Naqood: Affordable Cloud Based Accounting Software for SMEs in the UAE

Why Naqood is the Best Affordable Cloud-Based Accounting Software for UAE Businesses?

Managing businesses in the UAE can be an uphill task for small and medium-sized enterprises. Accounting solutions make it easy by tracking invoices, expenses, and tax compliance. Finding an efficient yet affordable accounting solution is essential.

Naqood, a cloud-based accounting software, simplifies financial management, offering small- and medium-scale businesses a seamless and FTA-compliant solution for handling invoices, expenses, tax returns, and much more. Their vision is to empower small businesses within the UAE by providing easy compliance. Naqood has proved to be a breakthrough accounting solution by offering unlimited multi-user, unlimited invoices, and expenses, even in their Starter plan, which is free of cost.

To understand the broader landscape of popular financial tools in the UAE, read our guide on Accounting Software Used in Dubai.

In our blog today, we explore the reasons why Naqood could be the software that helps your business exponentially.

What packages are available in Naqood?

• Naqood offers a free version under the “Starter Plan,” providing a wide variety of features such as corporate tax reports, invoicing, purchases, journal entries, reports, and more, with unlimited user access.
• Their “Pro Plan,” priced at 49 AED per month, grants access to all features and integrations.
• The comparison of features of the two packages is as below:
  • Starter Plan (Free):
    • Unlimited invoices & expenses
    • VAT & corporate tax return reports
    • FTA-compliant reports
  • Pro Plan (AED 59/month):
    • All features of the free plan
    • AI suggestions for categorization
    • Auto-fill data from receipts
    • Fixed Asset Registry
    • Remove Naqood Branding

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What are the Key Features of Naqood?

1. FTA Compliant Invoicing:

You can create and send unlimited tax-compliant invoices. The software ensures that invoices are compliant with all legal requirements. Invoices could easily be created from your computer and mobile. Discover more about top FTA-approved cloud-based accounting software solutions in Dubai to ensure tax compliance and efficient financial management.

2. Expense tracking:

Naqood allows businesses to upload receipts, categorize expenses, and track spending in real time, which always provides a clear financial overview. Further, the “Pro Plan” auto-fills the data from receipts and also supports AI suggestions for categorization.

3. Tax reports:

Being tax compliant is one of the major concerns for businesses in the UAE. Naqood simplifies this process by providing FTA-ready financial statements, making VAT returns and corporate tax filing seamless.

4. Multi-User Access & Collaboration:

The users can invite employees and accountants to collaborate within the accounting platform. What is more remarkable is that multiuser access is available even in the starter plan, which is free of charge.

5. Cloud-Based Accounting:

The accounting is stored securely in the cloud and can be accessible anytime and anywhere with a connection to the internet.

Another powerful cloud-based ERP solution gaining traction in the UAE is Odoo. Explore its use cases in our blog on How Odoo is Helping Businesses in UAE.

6. Security:

Naqood complies with the new accounting law, ensuring that all accounting materials must be stored digitally for a minimum of 7 years. Further, they employ SSL security, similar to the online banking and UAE Pass, and our servers are configured to ensure the data is securely stored in multiple copies. They also have the option to take a complete backup of entire accounts and download it to the computer if required.

7. New features:

Naqood offers breakthrough features such as subscription, where invoices are generated and sent automatically at regular intervals. This will ease the tracking of repetitive invoices for professionals, SaaS companies, marketing, etc.

8. Features at zero cost:

What is remarkable is that, unlike many software programs on the market, Naqood provides the best features, like unlimited invoicing and expense tracking, with access provided to an unlimited number of users at zero cost.

In case you’re curious about how Zoho stands apart in the UAE market. Here’s a breakdown of Zoho Accounting Software UAE Features.

For SMEs and freelancers in the UAE, Naqood is a game changer. It provides powerful accounting features at zero cost, ensuring businesses can manage their finances efficiently while staying compliant with UAE tax laws.

For e-commerce businesses, integrating cloud-based accounting software can streamline financial operations and enhance compliance. While choosing cloud-based accounting software, businesses can also explore the benefits of outsourcing accounting for cost-effective financial solutions.

We have also compared two of the most widely adopted platforms in this QuickBooks vs. Zoho Books comparison to help businesses choose the right fit.

We, at BCL Globiz, provide accounting, compliance, and advisory services under one roof at affordable and reasonable pricing.

For further inquiries, get in touch with our experts today at punith@bclglobiz.com.