Is Retail Accounting Software Necessary For a Business?

Are you doing any retail business? How much revenue does that business make? You need to keep track of the daily transactions by moving it to the back-office general ledger system and manages the rest of the business. Every retail business includes simple cash and credit card payments for retail sales, creating purchase orders for stock, processing online orders and many such business related activities. You could manage your retail business finances using the retail accounting software. The retail accounting software is not just used for accounting. They can be connected to many other apps which gives hundreds of joined-up tools to manage your retail business.

Retail accounting software handles outgoing payments for vendors, other operating expenses and all incoming payments similar to credited purchases. It monitors the current value of stock available, accounting for rapid and long-term depreciation of goods. It monitors the sales performance at a various level which includes product, location, date and time. It’s a baseline business practice in which businesses can make data-driven decisions to improve stock and increase sales. The main objective of the software is to centralize all accounting-related data in a single system and to provide users with accurate figures.

Some points have to be noted while deciding the purchase of accounting software:

• Read the online forums and specifications carefully and ensure that the software works well for retailers. 
• Ensure that it has multiple access levels of permissions for owners, managers and other staffs with special authorization which assure the security. 
• Some of the accounting software track inventory and the others can be linked to add-on apps that can track. 
• Cloud based system helps in accessing the account from anywhere. It also provides automatic backup and easy connection to other apps. 
• A scalable system helps in adding new users when required and in an extensible system helps in adding new features to the software by purchasing new add-on business apps.

 

How Retail Accounting software helps in business?

Retail accounting software is an end-to-end system which gives the retailers full control over the business processes and helps in real-time access to data and analytical tools. It covers the whole aspects of a business from accounting, reporting and merchandising to store operation. This system helps the retailers to maintain their entire operation in a single and a centralized database system. You can record all the transactions and keep a record of it and can establish a clear picture of your business by recording every purchase, sales, payments of staffs, tax bills, and many other related data. You could review the difference between profit or loss and could watch the business performance on a day to day basis. Icresp which is a Retail Accounting Software In Saudi is such a software which can generate useful reports and helps in estimating the running of the business. 

Advantages of Retail Accounting Software

The retail accounting software has many advantages, especially in the business field.

The benefits include the simple data entry which is typically fast and required only once. It helps in automation of tasks,reports, and analysis and can be integrated with other systems. It process fastly and the errors are reduced. Moreover, accounting software can help in saving time and money and can improve the performance of your business.

Retail Accounting Software In Saudi like icresp is a full end to end system which helps in managing your business effectively and increase your business performance.

 

 

Is Cloud ERP Ideal For Improving Business?

Are you running a business? Then, you will be aware of the importance of planning, management and utilization of resources for running it successfully. Right resources should be allocated in the right areas. This led to the origin of Enterprise Resource Planning System. Accounting, manufacturing, shipping, HR etc. can be managed using this ERP. Since the ERP system has an impact on manufacturing operations, the business will be responsive to the requirements of customers.

Now, let's discuss the technology to run it. We can run it on-premises or in the cloud. Traditionally it was run on the company's premises i.e., it can be installed on the company server. On-premise ERP has a lot of challenges. A dedicated IT team should be there to maintain it and requires an additional operating cost. Hardware maintenance and upgrades should be done frequently. Because of these challenges, small as well as growing enterprises can't use the on-premise ERP system and many companies begin to use the cloud.

Cloud ERP is a type of ERP software which is hosted on a cloud computing platform. Cloud based ERP system is consist of all the necessary ERP modules. In cloud ERP, the software system as well as the database will be on the vendor's server and it can be accessed from a remote desktop. So that it allows companies to access data in real time. This ERP is suitable for small, medium and large scale enterprises.

What are the benefits of adopting Cloud ERP?

Following are the benefits of using Cloud based ERP software -

⦁ It is easy to implement
⦁ Cost effective
⦁ Flexible
⦁ Easy to integrate
⦁ Ensure data privacy
⦁ Faster and scalable solutions
⦁ Can access data from anywhere
⦁ Easy to use
⦁ Highly agile
⦁ Useful to scale business productivity

As you all know, selecting a suitable ERP system is really important for the growth of the business. While compared to on-premises ERP, cloud based ERP software is ideal for the growth of the business. So it will be better to choose Cloud ERP like iCresp.

