Penieltech

Accounting Software in Dubai, UAE

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5 Steps to Manage ERP Customization - Penieltech

Lest Check the following 5 steps to manage ERP Customization, Step by step guide for ERP Software implementation and customization.

Exhibit the custom ERP software industry, where postmodern deployment choices and ERP customization have become critical to the success of forward-thinking enterprises across all industries. While there is no shortage of ERP software solutions to pick from, you are unlikely to discover the system of your dreams right out of the box.

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5 Ways to Prevent Cheque Fraud

Cheques became a highly popular non-cash method inorder to make payments during the 20th century and their usage peaked. Around the turn of the millennium, billions of cheques were being issued annually by businesses.

Cheque Fraud

The prominence of cheque usage increased its fraudulence too over time. That’s when financial organizations and economists began brainstorming over ways to prevent cheque fraud and lessen these frauds.

A few examples of cheque fraud are using the float (the interval between the negotiation of the check and its clearing at the financial institution of the cheque writer) to withdraw this money. A cheque kiter happens when a person deposits money before the conclusion of the float period in order to hide the fraud.

5 ways to prevent Cheque Fraud

Now to prevent cheque frauds that cause such hassle with transactions and businesses to keep them from collapsing? Some of the common ways to prevent cheque fraud are- 

Writing the cheque 

If a cheque is corrected and cancelled, it is considered fraudulent if a mistake was made. No action is required on its replacement. One should always cancel and issue a new cheque to present a correct and professional image to business suppliers and banks. Write the whole payee name and amount in words and numbers, being sure to scratch out any unnecessary space or gaps and avoid overwriting; sign with your own pen and never pre-sign a blank cheque.

Cheque cross/account payee cheque

Account Payee Cheques should be crossed in order to prevent cheque frauds. The bearer should cancel (struck off with two diagonal lines) or write the words ACCOUNTS ONLY PAYERS at the top of the check to make it an account payee-only cheque, used for account-to-account transfers only. The cheque means money is credited only to the payee’s account. Above all for these cheques cash at the counter is not allowed. Accordingly the bank is alerted for an account-to-account transfer.

Bank activity check

Sign up and register for SMS notifications with your bank, using a functioning cellphone number to keep track of all account activity. Keeping track of the bank depending on the cheque volume helps to be up to date with monetary transactions. Similarly, it is important to obtain a receipt when issuing a cheque. Have the receiver of the cheque sign a copy of the check and get an official receipt. This is to ensure that the receiver has approved the date, amount, and other aspects of the transaction.

Correct Date and validity

Cheques often have dates written in 10.02.2020 format. One should always write the date on checks in the format DD-MM-YYYY (February 10, 2020). Similarly, an undated check can lead to many problems because it allows the check holder the right to bankroll at any time. You should mention cheque validity on it if you’re issuing someone an undated check. This way, to the said period your commitment is less.

Using a cheque printing software

Another way to prevent cheque fraud is by using cheque printing software. Where the sender can completely avoid written mistakes, overwriting, and cancellations. Printed cheques are account payee cheques. The receiver’s bank account is then transferred the amount.

A Cheque printing software application is a computer program for printing as well as managing checks. The cheque processing program allows printed statements and properly creates printed checks and reports with all the necessary information such as payee name, number, amount, date, payee account etc. which helps in easily preventing check fraud.

Cheque Printing Machine significantly help businesses to run their financial transactions efficiently. They offer the following benefits –

Proactive and efficient business process

Sustainability

Multi-cheque printing and templates

Comprehensive reporting

Payee management 

Easy and handy to use

Penieltech is a provider of one amongst the best check printing solutions by Elatesoft in UAE. Their program helps in printing almost any valid bank check in a couple of minutes without any typos or mistakes also completely avoids cheque fraud. They offer an undoubtedly adaptable software solution that is customizable according to your business needs, which can quickly combine with other tools and connects to a local printer, basically they make sure that your business and team both work hassle-free with their software and are always there to help around the tech. 

Connect with them today to avail their 14-day trial offer for cheque printing solutions and manage your business and finances efficiently by avoiding cheque fraud.

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How To Modernize Your Rental Property Management?

Renting is increasing for various reasons, including the rising expense of home ownership and the desire of younger generations for greater housing flexibility. lets discuses rental property management system.

You could treble your rental income with just a few minor adjustments in the correct markets and with the appropriate modifications.

According to the facts mentioned below, updating your rental property is one of the simplest methods to raise the rent you may charge.

Why Do I Need to Upgrade My Rental Property?

You might be debating if remodeling your rental is truly worthwhile.

Your rental income can be increased by updating the furniture, installing new flooring, or even doing something as basic as painting the walls.

Here are some reasons why renovating your rental property could help you attract more renters and, consequently, make more money.

Make your rental property stand out from the competition

Make improvements to your property to increase its appeal to potential tenants.

If your budget allows it, spending a little more for a finished appearance will allow you to increase the monthly rental fee.

Increase in energy efficiency

Future tenants can save money on utilities by adding amenities like energy-efficient windows and a programmable thermostat, which is a well-liked selling point.

Increase property value

The rental property’s resale value will rise as you enhance its existing characteristics.

Boost tenant satisfaction

Upgrading the worktops, installing newer, higher-quality appliances, or making any other improvements will probably result in less upkeep being necessary for addition to giving future tenants a terrific experience.

Less people will call you to come to fix a leaky, broken dishwasher as a result. Renters are more satisfied as a result, and they are also more inclined to renew their leases.

Subtract remodeling expenses from your taxes.

Any expenses you incur for the repairs, if you’re merely maintaining your rental property, can probably be subtracted from the property’s taxable revenue.

Any work that goes beyond a straightforward repair, however, may be considered an improvement and is not deductible.

Let’s discuss the way to modernize the rental property

STUDY (AND APPLY) IOT

Never heard of “the Internet of Things” before? Google it first before doing anything else! IoT, in a nutshell, is the digitization of common household items like lamps, doorbells, and refrigerators. Why is this important to landlords, you ask?

Consider that the clear majority of millennials said they would pay up to a fifth more in rent for a “smart” apartment.

Or one furnished with amenities like keyless access and smart locks.

Consider replacing your standard lock with a Bluetooth lock, and don’t forget to install the security doorbell with a camera.

