ZATCA_New_Announcement_EI_Wave 4

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Zakat, Tax and Customs Authority Determines the Criteria for Selecting the Taxpayers in Wave 4 for Implementing (Integration Phase) of E-invoicing

Zakat, Tax and Customs Authority (ZATCA) determined the criteria for selecting the targeted taxpayers in the fourth wave for implementing the “Integration Phase” of E-invoicing, as it clarified that the fourth wave included all taxpayers whose revenues subject to VAT exceeded (150 Million Saudi Riyals) during 2021 or 2022. VAT registered taxpayers meeting the criteria should integrate their e-invoicing solutions with (FATOORA) Platform starting from November 1, 2023.

https://zatca.gov.sa/en/MediaCenter/News/Pages/news_1039.aspx

With this update, organizations need to position for a long term strategy instead of short terms plans any more. Those who invest wisely and early will reap the benefit and able to address tech disruptions with better compliance and reporting.

The implementation of Phase 2 of the E-Invoicing system by ZATCA (the Saudi Arabian tax authority) is expected to have a significant impact on businesses operating in Saudi Arabia. Here are some of the potential impacts:

  1. Improved Efficiency: E-Invoicing will eliminate the need for paper-based invoices, resulting in a more efficient invoicing process for businesses. This can reduce errors and save time for both the supplier and the customer.
  2. Enhanced Transparency: The E-Invoicing system will provide greater transparency into the invoicing process, making it easier for businesses to track invoices and payments. This can help reduce disputes between suppliers and customers.
  3. Increased Compliance: The new system will help ensure that businesses comply with tax regulations by requiring them to submit invoices electronically to ZATCA. This can help reduce the risk of penalties for non-compliance.
  4. Integration with other systems: E-Invoicing can be integrated with other financial systems such as accounting and payment systems, making it easier for businesses to manage their finances. Howver, this require to use latest tech stack so that the security and mobility options offer better ROI your organization.
  5. Cost Savings: With the elimination of paper-based invoicing, businesses can save on printing and postage costs on top of ease of archiving.

However, businesses will need to invest in the necessary technology and software to implement E-Invoicing, which can be a significant expense. Additionally, there may be a learning curve for businesses to adapt to the new system, which could initially impact productivity. Overall, the benefits of E-Invoicing are expected to outweigh the costs and businesses that adopt it will likely see long-term benefits.

mTech is helping organizations to get in compliance with ZATCA and IFRS both and we love to speak with you at your ease. Just drop us an email at info@mtechcs.com or call us at +966557729580.

April 30, 2023 Bussiness No comments yet

How D365 is better than SAP Hanna

Comparing Dynamics 365 (D365) Finance and Operations to SAP HANA is a complex task, as both solutions have their unique strengths and weaknesses. However, here are some ways in which D365 Finance and Operations can be considered better than SAP HANA:

  1. User interface: D365 Finance and Operations offers a modern and intuitive user interface that is easy to use and customize. In comparison, SAP HANA has a more complex user interface that can be difficult for non-technical users to navigate.
  2. Integration with other Microsoft products: D365 Finance and Operations is designed to integrate seamlessly with other Microsoft products such as Office 365, Power BI, and PowerApps. This allows users to leverage the benefits of these tools within the D365 platform. In comparison, SAP HANA has limited integration options with other software products.
  3. Cloud-based deployment: D365 Finance and Operations is a cloud-based solution, which means that it is easier and more cost-effective to deploy and maintain compared to an on-premise solution like SAP HANA.
  4. Flexibility and scalability: D365 Finance and Operations is designed to be flexible and scalable, allowing businesses to easily add new features and functionalities as their needs evolve. In comparison, SAP HANA can be more difficult to customize and scale as business requirements change.
  5. Support and community: D365 Finance and Operations benefits from a strong support network and community, as it is part of the Microsoft ecosystem. This means that businesses can access a wealth of resources and support to help them get the most out of the platform. In comparison, SAP HANA has a smaller support network and community.

D365 FnO is best suited for non-complex and large implementation where large number of users are engaged due to its simplest user interface and ease of use. Robust deployment and ease of adoptability can bring major ROI impact in most of the cases. Overall, D365 Finance and Operations is a robust and flexible solution that can offer businesses significant advantages over SAP HANA. However, the decision of which solution to choose ultimately depends on a variety of factors, including business needs, budget, and technical expertise.

