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Wafeq وافِق

www.wafeq.com link_icon

Market Research Report: Wafeq



Company Overview



Name: Wafeq
Mission: No information is available
Founded: No information is available
Founders: No information is available
Key People: No information is available
Headquarters: No information is available
Number of Employees: No information is available
Revenue: No information is available
Known For: Wafeq is known for its comprehensive accounting and e-invoicing software solution designed for business owners and accountants.

Products and Services



Overview


Wafeq offers a range of solutions aimed at simplifying business operations related to accounting, invoicing, payroll, inventory, and financial reporting.

Detailed Product Descriptions



1. Invoicing


  • Description: Simplifies the process of sending invoices, customizing invoice templates to fit business needs, and optionally sending invoices through email or WhatsApp.

  • Key Features:

  • Invoice Customization: Change column labels and text colors, save templates, and add company stamps.

  • Sending Flexibility: Customize messages and send via email or WhatsApp.


2. Purchases & Claims


  • Description: Manage bills, purchase orders, and expenses from a single platform.

  • Key Features: Streamlined handling of purchases and claims to improve efficiency.


3. Payroll & Employees


  • Description: Run payroll and manage employee expense claims, offering easy employee access for claims submission.

  • Key Features: Comprehensive payroll management, hierarchical access controls enable specific permissions for different users.


4. VAT Return


  • Description: Automatically generates VAT returns in the correct format for submission to tax authorities.

  • Key Features: Simplifies and automates the VAT filing process.


5. Inventory Tracking


  • Description: Track inventory levels and automate booking of the Cost of Goods Sold (COGS).

  • Key Features: Real-time tracking of stock levels with streamlined inventory controls.


6. Customers & Suppliers


  • Description: Keep track of money owed to suppliers and receivables from customers.

  • Key Features: Detailed tracking of accounts payable and receivable.


7. Reports & Insights


  • Description: Generates over 30 financial reports for a holistic view of business finances.

  • Key Features: Reports on project profitability, cash forecasts, inventory movements, and more.


8. Collaboration


  • Description: Allows team collaboration while maintaining controlled access to specific business functions.

  • Key Features:

  • Customizable access levels with over 60 permissions.

  • Built-in chat functionality for team communication.


9. Time Saver Features


  • Description: Designed to speed up bulk data entry and overall workflow.

  • Key Features:

  • Sheet View: Excel-like view for bulk editing.

  • Shortcuts: Quick navigation shortcuts to save time.


Recent Developments



  • New Partnerships:

  • Pluto X Wafeq Partnership: A collaboration to streamline corporate spend management.

  • OCTA Partnership: Aimed at boosting financial efficiency in the Middle East.

  • Collaboration with RootFi: For seamless integration.


  • Funding:

  • $3 Million Seed Round: Led by Raed Ventures with participation from Wamda Capital.


  • Regulatory Updates:

  • FTA Deadline Alert: Information regarding the corporate tax registration deadline on May 31, 2024.


Conclusion



Wafeq stands out for its robust suite of features tailored for business owners and accountants. The company's commitment to ease of use, detailed financial reporting, and user control through granular permissions makes it a significant player in the accounting software market. Its recent funding and strategic partnerships position it for growth and further market penetration.

Areas with No Information Available:


  • Mission of the company

  • Founding details (including date and founders)

  • Key people in the company

  • Company headquarters

  • Number of employees

  • Revenue