GET OUT FOR THE STEEL, SILVER

Even though the functionality of a plain white refrigerator and a flashy stainless-steel refrigerator may be identical, the stainless-steel refrigerator may command a higher monthly rent.

Installing new appliances can raise your property’s resale value and increase its appeal to tenants.

Stainless steel appliances give the appearance of a more modern, upgraded kitchen, which is one of the areas that tenants value the most.

ADD NEW HARDWARE TO THE KITCHEN AND BATHROOM

Start with updating the hardware on your kitchen cabinets, bathroom vanities, and other furniture if budget and simplicity are your top priorities.

Similar to stainless steel, posh new hardware can give the impression of being brand-new and opulent even when no significant upgrades have been made.

Consider what’s fashionable and choose cabinet hardware that is clearly contemporary rather than classic or timeless.

DEMONIZE A FEW WALLS

Do you want to remodel? Focus on opening up the area if you want to make the most of your rental property at any cost.

A modern open floor plan is preferred by those looking for all living arrangements, including renting, purchasing, and new construction.

Consumers are particularly concerned with open-concept kitchen, dining, and living spaces.

Thus remodeling for an open floor plan is a necessity if you want to reach top-tier luxury (and top pricing).

FRIENDLINESS FOR PETS

About half of renters own pets, according to statistics from the American Veterinary Association.

Going pet-friendly is the way to go if you want to appeal to millennials and modernize your listing.

In order to appeal to millennials, who currently account for the largest share of the American rental market, you must simply permit dogs.

They outnumber previous generations in terms of pet ownership.

Charging a sizeable pet deposit is entirely fine and will only draw the most responsible pet owners, which is obviously desirable.

ONLINE RENT PAYMENT OFFER

Make sure your property management software supports online rent payments for your tenants. They pay all their other bills online, so why not modernize their rent?

Theoretically, automating your payment procedure will make things simpler for you and your tenants.

Requiring fewer trips to the bank and eliminating the possibility of failed checks.

Additionally, it may automatically calculate late fees and apply them in order to prevent late payments.

PUT IN NEW FLOORING

According to the survey, replacing worn-out floors with hardwood was by far the most preferred option. Because it is simple to clean and has a contemporary appearance, hardwood is a popular material.

On the other hand, carpet is not frequently preferred in rental properties.

Since it can trap odors and needs more upkeep.

Replace the floors last as you complete the improvements on your rental home.

Installing floors at the conclusion will preserve them at their best.

Because other projects can generate a lot of dirt and dust.

However, install the new floors soon before the appliance installation in the kitchen.

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Top 10 Key Features and Benefits of ERP System

What is ERP Software?

Enterprises use such software to manage routine business operations like accounting, purchasing, project management, risk management, compliance, and supply chain management (ERP).

Enterprise performance management software, which aids in planning, budgeting, forecasting, and reporting an organization’s financial results, is also a component of a full ERP suite.

This program offers a wide range of crucial features that combine every division of a company to give a real-time view of data and tasks.

It effectively oversees departmental operations to improve decision-making and advance the organization.

Let’s discuss the top common features of ERP

1. Integration

The incorporation of software with any third-party app or software is what is referred to as integration.

With the aim of facilitating data sharing between various systems to increase productivity and insights, ERP offers integration tools that allow ERP to interact with other applications and/or systems.

This finally aids in streamlining your overall workflow, which boosts productivity and efficiency.

Every organization operates differently, so some additional supplemental bespoke software solutions could be required to interact with ERP software.

Today, silos for sales, engineering, accounting, and other bespoke software development companies are no longer viable.

2. Data Analysis

For a corporation to understand its business strength, a report must be prepared. But you must first acquire information in order to prepare this report.

Having a single ERP system allows all aspects of your firm to exchange data on daily operations.

Additionally, data can be broadcast to a number of streams, giving businesses access to real-time feedback for improved decision-making.

Production, operations, and finance departments have access to this data for every transaction that occurs in your company, including financial as well as operational ones like inventory control and sale payment.

Companies must gather as much data as possible, and present it in a way that is both visually appealing and easy to understand in order to stay ahead of the competition.

3. Customer Relationship Management

For every organisation, managing customer relationships is the most important stage.

You must keep your customers satisfied if you want to succeed in business.

However, because of the complexity of this, you must rely on software. CRM functionalities are available in ERP software.

It broadens the perspective of the firm by incorporating all data related to customer relationships.

A shared, easily available database contains all client data, including contacts, order history, purchase orders, and also prospect status.

4. Reporting

Creating eye-catching images, compiling historical data, and helping to analyse and present your results are all part of reporting.

You must write a report in order to analyse the data. Many software packages offer this reporting capability. Almost any form of data can be used to make reports.

This comprises lead management, sales activity, marketing performance metrics, and contact management.

Businesses are using business intelligence solutions to assist them base important choices on data from both financial and non-financial key performance indicators.

Better reporting can enable executives and stakeholders to make business decisions that are more informed, such as improving how you manage your company and seeing issues before they arise.

5. Financial Management

Financial management is required in order to keep track of expenses and revenues for growth.

Organisations use accounting to manage assets, produce accurate financial reports, and improve spending decisions.

As a result, accounting software can be considered a part of ERP software.

Accounts Receivable, Accounts Payable, General Ledger, Financial Reporting, and frequently Payroll are crucial elements of accounting.

Additionally, it gives managers access to real-time information.

ERP offers applications for supply chain management, inventory management, human resources, and eCommerce in addition to its accounting feature.

6. Sales and marketing

The ability to sell, upsell, create bids and buy orders, predict, manage commissions, and keep track of crucial information like profit margins and ratios is another advantage that ERP systems with integrated CRM provide to marketing and sales teams.

The ability to generate more leads, swiftly develop and implement campaigns, and monitor client activity throughout the sales cycle may be advantageous to marketing teams.

To deliver a great client experience throughout the whole sales pipeline, sales and marketing teams work closely with their counterparts in finance and operations to utilise ERP services.

7. Human Resources

The majority of ERP software includes some level of human resource management, although standalone solutions are more common.

These features enable the storage of employee data and the automation of processes affecting the people in your company, such as employee scheduling, hiring, and increasing productivity.

