Dubai SME, an integrated division of the Department of Economic Development (DED), has appointed McLedger, the region’s first homegrown fintech cloud platform, as the official online bookkeeping solution for UAE-based startups.

It will be the one-stop platform that will manage an integrated solution for Dubai SME, the agency of Dubai Economy mandated to develop the SME sector. By utilizing cloud accounting powered by artificial intelligence (AI) and experienced accountants, McLedger will enable SME owners to effortlessly manage their accounting budget and save up to 85 percent in total expenditure.

According to data from the Ministry of Economy, SMEs represent over 94 percent of all companies operating in the UAE. Out of that, 73 percent of the SMEs work in the wholesale and retail sector while 16 percent are in the service sector with 11 percent in the industrial sector.

Dubai SME has strategically aligned itself with McLedger as an Accounting Partner to promote innovation and leadership within UAE startups across all segments of the small and medium enterprise sector. With McLedger’s array of online bookkeeping services, Dubai SME will now support UAE-based entrepreneurs in all phases of their development and to grow their business effortlessly.

McLedger is listed as one of the service providers for Sheraa, a Sharjah-based incubator and Hub71, the global tech ecosystem enabling startups in the heart of Abu Dhabi. The platform has also integrated with STRIPE, one of the largest online payment gateways, to simplify the payment process between a company and its clients. This eases the process of collecting payments and sending payouts simply by sharing a link from McLedger’s invoicing.

As the first fully integrated fin-tech platform, McLedger has been internationally recognized by leading eCommerce platforms Amazon, Shopify, Salla and Magento as one of their preferred service providers from the region to help online businesses grow professionally.

According to the McLedger spokesperson, the recognition by Dubai SME is in line with the Dubai government’s vision to provide UAE startups with the required support from tracking their finances to simplifying other official procedures. Additionally, McLedger is adding sustainable growth to all SME business sectors in various stages.

“In line with the Dubai government’s vision for SMEs, McLedger is strategically positioned to drive the required change in the finance and accounting sector by offering SMEs a cost-effective and secure digital bookkeeping platform,” said Ahmad Al Moosa, co-founder, McLedger.

“McLedger enables SMEs to become more agile and innovative in their product development and service delivery by combing innovation and creativity. This guarantees sustainable growth and a competitive business environment as most of the accounting processes and workload are minimized by blending the industry expertise and AI.”

McLedger helps SMEs maintain proper books of accounts by combining human and AI to enhance efficiency in an easy-to-use digital platform. The platform also provides entrepreneurs with mission-critical bookkeeping services that are performed by expert accountants and FTA-certified Tax agents.

McLedger offers various packages for startups, which gives them access to a wide range of affordable solutions, a company statement said. – TradeArabia News Service