SMEs
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Technology is playing an important role in the ongoing success of many small and midsize business decision makers in Bahrain. A significant number of SMEs are now using business management software to be compliant to latest regulations in the country and improve customer experiences, however, there is still a major number of businesses out of the purview of digitization.

In an effort to enable more SMEs to go digital, Tally Solutions has recently launched a campaign ‘Business Friendly Tally’ to spread awareness around the benefits and ensure maximum SMEs reap the benefits of technology. Tally’s in house team along with its extensive partner network have been assisting entrepreneurs on ground along with a digital campaign to reach out to a larger audience.

“Digitalization and business management software have shown several tangible benefits and SMEs are seeing the value technology can bring, whether it is to drive revenue, enhance operations or scale business. Business management software like TallyPrime can help SMEs reduce costs, standardize and automate business processes and enhance productivity to multiple folds. Moreover, with the changing taxation landscape in the country, SMEs can now to comply with all the guidelines easily, have better knowledge and information on their finances, as well as achieve their goals, by going paperless,” said Vikas R Panchal, General Manager – MENA, Tally Solutions.

“SMEs are the lifeline of an economy which makes it even more critical that they invest in the right tools for business growth. This will not only help them contribute to the growth of the economy, but also stay ahead of the curve. In addition to having the right technology in place to be compliant, technology reduces a lot of inadvertent errors, which can ease the pressure that comes with managing finances and overall business operations,” added Mr. Panchal.

In Bahrain, thousands of SMEs use Tally’s business management software to manage VAT, accounting, inventory, and competitiveness in the market. The concurrent multilingual capability (English and Arabic) of the software has made it easier for major Asian and Arab nationalities for financial planning, budgeting, and process optimization.

In Bahrain, the SME sector make up more than 90% of all enterprises, significantly contributing towards inclusive economic growth. With growing number of SMEs, digitisation is taking the front seat. According to a report by the OECD, up to 70% of SMBs globally have intensified their use of digital technologies due to Covid-19, making it imperative for businesses in Bahrain take up digitizing their business operations more seriously and rapidly.

Source: Virtue PR & Marketing Communications