Introducing Numla Advanced Accounting

Role of Accounting in Business Operations

by Bilal Akmal

Accounting in a business is a fundamental process that involves systematically recording, summarising, and interpreting financial transactions to provide crucial information for decision-making, planning, control, and performance evaluation. Its key roles include financial recording, reporting, decision-making support, planning and budgeting facilitation, performance evaluation, compliance with regulations, investor relations, and risk management.

Accounting serves as the backbone of a business, providing stakeholders with insights into its financial health, facilitating strategic decisions, ensuring compliance with legal requirements, attracting investors, and managing financial risks. Overall, accounting is essential for effective management and the sustainable operation of any business entity.

Features of Numla Advanced Accounting

Numla advanced accounting is a comprehensive solution beyond mere bookkeeping, empowering businesses with the tools and insights needed to thrive in today's dynamic financial landscape. Numla advanced accounting is brimming with an array of features designed to streamline financial management and decision-making processes. Among its robust capabilities are:

1. Real-time reporting

Generate real-time financial performance reports for informed decision-making. Annotate, export, and access detailed information for each report.

2. Multi-companies with hierarchy

Get all your subsidiaries within the same system with real-time consolidation reports. You can also automate business flows with intercompany rules.

3. Multi-currencies support

Automatically update currency rates daily using different services available. Update rates at the group or individual company level.

4. Customer invoices and customer credit notes

Create or upload bulk invoices and credit notes. Utilize OCR and email alias functionalities for automatic invoice creation.

5. Vendor bills and refunds

Create or upload bulk vendor bills and refunds. Use OCR and email alias functionalities for automatic bill creation.

6. Sales and purchase credit limit

Trigger alerts when creating invoices and bills for partners exceeding their total receivable or payable amount limit.

7. Journal Entry Management

Review, edit, and reconcile journal entries by type: purchases, sales, bank and cash, and miscellaneous.

8. Customer portal

Provide customers with a portal to view, download, and pay invoices online.

9. Automated follow-ups

Ensure timely credit collection with automated follow-up emails and tasks.

10. Automated bank feeds

Synchronise your bank statements and enjoy automatically imported bank feeds straight within the system.

11. Cash Register Management

Easily track every cash transaction with starting and ending balances.

12. Smart Reconciliation Tool

Get reconciliation suggestions automatically and register extra journal items on the fly. Manual reconciliations interface for both open and paid invoices. Learning of account numbers based on first manual reconciliation.

The system matches 95% of invoices and payments automatically. For the remaining 5%, the smart matching tool is extremely quick and convenient.

13. Outstanding Payments Management

Receive partial and full reconciliation suggestions directly from invoices or bank statements.

14. Hierarchies of Cost Accounts

Automatically structure analytic accounts based on projects, contracts, departments, etc.

15. Analytic Distribution

Analytic JS widget on Invoices/Bills to create analytic distribution “on the spot”, directly from your invoices. Create templates according to your needs to make it even faster.

16. Multiple Analytic Plans

Manage multiple analytic plans and sub-plans with applicability conditions to shape your analytic multi-dimensions/axes for your company.

17. Budget management

Track budgets and compare actual performance with budgeted figures. Manage budgets for financial or analytic accounts.

18. Outlook management

Plan future performance with outlooks and compare with actual and budget performance.  Manage the forecast of your financial accounting or analytic accounts.

19. Mass edit

Edit analytic items, partners, or chart of accounts in bulk without opening individual entries.

20. Assets management

Track assets and depreciation, and generate amortization entries automatically. Manage asset events efficiently. Define the already depreciated amount when creating new asset records, ensuring precise accounting for historical assets. The system supports the disposal or sale of assets, automatically calculating the accounting entry based on the disposal/sale date and the sale amount. This automation simplifies asset management for users.  Users can define gain/loss accounts and the cash/bank account for receiving sale proceeds.

21. Web-service API

Connect third-party applications using the web service API.

22. Authority and approval matrix

Define custom authority and approval workflows across different system areas with multiple approval levels based on amounts. Withdraw Purchase Requisition and Purchase Orders from approval to manage workflows flexibly.

23. Access Control Management

Set user access rights and limit permissions across different models, views, or menu items.

