Here are the 3 best accounting software solutions used in Saudi Arabia for e-invoicing, accounting and tax compliance. As tax authorities are gearing up to implement the new e-invoicing regulation, we have picked up those accounting software that have a ready solution to comply with the new e-invoicing and VAT accounting rules. The top 3 software
1. TopNotepad:
TopNotepad is the easiest solution and one of the most popular online e-invoicing and accounting software in Saudi Arabia especially among the small business owners. It is simple, affordable and a ready solution to create e-invoices with QR code. You can also create quotes, record expenses and purchase bills and track real-time VAT liability. There is also a simple inventory management module that is perfect for small business owners to track available units of each SKU and has option to set-up reorder level. The best part about the software is its simple workflows which makes it a very intuitive solution. You will need no training or prior accounting knowledge to use this software. 2. QuickBooks:
Quickbooks is another global accounting software solution provider popular amongst mid-sized and large businesses. It has all the features such as invoicing, estimating and expenses tracking. There is a separate module for tracking taxes and has a robust reporting feature to generate insightful reports. While Quickbooks is feature rich, it does require some understanding of accounting to operate the software. The company provides elaborate documentation online to learn the software. 3. Oracle:
Oracle’s financial software solution is enterprise grade and they go beyond simple accounting. It is a complete ERP package not only popular in Saudi but also amongst top 3 ERP solution providers in the world. It provides a strong and robust cloud infrastructure for managing every aspect of finance. It is widely used by large enterprises and requires highly technical team for implementation and customization. Given the cost and the complexity it is best for large corporations. 3 criteria for selecting an accounting software:
1. Scale of operation:
When choosing a solution please take into account if the business you are choosing the software for is a small, a mid-sized or a large business house.
2. Complexity of solution:
Next, check complexity of the software, if you are a small business you would be better off using a simple solution that just does the job, most likely you won’t need a complex solution requiring special skills to operate. 3. Cost of the software:
This again is an important factor; cost of software should justify the scale of business it is being used for. Small business owner may consider going for a simple, cost-effective, do-it-yourself software. We hope we were able to not only list the three best accounting software in Saudi Arabia but also were able to list the key things you must consider before finalizing the accounting software for your business.