For more details and best utilization, reach us at info@mtechcs.com

April 27, 2023 Uncategorized No comments yet

Why you need D365 Solution

One of the biggest values you can get from using Microsoft Dynamics 365 Finance and Operations as an ERP solution is its comprehensive and integrated functionality, unmatched to any other ERP or ecosystem.

D365 Finance and Operations offers a wide range of features and capabilities that can benefit your organization in several ways:

  1. Enhanced Financial Management: D365 Finance and Operations provides robust financial management functionality, including general ledger, accounts payable, accounts receivable, fixed assets, budgeting, and financial reporting. This helps you streamline financial processes, gain visibility into your organization’s financial health, and make informed financial decisions.
  2. Efficient Supply Chain Management: D365 Finance and Operations offers advanced supply chain management capabilities, such as procurement, inventory management, demand forecasting, production planning, and warehouse management. This helps you optimize your supply chain, reduce costs, improve inventory management, and enhance customer service.
  3. Integrated Operations: D365 Finance and Operations integrates various business processes, such as finance, procurement, manufacturing, sales, and distribution, into a unified system. This enables seamless data flow and process automation across different departments, improving collaboration, reducing redundancies, and increasing overall operational efficiency.
  4. Real-time Analytics and Reporting: D365 Finance and Operations provides robust reporting and analytics capabilities, including real-time dashboards, data visualization, and business intelligence tools. This enables you to gain insights into your organization’s performance, identify trends, and make data-driven decisions in real-time.
  5. Scalability and Flexibility: D365 Finance and Operations is a cloud-based ERP solution, which offers scalability and flexibility to adapt to your organization’s changing needs. You can easily add or remove users, modules, or functionalities as your business grows or changes, without the need for major IT infrastructure investments.
  6. Enhanced Compliance and Security: D365 Finance and Operations helps you comply with regulatory requirements and industry standards through built-in compliance features, such as audit trails, security controls, and data encryption. This ensures the integrity and security of your sensitive financial and operational data.
  7. Seamless Integration with Microsoft Ecosystem: D365 Finance and Operations seamlessly integrates with other Microsoft products, such as Office 365, Power BI, Power Apps, and Azure, providing a unified and seamless user experience. This enables you to leverage the full power of Microsoft’s ecosystem to drive productivity, innovation, and growth.
  8. You have local compliance with ZATCA and MOL and system can be extended to very economical Employee Self Service Portal (ESS Portal) which minimize the HR support time and automate your payroll to the max level!

Overall, the comprehensive functionality, integrated operations, real-time analytics, scalability, and seamless integration with the Microsoft ecosystem make D365 Finance and Operations a powerful ERP solution that can provide significant value to organizations seeking to optimize their financial and operational processes.

April 25, 2023 Uncategorized No comments yet

Why You Chose D365 FnO

Key Advantages

The top 5 advantages of using Dynamics 365 Finance and Operations ERP solution are:

  1. Improved Financial Management: The ERP solution provides real-time visibility into financial data and allows for better decision-making. It automates financial processes such as invoicing, billing, and payment collection, which reduces errors and improves efficiency.
  2. Streamlined Operations: The solution helps streamline supply chain management, manufacturing, and other core business operations. It enables businesses to optimize production schedules, inventory management and reduce lead times.
  3. Increased Productivity: With D365 ERP, businesses can automate routine tasks, allowing employees to focus on more complex tasks. This leads to increased productivity, as manual tasks are reduced.
  4. Enhanced Customer Service: D365 ERP helps businesses improve customer service by providing access to customer data and order history. This allows the business to provide personalized experiences to customers and improve customer retention.
  5. Scalability: D365 ERP is a cloud-based solution, which makes it easier to scale as your business grows. You can add or remove users, locations, and features as needed without having to worry about hardware or software limitations.

Other advantages include:

  • Full scale ecosystem that offers seamless integration
  • Full scale ERP with great and easy to use interface as major advantage and reason for shortest time to go-live and getting staff trained comparing to others
  • Management can enjoy dashboard of their chose through Microsoft Power-BI
  • Cloud offers major cutdown in IT support resources while you remain scalable and enjoy smooth expansion with no interruption
  • AI Predictive Capabilities helps to forecast and alerts
  • Integration with M365 – import and upload data easily
  • Manufacturing and Retail Functionality which means a full scale enterprise with multi company and multi-currency can get fit easily
  • Localized by mTech for local compliances with MOL and local laws relating to payroll and HR with added advantage to economically onboard your whole organization through ESS
  • Data Privacy

Let mTech help you to transform your business and improve your processes as a whole… info@mtechcs.com | 0557729580

April 16, 2023 Uncategorized No comments yet
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