Omni Articles

There are a number of terms used in Accounting, which are often not fully understood. Below are some short explanations of basic terms used in Income Statement and Balance Sheet reports.

An Enterprise Resource Planning, or ERP Software system, is a critical inclusion in many a business as it delivers vital information about the intricate workings of the business from multiple sources to a centralised hub where the data is analysed.

Selecting an Enterprise Resource Planning Software solution (ERP Solution) is often a challenge. However this is only half the battle. Many ERP Software solutions end up being unsatisfactory because of one main factor, which is a lack of planning and preparation.

This is an initiative by HM Revenue & Customs in the United Kingdom to make it easier for businesses to submit their tax returns. VAT Registered businesses whose turnover is over the tax threshold will be required to submit their VAT Returns digitally from 1st April 2019. This will have to be done by using

An ERP solution for a business needs to be configured correctly and carefully. Every business has unique requirements and configuring an ERP solution is often a complex process. Omni Accounts allows functionality to be incorporated into an ERP software solution in a granular method much like building blocks.

Put down your spreadsheets. Read on to learn the benefits of electronic resource planning software (ERP) and how it can make your job easier.

Unfortunately no one has a crystal ball and there are many different opinions. What we know is that South Africa is currently experiencing a technical recession. Some experts are indicating that the country may come out of this recession in the first half of 2019 and others are more pessimistic . . .

General Rule No 1: All transactions must be recorded. General Rule No 2: The Double Entry method must be used to record transactions. General Rule No 3: Every transaction is recorded in the General Ledger, also known as the Nominal Ledger.

In its most simple format, a POS system is a cash register which captures sales. According to Wikipedia, the basic, fundamental definition of a POS System, is a system which allows the processing and recording of transactions between a company and their consumers, at the time in which goods and/or services . . .

Wikipedia defines a Bill of Materials (BOM) as ‘a list of the raw materials, sub-assemblies, intermediate assemblies, sub-components, parts, and the quantities of each needed to manufacture an end product’. The end products are often referred to as the ‘finished goods’.

Inventory (also referred to as stock) can be defined as the products or items which are sold by a business or used to manufacture products which are then sold.

Managing cash is critical; a business needs to be able to pay its staff and its suppliers. Without these resources a business cannot trade. Cash inflow from sales needs to be quickly and accurately updated. In order to achieve all this, it is vital to have an accurate record of your bank accounts, and . . .

ERP stands for Enterprise Resource Planning. This is a very broad term which covers a large variety of functions. Typically an ERP system refers to software which is integrated across multiple aspects of the processes of a business or enterprise.

A simple definition of Job Costing, is the calculation of all costs incurred in order to do a Job. These costs can be comprised of raw materials, labour, outwork and overhead costs. What a Job is will depend on the type of business.

Wikipedia defines bar codes as ‘A barcode (also bar code) is an optical, machine-readable, representation of data; the data usually describes something about the object that carries the barcode. Traditional barcodes systematically represent data by varying the widths and spacing’s of parallel lines’.

Making regular backups of information is extremely important. Losing data can have an impact on a business ranging from being merely annoying to catastrophic. Unfortunately setting up a good backup system is so often ignored and often not checked on a regular basis.

Bookkeeping is the recording of all financial transactions in a business. The information is captured into accounts, called Nominal or General Ledger accounts, which can then be used to manage the business’s financial transactions.

A simple definition of a manufacturing business is one where the company buys stock, commonly referred to as Raw Materials, and combines these stock items in order to make different items which are then sold, commonly referred to as Finished Goods.

In most cases however the audit inspector from SARS is looking for overall compliance, and in most cases where a SARS inspector uncovers minor incorrect claims, both in respect of input and output VAT, these are simply pointed out to the business undergoing the inspection with the relevant corrective instructions.

Omni Accounts is a fully integrated Enterprise Resource Planning (ERP) and Accounting software package, uniquely designed to meet the needs of various sizes and types of businesses, offering solutions from R 15 000.00 to well over R 500 000.00. This functionality is all contained within the same software package.