Wafeq

1. Initial Setup and Configuration

• Account Creation: Users start by creating an account on the Wafeq platform.

   

• Customization: The software allows for extensive customization to fit the specific needs of the business, including invoice templates, column labels, text colors, and company stamps.

   

2. Data Migration

• Importing Data: Users can import existing data into Wafeq. This includes customer and supplier information, inventory levels, and financial records.

   

• Bulk Editing: Wafeq offers a sheet view for bulk editing, similar to Excel, which facilitates faster data entry and adjustments.

   

3. Training and Onboarding

• Free Training: Wafeq provides free webinars led by experts to help users master the software in less than an hour.

   

• Help Center: Detailed help articles are available to guide users through various features and functionalities.

   

4. Integration and Testing

• System Integration: Wafeq integrates with other business systems to streamline operations, such as payroll, inventory management, and VAT return generation.

   

• Testing: Users can test the system to ensure all features are working correctly and that data has been accurately imported.

   

5. User Access and Permissions

• Team Collaboration: Users can invite team members and control their access with over 60 permissions to choose from and combine.

   

• Employee Reimbursements: The platform includes an employee expense claims management flow that is streamlined with payroll.

   

6. Go Live

• Final Adjustments: Any final adjustments and customizations are made before going live.

   

• Support: Wafeq offers 24/7 support in English and Arabic through live chat or phone calls to assist with any issues during the go-live phase.

   

7. Ongoing Support and Optimization

• Expert Support: Continuous support is available to help users optimize their use of the software.

   

• Updates and Enhancements: Wafeq regularly updates its software to include new features and improvements based on user feedback.

   

Timeline

The exact duration of the implementation process can vary depending on the size and complexity of the business. However, with the streamlined setup, free training, and robust support, businesses can typically start using Wafeq effectively within a few days to a week.This comprehensive approach ensures that businesses can quickly and efficiently transition to using Wafeq, leveraging its full suite of features to manage their accounting and invoicing needs.

Invoice Customization

1. Column Labels: Users can change the text of any column to suit their specific needs, ensuring that the invoices reflect the exact information required by the business.
2. Text Color: The text color on invoices can be changed to match the business's brand identity, providing a cohesive and professional look.
3. Invoice Templates: Users can save and reuse their preferred invoice templates, which helps in maintaining consistency and saving time on repetitive tasks.
4. Company Stamp: Businesses can upload their company stamp to be included on invoices, quotes, receipts, and other documents, adding an extra layer of authenticity and branding.
5. Multilingual Support: Wafeq supports invoice creation in multiple languages, which is particularly beneficial for bilingual businesses. This feature ensures that businesses can communicate effectively with customers in their preferred language.

Reports and Financial Statements

1. Customizable Reports: Wafeq offers a variety of reports that can be customized to provide insights into different aspects of the business, such as project or cost center profitability, cash forecasts, and inventory movements.
2. Consolidated Financial Statements: Users can generate consolidated financial statements for multiple organizations in any reporting currency, which is useful for businesses operating in multiple regions.

User Access and Permissions

1. Team Collaboration: Wafeq allows businesses to invite team members and control their access with over 60 permissions to choose from and combine. This ensures that each team member has access only to the information they need.
2. Employee Reimbursements: The platform includes an employee expense claims management flow that is streamlined with payroll, allowing for efficient handling of employee expenses.

Integration and API

1. API Integration: Wafeq offers an API that allows businesses to integrate the software with other applications, such as Foodics and Stripe. This integration capability ensures that businesses can streamline their operations and maintain accurate financial records.

    

2. Custom API Calls: Businesses can interact with any third-party API endpoint using authenticated Passthrough Requests, providing flexibility in how they manage their data.

    

Inventory and Payroll Management

1. Inventory Tracking: Wafeq allows businesses to keep track of stock levels and automatically book the cost of goods sold, which is essential for businesses with significant inventory.

    

2. Payroll Management: The software includes features for running payroll and inviting employees to submit their expense claims, ensuring that payroll processes are efficient and accurate.

    

VAT and Tax Compliance

1. Automated VAT Return: Wafeq can automatically generate VAT returns in the format required by the tax authority, simplifying the compliance process for businesses.

    

2. Regional Customization: The software is tailored to meet the specific tax and compliance requirements of different regions, such as the UAE and Saudi Arabia, ensuring that businesses remain compliant with local regulations.

    

Additional Customization Features

1. Bulk Data Entry: Wafeq offers a sheet view for bulk editing, similar to Excel, which allows businesses to enter and edit data quickly and efficiently.

