DUBAI: KPMG has launched a set of services aimed at SMEs in the UAE.
One of these services includes the SBA platform, a cloud-based accounting tool that can streamline operations and aim to enhance use of services and resources.
Tasneem Lakdawalla, partner KPMG Lower Gulf, said: “The UAE’s SME sector forms the backbone of economic development, private sector employment and GDP growth, with over 280,000 companies generating the vast majority of revenue and employment opportunities for both nationals and residents.
“Despite this, we have seen that the sector has been relatively underserved by banks and other financial institutions for some time. We believe that there is great opportunity for the business community to help SMEs to actually perform better and we hope the SBA tool will be beneficial for the overall growth and development of the sector in the UAE.”
The SBA platform combines digital technology providing online accounting and tax services — including accounts preparation and book-keeping — to small, medium and start up enterprises. It has the necessary settings already in place to deal with the pending introduction of VAT and connects to a marketplace of over 500 additional applications.
The platform is web based and is facilitated by Xero, a cloud accounting software app that provides small businesses with easy access to their finances.
“Small businesses contribute significantly to the local economy yet many struggle to harness modern technology to help them grow. Partnering with KPMG on this initiative will enable many more small businesses to access the tools and advice many of them badly need,” said Gary Turner, Xero co-founder and managing director of Xero in Europe, Middle East and Africa region.
