With the introduction of the e-invoicing law in Saudi Arabia on December 4th, 2021, VAT-registered businesses are now required to utilize accounting and invoicing software that has been approved by the Saudi Tax Authority (ZATCA).
While opting for invoicing-only software may address your e-invoicing needs, this presents an ideal opportunity to organize your financials by selecting the most suitable accounting software that complies with ZATCA regulations.
There is a wide range of options available in the market, each tailored to specific types and sizes of businesses, with prices starting as low as 69 SAR per month and going up to several thousand.
The choice you make will largely depend on the specific features required for your business.
However, don’t worry!
In this article, we will outline the 5 Best Accounting Software in Saudi Arabia and provide a detailed comparison of their functionalities.
The Top 5 Accounting Software trusted by ZATCA in Saudi Arabia
Oracle: #1 Best Accounting Software in Saudi Arabia
This cutting-edge solution empowers your finance team with accurate data, enabling them to enhance forecasting accuracy, streamline reporting cycles, simplify decision-making, and effectively manage risk and compliance.
By connecting and automating various financial processes such as payables, receivables, fixed assets, expenses, and reporting, Oracle Fusion Cloud Financials provides you with a comprehensive overview of your organization’s financial health.
Key Features:
- Speed up your financial operations by implementing automation solutions that can handle over 80% of your financial tasks, such as managing intercompany tax and transfer pricing journals. By reducing manual work, you can improve the accuracy of your tax reports and expedite the closing of your financial books.
- Embrace innovative business strategies on a global scale, supervise worldwide operations, and facilitate mergers and acquisitions seamlessly, all without the need for additional technology investments or add-on solutions.
- Harness the power of machine learning and AI-driven analytics to minimize exceptions and streamline operations. By leveraging these advanced technologies, you can proactively enhance your exception-handling processes, learning from past actions to prevent similar issues from arising in the future. With the ability to swiftly identify potential problems that may pose risks to your business and audit procedures, you can stay one step ahead and ensure a smoother and more efficient workflow.
- Streamline the process of coordinating planning and budgeting throughout the entire procure-to-pay transaction lifecycle to ensure efficiency and accuracy. By defining and overseeing budgets and expenses, businesses can gain better insight into their financial commitments, obligations, and spending, leading to improved financial management and decision-making.
- Streamline the process of managing joint ventures by automating accounting tasks, allowing for more accurate invoicing and easier measurement of partner shares. By simplifying the calculation of partner shares, you can ensure that invoices are generated with precision, making the overall management of joint ventures more efficient and effective.
Pricing
- Oracle Enterprise Resource Planning Cloud – $625 per user/month
- Oracle Enterprise Resource Planning for Self-Service Cloud – $20 per user/month
- Oracle Accounting Hub Cloud – $10 per month
- Oracle WebCenter Forms Recognition Cloud – $60 per month
- There is no Free Trial Available on any plan!
NetSuite Cloud Accounting Software: #2 Best Accounting Software in Saudi Arabia
NetSuite Cloud Accounting Software revolutionizes the way businesses handle their financial operations.
Streamlining tasks such as recording transactions, managing payables and receivables, and ensuring tax compliance, empowers organizations to take control of their financial assets.
With its real-time access to financial data, NetSuite allows users to delve into the nitty-gritty details, swiftly resolving any issues that may arise.
Moreover, it effortlessly generates comprehensive statements and disclosures, ensuring compliance with various regulatory financial standards like ASC 606, GAAP, SOX, and many others.
With NetSuite, businesses can experience the power of accurate reporting and gain a firm grip on their financial future.
Key Features:
- NetSuite’s general ledger features provide accounting professionals with a wide range of benefits, including increased flexibility and visibility, more robust reporting options, improved audit trails, and the ability to tailor account types, transactions, and reporting segments to suit specific business needs.
- Effective cash management is crucial for finance teams to ensure optimal cash flows, monitor bank accounts, and make informed decisions. With NetSuite’s comprehensive suite of tools, finance teams gain complete visibility into their company’s money flows and cash position, empowering them to be more strategic and proactive in their financial management. By leveraging NetSuite’s reporting capabilities, finance teams can optimize cash flows, manage liquidity, and drive the success of their organization.
- NetSuite revolutionizes the management of accounts receivable by automating invoice delivery, payment processing, and collections. This allows businesses to boost liquidity for growth, reduce the credit-to-cash cycle, improve customer service, and capitalize on new investment prospects promptly.
- Streamline your accounts payable procedures with NetSuite’s automated solutions, allowing you to save valuable time and enhance overall efficiency. Say goodbye to late fees and boost your cash flow by capitalizing on early payment discounts. Rest easy knowing that our automated review and approval workflows will ensure compliance with internal policies, safeguarding you against payment fraud.
- Streamline your account reconciliation process by automating it for various types of accounts such as accounts payable and receivable, bank, credit card, prepaid, inventory, accruals, fixed assets, intercompany transactions, and other balance sheet accounts. With our centralized management system, you can easily monitor and track the status and details of each account, including balance comparisons, preparers, reviewers, and sign-off dates. Say goodbye to manual reconciliation and embrace a more efficient and organized approach to managing your accounts.
Pricing:
Based on our research, the platform starts at approximately $99 per user per month, plus a $999 monthly licensing fee. While this base price can be used as an estimate, your costs may vary significantly. Various sources provide price ranges of approximately $30,000 to over $1 million annually.
SAP Accounting Software: #3 Best Accounting Software in Saudi Arabia
By utilizing SAP’s accounting, financial close, and reporting software, organizations can simplify their finance and accounting operations, covering everything from closing and consolidation to management and legal reporting.
