Insights and Updates: Explore the Latest Trends, Tips.

Most people tend to use the terms bookkeeping and accounting interchangeably; while the two are related, there is a slight difference between the two. Businesses need their financial data to be accurate and current to be able to make the right decisions and ensure a good cash flow. When your business grows, your clientele, employees, […]

Regardless of the industry your business is in, or the size, it is vital that you have appropriate accounting software. It is a huge improvement over using manual methods and spreadsheets, as software can save you time and effort, and will be more accurate. Why Use Accounting Software? The biggest benefit offered by accounting software […]

When one corporate entity merges with another, or takes another entity over, the process is called mergers and acquisitions, or M&A. When this happens, there is obviously, a lot of accounting work that’s required. Today, we will look at one of the accounting elements in M&A, Purchase Price Allocation. ALSO READ: Cost Reduction Strategies in […]

Enterprise Resource Planning is a software tool that is revolutionizing the way businesses function in every industry across the world, and the banking sector is no different. Banking operations have undergone a sea-change thanks to consumer expectations, and software is a major factor facilitating the change. What is an ERP for Banks? ERP for banking […]

Every business has to know clearly, what its financial standing is, at the end of the financial year. For this, several books of accounts are maintained, and at the year-end, financial documents like trial balance, profit, and loss statement, and the balance sheet are prepared. What Is a Balance Sheet? A balance sheet is a […]

The accounting field, like most others, has undergone radical transformation today thanks to the advent of technology, and the increasing regulations governing the activity, spurred by spiraling cases of fraud and scams. Hesitating to adopt tech or failing to comply with changing regulations can create a mountain of problems for your business. Risk of fraud, […]

In 2022, the business world witnessed several changes in the way accounting was done; these changes, while not being jaw-droppingly exceptional, have set the tone for several more innovations for the coming year. Technological advancements are happening in every field, and we can see the increased adoption of automation. While tech has not yet brought […]

Every business needs finances to operate – buying raw materials or products, paying wages, rent, insurance, utilities, repairs, and so on. The cash required for these activities is called working capital. A small business that is on a growth trajectory will especially be in need of funds quickly for their expansion. Wholesale business is usually […]

No, we’re not talking about the age of your customers and suppliers in years. Supplier aging is also known as accounts payable aging, and customer aging is also called accounts receivable aging. Let’s clear the air and understand what both these terms mean and what their importance is in accounting. ALSO READ: Tips to Improve […]

Knowing the concept of assets and depreciation is vital for your small business. This will impact your tangible assets, how they are accounted for, and what tax they will attract. So, let us get a clear understanding of all the terms, and how depreciation is important for your business. ALSO READ: What are the Key […]

Before delving into budget variance analysis, let’s understand what business budgeting is all about. For a business, budgeting means the process of creating and managing a financial document that contains the estimated earnings and expenses for a period, usually one year. It is an important activity that helps businesses ensure that departments and employees have […]

Every business regardless of how big or small has to maintain proper accounts, without which it is not possible to ascertain the financial status of that organization. In financial accounting, several journals and ledgers are used. Today, let us take a close look at a cash book , why it is important, and what advantages […]

A ledger is a book of entries that contain detailed information of transactions of one account or type of transaction or a summary of all the financial transactions of a company for a specific period. In other words, the principal account book which contains the balance for each account. All sets of accounts like nominal, […]

The Accounts department of a company has numerous tasks to perform every single day – recording all transactions in the correct books of account, posting to the ledger. ALSO READ: Important ERP Modules and Features What is Bank Reconciliation? A bank reconciliation statement is a synopsis of the banking and business transactions of an organization, […]

Cash flow refers to how much cash and other liquid assets like shares a business spends and earns over a specific period of time. The amount of cash on hand establishes how much flexibility a business has; the less cash you spend, the more space you have, and higher the valuation. It’s different from profit […]

Debit notes and credit notes are accounting documents used by businesses, with different purposes and recipients. They are not the same as invoices; these documents are used to let customers or buyers of goods know how much money they owe to the supplier, or how much credit they still have, and to let sellers know […]

The procure-to-pay process can become complicated if you are using outdated software. Not only are they fragmented, they are also rigid, more expensive, and less efficient compared to state-of-the-art software. Quite a few of the companies don’t even have that, and use manual tools to manage the procure to pay process. Some other businesses simply […]

In certain types of businesses, it is important to track individual costs related to specific tasks or jobs – and this is referred to as job costing. What Is Job Costing? Also named project-based accounting, job costing refers to the accounting of expenses and income for every individual project. It studies every project minutely and […]

As a business owner, you would naturally look for the best deals on raw materials or products – and you may find them with an overseas supplier. But before you sign the dotted line, stop and think how much it will actually cost to get the products to your warehouse from your supplier. It’s not […]

Managing VAT (Value Added Tax) accounting is always a big task for all business. Comparing with other countries managing VAT in Saudi Arabia is a bit of a complex task. VAT applied to the business depending upon the amount of sales that happen to your business in the country in B2B or B2C platforms. Government […]

Value Added Tax (VAT) has been introduced in Saudi Arabia for the first time in 1st January 2018 (H1439/4/14). By implementing VAT a 5% (One of the world lowest VAT percentage) levy is being applied to the majority of goods and services. Petrol and diesel, food, clothes, utility bills and hotel rooms all now have […]

What Does Average Costing Means ? Average cost is the cost referred to as unit cost or weighted average cost. Average cost is either average cost of inventory or the average cost of units manufactured. These two types are similar in nature. A retailer will use the weighted average inventory method to calculate the average […]

