New Tax Norms Spur UAE Small Firms Towards Digitisation

(MENAFN- Khaleej Times) The introduction of VAT and Corporate Tax in the UAE has driven small and medium enterprises (SME)s towards digitisation and there has been a significant rise in automating their business operations to ensure compliance with the new regulations.

Some businesses also had to restructure business operations, revisit supply chains, and explore tax-efficient jurisdictions within the UAE's free zones. Businesses also had to understand the implications of these laws and many chose to focus on enhancing operational efficiencies to offset the impact of tax payments. At Tally, we made several efforts to ensure business owners were able to transition to the new tax regime seamlessly. We organised several events and sessions with subject matter experts to ensure entrepreneurs had access to the knowledge they needed. Our flagship product, TallyPrime, helped business owners streamline their tax-related processes, automated their compliance, and generated precise reports to reduce the burden on their accounting teams and allowed them to focus on running their business,” Nupur Goenka, Executive Director, Tally Solutions, said.

Tally's software solutions are geared to adapt to the companies' needs.“Using software to help you run your business can reduce manual tasks and help with insights that are usually hard to get to grow your business, as well as help you save or use your money better. The problem in most cases though is that software is generally very rigidly built, it needs the business to get 'structured', to become more 'process-oriented'. At Tally, we recognise that business owners are running their businesses the way their customers or suppliers expect them to and that asking for change just to adopt a product is a very tough ask. Therefore, we make software that adapts to the way you run your business and never expect you to adapt to the software. In Tally getting started takes just a couple of minutes. You can incrementally implement more features that can help you run your business better,” Goenka said.

Tally's journey has been both challenging and rewarding.“In India, we continue to challenge ourselves to create great products for all our existing and future customers. Almost two decades ago, some of our customers moved to the UAE and encouraged us to enter the country. Over the last decade and a half, we have been fortunate to support several thousands of businesses in GCC, and the growing economy has perpetually challenged and excited us. Our journey is built on creating great experiences for our customers and building great relationships with our ecosystem,” Goenka said.

Tally is planning at investing a lot more in Saudi Arabia and looking forward to working with entrepreneurs in the country.“I am certainly proud of the progress we have made and equally excited about the opportunities and challenges ahead,” Goenka said.

Tally have recently crossed the 2.5 million licence mark.“We plan to expand our footprint in the Middle East, which is our second largest market after India. We have launched TallyPrime 4.0 this year and are ready to launch our next major product update very soon, which will allow us to support and serve many more business owners in the GCC region. There are many more things in the pipeline as well, we are also working on leveraging AI to bring more value to MSMEs in an affordable manner,” Goenka said.

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