Key Features:
- Boost productivity and streamline operations by implementing automated solutions that eliminate the need for manual processes. By harnessing the power of intelligent automation, machine learning, and advanced analytics, you can significantly reduce the time and effort spent on generating accounting postings and financial consolidation and reporting. This not only enhances efficiency but also provides valuable recommendations to optimize your workflows and drive better decision-making. Embrace the future of automation and unlock the full potential of your business.
- Enhance your decision-making process by leveraging accurate and dependable data. Gain complete visibility and ensure transparency in your financial and management reporting, fostering trust and confidence. Strengthen your financial compliance and effortlessly adhere to various accounting standards, empowering you to make informed choices with ease.
- Gain a competitive edge by harnessing the power of continuous data-driven insights to steer your business towards success. Unlock the potential of a centralized financial truth that provides instant business intelligence for both management and statutory reporting. Dive deep into the nitty-gritty details with drill-down analysis, allowing you to explore every level of your business operations. With the added flexibility to evaluate various scenarios, you can make informed decisions that will propel your business forward.
- Enhance collaboration and streamline reporting processes by consolidating data from various sources into one cohesive platform.
- Embrace the concept of ongoing accounting to enhance your performance monitoring in real-time, proactively address any issues before closing, and ensure a consistent distribution of work throughout the accounting period. By adopting this approach, you can streamline your processes and improve the efficiency of your accounting operations.
- Unlock powerful group consolidation capabilities by seamlessly working together through integrated intercompany reconciliation procedures, while also facilitating the removal of transactions between segments both within and outside the organization using cutting-edge reporting tools.
Pricing:
- Limited: $99 per month
- Starter: $110 per month
- Pro: $132 per month
SAGE Accounting Software: #4 Best Accounting Software in Saudi Arabia
Discover the ultimate solution for all your accounting needs, whether you’re a freelancer or a thriving medium-sized business.
SAGE’s cutting-edge online accounting software is designed to be user-friendly, ensuring a seamless experience for all users.
With top-notch security measures in place, you can rest assured that your financial data is safe and protected.
What sets us apart is our ability to tailor our software to your specific requirements, providing you with a customizable solution that perfectly aligns with your business goals.
Say goodbye to complicated accounting processes and embrace the simplicity of our intuitive cloud-based system.
Key Features:
- Trust Sage online accounting as your secure hub for storing all your financial documentation. We prioritize the security of your sensitive data, ensuring that it is protected at all times. Our accounting application is not only safe but also convenient for you to access on the go, giving you peace of mind wherever you are.
- Discover the power of our cutting-edge online accounting solution, designed to revolutionize the way you manage your finances. Say goodbye to tedious manual tasks and embrace the efficiency of our platform, saving you valuable time that can be better spent growing your business.
- Say goodbye to being stuck in the day-to-day operations of your business and hello to focusing on growing and improving it. By utilizing the appropriate tools, you can streamline your financial tasks and ensure your business operates efficiently with just a few clicks on your laptop or mobile device. Eliminate the need for manual bookkeeping and free up your time from double-checking numbers and fixing mistakes.
Pricing:
- Pro Accounting: Simple accounting software for solopreneurs, entrepreneurs and small businesses. ($595 / year / user)
- Premium Accounting: Advanced accounting software for small businesses. ($970 / year / user)
- Quantum Accounting: The full Sage 50 experience, including industry-specific functionality. ($1610 / year / user)
XERO Accounting Software: #5 Best Accounting Software in Saudi Arabia
Manage your small business accounting effortlessly with Xero’s innovative online platform.
Say goodbye to the hassle of traditional accounting methods and embrace the simplicity of our user-friendly software.
Designed specifically for small businesses, Xero provides all the tools you need to stay on top of your finances and make informed decisions.
Streamline your financial processes and focus on what matters – growing your business. With Xero, accounting has never been easier.
Key Features:
- Simplify your small business operations with Xero, a robust online accounting software solution. Say goodbye to scattered records and embrace the convenience of keeping all your bookkeeping in one place. With Xero, you can automate tasks such as invoicing and reporting, allowing you to focus on what truly matters. Stay on top of your financials with real-time data, giving you a comprehensive view of your business’s performance. And when it comes to tax season, Xero makes end-of-year tax returns a breeze, ensuring a stress-free experience.
- Link your bank accounts to Xero for seamless integration of your financial data.
- Watch as your transactions are effortlessly imported into Xero on a daily basis, ensuring accuracy and security.
- Easily reconcile your bank transactions every day, giving you a real-time overview of your cash flow and financial status.
- Experience seamless online collaboration with Xero, connecting you with your team, bookkeeper, or accountant, regardless of your geographical location.
- Stay in sync with the latest financial updates, as you and your team access the same real-time information simultaneously.
- Engage in live discussions and leave comments, enabling you to delve into business and financial data in real time.
- Empower your employees to effortlessly submit expenses, manage leave, and send invoices, all within the Xero platform.
- Tailor it to fit your requirements. Personalize Xero’s online accounting software to cater to your specific needs. Enhance its functionality to streamline the operations of your small business effortlessly.
- Enhance your system with additional features. Expand your existing plan by incorporating add-ons such as Xero Expenses and Xero Projects. These supplementary tools will further optimize your accounting processes.
- Integrate with external applications. Seamlessly connect Xero to third-party apps like Stripe and Vend. This integration will enable you to leverage the benefits of these platforms while maintaining a cohesive accounting system.
- Explore the Xero App Store
Discover, experiment with, and purchase various applications that seamlessly integrate with Xero through the user-friendly Xero App Store. This convenient marketplace allows you to easily find the perfect apps to complement your accounting software.
Pricing:
- Early: $1.5 USD per month
- Growing: $4.20 USD per month
- Established: $7.80 USD per month