By enabling managers to more effectively allocate employee time and resources, HR capabilities in ERP software help your organisation achieve its goals.

This results in a more productive and successful firm through improved employee record keeping and improved employee performance.

8. Manufacturing

Manufacturing has been the foundation of ERP as a function.

Modules for product tracking, distribution planning, shop-floor control, work order administration, bill of materials management, and assembly management are additional components.

The use of ERP manufacturing technologies improves a company’s capacity to automate and manage key inventory planning and forecasting choices.

9. Supply Chain Management 

Manufacturers, logistics companies, distributors, suppliers, and retailers may manage the flow of goods and services between locations as effectively and economically as possible with the aid of supply chain management (SCM) technologies included in ERP software.

This offers help from the purchase of raw materials to the delivery of a finished good to a consumer.

Demand planning, supply chain process control, as well as execution are all things that SCM features can handle end to end.

Most importantly, it took full advantage of cost-saving options to provide products from the vendor to the client.

10. Automation

An ERP system can automate payroll, order processing, invoicing, reporting, and other repetitive business operations.

Automation speeds up data entry, lowers errors, and frees up staff time for tasks that bring more value.

Due to the nature of ERP systems, information entered by one user is accessible to all users within the company.

So, for instance, when a specific SKU becomes available, an inventory tracking module may instantly initiate a shipment and invoice.

This results in increased income and improved customer satisfaction.

Or, to help them make decisions, line-of-business leaders may immediately receive the most recent statistics on cash flow and other metrics.

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Need for Property Management Software for Dubai

Need for Property Management Software for Dubai. Check you Business needs with Elate Property Management Software for Dubai, UAE.

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Reasons Why Your Business Needs QuickBooks Add-Ons

What is QuickBooks?

QuickBooks is a flexible piece of software that may meet your accounting demands.

When growing our business, we use all of the tools QuickBooks offers, but there are still a few tasks that it cannot handle on its own.

This can be tedious and frustrating if you have a busy schedule and a lot of data to enter.

However, a user may accomplish a lot with QuickBooks add-ons (which can be from a third-party provider or Intuit itself).

The Penieltech offers a variety of QuickBooks add-ons that can assist you to get rid of some basic deficiencies of the box product.

Also, Penieltech is the best QuickBooks Dealer in Abu Dhabi Dubai, UAE

In the UAE, Penieltech is the top QuickBooks supplier.

The company is the top supplier of customized QB, Quickbooks invoice software, Quickbooks custom invoices, and Quickbooks custom voucher printing.

Let’s discuss the reason why your business needs Quickbooks addins

Quickbooks Voucher printing Addins –

You may easily print vouchers in QuickBooks using a connected program (QB Addins), which enables you to seamlessly synchronize the live data.

Additionally, with QuickBooks custom-voucher printing you can easily modify it to fit the required format.

You can add your company’s logo, the desired text field, and mostly the Amount in words.

Following are the customized voucher types available in Elate QB addins.

1. FTA Approved Tax Invoice format –

You can create FTA-approved tax invoice formats with our Elate QB addins.

According to your requirements, QB Addins can produce a QuickBooks invoice template with a custom logo and also template.

The invoice generated using the Quickbooks desktop application cannot have the amount printed in words or have a second column added.

The FTA stipulates that every invoice must include a column showing the VAT amount and another column showing the VAT percentage.

The QB Addins additionally includes the serial invoice number and the invoice issue date.

It also includes columns for totals that include and exclude VAT.

Features missing from Quickbooks desktop –

The line-wise calculation for UAE customer

Amount in word

Line-wise discount

FTA recommended invoice format.

2. Receipt Voucher-

You can create a receipt with the customer’s name using the QB add-in receipt voucher.

The cheque number, date, and bank are included in the QB Addins receipt voucher.

Additionally, you can enter amounts in word that are not included in the QuickBooks desktop.

This QB addins allows you to create automatic voucher numbering.

Depending on the version you’re using, QB addins can be used by a single user or a group of users.

You can design a unique voucher template with your company’s name, logo, and address on it.

Features missing from QB Desktop –

Auto voucher numbering

Amount in word conversion

Customized receipt voucher with company logo and address.

3. Journal voucher –

By including the account number, account name, customer’s name, debited amount, and credited amount, you can produce a personalized journal voucher.

A single voucher may contain the total number of accounts, the account number, and the client’s serial number.

You can create a personalized voucher utilizing your company’s logo, name, and address with QB addins.

The total amount that has been debited and credited is also listed in a column.

Features missing from QB Desktop –

Auto voucher numbering

Amount in word conversion

Customized journal voucher with company logo and address.

4. Payment Voucher –

A feature of QB addins is customized payment vouchers.

The bill date, bill amount, and paid amount are all listed in separate columns. You can also add the amount in word.

By looking at the amount already paid, you may calculate the balance.

The total amount is also listed in a column.

The auto voucher numbering function adds automatic voucher numbers.

Customized payment voucher with company logo, address, and the name is also a feature of QB addins.

Features missing from QB Desktop –

Auto voucher numbering

Amount in word conversion

Customized payment voucher with company logo and address.

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How Today’s Rental Property Owners Are Building Great Tenant Relationships

Owners of rental properties (property) are aware that contented tenants make for good tenants, which can pay them in the long run.

Building relationships with tenants promotes increased communication and a better overall experience for both tenants and landlords.

Let’s talk about the advantages of developing solid relationships with tenants.

Reduce Stress & Tension –

Regular communication shows that you care about your tenants, even if it’s only to check in and make sure things are going well for them.

And it’s that extra layer of care that will shield you from unneeded anxiety and stress.

They’ll Take Care of Your Property –

There are many instances where landlords had to deal with significant damage brought on by departing tenants with a grudge.

Building trusting connections with your tenants fosters mutual respect.

And even if things go wrong and you need to evict them, they’ll be less inclined to damage your property before they go if they feel like they have some sort of relationship with you.

A satisfied tenant is a sign of a strong bottom line –

Building relationships with renters requires being dependable and fulfilling your commitments.

In addition to staying long-term, content tenants make excellent references for other rental properties you have available.

Here are our top 11 strategies for fostering tenant relationships used by landlords today –

Use the right tool –

You might not be using the proper tools if you have trouble staying organized.

