It is provided free of charge and includes more than 45 apps

Business Index .. "Zoho Books" helps companies manage their finances efficiently

Prashant Janty: “(Zoho Books) helps business owners keep up with VAT requirements.”

Dubai Economy stated that it is cooperating with the Zoho Corp. to make technology for large enterprises accessible to other companies of different sizes.

Through this partnership, local companies registered with the Dubai Economy will enjoy free access to Zoho One, a unified cloud-based suite of more than 45 applications, including Zoho Books.

By taking advantage of this opportunity, business owners can efficiently manage their finances, ensure a steady cash flow by accepting online payments, and maintain compliance by fulfilling VAT obligations.

The Dubai economy said that the launch of the value-added tax has a great impact on business owners and their accounting practices, and the scope of its launch was not limited to the prices of goods and services only, but also reshaped the way business owners record their sales and accounts.

“Zoho Books, which is a tax accounting program approved by the Federal Tax Authority, helps business owners manage their financial affairs and keep up with value-added tax conditions,” said the head of product management at Zoho Corp.

If you own a business in the UAE, you can use (Zoho Box) in Arabic and English to complete business transactions, manage customers and suppliers, issue VAT-compliant documents, and generate business reports and VAT returns reports.

"You can also make sure that the audit is ready by using the VAT audit file, which can be created with a few clicks," said Janty.

Zoho Box is designed to facilitate recording transactions and business owners' needs

The ways in which Zoho Books helps businesses to become VAT-compliant include:

1 Issuing VAT-compliant documents: The Federal Tax Authority has set specific rules for transaction documents and the data fields that they must contain.

And by using Zoho Box, you can issue documents approved by the authority, such as tax invoices, self-pay invoices, invoices, credit and debit notices.

2 Recording the details of the correct transaction: Federal Tax Authority regulations require business owners to record certain details, such as the value-added tax rate and place of supply for each transaction.

Zoho Books has been designed to facilitate transaction registration, taking into account tax laws and the needs of business owners.

3 Submitting accurate tax returns: Business owners registered in the UAE must submit a VAT return in every tax period.

The tax period can be either monthly or quarterly, depending on the company's annual capital cycle.

Filing VAT returns for the first time may be a bit confusing, but Zoho Books helps settle transactions and file VAT returns.

4 Create detailed reports to facilitate business decision-making: Business owners can, through the use of accounting reports, obtain detailed insights into the financial position of their companies, analyze growth patterns, and overall cash flows.

When using Zoho Books, valuable business reports can be created in Arabic or English, such as balance sheets, profit and loss statements, and cash flow data, to stay informed of the company's financing.

5 Moving to mobile accounting: Zoho Box is available as a mobile application (compatible with both iOS and Android systems), to help business owners manage their finances on the go.

6 Maintaining secure financial data: According to the Federal Tax Authority, every company in the UAE must keep a backup copy of its financial and accounting records for a period of no less than five years, regardless of the status of its registration in VAT.

Business owners can feel secure about backing up their data, because Zoho Box offers its users a first-class data security level.

7 Connecting banking services with Mashreq Bank: Mashreq Bank is cooperating with "Zoho Books" to provide a networked banking solution in the region, through the "Mashreq New Business" platform, NeoBiz.

With this solution, NeoBiz account holders will be able to seamlessly access Zoho Box, eliminating the need for manual data entry.

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