4,000 Companies in the UAE Now Use Naqood

We have reached an important milestone.

More than 4,000 companies across the UAE are now using Naqood to manage their accounting.

And before anything else - thank you!

Every founder, every small business owner, and every accountant who trusted us early on has helped shape what Naqood is becoming today. This milestone is not just about growth. It is about understanding how businesses in the UAE actually operate, and what they truly need from their accounting software.

What 4,000 UAE Businesses Actually Look Like

When we looked at the data behind these 4,000 companies, a very clear picture emerged.

Here’s what 4,000 UAE businesses look like:

• 62% are business owners

• 20% are accountants

• 80% are solo founders or small teams (<5 employees)

And this surprised us the most:

👉 82% were using Excel - or nothing - before Naqood

This says more about the UAE market than any report ever could.

The Reality of Accounting in the UAE

For most small businesses in the UAE, accounting has never been a priority - not because it is unimportant, but because it has historically been too complex, too time-consuming, or simply not built for the way small companies operate.

In practice, this means that thousands of businesses are still relying on spreadsheets, manual processes, and fragmented tools to manage something as critical as their finances. Invoices are created in one place, expenses tracked in another, and tax obligations often handled reactively rather than proactively.

This worked - to a point.

But with the introduction of VAT and, more recently, Corporate Tax in the UAE, the margin for error has disappeared. What used to be “good enough” is no longer sufficient.

Why Businesses Are Moving Away from Excel

Excel has been the default tool for small business accounting for decades. It is flexible, familiar, and accessible. But it was never designed to handle modern financial workflows, compliance requirements, or real-time business insights.

As businesses grow, even slightly, Excel starts to break down. Version control becomes messy, errors become harder to detect, and there is no clear overview of financial performance.

More importantly, Excel does not help businesses stay compliant with UAE regulations. It does not calculate VAT automatically, it does not prepare you for Corporate Tax, and it does not give you the confidence that your numbers are correct.

That is the gap we saw from day one.

What Naqood Is Built to Solve

Naqood was built specifically for the UAE, with a simple idea in mind: accounting software should match how small businesses actually operate, not how accountants wish they did.

Instead of adding complexity, Naqood removes it. Instead of requiring expertise, it guides users through the process. And instead of being a system you avoid, it becomes something you can rely on daily.

With Naqood, businesses can manage invoicing, expenses, payroll, VAT, and Corporate Tax in one place, with a clear and real-time overview of their finances. The goal is not just to digitize accounting, but to make it understandable and usable for founders who are already managing every other part of their business.

A Clear Shift in the UAE Market

What we are seeing across these 4,000 companies is the beginning of a broader shift.

Small businesses in the UAE are moving away from manual processes and towards simple, integrated systems. They are no longer willing to rely on spreadsheets for something as important as their financial foundation. And they increasingly expect software to be localized, compliant, and easy to use from day one.

This shift is still early, but it is accelerating.

This Is Just the Beginning

Going from zero to 4,000 companies is a meaningful milestone, but it is still only the start of what we believe will happen in the UAE over the next few years.

Tens of thousands of businesses are still using Excel or nothing at all. Many are still unprepared for VAT and Corporate Tax. And most are still looking for a simpler way to manage their finances without adding unnecessary complexity.

That is what we will continue building.

If you are still managing your accounting in spreadsheets, you are not alone.

But you are also exactly who Naqood was built for.

Best

Christian Falck

Founder