Rental management software that is well designed can help you stay organized and save a tonne of time.

You’ll be prepared to respond to any tenant problem in an informed way if you keep organized records and tenant files in one location.

Tenant Management Software UAE is the best way to increase sales while keeping track of your clients and offering ongoing support when necessary.

Elate TMS is the best property management software in Dubai which is used by the property owners to assemble the fundamental data and needs of the possible customers so that the business may offer the greatest services to them and subsequently grow the clientele in the industry.

This property management software TMS keeps track of every point of contact you have so you can determine which is the greatest option and where you should put more effort.

Select the Best Tenants –

Choosing the proper individual to sign your lease is the first step in establishing relationships with your tenants.

Your tenant selection procedure must eliminate candidates that could provide problems.

Follow up on background checks, credit records, and eviction histories with due diligence.

Build Rapport –

Although the connection between a landlord and a renter should always be professional, being social is not a need.

Look for areas of agreement or interests you have in common to discuss.

Ask inquiries and pay attention to your tenant’s responses.

This will establish a solid foundation for the partnership.

Expectations Must Be In Writing –

Building connections with tenants starts with a strong base of clearly stated expectations.

Both parties need to agree on what is expected of them.

Bring your best self to the table, agree on fair expectations, and put everything in writing.

If there is a disagreement, both parties will have a written record to refer to.

However, this does not imply that everything must always be formal.

A text message or email can be sent as a follow-up to a verbal exchange, and the original written agreement will still be available.

Keep Your Promises –

Make sure you follow through on any commitments you make to tenants.

Developing relationships with tenants is very difficult if your words have no meaning.

Tenants won’t believe you until you have a word that is as good as gold.

Stay open to communication –

An honest and dependable landlord maintains open lines of contact. Be accessible to your tenants and always respond to messages right away. Respond to maintenance requests and concerns right away, and never avoid having uncomfortable conversations.

Building relationships with tenants begins with prioritizing communication.

Being accessible to handle issues and queries demonstrates your interest in your tenants and desire for their satisfaction while residing on the property.

As a result, you gain the trust of your tenants and their confidence to approach you with any issues.

Be prepared –

Good communication and appropriate action might be hampered by disorganization.

It will be challenging to remain on top of everything on your to-do list if you are disorganized.

Tenants are left with the impression that they are not regarded when things slip between the gaps.

If you never seem to know what’s going on when tenants call, it will be tough to develop relationships with them.

Healthy boundaries –

The relationship between a tenant and a property owner is inherently conflictual.

The residence of the tenant is what belongs to the landlord.

While it may be tempting to check in on tenants to make sure they are taking care of your home, it’s important to keep boundaries in place.

At the beginning of the connection, decide on an inspection schedule and establish a strict minimum for visits.

Don’t call your tenants too frequently, either. Use less intrusive communication channels like email for less pressing issues.

Always adhere to the law –

Property owners must constantly follow all regulations regarding tenants and landlords.

Failure to do so may result in legal issues, but it can also erode confidence and have an impact on relationships between tenants.

Learn all applicable local, state, and federal laws, and never stray from them.

Be Receptive To Ideas –

Any landlord who is serious about cultivating connections with tenants must respect their viewpoints. The residents are in a better position to spot problems with the unit and may detect things that you might not.

Additionally, tenants are the greatest people to ask for ideas on improvements that everyone who lives there could like.

Never discount a tenant’s suggestions, no matter how flawed.

You don’t have to take every recommendation seriously and it may not always be a good idea, but you should always express your appreciation for the feedback.

Ask inquiries and encourage open communication with tenants to go one step further and collect suggestions from them.

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9 biggest property management challenges

A third-party contractor’s daily control over residential, commercial, or industrial real estate is known as property management.

What is property management’s main advantage?

The owner’s peace of mind is unquestionably the biggest advantage of having a property managed.

Knowing that an unbiased third party is defending their assets, deposits, and tenants, landlords may unwind.

Property Management challenges –

In particular, if you don’t have a full property management system, you probably already understand all the aches and advantages that go along with this demanding yet gratifying profession.

But no matter how many years of experience you have or how much your company has grown, every property manager eventually runs into the same problems.

Perhaps you’re beginning to contemplate issues like:

What can I do to improve as a property manager? Why do I always lack the time? What do I not see?

Your capacity for project management is regularly put to the test, from managing routine facility maintenance to handling financial matters.

Your ability to communicate effectively will ultimately determine the success of your organization.

As if that weren’t enough pressure, you also need to constantly monitor events.

Below is a list of the issues you’ll encounter most frequently.

Employment –

It is impossible to manage everything on your own once you begin to scale.

You must recruit and keep top-notch employees who can address rather than exacerbate your property manager’s difficulties.

Maintenance –

As if owning and renting out buildings wasn’t enough, a property manager’s list of duties always appears to include maintenance.

As soon as you finish one task, another one is waiting to take your time and attention.

Tenant –

You must take care of the people as well as your real estate holdings.

You spend a lot of your time on:

Locating trustworthy tenants.

Obtaining background information

Signing contracts for rental services.

According to client requests.

Interacting with the appropriate contractors.

Addressing problems as they appear.

Tenants should always be aware of your expectations in addition to this extensive list of obligations.

You have to enforce evictions when problems occur, which can be a complicated procedure.

Scaling –

Scaling your revenue also seems like a distant dream when you have so many chores to complete.

You must give your customers the greatest service possible to promote client recommendations, but you can’t do that until you stay on top of your to-do list.

It is a never-ending circle.

Time –

There is never enough time in the day, as every property manager will attest.

Either you are frantically attempting to make up for yesterday’s work, or you are steadily slipping behind.

Few property managers can work a rigid 9 to 5 schedule every day while still taking a full lunch break. Instead, they don’t take a lunch break and typically put in an extra two to three hours a day.

Work overload without adequate pauses will result in burnout, which will subsequently breed dissatisfaction, disappointment, and resignation.

Time management skills, adherence to policies and checklists, and management assistance are a few changes that could make this better.

Never undervalue the impact that choosing the right property and owner has on this all-too-common issue!

Cost –

The rise in additional expenditures brought on by taking on more projects is one of the toughest obstacles property management must overcome.

