Accounting and financial services are vital to any enterprise that seeks to succeed and prosper in the business world. Among the tools adopted by accountants and financial managers to facilitate this important process, we find modern accounting programs that provide many advanced services and jobs; perhaps the most important is the Qoyod program, which allows its employees in Saudi Arabia to benefit from two major services: Qlend and QTahseel.
QTahseel is an optional advanced service that enables local institutions in the Kingdom to collect their bills with the highest efficiency and speed and comes as an added value to assist in accounting operations, on which companies can rely to ensure that their funds are received effectively, thereby contributing to better liquidity and financial management.
Qlend is an indispensable service for users who rely on Qoyod to manage their personal and financial accounts; it allows them to request loans and finance from financing institutions easily and conveniently, thus helping them to achieve their financial objectives efficiently.
In this article, we will discuss more about both services as well as the main benefits and uses of these services in the Qoyod accounting program.
Overview of Qoyod and its role in the management of accounts and finance
Qoyod is a cloud accounting program designed to facilitate the management of the financial accounts of Saudi Arabian companies, enterprises, and institutions. This program provides numerous tools and services that facilitate the effective and reliable recording, control, and tracking of financial operations.
The role of the Qoyod program has many advantages, including but not limited to:
- Recording of financial transactions: The program allows easy recording of all financial transactions, including revenues, expenses, procurement, and sales. This is done through an easy-to-use interface that allows users to accurately input financial information.
- Financial Reporting: Qoyod can create a variety of important financial reports, such as financial lists, income lists, budgets, statements of accounts, and tax reports. These reports help to understand the financial position of the enterprise and to make accurate accounting and financial decisions.
- Tax Compliance: Qoyod assists enterprises and institutions in closely tracking and calculating taxes in accordance with local laws and regulations in the Kingdom; this helps users of the program to avoid any potential legal and financial problems.
- Inventory management: If the company manages a stock of products, Qoyod can track the movement of the inventory and report on its levels and costs.
- Accessibility: Because Qoyod is a cloud program, it enables users to access their financial and accounting data from anywhere and at any time safely via the Internet. This allows the task forces to work more cooperatively and efficiently, even when they are in different places.
- Improved financial efficiency: With available financial reports and analysis, institutions can improve their financial management and make informed decisions for success and sustainability.
What new services does Qoyod provide?
In addition to the many features of Qoyod, it provides additional services to its users, perhaps most importantly Qlend and QTahseel. Here are the highlights of each service:
First, Qlend
Qlend is a key feature within the Qoyod program and is an important solution for users seeking funding and loan solutions that meet their diverse financial needs. This service can be described as a financing bridge linking banks and financial institutions to individuals and institutions in need of financial support.
The Qlend feature enables users of the program to communicate easily with potential financial service providers, whether banks or other financial institutions. This communication includes requesting loans, knowing the terms of funding, submitting the necessary documentation to approve funding, and following up on the status of requests for funding.
The mechanism for the operation of this service
First, the user selects the Qoyod accounting portal, which includes a loan application option. The role of this portal is to facilitate access to the finance service. Users are then required to provide basic financial information, such as monthly income and monthly expenses, and any other information they have to provide. Other financial documents, such as profit, loss, and budget reports, must also be submitted.
After providing the information and documents, the program analyzes and evaluates this data based on the requirements and standards of Qoyod’s approved funding partners. This assessment helps determine the user’s eligibility for financing and identify possible terms of the loan.
Based on the evaluation results, the user’s eligibility level for financing is displayed, showing the amount available for the loan and the possible terms of repayment.
At this stage, the user can communicate with potential funding partners through the Qoyod program, including by submitting the final application and following up on the status of the request for funding until its acceptance and access to the loan.
What are the most important factors determining the user’s eligibility for the loan?
The eligibility criteria for a loan are based on several key factors, which deal with the financial details and documentation provided by the user as well as the criteria and requirements developed by Qoyod financing partners; for example:
- Financial ratios: Financial ratios are one of the most important factors considered when obtaining a loan. These ratios should preferably be the debt-to-equity ratio and the debt-to-revenue ratio at reasonable levels and acceptable to funding partners.
- Credit merit: The decision depends heavily on the date of credit and the record of the user in repayment of previous loans. If he has a good track record of timely repayment of loans and financial obligations, this increases his chances of obtaining a loan.
- Duration of work and income: It is preferable for the user to have a long and sustainable work history and a stable and regular income. These factors reflect the user’s financial stability and ability to repay the loan.
- Securities and financial documents: Qoyod allows its users to provide all necessary documents digitally; this enables the user to provide accurate and complete financial documents such as profit, loss, and budget reports and any other required documents.
- Criteria for financing partners: Each financing company may specify its own criteria for granting loans. These standards may include minimum income, safeguarding requirements, etc.
Second: QTahseel
The QTahseel service is a modern and powerful addition to the Qoyod cloud accounting program and is a qualitative shift in bill collection and financial management for enterprises in Saudi Arabia. Saudi local enterprises can easily activate this service as an optional measure to take advantage of such advantages as the smooth integration with the Cloud Accounting Program “Qoyod,” which covers multiple sectors in the Kingdom. Once the payment is complete, the Qoyod program will manage the collection process, update the records, and include the payment process in the correct paperwork. Immediate reports of all transactions are then created to obtain instant information on the status of collection. All of that is due to the connection between the Qoyod system and the payment system used on this property.
Thanks to this service, enterprises can greatly facilitate the collection of invoices. The new service simplifies billing processes, allowing enterprises to issue invoices easily and conveniently to clients through the program itself; this reduces human errors and contributes to the increased financial efficiency of companies and enterprises. In addition, this service ensures safety and reliability in the management of financial operations and meets the requirements of Islamic law for financial transactions.
QTahseel Packages
Basic Package: Through this plan, the organization can create a payment link in the form of a QR code, which directs the customer to the payment gateway, allowing customers to send their payment details and withdraw the invoice amount easily.
Advanced package: This package is ideal for organizations that need more customization and control. Through this package, organizations can submit requests for the collection of specific invoices to a specialized Qoyod team, which works on behalf of the organization in collecting those invoices, including communicating with and following up with customers. This package gives organizations full control and the ability to focus on other important processes.
In conclusion…
Now that you have a clear view of the Qoyod accounting program and its new features and services, Qlend and QTahseel, what are you waiting for? Try Qoyod now for free for 14 days, and start your journey today towards better financial management.
Check out all Qoyod features and find out how they can help you manage all your accounting operations at your firm. Go towards a better and more effective financial future, and take the first step towards achieving your financial goals.