Tips To Choose The Best Accounting Software

Do you know what is an accounting software? What are its benefits? How can you select the best accounting software? I think these are the common doubts that we have while thinking about an accounting software.

Let's start with the term, accounting software. Actually, what is it? Accounting software is a computer software that is used to manage accounts and to perform accounting operations. Accounting software is useful to keep the records of each transaction. It is useful for small business to automate day to day tasks. If you are planning to start a business, then this should be the first software that you should buy because it will be very useful to track your income and expenses.

What are the benefits of accounting software?

Following are the benefits of an accounting software Bahrain -

⦁ Data entry will be simple
⦁ Reports can be generated automatically
⦁ Can save price and time
⦁ Accurate forecasting
⦁ Useful to minimize errors
⦁ Improve productivity
⦁ Simplify tax compliance
⦁ Can improve relationships with customers
⦁ Financial data will be secure

How to choose the best accounting software?

Selecting the best accounting software Bahrain is not at all an easy task. Business owners should have a clear picture of their business then only they will get an idea about what kind of software they have to use. The accounting software that you are going to select should handle payroll, inventory management, and cost accounting. You have to decide whether you need an online software or offline software. It will be better if the software can support multi-currency transactions. Apart from this, to get the best accounting software, consider the following factors -

⦁ Check whether it has an integrated invoicing module
⦁ It should be customizable
⦁ It should be user-friendly
⦁ It should be secure
⦁ Check whether it is affordable

Also, try to get in touch with the people who have used that particular accounting software Bahrain. It will be useful to know more about that software. You can schedule a demo of it to know more about it. Hope these points are clear to you. Nowadays many accounting software like iCresp is available. You have to choose the best one according to the factors discussed above.

Which Is The Best Van Sales Management System In Saudi?

Do you know what is a Van Sales Management System? What are its benefits? How can you get a van sales management system? Van sales management system is useful for managing van sales, distribution and route accounting efficiently. This system will be suitable for distributors to manage their daily transactions. Van sales ERP system will be useful to automate mobile sales which will be good to improve the sales cycle and it will reduce your workload.

What are the advantages of van sales management system?

The key benefits of using Van sales management system are as follows -

⦁ Improves sales and accounting cycle
⦁ Reduce manual data entry
⦁ Accurate data
⦁ Accurate route definitions
⦁ Sales promotions
⦁ Improve stock visibility
⦁ Real-time inventory management
⦁ Better productivity

                                             
Hope now you got some idea about van sales management system and its benefits. I think now you are looking to find the best van sales management system. Am I right?

Today, different types of van sales ERP software are available so that you may face some difficulty in choosing the best one. All you have to do is to make sure that the software which you have chosen can be customized to your business and check whether it is robust, flexible and user-friendly. If a software meets these criteria, then you can select it. Do you have some confusion in choosing the best van sales management system in Saudi? No need to worry. iCresp will be suitable for you. This ERP system software can be customized to any kind of business.

iCresp includes tablet-based android application and web-based ERP to manage marketing executives and business operations respectively. One of the most attractive features of this software is that its android application can work in offline mode. This android application will be useful for marketing executives to manage their daily tasks such as sales, receipts, sales return, quotation etc. Managers can check whether the executives are meeting their assigned tasks.

Want to know more features of this van sales management system Saudi? Then refer : http://www.icresp.com

VAT Return Filing in Bahrain 2018

You have heard that Bahrain is going to introduce VAT from January 2019, right? Actually, they have introduced it at a rate of 3-5% from the mid of 2018 itself and became the third GCC member state to introduce VAT. The minister of finance in Bahrain has appointed a tax authority to administer VAT. As a result of this, all companies have to register for Value-added tax and the authorities will take actions against the companies which have failed to do this.

Depending on local VAT regulations, VAT will vary for each GCC member state according to the place of supply. The majority of people have a lot of doubts about this like -

• When will be the VAT due
• Do we want to keep VAT invoice
• How can we do VAT return filing
• What is the threshold to register for VAT

VAT should be given before the supply of goods or services. We have to keep VAT invoices for at least 5 years from the year it was issued. But in the case of real estate properties, it should be kept for 15 years. The minimum VAT period is 1 month. Do you have a doubt that is there a threshold to register value-added tax? Yes, there is a threshold of BD 37,700.

What is VAT Return?