Tenants continue to complain, contractors need to be paid, and errors happen.

Your profit margin will soon be declining, and you and your accountant will soon be at odds.

Owners and tenants anticipate immediate communication –

It can be quite difficult when a tenant contacts property management by email, office phone call, and cell call all within 60 seconds.

The key in this situation is controlling expectations regarding the property manager’s accessibility at the beginning of your owner or renter relationship.

Dealing with violent and belligerent landlords and renters –

In property management, there will inevitably be some confrontations and disagreements when you’re dealing with an owner’s financial investment and a tenant’s residence.

One of the most frequent causes of property managers quitting their jobs is this problem alone.

Even the greatest property managers still find it challenging to deal with this issue.

Setting reasonable expectations and giving both parties an appropriate induction can help to reduce it.

Google negative reviews and social media complaints –

Because of social media, everyone has an online voice and a corresponding viewpoint today.

We are seeing an increasing number of customers voice their dissatisfaction with the services they receive, which is understandable given the fact that you cannot satisfy everyone and the rising demand for perfection and people having their “rights” met.

Accepting that internet complaints are common and that getting a negative Google review is simple (especially from a disappointed tenant who didn’t get their whole bond back) is important.

The outcome is entirely dependent on how you respond to complaints and negative web reviews, not the complaint itself.

One strategy can address each of these problems. – Elate property management software

Real estate software that runs on the cloud.

It was developed specifically to deal with the dynamic issue the real estate market is currently experiencing.

It is made up of finances, asset management, and property lease.

Real Estate Software UAE is a unique data structure that adapts to your company with powerful web tools, enabling businesses to launch online in the shortest amount of time with the most cost-effective model.

Peniel Technology is the best provider of Elate property management software.

What are the advantages of real estate management software?

Easy to Learn and Flexible –

There is no need for Expensive Training with Tenant Management Software UAE.

Moreover, the tool is adaptable enough to meet all the current needs of property owners or landlords.

Real-Time Precision –

Property management software in Dubai improves the way you communicate with your tenants.

Through automated and manual communication methods, it enables you to share information with them quickly and clearly.

Quick Access –

The software is built with speed and a database that can hold any mass data to assist you more efficiently without compromising the quality of the operation.

Highly Security –

Data security is the top requirement for real estate management software in Dubai, United Arab Emirates. The software has access authorization built in to prevent information disclosure.

Customer support –

Our experts will fix your issue and lead you through the procedure. Send us an email, use the chat feature, or phone us at your convenience using the support number.

We pledge to uphold global standards and provide comprehensive technical assistance throughout the issue to help you with your problems whenever they arise.

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How To Manage Human Resources

What is Human Resource Management?

Human resource management is the management of people in the organization. It fills the gap between employee performance and organizations.

Need for Human Resource management: -

Strategy management –

Any organization’s human resource management depends on this component. Any organization’s performance depends on how well its human resource managed. In addition to making a substantial contribution to corporate decision-making, HR managers oversee strategies to ensure the organization achieves its business goals.

So, these strategies include assessments for present employees and projections for future ones based on business demands.

Training and development –

Since HR managers make substantial contributions to training and development initiatives, therefore, they also play a crucial role in fostering relationships between employers and employees. This helps people advance within the organization, which boosts productivity and employee happiness.

Intercommunication between the employee -

Team building HR managers are organized several events and celebrations. It promotes interaction among workers and fosters a sense of respect and trust among peers.

It is possible to meet all these needs with one software called HUMAN RESOURCE MANAGEMENT SYSTEM (HRMS).

What is HRMS?

A human resources management system used for human resource tasks that connected several numbers of technologies. Unified HR systems go under many different names.

 Let's talk about the most typical: HCM, HRM, and HRIS.

HCM – HUMAN CAPITAL MANAGEMENT.

HRM – HUMAN RESOURCE MANAGEMENT.

HRIS – HUMAN RESOURCE INFORMATION SYSTEM.

HRIS (Human resource information system) focuses on information rather than procedure and it would not anticipate scheduling or time and attendance service. You can also be lacking application tracking.

HCM (Human Capital management) is typically geared toward corporate workforces. HCMs frequently incorporate elements that don't apply to small and mid-sized businesses.

The focus of HRM is on managing human resources, not processing information.

All three HRIS, HCM, and HRM are missing crucial elements.

HRMS is the united HR solution that makes up to 80% of HR processes.

 How does HRMS help employees?

Employee orientation –

You can design an onboarding procedure that rivals the most cutting-edge companies with the aid of an HRMS Dubai.

Enrollment in Benefits–

HRMS makes it easy to manage benefits to the employee. It can make centralized management processes easier like e-signature. Additionally, it can compare sign forms, plans, and enrollments in the employee portal.

Time and Attendance -

Your HRMS and the time clock are synchronized. Hence, it's simple and easy to punch in and punch out. The timekeeping feature of the HRMS logs hours in detail.

Your team does not have to complete paper timecards, which have long been the bane of hourly workers.

The clock notifies workers when they have missed a punch so they can make it up before payday.

Payroll integrity-

HRMS created the payroll integrity. Firstly, employees will pay extra if they arrive early or stay extra.

Secondly, they are aware that the calculation of overtime will be accurate.

Their accruals are being appropriately tracked.

If full-time status affects eligibility for benefits, HRMS UAE can verify the necessary number of hours.

Employees feel more secure because of payroll responsibility.

Employee Scheduling –

Employees can access the portal of an HRMS to view their schedule, switch shifts, request time off, and handle FMLA.

Taking preferences into account for schedules enhances work/life balance.

It makes shift trading less complicated so, employees who want more hours can request them when a shift comes up. As a result, management won't need to bribe resistance from workers.

When their companies adopt HRMS scheduling, part-time employees can more easily manage two tasks.

 Employers who promote work/life balance have loyal employees.

Mobility –

Employees have convenient access to HRMS apps around-the-clock so, you can engage and keep your increasingly tech-dependent workforce by using simple mobile technologies.

How does HRMS help Managers?

Managers can monitor teams from a smartphone or tablet using an HRMS mobile app, so they can complete the employee oversights.

Timecard approval –

HRMS produced digital timecards, each shift includes a calculation of the hours.

