Cloud ERP Software

UAE government has publically announced implementation of VAT from 1^st January 2018.This concrete step has been taken due to the fall in oil prices as UAE government generated its major revenues from oil business.

With the introduction of new taxation system all the companies, Audit  firms ,tax consultants, software companies and governmental departments are getting prepared for new  form of tax regime in the country.

With the implementation of VAT in UAE market is booming with numerous software attracting companies to subscribe their accounting product. There can be promotional offers with regards to price and other features of the software. Companies should carefully and meticulously decide the appropriate software suiting their business operations, and should also pave way for the growth of the business.Cloud  ERP Software can prove to be your best companion in the transition period and also for smooth and successful operations of the business.

Define: Cloud ERP:

Enterprise Resource Planning (ERP) is management software, usually offered with applications, that aims to help businesses automate data collection, storage, management,  interpretation and taxation from various business sources like accounting, inventory, marketing, service delivery,

Using this automation, business owners and managers can get an integrated real-time view of business processes, resources, and commitments. Beyond this, ERP facilitates the flow of information between departments while integrating systems used into one overall platform, thus reducing the chances of disparate data between departments.

Cloud-based ERP solutions are simply a suite of ERP apps that are delivered to users over their Internet connection, usually accessed via a browser. The software usually does not need to be installed on computers and is offered on a per-user, per-month, flat-rate fee.

Importance of ERP

As business is dynamic in nature,management has to take business decisions very meticulously to meet the customers need and demand in lines with company’s goodwill. This real time information is collated through ERP software enabling management to take right decision at the right time.e.g increase in production,  increase in sales, finding new customers and increase in price.

Companies that have integrated cloud-based ERP solutions have experienced many benefits, some of the most common being:

Increased ERP performance

One issue many businesses come across when they implement an in-house ERP solution is that it can often require a fair amount of computer power in order to function with the highest efficiency. For businesses this will likely mean investing in separate servers which will need to be set up and maintained. If this is executed poorly, and you could see performance drop.

Cloud-based solutions however only require a steady Internet connection, which many small to medium businesses already have. The resources to host the solution are taken care of by the provider, which means that the systems should perform better than most in-house offerings, regardless of the systems you currently have.

Cloud Accounting Saves Money

Many businesses are initially attracted to cloud systems because of the potential to save money on technology expenses. For example, cloud accounting systems may help businesses avoid the need for large in-house investments in technology and data storage. Data will be backed up in a secure, offsite location, helping protect against the loss of important financial and operational information. Improvements to efficiency and the accuracy of financial reporting can also save on business expenses, especially when dealing with tight year-end deadlines.

For an in house ERP that is company’s own ERP  you will need to actually purchase the ERP solution, and the related licenses, and it could add up to a large percentage increase in your overall IT budget.

When you choose a cloud-based ERP, you normally only have to pay a flat-rate monthly fee, which means total cost of implementation will likely be far lower. Beyond this, many providers can also manage the solution, taking care of installing and maintaining the systems. This in turn, will even out your operating costs, and if implemented correctly could even result in an overall decrease in expenses.

Enhanced access to information

Companies that don’t have any ERP will likely find that they struggle to find the information they need, when they need it. ERPs can help bring together the relevant information in a more effective manner than say spreadsheets. Cloud  ERP software is accessible wherever an internet connection can be found. Multiple users will log in to the same system on their smart devices or the web browser on their laptops and input accounting data. This ensures that the latest consolidated financial information is made available to management. Combine this with the fact that cloud-based ERP solutions are accessible via the Internet, and this means you will have access to your information from anywhere you have an Internet connection. This could in-turn increase overall business operations and make accessing information outside of the office far easier.Thus, cloud accounting can improve a company’s ability to respond to issues or questions about their business. Critical decisions can be made quickly using the most current data.

Increased security

Because of the nature of the information that ERP systems deal with, you are going to want to keep this secure from both outside sources and those in the company who you don’t want to have access to it.

When it comes to keeping your data safe from outside sources, most cloud-ERP solutions offer enhanced security measures which makes sure the data is secure moving from your systems to the host servers and when it is at rest.

For internal matters, data security is ensured because of how the system is accessed. You will need to access your ERP systems using an account, with each user usually being assigned their own account. Access can be controlled via central admin panels, and for people who don’t need to access, you can simply not give them an account.

Generally speaking, cloud-based ERP systems can offer enhanced security over other options, with many providers taking enhanced measures to ensure that data on their solutions is safe.

Resources

Chances are your internal IT department is already working at capacity. Rarely do we hear of companies where the IT department is looking for things to do. Most do not have the bandwidth to manage an ERP on top of their daily activities. When they spend many days on the maintenance, updates, and repairs that an on-premises ERP system requires that is not time well spent. However, when the ERP resides in the cloud, the regular maintenance is handled offsite and automatically. It frees up your IT resources to work on projects that you want them to be working on; projects that help move your company forward.