24. Purchase requisition

Streamline procurement with formal requests for goods or services, maintaining control and transparency. Designed to simplify and expedite the procurement process:

  • The request owner field is prefilled with the employee creating the record.
  • The "Direct Manager" field is auto-filled with the direct manager of the request owner, serving for initial approval notifications.
  • The "Request Manager" field is initially prefilled with the direct manager, allowing for subsequent approval routing based on direct manager approval.
  • Each line item in a purchase requisition supports attaching a single file, enhancing documentation capabilities.
  • The automatic addition of related users as followers ensures streamlined communication and notifications within the system.

25. Request for quotation and purchase order

Auto-create RFQs upon purchase requisition approval. Manage multiple RFQs and confirm the best quote, with options to cancel others. RFQ, PO, and invoice print views provide improved document visibility with flexibility in displaying currency signs.

26. 3-way matching vendor bills

Ensure accuracy by matching purchase orders, goods receipt notes, and vendor invoices.

27. Period closing

Automate monthly period closing to ensure timely completion of data entry.

The system allows control over each month per year. Users can manually close any month to avoid backdated transactions and set an auto-close day per year for automatic period closure. This provides flexibility to open or close specific periods without affecting other dates. The "System Start Date" feature prevents transactions from being posted before a specified date.

28. ZATCA compliance

The system is compliant with both ZATCA phase 1 and phase 2 regulations, ensuring adherence to Saudi Arabia’s tax authority requirements for a seamless user experience. It captures responses from ZATCA after submission, assisting in resolving issues or warnings and providing timely updates to users about potential penalties due to unresolved matters. Mandatory fields have been implemented to address specific ZATCA warning codes: BR-10, BT-46, and BR-KSA-81.

The system incorporates the issuance date as the invoice date for ZATCA compliance submissions, enhancing flexibility for users. Additionally, it prevents the specific warning code BR-KSA-F-06-C3 from occurring in ZATCA compliance checks.

29. Historical data archival

Record multi-year-old data with the option to create accounting impact, ensuring comprehensive historical records.

30. Intercompany transactions

Record intercompany transactions to reduce data entry repetition and ensure seamless consolidation. The system supports various types of intercompany transactions, such as funding, income, and cost, with automatic generation and confirmation of related bills and invoices. It also includes automatic reversal processes for specified transactions with debit/credit notes, streamlining accounting operations and ensuring accuracy.  

31. VAT Register Reports

Generate Sales and Purchase VAT register Excel reports, providing detailed summaries and breakdowns of tax within specified date ranges to support compliance and reporting.

32. Reporting Engine

Utilize the powerful reporting engine for deeper analysis of accounting entries, comparisons, and examination of related documents. This engine enhances analytical power, empowering data-driven decision-making and providing comprehensive insights.

33. Consolidation of Multi-Companies

Consolidate multiple companies in accounting, generating customized, bespoke reports tailored to specific business needs for efficient and accurate financial reporting.

34. Unrealized Foreign Currency Revaluation Report

Create realized foreign revaluation journal entries with an auto-reversal function, enhancing accuracy in foreign currency accounting and financial reporting.

The system also creates the adjustment entry in the draft stage, giving users more flexibility to post adjustment entries for unrealized currency gains/losses for the month.

Users can choose which account/entry to adjust with how much amount on any foreign currency.

Upon posting the adjustment entry, the system automatically reverses that entry on the date specified by the user. 

35. Summarized Statement of Account

Get a comprehensive view of any partner's ledger, consolidating issued invoices and recorded payments within a specified date range. This report includes options to view detailed ageing information or just outstanding balances.

The Statement of Account can be printed on the company’s letterhead, enhancing the report's credibility. The calculations accurately reflect opening balances and unreconciled balances.

The statement of account supports different currencies beyond the company’s base currency. This allows users to generate statements of accounts in customers’ or vendors’ currencies upon request.

36. Partner Ledger Print View

Print partner ledgers with company header and footer for enhanced presentation.

37. Aged Receivables and Payables Report

View amounts in different currencies to better understand incoming and outgoing amounts, aiding in financial planning. Reports can be sorted alphabetically for easier navigation.