    

2. Shortcuts: The software includes quick shortcuts to minimize clicking and save time, allowing users to jump to any page quickly.

    

These customization features make Wafeq a versatile and adaptable solution for businesses of all sizes, ensuring that it can meet the unique needs of each business effectively.

Pricing Plans

Wafeq offers several pricing plans to accommodate different business sizes and needs. The starting price for Wafeq is $13.00 per month, and there is also a free version available. The pricing model includes both subscription options and a free trial, allowing businesses to test the software before committing to a paid plan.

Setup Fees

There is no explicit mention of setup fees. This suggests that Wafeq may not charge additional fees for the initial setup, making it more accessible for businesses to start using the software without incurring extra costs.

Maintenance Costs

Wafeq does not appear to charge separate maintenance fees. The software is designed to be user-friendly and includes features that minimize the need for extensive maintenance. For example, the platform offers bulk data entry and shortcuts to save time and reduce the complexity of managing financial data.

Support Charges

Wafeq provides 24/7 support in both English and Arabic through live chat or phone calls. The sources do not indicate any additional charges for this support, implying that it is included in the subscription fee. This comprehensive support ensures that users can get help whenever they need it without worrying about extra costs.

Additional Features and Customization

Wafeq offers a range of customizable features, such as:

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

   

• Reports and Financial Statements: Generate various reports, including consolidated financial statements for multiple organizations.

   

• User Access and Permissions: Control access with over 60 permissions, allowing for tailored user experiences.
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• API Integration: Custom API calls and integration with third-party applications are available, which may involve additional costs depending on the complexity and requirements of the integration.

   

VAT and Tax Compliance

Wafeq automatically generates VAT returns in the required format for submission to tax authorities, which simplifies compliance and reduces the need for external accounting services. This feature is particularly beneficial for businesses operating in regions with specific tax regulations, such as the UAE and Saudi Arabia.

Training Programs

1. Webinars and Online Training

    

   • Free Webinars: Wafeq provides free webinars led by experts to help users master the software quickly. These sessions are designed to cover the most important features and functionalities that users will need on a daily basis.

      

   • YouTube Tutorials: There are video tutorials available, such as the Wafeq tutorial webinar in English, which provides an overview of the software, including user roles, permissions, and other key features.

      

2. Step-by-Step Guides

    

   • Getting Started Guide: Wafeq offers a detailed guide on how to get started with the software. This includes steps like importing contacts, setting up the chart of accounts, adding bank accounts, and setting up payroll.

      

   • Help Center: The platform has a comprehensive help center with detailed articles that guide users through various features and functionalities.

      

3. Customizable Training

    

   • On-Site and Online Training: Wafeq offers both on-site and online training options. These sessions can be tailored to meet the specific needs of the business, ensuring that users get the most out of the software.

      

   • CPD Accredited Courses: For those looking for more formal training, Wafeq provides CPD accredited courses that cover in-depth features of the software. These courses are available through eLearning portals and are designed to help users optimize their use of the software.

      

Support Options

1. 24/7 Support

    

   • Live Chat and Phone Support: Wafeq offers 24/7 support in both English and Arabic through live chat and phone calls. This ensures that users can get help whenever they need it, regardless of the time of day.

      

   • Email/Help Desk: Users can also reach out to Wafeq's support team via email or help desk for any issues or queries they might have.

      

2. Knowledge Base and FAQs

    

   • Knowledge Base: Wafeq has a detailed knowledge base that includes articles, FAQs, and forums. This resource is designed to help users find answers to common questions and troubleshoot issues on their own.

      

   • FAQs/Forum: The platform includes a forum where users can ask questions and share experiences with other Wafeq users, fostering a community of support and knowledge sharing.

      

3. Integration Support

    

   • API Integration: For businesses that need to integrate Wafeq with other applications, the platform offers API integration support. This includes custom API calls and real-time data synchronization, ensuring seamless integration with other business systems.

      

4. Employee Reimbursements and Payroll Management

    

   • Expense Claims Management: Wafeq includes an employee expense claims management flow that is streamlined with payroll. This feature allows employees to submit their expense claims directly through the platform, making it easier for businesses to manage reimbursements.

      

Additional Features

1. Customizable Reports

    

   • Automated Reports: Wafeq provides automated reports that give users a 360° view of their finances. These reports include project or cost center profitability, cash forecasts, inventory movements, and more.

      

   • Consolidated Financial Statements: Users can generate consolidated financial statements for multiple organizations in any reporting currency, which is particularly useful for businesses operating in multiple regions.