A VAT return is a formal record statement of paid VAT for goods and services during a specific period. It can be paid on a quarterly basis and monthly basis. If you paid the VAT tax, then you can file the VAT return. VAT return is a proof of tax payment. Now you might be thinking of how to file this. Am I right? If so, continue reading this.

How to File VAT Return?

VAT return filing in Bahrain is easy. There will be e-filing portal provided by the tax authorities. You can easily file VAT returns through this portal. Keep in mind that you can't file this in an offline mode. Don't feel that it is a hectic task because VAT return filing is very important. Through this filing only, you can inform the system about the VAT tax that you have paid. Actually, this filing method is a digitized way to store the details of taxes that you paid.

Hope now you might be aware of the importance of VAT and VAT return filing. Since all companies have to follow these rules, it will be better to try some VAT enabled ERP software like iCresp to manage your business efficiently. This software will be useful to reduce tax issues, accounting issues, penalties for VAT tax, manual data entry issues and so on.

VAT Enabled ERP Software Solutions in Bahrain

Nowadays, the word, VAT is common among us but actually, what is it? I think a majority of us don't have a clear picture about it. We have heard that VAT is going to be implemented in GCC including Bahrain, UAE, Saudi, Qatar, Kuwait, and Oman. It is a true fact that this new tax calculation will affect the companies in these regions.

What is VAT or value-added tax? VAT is a consumption tax which is placed on a product. i.e. it is the tax that we pay on goods and services. Since this tax rate is based on the location of the consumer, it is implemented as a destination based tax. Usually, the VAT rate is decided by the state by calculating the percentage of end market price. It is considered at each stage of the supply chain.VAT can be calculated by two methods either by invoice based method or by accounts based method. More than 160 countries use this taxation because it has many advantages.

What are the advantages of VAT?

• Provide a stable revenue base
• It can be imposed on all types of businesses
• Provide strong incentives for business
• Reduce obstacles to exports
• Useful to maintain a balanced tax system

VAT Enabled ERP Software

Actually, most of the ERP software systems are equipped with some kind of VAT. VAT Enabled ERP Software in Bahrain verify VAT treatment of business's transactions mechanically or manual method. iCresp is one of the leading VAT enabled ERP software solutions in Bahrain. This software will be useful for companies to carry out VAT related activities efficiently. This software will be useful to kept business accounting up to date.

Companies which don't have a VAT-enabled ERP software will have to face the following problems -

• Tax issues
• Accounting issues
• Cash flow forecasting issues
• Penalties for VAT taxation
• Manual data entry burdens
• Internal and external pressures
• Tax compliance
• Tax audit assistance

iCresp which is the best VAT enabled software Bahrain is user-friendly, budget-friendly, robust and can be customized to meet your financial demands. It will manage your business taxation and thus you can overcome the above-mentioned issues. By referring to the following site, you can know more features of this software system - http://www.icresp.com

6 Tips To Choose The Best ERP System Software 2018

Nowadays the importance of ERP system software has increased so that we have to opt an ERP system software to manage our business efficiently. Do you know what is an ERP system software and how to choose the best one?

What is ERP? ERP is Enterprise Resource Planning. It is a software package which is designed for organizations to integrate all data related to it and covers all functions of an organization. An ERP system is a software package which offers all functionalities of an organization as a single package. A typical ERP system can replace more independent applications of an organization. ERP systems are complex and comprised of finance, HCM, CRM, purchasing, business intelligence modules. ERP software is used to manage the supply chain, warehouse, and inventory.

Today, various types of ERP system software are available, especially in Saudi so that you should be very careful while choosing one. It will be better if you keep in mind the following points -

• Make a clear idea about your business requirements
• Make a study on ERP systems which are available now. Have a clear idea about the software platform that you want - local, cloud or hybrid
• ERP system should be customizable to manage your business
• It should be user-friendly, robust and flexible
• Make sure the ERP system is mobile-friendly
• It should meet your budget

Hope these points will be useful for you while selecting the best ERP System Software Saudi. Always remember that it is an important responsibility so give some seriousness to this selection process.

In my opinion, iCresp will be the best ERP System Software Saudi. It has a strong accounting platform. This cloud-based ERP software is user-friendly, robust and flexible. If you want a demo of this, then you can check it on the following website: http://www.icresp.com/