RAK Bank to offer Sage VAT accounting software to business customers

Move comes as 37 percent of SMEs say they are struggling with VAT compliance
By Jeremy Lawrence
Wed 13 Jun 2018 10:18 AM

RAK Bank, will offer Sage accounting software to its business banking customers after striking an agreement with the market leader in cloud business management solutions.

Through this partnership, RAK Bank’s business customers can benefit from Sage accounting software at preferential rates. This will enable the bank’s customers to manage their valued-added tax (VAT) compliance requirements.

RAK Bank is one of the UAE’s largest SME lenders and has stated its committment to the growth of the sector through strategic partnerships that provide efficient solutions to its customers. Sage has had five of its VAT accounting products accredited by the UAE Federal Tax Authority in March this year, and is on the Approved Accounting Software list.

On the partnership, Mansoor Sarwar, director of technical services and pre-sales at Sage Middle East, said: “RAK Bank is one of the UAE’s most dynamic financial institutions, and it has a dedicated focus on small and medium businesses. They are aligned with Sage’s vision – to help business builders realise their ambitions – especially as Sage also started as a small business and grew beyond what seemed imaginable. We are honoured to partner with RAK Bank, and together support every type of business in the UAE with their business finance and accounting needs.”

RAK Bank’s managing director of business banking, Dhiraj Kunwar added: “Many SMEs  face difficulty in the accounting and cash flow management aspect of their business, especially with the implementation of the VAT. RAK Bank’s partnership with Sage will offer our business banking customers new features that meet all their VAT and accounting needs. As one of the largest SME banks in the region, we are delighted to have partnered with a company like Sage. This partnership is in line with our strategy of assisting businesses by offering them convenient digital solutions that support their exact financial requirements.”

In a survey of SMEs conducted by Sage in Q1, 37 percent of businesses admitted they are struggling with accounting, and added that they were ill-prepared for complying with VAT regulations. “Entrepreneurs who are concerned about not managing their business finances or VAT effectively should look at implementing smart accounting products that are capable of automating the majority of these processes. Business owners should be focusing on their core purpose, rather than be burdened by administrative tasks,” added Sarwar.

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Last Updated: Wed 13 Jun 2018 10:25 AM GST

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