All timecards are kept in one place for managers to access. So, they don't have to gather them.

Managers don't need to double-check because the system doesn't create adding errors.

HRMS avoided the missed punches and other timecard errors.

PTO (Paid time off) request –

Time off-related confusion is a typical issue. Managers run the danger of scheduling personnel while they are on vacation if there is no formal framework in place or failing to remember a request made.

Employers use the HRMS PTO feature to request time off. The requested dates are all shown side by side for managers to view. It is a terrific technique for managers to outsource their memory.

The requests that managers have approved are never required to be remembered and the dates that the requests were submitted are displayed.

 If you have a first-come, first-served time off policy, this equalizes the playing field for everyone. It eliminates all injustice, real or imagined.

Schedule formation –

Using drag-and-drop tools and template-based tools, managers may construct schedules quickly

The system locates qualified workers to fill open shifts. Check out the schedules by team, week, or place.

With an HRMS, manager scheduling time can be reduced by up to 70%. It eliminates the trouble.

Companies that wish to make the most out of their people resources will pick an effective HRMS.

Reviewing the following reasons, an HRMS is your key to success:

You'll see faster business growth.

Management of human resources shall be done as effectively as feasible.

Maintaining compliance with labor rules will be simpler.

Your staff will be more content, committed, and inclined to stick with your business.

Reference Page: https://www.penieltech.com/hr-hrms-payroll-software-solutions-provider.html

Contact Point:

Phone:

United Arab Emirates

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Oman:

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Website: www.penieltech.com

Headquarters:

Office 205, NBQ Bank Building, Khalid Bin Waleed St., Bur Dubai

Email:[email protected]

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Top 10 Human Resources Tech Trends for 2022

When in 2020, everything got close down because of the Covid-19 pandemic, many companies learned the importance of HR technology. Since the staff was working from remote locations, it became essential for the companies to provide virtual benefits to their employees. In this crucial time, Human Resources Management Systems (HRMS) software played a huge role by making sharing of information with remote employees easier. This HRMS system has turned things upside down by introducing technology and automation.

📷Top 10 Human Resources Tech Trends for 2022

Human Resource Management Systems help the company to keep track of hiring, improve retention rates, and monitor employee attendance. That is why more and more companies are now trying to implement different technologies so that they can manage payrolls, remain compliant, drive engagement, and monitor time efficiently. Among different technologies, Peniel Technologies’ HRMS software is the best software for small as well as large-scale companies. It boosts up your HR department while eliminating manual practices.

However, since the world of work continues its transitional period in 2022, it is time to look out for Human Resources tech trends that will drive your industry forward.

1) Prioritize Employees’ Health

Due to the pandemic situation, employees were forced to start working from home effectively overnight. In that situation, the health and wellness of the employees became one of the biggest concerns. The wellness of employees remains essential when they again started working from the office. That is why you might see companies spending more on rewarding employees and prioritizing their physical and mental health.

2) Revamp the Role of HR via Technology

Nowadays the role of HR is not limited to just recruitment in the organization. They must be innovative and can also improve their colleagues’ efficiency. So, in the age of digitization, the HR team surely needs to adopt new practices and technologies. Those technologies should have data analytics software and automation platforms so that HR teams can reinvent themselves.

3) Home is Your New Office

Even though some employees want to get back to the office, there are some of them who took up the transition of working from home really well. As a result, you might see the continuation of Work from home in some companies. However, to continue the remote working setup, companies will invest in the technologies that will support this. And one of the best technologies among them is HRMS System. It is the answer to all your HR-related problems.

4) Focus on Analytics

To determine the success of the strategy, the HR team needs to look deeper into it. That is why, in 2022, they are more likely to focus on the statistics such as revenue per employee, effective training, and voluntary turnover rate. In this, the HR Payroll software helps you to focus on meaningful analytics and also allows comprehensive monitoring.

5) Personalize Your Approach

The year 2020 taught the HR teams that every employee has their own needs. To address those needs, managers need tailored approaches. Even though individual circumstances must be considered, personalization is going to be critical this year. In this case, Human Resource Management software is needed to track the time of the employees to help them stay on schedule.

6) Consider Everyone While Taking Approach

No matter if employees are working from the office or working from home, they usually want similar things from their work. Most of them are looking for career growth opportunities as well as want to feel a sense of purpose in the organization. That is why HR teams will invest more in providing the right kinds of training this year to employees. It will ensure that each employee has a meaningful role in the organization.

7) Prioritize Positive Employee Experience

During this time, HR teams have realized that the employee experience is very complex. If the work environment for the employee is frustrating or toxic, then the pay scale might be irrelevant for the staff. So, HR teams are adopting a more personalized approach this year. They are trying to reinvent their employees’ experience by taking surveys. In this case, the team can use HR Payroll software that can conduct regular polls to find out where they can improve.

8) Integrate Services

In the time when companies are operating remotely, it is important to maintain a high level of collaboration. In collaboration, HRMS Software plays an important role as it integrates everything required in a single interface. So, HR teams are most likely to invest more in solutions that offer comprehensive third-party integrations this year.

9) Try Cross-skilling and Upskilling

As per various reports and surveys, one of the main reasons employees move on is the lack of opportunity in the companies. To address this problem, the HR team of the companies will upskill the fitting employees into more meaningful roles. It will not only foster engagement but will also motivate them. That is why HR teams will invest in learning technology this year to help the employees cross-skill and upskill.

10) Organization Mission

Since people are working remotely and being isolated for quite some time, it can be hard for them to stay focused. In this critical stage, it is important for the HR team to make sure that your employees feel a sense of belonging. So, HR teams will look for the software that allows for detailed overviews as well as transparent benchmarks this year. And in this process, HR Payroll software will make sure that the desired goal is achieved effectively and efficiently.

Conclusion:

By the pandemic last year, the importance of technology in HR was amplified. As the world begins to emerge on the other side, the workplace as we used to know has changed forever. In this sensitive time, technology will continue to play an essential role. It will help HR teams build a positive and sustainable company culture.

To help HR teams in achieving these goals, Peniel Technology’s Human Resource Management System (HRMS) software plays a huge role. It has payroll, recruitment, workflows, calendars & employee management, and many more features that will enable teams to continue operating efficiently.

