IRAS recognises the importance of accounting software in helping businesses comply with their tax obligations, and CyanSYS is proud to announce that their software are compliant with the latest IRAS (Inland Revenue Authority Singapore) requirement. The Company’s accounting software is approved for the third consecutive year by IRAS from 28 May 2017 to 31 December 2019.
Microsoft announced the official name and release date of its new cloud ERP solution. D365 will officially be available in July.
The cloud-based all-in-one business management solution, which was formerly known as Dynamics 365 “Tenerife”, will have the full functionality of Microsoft Dynamics NAV. The On-Premise version will continue to exist.
Starting July 1st 2018, Dynamics 365 Business Central will be available in Singapore in two price packages: “Essential” and “Premium”. The “Essential” version contains all the key modules, such as those required for finances, operations, sales and customer service, as well as human resources, project and supply chain management, whereas the “Premium” edition has additional modules for service order management and manufacturing.
D365 is intended to upgrade entry-level accounting software and ERP legacy systems easily and quickly. Updates are performed automatically by the cloud solution to eliminate complex upgrade processes. The basic functionalities integrate with other Microsoft cloud services (e.g., Office 365) and can be customized and extended with PowerApps, Microsoft Flow, and Power BI for specific, growing, and changing business needs.
Microsoft’s primary goal is to create a flexible cloud platform through automated tasks and workflows (using familiar tools such as Office, Outlook, Word, and Excel), networked data and intelligent technologies to offer users a standardized and efficient way of handling business transactions. The created company networking will be helpful to make informed decisions. D365 has also a new modern user interface to provide a better overview and increase productivity.
]With the enhanced user experience, its extensibility, and the full functionality of Dynamics NAV, the all-in-one business management solution offers many benefits – particularly for companies, which are looking for a flexible solution that grows and changes with them just as their requirements.
The first thing sold online was in 1995 when Amazon embarked on its journey as an online bookstore and sold their very first book. Since then, e-commerce has evolved from a novel concept to one of the vital cogs of the world’s economy. This transition and its impact on the global retail dynamics enticed the Singapore based firm CyanSYS to venture into the e-commerce space. As an ERP company which set sail in 2002, CyanSYS partners with major e-commerce vendors to understand the crux of this major business extension.
After the company began its stunt in the e-commerce sphere, Pei Juan Chua, COO of CyanSYS took over the reins of operations and systems strategy from Theng Wee, Founder & CEO of CyanSYS, to engage more customers in the e-commerce sector. Pei Juan, immediately after taking over, started engaging with the customers to quantify their experience. “It is no mean feat, but we have to constantly adjust, fine tune, and get it right for customers who are with us,” quips Pei Juan.
Leveraging Microsoft technology stack, including NAV, the firm builds customized ERP solutions that cater to needs of 90 percent of its clients. These solutions address the changing demands of SMEs, helping them to evolve with the right investment plan in e-commerce. These investment plans empower the customers to grow and choose the appropriate e-commerce strategy in its portfolio. The customers achieve higher time-to-market and productivity, as CyanSYS merges disparate solutions and platforms to drive the customer experience.
These integrated solutions further improve the efficiencyof businesses along with the rise in customer engagements. Some of the prominent customers of CyanSYS include Courts, Gain City, Best Denki, Far East Flora, Focus Point, and Komugi Bakery.
We adopt an open-approach to source the best partnership with the correct e-commerce partner and deliver a total “joint-venture” solution
Since the past fourteen years, the company has seen profound growth with its framework of methods and resources to manage the retail business model. With such a remarkable market experience, the company is transforming a part of its offerings into e-commerce solution and assisting its customers to succeed with the right methodology in retail sector.
CyanSYS works to expand its business model through strong partnerships and provide an omnichannel retail experience to the customers. “We adopt an open-approach to source the best partnership with the correct e-commerce partner and deliver a total “joint-venture” solution to our customers,” attributes Pei Juan. The firm with Microsoft NAV builds customized solutions to deliver, faster, cheaper, and better services to its clients. The company also welcomes other technology partners in the e-commerce space to embrace the transformation and leverage on new market opportunities. To build an omnichannel, one stop solution, the company emphasizes on its research and testing program.
Over the years, CyanSYS has continuously evolved to stay relevant, innovative, and competitive. Keeping in line with this vision, the company intends to leverage the new technology platforms, servers, and Microsoft tools in the future, to improve its existing retail solutions and grow its e-commerce integration model through tighter coupling. The company also envisions embedding the machine learning and artificial intelligence tools of Microsoft in its catalog. “With e-commerce, we are now only at the beginning of the next exciting cycle to help our portfolio of customers to attain success better, faster, and cheaper and stay sustainable. This will be our continuous focus to ride on the technology curve,” concludes Pei Juan.
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Foo Kon Tan LLP is one of Singapore’s most established and respected accountancy practices. Foo Kon Tan LLP, Chartered Accountants of Singapore and its associated companies provide a full range of assurance, tax and advisory services to help clients navigate the ever changing dynamics of the business and regulatory environments in the domestic as well as global markets. Today, they are amongst the top 7 accountancy practices in Singapore.
Come August 17, they are conducting the following seminar to give an overview on what is sustainability reporting, how does it impact the company and its stakeholders, and how does it affect company valuation? Foo Kon Tan LLP’s Director and Partners will also take this opportunity to go through the introduction of the new revenue recognition standard.
