Product Updates

New Product [April-2024]

Each month, we dedicate ourselves to enhancing our platform based on the valuable feedback we receive from our users. Our goal is to ensure that every update not only adds value but also addresses your specific needs and requests.

This April, we are thrilled to unveil significant upgrades to our Multi-Warehouse Inventory Management system, introduce an exclusive integration with Wio for our UAE users, and launch a new feature that allows you to import your Charts of Accounts—designed to streamline your financial and inventory management processes.

New Features:

Enhanced Multi-Warehouse Inventory Management

Our ongoing commitment to support your business growth has led us to make substantial enhancements to the Multi-Warehouse Inventory Management system. Here’s what’s new:

Multi-Warehouse Inventory Management

Automated Warehouse Setup: Automatically create a primary warehouse with a corresponding chart of accounts when you set up a new organization. Add more warehouses as needed, each integrated into the system with unique identifiers and financial accounts.

Detailed Inventory Tracking and Adjustments: Track each inventory item meticulously. Set initial quantities through inventory adjustments, which are directly posted to the ledger, ensuring accuracy in financial reporting.

Integrated Purchasing and Sales Systems: Automatically update inventory quantities and financial entries when purchasing stock. Sales activities reduce inventory from the specified warehouses, keeping inventory levels in sync with business activities.

Efficient Returns and Transfers: Manage returns through credit notes, reversing sales entries. Facilitate transfers between warehouses with inventory adjustments, optimizing stock distribution.

Comprehensive Reporting: Access detailed reports on inventory movements by warehouse to make informed decisions about stock management, reordering, and warehouse utilization.

Exclusive for UAE: Introducing Wio Integration

We are excited to announce a new partnership with Wio, a leader in tailored banking solutions for businesses, now integrated directly with Wafeq’s platform for our UAE users. This collaboration brings several new functionalities designed to enhance your financial operations:

Wio Wafeq

Direct Bank Feeds: Keep your financial data up-to-date with direct bank feeds from Wio, ensuring accuracy and timeliness in your financial reporting.

Automated Reconciliation: Benefit from real-time transaction data from Wio, enabling Wafeq to automate the reconciliation process, significantly reducing manual errors and saving time.

Enhanced Payment Features: Simplify your payment processes with the ability to set up, authorize, and send payments securely through Wafeq, utilizing Wio’s robust banking infrastructure.

Live Financial Data: Access your Wio account balances and financial statements seamlessly within Wafeq, providing you with a transparent and real-time view of your finances.

Importing Charts of Accounts

In response to user requests for more streamlined accounting processes, we’ve introduced a new feature that allows you to import your Charts of Accounts directly into Wafeq. you can now easily upload your accounting framework, making it simpler to set up your financial management system:

Easy Upload: Import your Charts of Accounts from a CSV or Excel file directly into Wafeq.

Quick Setup: Accelerate your account setup and ensure your financial reporting aligns with your existing accounting structure.

Importing Charts of Accounts

At Wafeq, we strive to tailor our updates to meet the diverse needs of our customer base, and your feedback is crucial in guiding our development process. We hope these enhancements will simplify and improve the effectiveness of your inventory and financial management tasks. Stay tuned for more updates as we continue to refine and expand our features to support your business success.