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Importance of Accounting and Auditing in your Organization

In today’s landscape, accounts and auditing are two processes that are vital for every business. On the one hand, accounting helps you to record daily data and reports of the organization. While on the other hand, auditing looks at the accuracy of those reports and data. Accounting deals with different processes financial transactions of a business. It is either performed by accountants or FTA approved accounting software. While Auditing is a process that involves ensuring that the data provided is true and has zero discrepancies. It is performed by auditors.

There are many Auditing firms in Dubai that provide Auditing services UAE and other countries. One such firm is Peniel Technology. We not only provide auditing services but also we are the official partner of some of the best and FTA approved accounting software. Besides that, we are also leading VAT/TAX Consultant UAE and other countries. However, at first, take a look at the basics of accounting and auditing that are significant for your business.

Meaning of Accounting:

Accounting is the process of analyzing, recording, and organizing the financial transactions of a business. Using the financial transactions as the foundation, these analysis reports are generated for the organization. Accounting is a step ahead of bookkeeping because it not only organizes all the business financial data into proper groups as per standards. Nowadays, accounting is done with the help of accounting software. It enables automation and complex calculations to take place. Moreover, depending on your business, it can be done on an accrual or cash basis.

There are many types of accounting in the business such as Managerial Accounting, Cost Accounting, Tax Accounting, Financial Accounting, Credit Accounting, and more. Financial accounting includes the generation of financial statements. Since it reveals the health of your company, it is used by lenders, auditors, and investors. Managerial accounting deals with the generation of process-changing statements. Cost accounting involves evaluating and studying costs in-depth. Credit accounting is ensuring that sufficient cash remains in the business for the smooth running of the organization. Lastly, Tax accounting ensures that tax returns are properly filed.

Meaning of Auditing:

Auditing is the thorough verification process of the financial statements of the organization. It involves examination and analysis of a system, product, and process of a business. To ensure compliance by a business, auditing of an organization takes place. It can be either for the purpose of follow-up or to check performance & compliance. There are three different types of auditing and those are system audit, product audit, and process audit. A system audit to evaluate the effectiveness and efficiency of the organization. A product audit analyses the product or service of the business to make sure it is working as per the requirements. Lastly, a process audit examines the processes of the organization and ensures they are working according to standards.

An audit can be either first, second, or third party. The audit is performed in the business and the evaluation occurs in the first-party audit. An external audit takes place in a second-party audit. And, a stranger audit organization performs the auditing process in a third-party audit. The entire auditing process depends on the type of audit, the nature of the audit, and the individual or people performing the audit.

Need of Accounting in Business:

Accounting is key for making informed decisions about your business. You are at risk of wrong record-keeping if you haven’t invested in accounting software which can crumble your business in no time.

You will know about your expenses, losses, revenue, and profits with accounting. It enables you to reach your organizational goals in a systematic manner. Accounting is essential because it will tell you exactly where the money is going.

It ensures you are paying taxes on time and allows you to pay your employees on time as well.

Accounting helps you in getting a loan when you need it and helps you attract investors as well.

It allows you to keep track of your debt-related information by ensuring you are not in trouble because of your debts.

Accounting enables you to get access to insightful reports. As a result, it will give you detailed overviews of any part of your business.

Need of Auditing in Business:

Auditing is necessary for the organization because it gives you an unbiased overview of your business. To ensure you know where things aren’t as per standards and what you are lacking, auditing is a fundamental step.

Since auditing weeds out errors that may exist in your processes, it enables you to make decisions for the betterment of the organization.

With auditing, it becomes possible to focus on the solutions that ensure your business is working the way it should.

Since auditing ensures transparency, you will know the problems and will be able to solve them.

External auditing enables your business to look more reliable and trustworthy to outsiders. And, it ensures a positive public image.

It helps you cement your relationships with suppliers and clients because they usually require auditing to proceed further.

Peniel Technology for Accounting & Auditing:

Peniel Technology is a one-stop solution for all your accounting software and auditing needs. We provide an automated accounting tool to your organization that lets you record and analyze your financial transactions. It comes with a broad range of features that you can customize as per the needs and requirements of your business. All these are FTA approved accounting software that enables you to make the best decisions for your organization and create professional e-invoices in minutes.

On the other hand, Peniel Technology is one of the leading auditing firms in Dubai and worldwide as well. From providing auditing services UAE to being the best VAT/TAX consultant UAE, we have a team of professionals providing time-bound results. We will enable you to run your business effortlessly by providing the best and most authentic consultants and services in Dubai, UAE, and across the globe. If you want to know more about the accounting software and auditing services we provide, then contact us back and schedule a meeting!!

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Corporate Tax in UAE from 1st June ’23

Recently, the authorities of the United Arab Emirates (UAE) announced that the corporate tax will get introduced from 1st June,23 in the country. As expected, this news has created a buzz among businesses and tax professionals. Interestingly after this, the UAE will become 4th among the GCC countries to introduce a federal corporate tax. If you don’t know, the introduction of federal corporate tax in the UAE aims to further strengthen the position of the country.

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The UAE will accelerate the strategic objective of the country towards development and transformation. As a result, the UAE will become a world-leading hub for businesses and investment. Also, the corporate tax concept avoids harmful tax practices and helps meet international standards for tax transparency. However, corporate tax is still new in UAE. So, it is very crucial for businesses to understand the concept.

To put your mind at ease, we have gathered a list of information about this corporate tax in the UAE that might answer some of your common questions. Let’s dig into it:

What really is Corporate Tax in UAE?

In simple terms, a Corporate Tax is a tax that is levied on the net profit made by businesses. It is a form of direct tax that requires companies to pay a certain percentage of the profit of their businesses as tax. Besides that, it is also famous as “Business Profit Tax” or “Corporate Income Tax.”

What is the rate of Corporate Tax in the UAE and who should pay it?

The corporate tax rate is at 9% of the net profit that is made by the businesses. However, if the net profit is up to 3,75,000 AED, the corporate tax rate will be 0%. This has been applied to support small businesses and start-ups. And, all those businesses that fall under the category of making more than 3,75,000 AED net profit are liable to pay 9% tax.

How is Corporate Tax calculated in UAE?

