Our client is a reputed spare parts trader based in Sharjah and Dubai. The company specializes in selling Auto Spare parts and accessories. The company started an ecommerce channel to sell the products throughout UAE during the covid times.
However, the company was facing challenges managing the inventory, tracking eCommerce orders and updating the quantities manually in their previous accounting system. The company was facing a delay in order fulfillment due to the non-availability of stock.
FactsERP was implemented to streamline their complete operations across accounting, inventories, sales and purchase. Also, their website which is run on Shopify platform was integrated into FactsERP. This enables them to track the orders they receive on their website from ERP and fulfill the order. Also, the inventory in both ERP and website is updated in real time. Post implementation of FactsERP the company has complete control over the inventory, website orders, payments, sales and track the customer retention which increased exponentially.
The corporate tax in UAE will be effective from 1st June 2023 and the Ministry of Finance will soon release the official draft on the new tax law. Is your company ready for the new major change in UAE tax compliance?
There are various questions yet to be clarified with regards to the compliance, tax payments and administration. However, businesses should start planning and preparing for the new regulation from NOW.
Recommended steps to follow:
Start NOW: The best time to start planning and preparation is NOW.
Upskill your employees: As this is the first time a direct tax is introduced in UAE, employees should learn various principles and acts to comply with the new regulation.
Internal controls/Audit: Have internal controls set to track all the transactions as per the compliance required.
Documentation: Store all the business related documents and make it accessible at any time as it will become mandatory to produce documented proofs while auditing.
Period end processes: To be compliant with the filing of returns on time, the books period-end closing books should be done on time. Have the right processes in place to record all transactions on time for early closing of books.
Cash Flow management: The primary concern of any business is management of cash flow. With the new addition of corporate tax, it directly impacts the cash flow and hence the cash flow should be carefully managed.
Business Software: This is one of the most important steps as having a right ERP system will make the whole process of compliance and return filing easier. FactsERP is FTA accredited and locally developed software which accommodates the timely statutory updates from government authorities. Also both the technical and support team of FactsERP is based in the UAE.
Multi Location & Currencies: Companies having branches in multiple locations and dealing in multiple currencies should update the currencies as per the filing requirements set by authorities in local currency. FactsERP supports multi-location, multi-currency, multi-companies and multi-departments.
Inter-company transactions: With the impact of taxation on inter-company transactions, the system should be able to identify the type of transactions and support reconciliation. This is where software like FactsERP helps companies with Corporate Tax ready systems and processes.
To know more information or for a Quick DEMO of Facts ERP, call now on 052 640 3949.
Our client is into trading and distribution business with a high volume of transactions and invoices. They supply stock to retailers and the transactions are frequent. The salespeople are responsible for collecting payments for the invoices issued to retailers. However the payment is done by retailers partly during the salespeople visits.
The challenge faced by the company and salespeople is to allocate the payments received against the invoices issued to retailers.
FactsERP was implemented and provided a mobile app extension for sales people. Using this app, the salespeople can record the payments received and select the list of open invoices against which the payment is to be allocated. This process helped in tracking the outstanding invoices which are partly paid and close the invoices fully paid. Also, salesmen can do the ageing analysis of receivables and prioritize the collections.
