What data can be migrated from our previous system to FirstBit ERP?

During implementation, you can migrate master data, opening balances as of the agreed migration date, and general ledger entries with transaction numbers retained for reconciliation.

Which financial reporting standards are used in the UAE?

The UAE applies International Financial Reporting Standards (IFRS). FirstBit ERP supports IFRS-based accounting and generates profit and loss (P&L) statements, balance sheets and cash flow statements.

Do I need to update exchange rates manually in FirstBit ERP?

No. Exchange rates are automatically updated daily through connections to the central banks of the UAE and Saudi Arabia.

How many companies can I manage in FirstBit ERP?

There is no predefined limit. You can manage multiple legal entities within a single system.

Accounting & Taxes

Accounting and tax software

Stay compliant and keep your financial records accurate Manage your financial and tax obligations (VAT, CIT and e-invoicing) with automated accounting and transparent reporting.

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CONTROL

Streamline your accounting and tax processes

Reduce financial and tax risks by maintaining records in accordance with International Financial Reporting Standards (IFRS)
Simplify audits and regulatory inspections with transparent, well-structured accounting records
Reduce manual work and prevent errors by managing financial and tax accounting in one system

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ANALYSIS

Gain a complete picture of your company's finances

Prevent cash shortages by monitoring cash flow in real time
Accurately assess financial performance by accounting for exchange rate differences and deferred income and expenses
Get a clear picture of your company's financial position with reliable financial reports

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PLANNING

Create reliable financial forecasts

Plan cash flow using accurate, real-time financial data
Support business growth with comprehensive financial models
Maintain financial stability as business operations expand

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COMPLIANCE

Meet tax requirements and avoid penalties

Comply with VAT and corporate tax requirements in the UAE and Saudi Arabia without manually checking data
Stay prepared for regulatory changes, including e-invoicing requirements, with regular system updates
Generate electronic invoices in compliance with Saudi Arabia's ZATCA requirements

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Explore the capabilities of Accounting and taxes

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Financial reporting

Generate statements of financial position to monitor your company's financial stability.

Multi-currency accounting

Accurately record foreign currency transactions and exchange rate differences.

E-invoicing

Create, send and receive electronic invoices (e-invoices).

Income and expense analysis

Generate profit and loss (P&L) reports within a unified accounting system.

Accounts monitoring

Generate trial balance reports and track changes across individual accounts.

Tax monitoring

Reconcile tax calculations across reporting periods, including CIT, to reduce reporting errors.

Account settlements

Manage and analyze settlements with customers and suppliers under contracts in multiple currencies.

VAT analysis and calculations

Monitor input and output VAT, along with outstanding tax liabilities, by reporting period and source, including electronic invoices.

Month-end closing

Automate period-end closing procedures, including the creation and posting of closing documents in accordance with your company's accounting policies.

VAT returns

Prepare VAT returns for the UAE and Saudi Arabia using your accounting data.

Discover how FirstBit ERP can help your business

A professional team, prompt support, and a deep understanding of the specifics of UAE legislation and regulatory requirements. We especially appreciate the personalized approach and the willingness to adapt solutions to our needs. We thank First Bit for a reliable partnership!

Galina

Senior accountant at VAT-OK LLC

A professional team, prompt support, and a deep understanding of the specifics of UAE legislation and regulatory requirements. We especially appreciate the personalized approach and the willingness to adapt solutions to our needs. We thank First Bit for a reliable partnership!

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Who can benefit from this module

Chief accountant

Streamline accounting processes and keep financial records organized.

CFO

Reduce financial and regulatory risks.

Operations director

Prevent operational disruptions caused by delayed payments and unfulfilled delivery obligations.

Book a demo online or at your office

We'll show you how 1C can meet your business needs and help you find the right solution during a personalized demo.

Frequently asked questions

Can't find the answer you're looking for? We're here to help.

The Accounting & Taxes module uses the same operational data as the rest of FirstBit ERP. Information about new sales, purchases and inventory movements is automatically transferred to the accounting module.

The system records changes and updates related information, including amounts, dates, document statuses, currencies and customer and supplier details.

Can't find the answer you're looking for? We're here to help.

See FirstBit ERP in action

We'll show you how our system addresses your unique business challenges during a personalized demo. After the demo, you'll receive a proposal tailored to your organization's needs.

Request a demo

See FirstBit ERP in action

We'll show you how our system addresses your unique business challenges during a personalized demo. After the demo, you'll receive a proposal tailored to your organization's needs.

Request a demo