June 5, 2019
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 second year running by IRAS from 1st July 2018 to 31st December 2019.
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July 2, 2018
A proven solution for your business
Microsoft Dynamics NAV 2018 connects key functions within your organization. Thus the solution helps you to increase productivity and to simplify your business process. Dynamics NAV 2018 runs in the Microsoft cloud or/and on your servers – the choice is yours.
The new features and functionalities of Dynamics NAV 2018, that have been added to the ERP solution since version NAV 2017, include, among others, an even more intensive Office 365 integration, an optimization of the Web Client and the visual appearance, as well as enhancements, especially in the financial accounting and inventory management.
Microsoft Dynamics NAV 2018 Feature Highlights:
General new features
With the new version, the user is fully supported during setup and configuration by various setup wizards accompanying the user step by step in defining the parameters for a certain module or area. In addition, all classic setup pages can now be called at one single place, categorized by area. Another new feature is the ability to change the role center directly in the Web Client without logging off and to create user task lists that can pint to certain ERP-specific tasks, support prioritization and repetition, and can be connected to defined pages or reports. Version 2018 also allows the user to generate a PDF preview of reports in all major browsers (previously only Internet Explorer).
New financial accounting features
In financial accounting, dimension filters can now be applied to all dimensions. These are available, among others, in the chart of accounts, general ledger, accounts payable and receivable. Certain Excel reports, such as balance sheets, profit & loss, cash flow statements or traw balance sheets, can now also be constantly updated via Excel. Moreover, lists (e.g. journals) can now be accessed in Excel and changes written back, taking business logic into account. Both require an Office 365 account. Dynamics NAV 2018 also offers an additional subledger for employees with individual “employee” ledger entries as well as an account type “employee” in the general journal (e.g. for settling travel expenses). .
New inventory features
Dynamics NAV 2018 surcharges based on gross weight and volume can now be assigned. Gross weight and volume are taken from the item card and units are converted based on this information. Another new addition is the opportunity to adjust vendors with OCR for an even more accurate recognition of invoices. Moreover, items can now be classified (category and further attributes) based on images (using a cloud-based Azure Machine Learning Algorithm).
Connect Workflows with Microsoft Flow
Internal workflows in Dynamics NAV 2018 can now be connected to Microsoft Flow. One use for this would be the approval process for quotes and orders. The approval can be done directly in Outlook, whereby the Dynamics NAV integration also allows the document to be displayed directly in Outlook (assuming Office 365).
Better extensibility and adaptability
Fields and their position can now be adjusted (i.e. fade in and out) in the Web Client. The respective adjustments are made across role centers and users and are stored as extensions. Visual Studio Code can also be used as an additional development environment for Dynamics NAV 2018.
June 6, 2018
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.
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June 6, 2018
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?
Please click
here for more details and to register.
June 6, 2018
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.
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June 6, 2018
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 verify all 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 impact on 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.
