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 that goes 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:

No. Feature Description
1 Real-time reporting Real-time financial performance reports empower you to make informed decisions for your business. Additionally, you can easily 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 Enjoy currency rates updated automatically daily using different services available. The currencies can be updated on the companies’ group level or individual company level.
4 Customer invoices and customer credit notes Create or upload bulk customer invoices or customer credit notes. The system also has the functionality to auto-create invoices using the OCR functionality or to auto-create invoices using the email alias functionality.
5 Vendor bills and refunds Create or upload bulk vendor bills or refunds. The system also has the functionality to auto-create bills using the OCR functionality or to auto-create invoices using the email alias functionality.
6 Sales and purchase credit limit Trigger alerts when creating invoices and bills for partners exceeding their total receivable or payable amount limit.
7 Overview of your journal entries Review, edit, and reconcile your journal entries by journal types: purchases, sales, bank and cash, and miscellaneous.
8 Customer portal Empower your customers through the Customer Portal. Let them view, download, and pay their invoices online.
9 Automated follow-ups Ensure your credit collection with automated processes: follow-up emails and automated tasks to remind your customers when necessary.
10 Automated bank feeds Synchronize your bank statements and enjoy automatically imported bank feeds straight within the system.
11 Manage cash registers 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 Easy outstanding payments Get partial and full reconciliation suggestions straight from the invoice or bank statement.
14 Hierarchies of cost accounts Structure your analytic accounts automatically 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 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 your budget and compare actual performance with different budgets. Manage the budget of your financial accounting or analytic accounts.
18 Outlook management Plan your future with an outlook and compare with actual and budget performance with different outlooks. Manage the forecast of your financial accounting or analytic accounts.
19 Mass edit Have access to all your analytic items, partners or chart of accounts, and feel free to mass edit them directly without opening any invoice, vendor bill, or journal entry.
20 Assets management Track assets and depreciation boards and automatically generate amortization entries. Manage all events on your assets in just a few clicks.
21 Web-service API Connect third-party applications with the web service API.
22 Authority and approval matrix Enjoy the freedom to define your bespoke authority and approval matrix on different mediums throughout the system. Add multiple approvals based on different amounts.
23 Access control management With easy-to-use access control management, you can set your own access rights and limit users on different models, views, or menu items.
24 Purchase requisition A purchase requisition is a vital component of the procurement process, serving as a formal request for the acquisition of goods or services and initiating the necessary steps to fulfil organisational needs while maintaining control and transparency over purchasing activities.
25 Request for quotation and purchase order Once a purchase requisition is approved, the system auto-creates the request for quotations with the freedom to create multiple RFQs to get quotes from different vendors against the same goods or services. Upon confirming a single RFQ, users have the option to cancel the other RFQs linked with the purchase requisition or to keep them open.
26 3-way matching vendor bills Capability to create bills for only what you have received and won’t let users create bills from PO without receiving.
27 Period closing Auto-closes the periods on a monthly basis on a defined number of days after the month end to ensure that everyone should complete all the data entry before closing the period.
28 ZATCA compliance ZATCA phase 1 and phase 2 compliant to provide a seamless experience with Saudi Arabia’s tax authority.
29 Historical data archival Holds the functionality to record your multi-year-old data as historical data archival with the option to create accounting impact, so you don’t miss any part of your accounting from the date of your business start.
30 Intercompany transactions As the system holds the functionality to define multi-companies and holding companies, the system is also capable of recording the intercompany transactions which helps reduce the repetition of data entry and seamless experience.

Week 14 (01/Apr/24 → 07/Apr/24)

This week, we added some new features and improvements to Numla Accounting. These changes make the platform even better, helping businesses manage their finances more efficiently. Following is the list of new features added and enhancements made.

