Sage, a maker of cloud business management solutions, and RAKBANK have partnered to support accounting needs for businesses based in the UAE.
In terms of the agreement, RAKBANK will offer Sage accounting software to support its business banking customers of all sizes and across all industries.
Through the partnership, RAKBANK's business customers will be offered Sage Business Cloud Accounting software at preferential rates.
RAKBANK said as one of the largest SME lenders in the UAE, it is committed to the growth of the sector through strategic partnerships that provide efficient and convenient solutions to customers.
Mansoor Sarwar, director, Technical Services and Pre-sales, Sage Middle East, said: "RAKBANK is one of the UAE's most dynamic financial institutions, and it has a dedicated focus on small and medium businesses. The company is aligned with Sage's vision to help business builders realise their ambitions - especially as Sage also started as a small business and grew beyond what seemed imaginable."
Sarwar added that the company is honoured to partner with RAKBANK, and together support every type of business in the UAE with their business finance and accounting needs.
Commenting on the partnership, Dhiraj Kunwar, managing director, Business Banking at RAKBANK, 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."
Kunwarexplained that as one of the largest SME banks in the region, RAKBANK is delighted to have partnered with a company like Sage. "This partnership is in line with our strategy of assisting businesses by offering them convenient digital solutions that support their exact financial requirements," he said.
A recent Sage survey found that 37% of small and medium businesses struggle the most with accounting and were ill-prepared for complying with VAT regulations.