Programme Outline
Revenue Recognition – A closer look at the new revenue recognition standard, FRS 115
Revenue recognition will change dramatically with the introduction of the new standard, FRS 115 Revenue from Contracts with Customers. All organisations will face some challenges and additional work in relation to the implementation of the new standard. This will have a significant impact for many, especially entities where the current FRS provides little application guidance. Since FRS 115 was first introduced few years ago, there have been some clarifications and changes made. Now, get updated on the changes, clarifications and the sectors that are most affected by FRS 115.
Preparing for the New Financial Instruments Standard, FRS 109
FRS 109 Financial Instruments will replace FRS 39 Financial Instruments: Recognition and Measurement. The new Standard is complex and will have a considerable impact on financial performance, operations and financial reporting systems, especially in relation to the new impairment requirements. What are the changes between FRS 109 and FRS 39? Are you ready for the upcoming changes, in particularly the expected credit losses model, a paradigm shift?
Sustainability Reporting
A sustainability report goes beyond the financial, employee, environmental and social data; it demonstrates how the company integrates broader risks and opportunities into its long-term strategy, risk management, operating policies and procedures, and the trade-offs between these issues. This means that sustainability reporting pulls together information that sits in separate reporting strands to explain how the firm creates value for its customers and stakeholders. What are the reporting requirements in the Singapore context? How do you implement sustainability reporting?
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Komugi is a bakery and café chain offering delicious, handmade Japanese breads, cakes and confectioneries in various locations across Malaysia. The Komugi team of Japanese pastry chefs bake everything daily to ensure their customers enjoy the freshness and true quality of the brand.
Starting small
When the first Komugi Bakery & Café locations opened in Malaysia, they were using a local Point of Sale software, Raptor POS, to manage their sales. Each POS had its own database, which meant that when it was time to update prices, products or promotions, the IT staff was forced to remotely access every single store to perform the updates during the night. This was very time consuming and inefficient.
They also had problems with the database located at POS level, which caused discrepancies in the business data at the central database.
In their headquarters Multiple Rewards, the company managing the Komugi brand in Malaysia, used UBS as their accounting software. This system could however only manage general accounting, forcing the team to enter sales manually in the accounting system, after having collected the sales information from every single Komugi outlet.
All in all, Komugi was unable to exchange data easily internally, and a lot of manual work was required to compile and verifyall the data coming from different stores, before manually entering the information into UBS accounting system.
The need for a powerful and reliable system
As the business grew and Komugi opened more stores, the company realized that these disconnected systems were holding them back, wasting Komugi’s time and money on manual processes which could be automated.
When the company decided to look for a faster, more powerful and reliable system, they contacted CyanSYS , an LS Retail partner based in Singapore. CyanSYS advised the company to implement LS Nav Hospitality, a complete management system for hospitality businesses based on Microsoft Dynamics NAV.
Timely and accurate reporting
With LS Nav Hospitality, Komugi is now able to generate reports quickly and efficiently. With the old system, it took at least 2 hours to generate sales reports, forcing the staff to to manually access each store remotely – all the while, working after business hours in order not to disrupt the business. Now, thanks to LS Nav, Komugi’s sales reports are always up-to-date in the system. This enables executives to create action plans in response to real-time trends, and take smart decisions that have a direct impacton their bottom line.
Easier expansion
Today Komugi can manage its whole chain in one single business management system.
LS Nav Hospitality also simplifies and supports the brand’s growth. Multiple Reward is satisfied with how easy and quick it is to open new stores: it only takes a day to the Komugi IT team to roll out the core technology in new locations.
For more than two decades, LS Retail has been developing easy and practical software solutions to make the shopping and dining experience a pleasure worldwide. LS Retai products and solutions are sold through a global partner network and have been installed in more than 66,000 stores in over 120 countries.
In the recently concluded “learning journey” for micro-retailers where Minister for Trade and Industry S Iwaran met up with representatives of Merchant’s Association and the Singapore Mini Mart association, the minister mentioned that “The retail industry is changing fast. Our retailers can respond by adopting innovative solutions and new productive formats to drive operational efficiency and attract new customers. Small and micro retailers can be part of this industry transformation by adopting innovative solutions for growth and competitiveness. Scale should not be a barrier as small businesses can collaborate with associations and industry partners to achieve the desired outcomes”.
As the Chinese proverb goes – ‘a single pair of chopstick break easily, but many pairs of chopsticks can sustain the pressure of not breaking.’ This teaches us that teamwork plays an important role in every aspect of an organization. This is evident in the recent Sundown Run where CyanSYS – led by our Managing Director and Chief Operating Officer – took part in the 5km, 10km and 21km run.
Deciding on a hybrid cloud provider has additional challenges over a public or private cloud offering. When you are looking at a private or public cloud you compare features and functionality based on one environment. However, with a hybrid cloud you have to look at the solution provided in both your environment and what is external to your environment. Read More
If Black Friday and Cyber Monday are any indication, 2017 should be a good year for ecommerce. Indeed, in the United States alone, shoppers made an estimated $3.34 billion in online purchases on Black Friday and a whopping $3.39 billion the following Monday, breaking previous records. Read More
As the business grew and Komugi opened more stores, the company realized that these disconnected systems were holding them back, wasting Komugi’s time and money on manual processes which could be automated.
With LS Nav Hospitality, Komugi is now able to generate reports quickly and efficiently. With the old system, it took at least 2 hours to generate sales reports, forcing the staff to to manually access each store remotely – all the while, working after business hours in order not to disrupt the business. Now, thanks to LS Nav, Komugi’s sales reports are always up-to-date in the system. This enables executives to create action plans in response to real-time trends, and take smart decisions that have a direct impact on their bottom line.