No. Feature Description
1 Outlook 365 Email Setup Configure Microsoft Outlook 365 email, set up multiple outgoing mail servers directly within the system. This feature streamlines the process of sending notifications and emails without relying on the Outlook desktop application.
2 Summarized Statement of Account Get a comprehensive 360-degree view of any partner's ledger in the accounting records. This report consolidates information such as issued invoices and recorded payments within a specified date range, offering flexibility to view either the full ledger details or only outstanding transactions.
3 Summarized Statement of Account – Ageing This additional partner report focuses on ageing, displaying outstanding balances and their duration. It offers a consolidated view of outstanding balances, helping users understand the ageing of balances efficiently. Users can opt to view detailed ageing information or just the outstanding balances.
4 RFQ, PO and Invoices Print View Request for Quotation (RFQ), Purchase Order, and Taxable invoice print views provide improved document visibility with a prominent, center-aligned document name. Users also gain flexibility in displaying currency signs before or after amounts, enhancing clarity in printed documents.
5 Add Action to Withdraw from Approval Users can easily withdraw Purchase Requisition and Purchase Orders from approval, facilitating corrections or submissions to different approvers if needed. This feature provides flexibility in managing approval workflows efficiently.
6 Option to Define Already Depreciated Amount Users can define the already depreciated amount when creating new asset records, crucial for accurately representing historical asset data within the system. This feature ensures precise accounting for historical assets.
7 Partner Ledger Print View Partner ledger PDF print includes adding the company's header and footer, enhancing the report's overall presentation and professionalism.
8 Inter Company Transactions The system automates intercompany transactions, allowing users to generate various types: 1. Funding: Automatically creates and confirms one bill in the current company and destination company, along with an invoice in the destination company and vice versa. 2. Income: Generates one bill in the destination company and vice versa upon creating this type of intercompany invoice. 3. Cost: Automatically generates one bill in the destination company and vice versa for this type of intercompany invoice.
9 VAT Register Report – Sales Functionality to generate a Sales VAT register Excel report, providing a detailed summary and breakdown of sales tax based on the selected date range. This feature enhances tax reporting capabilities and supports compliance with VAT regulations.
10 VAT Register Report – Purchase Users can create a Purchase VAT register Excel report, showcasing a comprehensive summary and detailed breakdown of purchase tax within the specified date range. This functionality enhances visibility into purchase-related taxes and aids in regulatory compliance.
11 Aged Receivables and Payables Report Improvement The aged receivables and payables report can display amounts in different currencies. This aids in understanding the incoming and outgoing amounts in various currencies, allowing businesses to plan short-term investments or purchasing decisions more effectively.

Week 16 (08/Apr/24 → 15/Apr/24)

This week, we added the following new features and made improvements to Numla Advanced Accounting.

No. Feature Description
1 Inter Company Transactions – Debit/Credit Note This feature enables automatic reversal processes for specified types of intercompany transactions, streamlining accounting operations and ensuring accuracy in recording debit and credit notes across companies.
2 Disposal or Sale of Asset Options for disposing of assets, where the book value of the asset is transferred to a defined loss account. Additionally, users can sell assets, defining gain/loss accounts and the cash/bank account for receiving sale proceeds. Automatic posting ensures accurate accounting entries for asset disposal or sale transactions.
3 Reporting Engine With a reporting engine, the system has increased analytical power. It enables comparison, deeper analysis of root accounting entries, and examination of related documents, empowering users with comprehensive insights and data-driven decision-making capabilities.

Week 17 (22/Apr/24 → 28/Apr/24)

The following new features have been added this week.

No. Feature Description
1 Consolidation of Multi-Companies The system supports the consolidation of multiple companies in accounting, facilitating the generation of customized, bespoke reports tailored to specific business needs. This feature streamlines financial reporting across entities, promoting efficiency and accuracy in consolidated financial statements.
2 Unrealised Foreign Currency Revaluation Report Allows the creation of realised foreign revaluation journal entries with an auto-reversal function. This enables users to post unrealised gains/losses of different currencies than the company's currency, enhancing accuracy in foreign currency accounting and financial reporting.
3 ZATCA Submission Response Capture The system can capture responses from ZATCA after submission, assisting users in resolving issues or warnings related to ZATCA phase 2 compliance. This feature promotes regulatory compliance and ensures smoother interactions with tax authorities, enhancing overall tax management processes.
4 Sort General Ledger Report by Date The general ledger report is sorted by default from a higher date to a lower date, providing a chronological view of financial transactions for easier analysis and tracking.
5 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.

Week 18 (29/Apr/24 → 05/May/24)

The following new features have been added this week.

No. Feature Description
1 ZATCA Submission Response Capture Ensures timely updates to users regarding potential penalties due to unresolved warnings.
2 Business Unit Review Business unit review functionality includes two levels of financial planning categories, presented hierarchically in both Excel and PDF reports. This detailed view enhances financial analysis and decision-making processes.
3 Budgets and Outlooks Users can reset budgets and outlooks to draft status post-confirmation, enabling corrections or updates to specific records as needed. This flexibility ensures accuracy and agility in financial planning and management.
Purchase Requisition Improvements
  • Significant enhancements to purchase requisitions to simplify and expedite the procurement process.
  • The request owner field is now read-only and prefilled with the employee creating the record. If no employee is designated, the system prevents the creation of the record.
  • A new field, "Direct Manager," is added and auto-filled with the direct manager of the request owner. This field is also read-only and serves for initial approval notifications.
  • The addition of the "Request Manager" field, initially prefilled with the direct manager, allows for subsequent approval routing based on direct manager approval.
  • Each line item in a purchase requisition supports attaching a single file, enhancing documentation capabilities without mandatory fields.
  • Automatic addition of related users as followers ensures streamlined communication and notifications within the system.

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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