The banking sector in the UAE has grown multifold in the past years. A country that issued its currency just around 50 years ago, is now a financial hub in the Middle Eastern region. From the use of AI in various aspects of banking to using robots in their banks, UAE has embraced the use of technology in financial services. Studies also show that 90% of the population in the UAE now uses digital banking services.
Mashreq, one of the first banks in the UAE to incorporate digital services such as ATMs and debit/credit cards, now introduces Mashreq NEOBiz. It joins hands with Zoho Books to launch the region’s industry-first digital banking and accounting platform for small and medium businesses. Now NEOBiz users can take care of all of their financial essentials in one place.
Here are some of the highlights:
Instant access to books and banking
Once you’ve created your NEOBiz account, you will be able to access both Zoho Books and NEOBiz easily and securely with single sign-on (just one set of login credentials). Not only that, you will be able to get access to Zoho Books from your NEOBiz portal itself.
Synced bank feeds and simplified reconciliation
With multiple transactions going in and out of your bank accounts, keeping track of them manually can be a complex process. Zoho Books fetches bank transactions automatically on a real-time basis and allows you to keep an eye on what’s happening in your NEOBiz account. After fetching your feeds, Zoho Books also picks out the exact matches for your transactions so reconciling your transactions is a breeze.
Better collaboration with users
NEOBiz lets you invite users to your accounting application so you can collaborate better with them. You can choose each user’s role and restrict their access to the sensitive financial information that’s not part of their work.
VAT compliance
Zoho Books is an FTA-accredited, VAT-compliant accounting solution. It helps you send tax-compliant invoices, manage expenses and inventory, calculate project costs, and generate insightful business reports, and it comes with a plethora of other integrations to benefit your business. It also takes care of all your taxes and compliance with Tax Returns and Audit Reports, so you can stay worry-free during the filing season.
How do I get started?
Sign up for a new Mashreq NEOBiz account here and activate your account in just 20 minutes. Once that’s done, you will get a free 6-month subscription to Zoho Books. You can then go to the NEOBiz portal, set up Zoho Books and get started right away. Learn more about setting this up from our help document or watch this video to learn how the process works:
Give this combined platform a shot and start transforming your accounting. Feel free to let us know what you think in the comments below. We can’t wait to hear what you have to say!
Really Excited,