Scalability

When a company decides it is ready for an ERP, it is usually an indication their current systems are no longer adequate for their business needs as they are in a growth mode. One of the most appealing features of any cloud-based ERP is its ability to easily scale up (or down) as a company’s needs change. With an on-site system, it is a time and labor-intensive process to scale capabilities. However, with cloud-based ERP you can move to a larger, more capable system immediately, affordably, and without limits. In addition, if you find that your needs change downward (e.g., seasonal needs) it is easy to scale back capabilities.

Updated Software for All Users

Cloud systems will push out software updates to all users simultaneously, regardless of location. This means everyone is working with the latest technology at the same time. Once a cloud system is adopted, managers don’t even need to worry about communication prior to a system change or update. These are taken care of by the cloud service provider and pushed out seamlessly.

Cloud Accounting Systems Can Provide the Latest Technology

With continual updates included in the low monthly price of many cloud systems,businesses can feel confident they’re using the latest available accounting technology. Rather than needing to purchase updated software every year or two, cloud accounting updates are often simply pushed out to users as they become available. This frees at least one common task on an accounting manager’s to-do list.

Design Works for All Users

Cloud accounting systems are often designed to accommodate a range of users, from those unfamiliar with financial reporting to professional accountants. System-compatible iPad® apps may also provide on-the-go access, allowing employees to input information and help maintain up-to-date expense records when out of the office.

Cloud accounting has already transformed financial management and bookkeeping processes for many young startups. The number of cloud accounting users among businesses continues to grow as more accountants and bookkeepers have tried cloud systems with favorable results. The benefits of a user-friendly cloud accounting system generally include a high level of data security, the availability of offsite storage, and ease of implementation. In fact, a recent survey conducted noted that cloud accounting usage among small and medium businesses has nearly doubled between 2014 and 2015. That year, 30 percent of small businesses surveyed reported the use of cloud based applications.

Continued support

Like other cloud solutions, cloud-based ERP solutions often offer 24/7 support. Should there be an issue, it can be solved quickly. Beyond this, the provider will work to keep all solutions updated. So important updates with security fixes and new features get pushed to all users immediately.

Need to upgrade to Reach Cloud ERP Software :

Reach has implemented the latest technology Cloud Computing to handle day to day business transactions just a click away from your browser from any part of the world.

Reach Accountant ERP software is well designed to match all the needs for successful running of the business. The software can be used in different industries ,traders ,manufacturers, retailers,  workshop ,business projects etc. It is an ERP software that can automatically manage your book of accounts, taxes, inventory, sales, purchases and more online quickly and securely.

Top Features of the Reach Cloud ERP Software are:

• Accounting Management: All functions relating to accounts are inbuilt with the software. You can manage your Accounting Ledgers, Bank & Cash Operations, Purchase & Sales Estimates, Warehouse Allocations, Expense Recording, Expense Grouping, Payments – Part or Full, Journal Entries, Income and loss a/c, Balance sheets, Receipts – Part or Full, Contra Entries, Financial Reports, Day book.

• Tax Management: The software automatically calculates the taxes relevant for every bill created. The Software is designed as per the government norms for calculation of VAT. It also has the option to add any number of taxes relevant to the business. In case of change in tax percentages a change it in the software on your own. All you have to do is add your tax percentage and our software will calculate the taxes automatically. This multiple tax scheme can also be applied to multiple products on a single purchase.

• Income Management: The Company can create Quotations then the same can be converted as a Sales order or Pro-forma invoice or Invoice. From Invoice you can create Receipts as well. Accountants will be able to know what payments have been received and what are pending in the reports. You can also set reminders for receiving payments.

• Expense Management: You can create Purchase Orders then the same can be converted as bill or payments. You can also create Debit notes for purchase returns. Accountants will be able to know which purchase bills have been paid and which are pending in the reports. You can also set reminders for making payments.
• Invoicing: Generates VAT compliant invoice of the company in the specified design as requested by the client or can choose from the available templates in the software. It also converts quotes to invoice .One of the features is the software can convert the Foreign currency invoices to base currency and further calculating the VAT at UAE standard rate.

·         Print Tax Invoice In Arabic: Reach software lets you print invoices in Arabic, English or both, as per the mandated guidelines of GAZT and FTA.

