data entry tool that enables businesses to streamline their expenses by automatically pulling information from receipts and converting it into digital data. 

5. Wave

Wave’s easy-to-use accounting software can connect your bank accounts, sync your expenses, balance your books, and get you ready for tax time. It enables to take control of your finances with the best accounting software for small businesses. Track everything and connect to other Wave products such as payroll, payments, and invoicing. Everything is automated and in one perfect package like unlimited income and expense tracking, adding unlimited partners, collaborators or accountants, fully functional double entry system and more. 

6. Zipbooks

Simple, beautiful, and powerful, ZipBooks gives you the tools and intelligence to take your business to the next level. With Zipbooks, you don’t have to have an accounting degree to keep immaculate records for your business. ZipBooks provides you with a smart way to track all your transactions, keep on top of what you owe and who owes you, and figure out how much your business is actually making. 

7. Akaunting

Akaunting is an online accounting software that has all the tools you need to manage your money, from invoicing to expense tracking to accounting. Thanks to its modular structure, Akaunting provides an awesome App Store for users and developers. Akaunting is an Open Source project with contributors from all over the world. Akaunting is hosted on GitHub and open for everyone to contribute. Akaunting gives free access to every user.That’s right, completely Free. No setup fees. No strings attached. No hidden charges. 

8. Sunrise 

Sunrise provides solutions that help freelancers, solopreneurs and small business owners grow and succeed. The free software helps business owners manage invoices and track the health of the business. Most business owners don’t want to dive into bookkeeping which is why, for a monthly fee, Sunrise provides professional bookkeepers to handle it. Sunrise is a Lendio company. Lendio is focused on fueling the American dream. It is a free online service that helps business owners find the right small business loans within minutes. 

9. Sleekbill 

This free invoice software does everything a small business needs, from calculating to formatting, auto-completing and emailing invoices. It provides all required billing features making it just perfect for small businesses and freelancers. Sleek Bill can help you design wonderful documents that can make your business stand out. The professional invoice designs use all elements and formatting settings to help you attain a great result. 

10. GNUCash

GnuCash is personal and small-business financial-accounting software, freely licensed under the GNU GPL and available for GNU/Linux, BSD, Solaris, Mac OS X and Microsoft Windows. Designed to be easy to use, yet powerful and flexible, GnuCash allows you to track bank accounts, stocks, income and expenses. As quick and intuitive to use as a checkbook register, it is based on professional accounting principles to ensure balanced books and accurate reports. 

Check out the best accounting software for your business.