Senat MEA Management Consultancy
Senat MEA Management Consultancy automates accounting of its customers in the UAE using FirstBIT ERP.
We were looking for a cloud ERP solution with enhanced security features. FirstBIT ERP’s reliable access policy with flexible user rights and permissions prevents unauthorized access to data.
The FirstBIT ERP solution allows us to keep accounts in line with the UAE local law while at the same time preparing financial statements according to international standards.
Our accountants are now fully capable of analyzing client activities and key financial performance indicators without resorting to manual calculations. Reports are now coming faster thanks to flexible configuration capabilities based on our specific needs and demands.
Some of the main arguments for First BIT’s offering were the company’s vast experience in implementing projects in the UAE, reasonable pricing, positive references, and the high professionalism of its specialists. As a result, we did not only get flawless execution of the project, but also valuable consultancy.
We will gladly recommend First BIT to anyone as a reliable and competent partner.
Accountant, Senat MEA Management Consultancy
For many years, Senat MEA Management Consultancy has been consulting some of the largest international companies on the issues of incorporation and business administration across Asia and the Middle East.
The company caters to both individual businesses and groups of companies, consulting them on taxation, accounting, mergers & acquisitions, and other business matters.
The company is part of the Senat Group of Companies, headquartered in Lichtenstein. Its Dubai office was opened in 2009.
Senat MEA Management Consultancy is an honorary member of the International Practice Group (IPG), a leading international association of lawyers, accountants and tax specialists.
Project Goals and Tasks
The main goal of the project was to improve the company's performance by helping it automate its accounting operations in line with the UAE law while enabling financial reporting in compliance with international standards. The objectives were:
To minimize human errors by reducing the amount of manual operations in accounting.
To provide a reliable solution for keeping track of accounting and personnel records (including payroll) in line with the UAE law.
To enable simultaneous accounting, management and real-time monitoring of financial and economic activities of its clients, coming from different industries and free-trade zones across the UAE.
To reduce the time for preparing financial statements in line with international standards and specific requirements of the free-trade zones.
With its business expanding and customer base growing, the Senat MEA Management Consultancy was urged to upgrade its existing accounting infrastructure, which consisted of a set of software tools (some tasks were even performed in Excel spreadsheets or manually).
The Dubai office required an integrated system that would support automated accounting, preparation of regulatory and management reports, financial planning and cash management. These measures would help the company streamline its customer relations.
As Senat MEA Management Consultancy offers consulting services to both local businesses and European companies with offices in the Middle East, it was critical to ensure that all accounting operations would be performed in compliance with the UAE law, but with financial reports prepared in line with international standards.
Being a leader in its field, Senat chooses the best vendors, which is why it awarded the project to First BIT. With many years of experience, a number of successful solutions implemented across the UAE, profound understanding of the market and expertise in addressing the customer's needs, as well as qualified specialists and a consistent approach, the system integrator fit perfectly into the project.
FirstBIT ERP provided the company with comprehensive accounting functionality, including management of primary accounting records, cash, incomes and expenses, advance payments and fixed assets. Through automation, these processes became much quicker to perform. The solution also allowed the company to perform bank and cash transactions and keep track of checks.
Company accountants are now able to use convenient tools to analyze client business activities and key financial indicators. Preparing accounting statements and IFRS reports now takes significantly less time. On-demand, customizable reporting helps accommodate the specific needs and concerns of individual clients. Empowered with the cutting-edge technology provided by the solution, Senat can leverage real-time monitoring of financial activities of its clients, whose offices span three different free-trade zones (DAFZA, JAFZA and RAK FTZ).
Finally, the access control functionality within the solution makes unauthorized access to company data impossible, ensuring its confidentiality.
As part of the project, First BIT experts showcased the software to Senat employees, installed and configured the software, trained its future users, and are now maintaining and supporting the whole solution.
Accounting and Finance employees no longer have to perform time-consuming manual tasks using spreadsheets or add-on software. The number of errors caused by manual report generation has dropped significantly.
Accounting operations have become faster and more reliable.
Personnel and payroll records are now automated and consistent with the UAE Labor Law.
Simultaneous accounting operations can now be performed for dozens of clients from different industries and free-trade zones (DAFZA, JAFZA and RAK FTZ).
Financial statements are now prepared much faster and in line with international standards. They have already passed several audits in different free-trade zones.
Payments to contractors and subordinate entities are now much quicker and easier to handle.
Senat is now able to track its clients' financial activities in real time and adjust objectives to achieve the best results possible.