The report can be printed on the company’s letterhead, ensuring its credibility. 

38. Sort General Ledger Report by Date

Default sorting from higher to lower date, providing a chronological view of financial transactions for easier analysis.

39. Outlook 365 Email Setup

Configure Microsoft Outlook 365 email and set up multiple outgoing mail servers directly within the system for streamlined notifications and email management without relying on the Outlook desktop application.

40. Unrealised Foreign Currency Revaluation Report

Create realised foreign revaluation journal entries with an auto-reversal function. Post unrealised gains/losses of different currencies than the company's currency, enhancing accuracy in foreign currency accounting and financial reporting.

41. Sort Aged Payable/Receivable Report in Alphabetical Order

The aged payable/receivable report is alphabetically sorted by default, facilitating easy search and navigation of customers/vendors. This sorting enhances efficiency in accessing relevant information within the report.

42. Business Unit Review

The Business Unit Review Report features two levels of financial planning and analysis (FPA) categorization, helping users obtain detailed reports and comparisons. 

43. Budgets and Outlooks

Users can reset budgets and outlooks to draft status post-confirmation, enabling necessary corrections or updates to specific records. This flexibility ensures accuracy and agility in financial planning and management.

The calculation of budgeted values in the Business Verticals Review Report shows the correct variance, ensuring more accurate reporting.

44. Bank Reconciliation

The system is flexible in bank reconciliation, allowing users to rectify situations where bank statement entries were mistakenly reconciled with the same bank account, leading the journal entry to a non-reversal stage.

The bank reconciliation can be Force Reset, enabling users to request a manager to reset such transactions and make the necessary corrections. 

45. Dashboards

The Vendor Bills / Purchase Invoices dashboard allows reviewing reports and focusing on key points related to vendor bills and purchase invoices.

The Fixed Assets dashboard offers additional ways to review reports and focus on key points related to fixed assets.

The Executive Summary dashboard allows a review of reports, focusing on key points related to ratios and the company’s position.

46. Customized Reports

The income statement tailored to the requirements of the group of companies shows every aspect of the company group and its shareholding.

Chart of accounts: Users can configure and generate unlimited accounting reports based on their needs.

47. Project Profitability Report

The project profitability report provides detailed information about any project or cost center. Users can now easily identify Gross Profit margins and net profit margins, thanks to the auto-classification of transaction types for analytical items.

W23 (3/Jun/24 → 9/Jun/24)

The following new features have been added this week.

No. Feature Description
1 FPA Reports: Business Unit Review - Enhancements The Business Unit Review report has been further enhanced to provide a more detailed analysis of the business. Users can now access more data in the report for deeper analysis.
2 FPA Reports: Customer Profitability Analysis A new report has been introduced in our system, offering a quick overview of top customers with their profitability and ageing. This report aids in making quicker decisions based on customer insights.
3 Standard Reports: Statement of Account The statement of account report has been improved to include every customer/vendor, even if their balances are zero.
4 Standard Reports: Statement of Account - Ageing The statement of account - ageing report now includes every customer/vendor, irrespective of their balances being zero.
5 Procurement: Notification for PO Approval to PO & PR Creator The system now sends notifications to Purchase Request (PR) and Purchase Order (PO) creators upon full approval of their request. This notification informs them that they can start receiving the services they requested for billing of the PO.
6 Core Accounting: Hide/Remove Other Print Options on Invoice/Bill We have removed additional print options for Invoices and Bills to prevent any inadvertent sending of the wrong template to customers or vendors by users.
7 ZATCA Compliance: Tracking for "Electronic Invoicing" Field on Journal The system now tracks changes made to the "Electronic Invoicing" field on journals for ZATCA compliance. This allows us to monitor who enabled or disabled the option and when.
8 Core Accounting: Period Close Access Issue Access rights for users have been enhanced to address issues reported during bulk posting of invoices and journal entries due to the introduction of the Period Close feature. Users will no longer face obstacles in posting bulk transactions.

Numla Advanced Accounting offers a comprehensive suite of features designed to streamline financial management and empower businesses. With real-time reporting, multi-currency support, automated processes, and more, Numla Advanced Accounting is your solution for efficient accounting.

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