Dubai, 29 September 2016: The growing relevance and contribution of the SME sector to the economy of the UAE has prompted KPMG to launch a set of key services focused specifically on supporting the Small and Medium Enterprises (SMEs) in the UAE.

One of these services includes the SBA platform, which is a cost-effective cloud based accounting tool that helps orgaisations manage their finances, records and reports. The tool can streamline operations and aim to enhance use of services and resources. This tool is then backed by KPMG’s wealth of knowledge and over 40 years’ worth of experience here in the UAE.

Tasneem Lakdawalla, partner KPMG Lower Gulf said: “The UAE’s SME sector forms the backbone of economic development, private sector employment and GDP growth, with over 280,000 companies generating the vast majority of revenue and employment opportunities for both nationals and residents.”

“Despite this, we have seen that the sector has been relatively underserved by banks and other financial institutions for some time. We believe that there is great opportunity for the business community to help SMEs to actually perform better and we hope the SBA tool will be beneficial for the overall growth and development of the sector in the UAE.”

The SBA platform combines digital technology providing online accounting and tax services - including accounts preparation and bookkeeping - to small, medium and start up enterprises. It has the necessary settings already in place to deal with the pending introduction of VAT and it connects to a marketplace of over 500 additional applications to truly meet the needs of companies.

The platform is web based and is facilitated by Xero, a cloud accounting software app, that provides small businesses with easy access to their finances on the go.

“Small businesses contribute significantly to the local economy yet many struggle to harness modern technology to help them grow. Partnering with KPMG on this initiative will enable many more small businesses to access the tools and advice many of them badly need,” comments Gary Turner, Xero co-founder and managing director of Xero in Europe, Middle East and Africa region.

About KPMG International 
KPMG is a global network of professional services firms providing audit, tax and advisory services. KPMG operates in 155 countries and has 174,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct, independent and separate entity and describes itself as such.

About Xero 
Xero is an easy-to-use online accounting software for small businesses. The company has over 700,000 subscribers in more than 180 countries and was ranked No. 1 by Forbes as the World's Most Innovative Growth Company in both 2014 and 2015.

For more information, please contact:
Andrea Lopes 
BPG Cohn & Wolfe
(T) +971 4 506 5555 Ext. 570
(M) +971 55 876 2816
(e) andrea@bpgcohnwolfe.com 
 
Debjani Mukherjee
BPG Cohn & Wolfe
(T) +971 4 506 5555  Ext. 512
(M) +971 50 1658989
(e) debjani@bpgcohnwolfe.com

© Press Release 2016