Corporate tax in UAE is calculated at 9% on the net profit as per the records of the company’s financial statements. However, we need to wait for the proper guidelines from authorities at the taxable net profit.

Which businesses or incomes are outside the scope of Corporate Tax in UAE?

All businesses that exceed the threshold of 3,75,000 AED have to pay the corporate tax. But, there are certain incomes and businesses that are exempted from the corporate tax. Look at the list of those incomes and businesses:

Not applicable on capital gains and dividends received by UAE businesses from its qualifying shareholdings

Not applicable to individuals. It includes any income from investments in shares, employment, real estate, other personal income that is not related to business.

Not applicable on qualifying intragroup restructurings and transactions.

Not applicable to foreign investors who do not have any business in the UAE.

What’s to expect with the proposed Corporate Tax in UAE?

As we walk towards the d-day “June 2023,” there is a lot to unfold on federal corporate tax. Even though it is miles away from now, it is creating a lot of buzz around the globe. Since the federal corporate tax is going to be implemented on 1st June 2023, businesses have plenty of time to prepare for corporate tax. Additionally, the guidelines and regulations are yet to be published. However, it is expected to be available gradually.

We all know that there is limited information on corporate tax that people can study and understand the complexity of it. However, one sure thing about this is that financial statements will become critical more than ever for businesses now. To arrive at the value of the corporate tax that a business is liable to pay, the net profit of the business has become the base. Undoubtedly, it is way more complicated than it sounds.

The accuracy of the business data will define the correctness of financial statements. It ensures the right amount of corporate tax is determined. By now, you must have understood how helpful the business management software will be to your businesses. It assists your business to be corporate tax ready in no time. Besides that, it gives the ability to auto-generate the financial statements such as balance sheet, profit and loss a/c, and much more.

Which software is best that support Corporate Tax in UAE?

Tally Prime is a business management software that is best for supporting corporate tax in UAE. To manage the growing needs of your business, it comes with a range of different features that helps the business. One of the powerful features of this software is to generate instant business reports related to financial, accounting, and inventory statements. This includes profit and loss account a/c, tax, balance sheet, and so on. Besides that, it helps you to be corporate tax ready.

From filing accurate VAT returns to generating tax invoices, Tally Prime software comes with complete support for UAE VAT. Apart from being business-ready on the date of implementing the corporate tax, you should look after the process of a smooth transition to the corporate tax era. That is why the thing that should be at the top-most priority for your business is having the right business management software. Something that is not only is used for corporate tax but also helps you to understand and manage your business more efficiently than before.

Peniel Technology is the official Tally Prime reseller in UAE. It ensures that the software installed in your organization will be authentic. We have been presenting feature-rich, vigorous, and cost-effective solutions in the form of Tally Prime. With a strong and dedicated team of the best software professionals, we count ourselves as the ideal blend of technical excellence, customer service, and value for money. Besides that, it also comes with complete support for UAE VAT. With Tally Prime, all the information about your business will be just a click away. You will be able to achieve all the desired goals of your organization.

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Why Cheque Printing Software? Elate

In the traditional method, the cheques were all handwritten which has a higher risk of making an error. Maintaining the details of issued cheques is also a huge task. To make cheque maintenance easy for the organization, we come up with a solution of Cheque Printing software.

A cheque printing software is a computer program designed to manage and print cheques easily. To make a professional cheque book, the cheque printing software helps to print all the required information as payee name, amount, date, and account number. This software is essential to the fact that provides centralized data and saves time. Elate cheque printing software is also useful to print bulk numbers of the cheque for employees, loan installments, and other purposes.

The benefits of having cheque printing software are:

Works with all printers – user need not buy a new printer for using the software. Any type of printer in use can be installed with the Elate cheque printing software.

Easy to use – the cheque printing software comes with all the bank layouts and user-friendly design.

Converts numbers to words – when you type the amount in numbers, the software automatically converts it into words. For example, if you type 40,000 then it is automatically written as forty thousand which makes the task easy for the user.

Track the cheque – with the software, the user can track and record all the cheques being printed.

Multiple companies – the cheque printing software allows you to print different companies with multiple users.

In-built cheque templates – the cheque printing software comes with inbuilt templates for all the banks required for the user.

Batch printing – when a company requires the bulk amount of cheques, then you can do batch printing with the software.

The cheque printing software allows you to directly print the cheques from your desktop. You can configure the printer settings for easy and fast printing of the cheques. You can print salary cheques in one click with the help of batch printing.

The cheque printing software also provides you to print cheques with your customized formats. You can print all the elements like payee, amount, logo, and date by just feeding in the software. The cheque printing software will also give a better impression of your business. When you provide a printed cheque, your company will stand in a better position to the payee.

When you print cheques on a recurring basis, you can easily store and print the payee’s mailing address. The Elate cheque printing software helps make all your cheque writing more efficient, cost-effective, and secure. We provide different templates based on your requirements and user can use the desired template according to their need.

With cheque printing software, you can reduce the cost of cheques being canceled due to date, spelling mistakes, or incorrect amounts. For example, while writing the cheque manually, there is a higher chance of to mistake of fourty instead of forty. This can be avoided when you use cheque printing software which converts the number written into words automatically. You can also print the cheques from any of the accounting software used by the company such as QuickBooks, Tally, sage, and Peachtree.

The Elate cloud cheque printing software also provides online cheque printing software which allows you to print cheques from any of your web browsers easily. Apple mac book users are highly benefited from the cloud printing software. This is an online platform from which you can print cheques from your local printers.

The cheque printing software also provides you with a Post Dated Cheque (PDC) which reminds you of the postdated cheques provided to the customers. Hence, a cheque printing software UAE is the one that improves the company’s standard and mange time and cost of the user.

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what is ERP and why do you need same? - Elate ERP

An ERP software with all the required modules will provide the enterprise planning, customer satisfaction and control over all the process in the business.

To ensure the integrated process within the organization ERP Dubai provides centralized databases that has a standard schema. This helps to access the data across the enterprise with the constant workflow. For example: consider a company that produces juice with procuring various fruits from other vendors. ERP Dubai helps to track the entire process from the order of fruits till the juice dispatched. Each purchase done, juice produced, fruits used will be maintained in the database. If there is any error in the productivity can be found from the ERP and eliminated efficiently.