• Auditor View: Full-fledged Financial reports, Tax reports VAT reports, read process by auditor, with e-filing options, PF & ESI Reports, Tax Consulting Modules are some to be named.
• Check Post for VAT returns: As the software has been designed exclusively to aid individuals and entities to be VAT compliant in UAE, the set of rules and regulation laid by FTA (Federal Tax Authority) of UAE are embedded in the software. Hence any process error will be popped up by the application can be viewed .For instance wrong Tax Registration Number, incorrect taxable figure, wrong taxation period.
• Automatic Update on Tax legal Sections: As the Reach software are cloud computed software gets upgraded to update any revised tax laws and section if any in future.
• Computation Of VAT Returns: The software is inbuilt with all the detailed crucial information  on tax computation Tax Assesee can  fetch all the details of all the taxable transactions It lists down transactions which are included and excluded in the VAT return  calculate input tax, reverse charge and output tax to avail claim if any

• Filing Of VAT Returns: The registered businesses in UAE are required to generate the VAT return File from their accounting software, login to the FTA’s e-tax portal and upload the return file. On the basis of the uploaded return file, the e-tax portal will validate the file and accordingly the details from the file will be auto-populated in the online return form. Reach VAT software is designed to ease the process of filing returns and comes under the purview of FTA prescribed set of rules and regulations.

ü       * VAT Reports etc.

ü   Calculate VAT automatically.

ü   VAT support in Sales, Purchase, Sales and Purchase returns, Journal entries.

ü   Generate Federal Tax Authority compatible tax reports.

ü   VAT Paid (charged by suppliers) and Vat Collection (Charged to customers) Analysis.

ü   Transaction wise details of VAT paid and VAT collected.

ü    Attach every Vendors/Customers VAT number and other details.

ü    VAT supported for Goods (stocked) and Service (non-stocked) items.

ü   Online application accounting.

ü   VAT Account Reconciliation, VAT Collection & VAT Paid analysis report.

ü   Report export to excel and other standard formats.

ü   VAT returns statement compatible with Federal Tax Authority standards.

Cloud ERP software enables you to file vat returns, manage accounts and other business operations from any geographical area be it at the comfort of the house.

• Receipt: Receipts can either be manually entered or imported  it in excel format easily.
• Payments: Payments can either be manually entered or imported it in excel format easily.
• Multi Company: Manage business through comfort of the smart phone.
• Tally Import: Tally files can be easily imported to Reach Software of various periods and manage business easily.
• Auditor’s Report: Full Financial Report are available,Read process by Auditor,Tax Reports,VAT Report with e-filing options,PF & ESI Reports,Tax Consulting Modules are some featuress mentioned.
• Mobile Application: Access business information through tabs and android smart phones, pick photos of expense vouchers and attach to expenses, daily profitability and other key reports can be viewed on phone.
• Bank Synchronization: Bank Statements can be imported in to Reach software through excel files.
• Security: There is complete security of data stored in the hard disk. Data can be accessed and control by creating access restriction. One time password   facilities also ensures a check in the log in to the website.

• Run Business from anywhere: The business can be run access data from anywhere at your comfort. Just like checking mails from the laptop or systems.

• Free and Automatic Upgrades: At Reach Accountant you will be provided free services of upgrading the software frequently with new features and use it absolutely free.

• No investment in expensive hardware: The software is browser based. It just requires internet connection which can be connected to multi computers without using LAN and servers.

• API: The client can integrate the existing software with Reach accounting application ,

• Automatic Data Backup: Reach stores all the data in servers offsite with regular backups. Hence business information is safe and secure

·         User Interface & Complexity:The software is designed to make its use friendly and easy,no cumbersome process to operate the application and software.

• Scalability:It is an VAT accounting software which can scale with your business needs. . Some software companies offer only one version of the product and some have progressive versions depending the business type or size. Reach Accounting software offers  both integrated an entry level version as well as a feature rich version which you might not need for the current business processing but will definitely need in future for business development.

Top Two Features of the Reach Accounting Software

• Outsourced Accounting: The software enables to finish the outsourced accounts in less than 30 minutes.

• Real Time Accounting: Allows client to record sales and purchases online, while finalizing accounts   that is checking the Audit trail, providing MIS reports, checking Tax reports, printing financial reports and filing taxes.

Selection Of Type of Cloud Hosting Services:

As per the size of the organization we at Reach offer you the below mentioned services to suit your business requirements.

Software as a Service: Service provider gives ready to use ,centrally and remotely  hosted web application to the customer.

Infrastructure as a Service: Firms outsource their IT resources and equipment such as networking,data centres space and ,storage .

Platform as a Service: IT  end to end solution are delivered from sourcing equipment to configuraton.

Anything as a Service: Other IT related issues are addressed and services are provided.

At Reach Accountant our clients are kept up-to-date of the constantly changing business environment through counselling, publications, and circulars. Our staff are experienced executive level professionals with real world achievements, helping with utter integrity to guarantee immediate client expectations, credibility and results. By using our product you can be assured of being VAT compliant as Reach Accountant Cloud ERP Software are in compliance to the rules and regulation laid down by FTA with regards to VAT. We at Reach Accountant also ensure the objectives and goals of the business are achieved in a very  short curve.