Rakbank, Sage partner to offer VAT-compliant cloud accounting

Dubai: Rakbank and cloud computing firm Sage on Tuesday announced a partnership that will see Sage’s VAT-accredited accounting software offered to the bank’s business customers across industries.

Dhiraj Kunwar, Rakbank’s managing director of Business Banking, said, “Many SMEs face difficulty in the accounting and cash flow management aspect of their business, especially with the implementation of the VAT. Rakbank’s partnership with Sage will offer our business banking customers new features that meet all their VAT and accounting needs.”

A survey by Sage indicated that 37 per cent of small and medium-sized enterprises (SMEs) struggled most with accounting.