Tally Solutions, a leading international accounting and compliance software provider, brings its successful business focussed event series SMB Pulse to Sharjah. The event focussing on effective measures to increase work efficiency, amidst evolving business landscape in the region was attended by many small and medium businesses.
The session primarily helped in understanding the new ways to enhance operational efficiency in the midst of ever-evolving market landscape and increasing competition.
It was the first SMB Pulse to be staged in Sharjah, the third largest emirate in the UAE, which is home to close to 45,000 small and medium enterprises (SMEs). Tally Solutions has been holding SMB Pulse in various parts of the UAE.
Chartered Accountant Anshul Sethia from Infinity Solutions along with Mr. Mohammed Salmaan, Country Manager, UAE, Tally solutions highlighted the various challenges faced in day to day operations of a business, also focusing on the remedies to be adhered so that they would be able to face those challenges with minimal impact.
CA Sethia elaborated on outstanding management where he discussed how an improper outstanding can ruin a business, cash flow management and the factors to be considered and future benefits from a good cash flow management. In stock management he discussed about the various types of inventories and how one should optimise the inventory to get best results. While discussing the cost centre and profit centre management he elaborated that a good businessman always sees Micro and decides on each Cost.
He also touched upon the importance of MIS reports for managerial personnel and how one can identify the issues in business well in advance and plan accordingly. Lastly, he briefed upon the basic compliance requirements and the importance of adherence to the same.
The participants learned new ways to boost not only their efficiency and productivity but also how to enhance profits and customer service through performance monitoring, financial management, and timely and effective compliance. They also took part in the discussions by sharing their experiences after transitioning to automated accounting solutions.
Over the years, Sharjah has been ramping up its efforts to foster a culture of entrepreneurship and innovation in the emirate, in line with the directives of its wise leaders and according to the objectives of UAE Vision 2021. The local SME sector continues its upward trajectory backed by strong government support.
Many of the small and medium businesses in the emirate are involved in manufacturing, real estate, gas, tourism, education, healthcare, logistics, and business services, according to the UAE Government’s website. As per the site, manufacturing, which accounts for approximately 19 percent of its annual gross domestic product (GDP), is considered a key economic sector in the emirate.
Tally Solutions helps customers manage their accounting and inventory along with accurate tax compliance in a timely and effective manner. The software is accredited by the Federal Tax Authority in the UAE. Trusted by nearly 2 million businesses globally, Tally Solutions includes a list of satisfied clients across GCC.