Dammam: The Saudi Tourism Authority (STA) establishes Tourism Shapers that will promote and encourage the development of local trade partners in the private tourism sector. The initiative will boost up the idea when the Kingdom is developing and refurbishing its destinations for local, regional and international tourists. Last June, Saudi Arabia invested $4 billion into […]

ERP (enterprise resource planning) is a burgeoning trend in this corporate arena. All businesses (irrespective of their size and nature) are facing a chunk of problems to stay ahead in this fiercely competitive era. To overcome all these challenges and run their departments in a hassle-free way, every company needs an effective ERP system in […]

Small businesses are thriving very rapidly over the past few years, but the competition is also higher than ever. HR system and payroll management system plays a pivotal role in the success of any business including SMEs. A survey was conducted by CII and the report claims that 20% of medium and 80% of small […]

ERP software plays a quintessential role for every business because it can provide agility to accommodate the complex and emerging workloads. That’s why businesses are highly dependent on this ERP software for their betterment. But the markets are crammed with a plethora of enterprise resource planning system software solutions, hence it is a daunting task […]

The manufacturing sector is highly dynamic and competitive and having large opportunities in Saudi Arabia. In manufacturing industry it have to be an integrated solution that can enhance efficiency, increase sales and profitability most important case is to manage all the organization activities accurate. Manufacturing ERP software plays an important role to manages growth and […]

The novel Coronavirus (nCovid-19) has penetrated in every sphere of life and has already made the lives gloomy and despondent over all countries. Once the World Health Organization (WHO) has declared this as a pandemic, the economy of the entire world has become standstill. To cope up with the situation, businesses from different countries are […]

Choosing between an on-premise and cloud hosting model for your databases can be the key to success, so it’s important you make the right decision. With data now at the heart of business’ operations, how you choose to store, process and manage this crucial asset has become one of the most important factors in a […]

Value Added Tax (VAT) has been introduced in Saudi Arabia for the first time in 1st January 2018 (H1439/4/14). By implementing VAT a 5% (One of the world lowest VAT percentage) levy is being applied to the majority of goods and services. Petrol and diesel, food, clothes, utility bills and hotel rooms all now have […]

What Does Average Costing Means ? Average cost is the cost referred to as unit cost or weighted average cost. Average cost is either average cost of inventory or the average cost of units manufactured. These two types are similar in nature. A retailer will use the weighted average inventory method to calculate the average […]

Facts & Figures About CLOUD Services. Cloud services have multidimensional values such as innovation, cost benefits, agility, scalability and business growth. Companies are looking at Cloud services for their entire requirement of external-sourcing as it helps to speed up implementation and eventually support value of time. Cloud computing users continue to increase year after year. […]

The workplace has changed in recent times, no thanks to the Covid-19 pandemic; what had started at that time as a temporary necessity, is slowly becoming the norm today. The relationship between employees and employers has changed significantly and continues to evolve. Without further ado, let’s take a look at the HR trends that are […]

Payroll processing is one of the most important and complex business processes. SMEs tend to use manual methods and spreadsheets or outsource it to a professional; however, both methods are susceptible to numerous errors. ALSO READ: Need of Having HR & Payroll Management Software in SMEs What is Payroll? It is the process that involves […]

The success of a company depends to a great extent on how well it recruits, inducts, manages, and rewards its employees. You cannot afford to do guesswork here; if you leverage the power of data, you can get all of it right, and be successful. You can be proactive and organize programs for career development, […]

While most people think that it’s the product, marketing, or the founders that make a company successful, it’s only partly correct. What makes a company successful, is the human resources – the employees. If you are one of those people tasked with choosing those people, it can be pretty daunting. Human Resources management is a […]

The terms human capital management (HCM) and human resource management (HRM) are often used in place of each other but they are not exactly the same. It is true that HRM and HCM are very similar and they do have commonalities, but they also differ quite a bit. To give a very simple explanation, HRM […]

HRMS or Human Resource Management System is a software solution that is used for the automation of all HR functions in a company. Human resources professionals have to handle numerous activities like hiring, onboarding, training, performance tracking, appraisals, promotions, firing, exit, and procedures. A robust HRMS will help them carry out all these tasks efficiently […]

Small businesses are thriving very rapidly over the past few years, but the competition is also higher than ever. HR system and payroll management system plays a pivotal role in the success of any business including SMEs. A survey was conducted by CII and the report claims that 20% of medium and 80% of small […]

What is Batch Tracking Batch tracking is in simple words, a traceability system. It enables you to group together a set of inventory items that share similar properties in a batch. Batch tracking offers better visibility and makes it possible to track the expiry date of products and trace defective units back to the specific […]

As a business owner, you would naturally look for the best deals on raw materials or products – and you may find them with an overseas supplier. But before you sign the dotted line, stop and think how much it will actually cost to get the products to your warehouse from your supplier. It’s not […]

In 2018, Amazon launched Echo and it was an instant sell-out. The orders didn’t stop coming in, and the company accepted orders though they didn’t have ready stock. They informed customers that their orders would be fulfilled at the earliest. ALSO READ: Factors for a Successful ERP Implementation What is Backordering? The Amazon Echo incident […]

In this steep competitive era, every company needs to manage its warehouse including essential assets effectively to sustain and deliver the desired results. Every company is thronged with fixed assets like machines, equipment, and inventories on their warehouses. If a company can’t able to track its fixed assets and warehouse management properly, then this may […]

What Does Average Costing Means ? Average cost is the cost referred to as unit cost or weighted average cost. Average cost is either average cost of inventory or the average cost of units manufactured. These two types are similar in nature. A retailer will use the weighted average inventory method to calculate the average […]