      

2. User Access and Permissions

    

   • Team Collaboration: Wafeq allows businesses to invite team members and control their access with over 60 permissions to choose from and combine. This ensures that each team member has access only to the information they need.

1. Password Practices

• Strong Passwords: Wafeq emphasizes the use of robust passwords that combine letters, numbers, and special characters to prevent unauthorized access.

   

• Regular Changes: Users are encouraged to change passwords regularly and avoid reusing them across multiple accounts to minimize the risk of breaches.

   

2. Encryption Techniques

• Data Encryption: Sensitive financial data is encrypted to ensure that it remains indecipherable without the proper decryption key. This applies to both data at rest and data in transit.

   

• Secure Transmission: Encryption protocols like SSL/TLS are used to protect data during transmission, ensuring it is safe from interception.

   

3. Multi-Factor Authentication (MFA)

• MFA Implementation: Wafeq integrates multi-factor authentication, requiring multiple forms of verification (e.g., text messages, phone calls, fingerprints) to enhance security and make unauthorized access more difficult.

   

4. Regular Monitoring and Alerts

• Monitoring Systems: Wafeq employs multi-level monitoring systems to check for unusual activities or unauthorized access. Real-time alerts help prevent potential security breaches.

   

• Audit Trails: The software maintains a complete history log of all activities, allowing users to track who did what and when, thus ensuring accountability and transparency.

   

5. Employee Training and Awareness

• Security Training: Comprehensive security training is provided to employees to ensure they understand the importance of secure data handling and are aware of potential security risks.

   

• Induction and Refresher Training: New employees receive appropriate training before accessing personal data, and all employees undergo annual refresher training. All training is documented for evidence purposes.

   

6. Physical Security

• Access Control: Physical access to premises where personal data is processed is controlled through identity cards and restricted access to specific areas.

   

• Secure Storage: Sensitive personal data in hard-copy form is stored in lockable equipment or rooms with key or code control procedures.

   

7. Contractual and Legal Controls

• Data Processor Agreements: All data processors handling personal data on behalf of Wafeq are subject to contractual obligations or other legally binding agreements to ensure compliance with data protection regulations.

   

8. Incident Management

• Security Incident Process: Wafeq has a defined process for managing security incidents, including investigation, risk rating, and decisions on whether to notify incidents to relevant authorities.

   

• Secure Communication: Secure email software is used for communicating sensitive data with third parties, and where not available, password protection is employed for email attachments.

   

9. Data Loss Prevention (DLP)

• DLP Tools: Wafeq uses DLP solutions to monitor and control the movement of sensitive data, preventing its transfer through unauthorized channels and logging any attempts to do so.

   

10. Periodic Software Updates

• Regular Updates: Wafeq ensures that its software is regularly updated to include security patches and improvements, protecting the system from vulnerabilities and potential cyberattacks.

   

These measures collectively ensure that Wafeq provides a secure environment for managing financial data, protecting it from both external and internal threats.

Frequency of Updates

• Periodic Updates: Wafeq releases updates periodically to enhance security, functionality, and compliance. The exact frequency of updates is not specified, but it is implied that updates are regular and timely to address any emerging issues or improvements.

   

Management of Updates

1. Development and Testing

    

   • Controlled Environment Testing: Before applying updates to the live system, Wafeq tests them in a controlled environment, such as a sandbox or test instance. This helps identify and address potential issues before they impact users.

      

   • Bug Fixes and Enhancements: Updates often include bug fixes, new features, and enhancements that streamline processes and improve the overall user experience.

      

2. Deployment

    

   • Scheduled Deployment: Updates are deployed according to a schedule that minimizes disruption to users. This ensures that critical updates are applied promptly while maintaining system stability.

      

   • Automated Processes: Wafeq uses automated processes to deploy updates, reducing the risk of human error and ensuring that updates are applied consistently across all systems.

      

3. User Communication and Training

    

   • Update Notifications: Users are notified about upcoming updates and their impact on the system. This includes information on new features, security patches, and any changes to existing functionalities.

      

   • Training and Documentation: Wafeq provides training sessions and documentation to help users understand and adapt to the changes introduced by updates. This ensures that users can take full advantage of new features and improvements.

      

4. Monitoring and Feedback

    

   • Post-Update Monitoring: After deploying updates, Wafeq monitors the system to ensure that it functions as expected and that there are no adverse effects on performance or security.

      

   • User Feedback: Wafeq encourages users to provide feedback on updates, which helps the development team identify any issues and make further improvements.

      

5. Compliance and Security

    

   • Security Patches: Updates often include security patches that protect the system from vulnerabilities and potential cyberattacks. Staying current with updates helps ensure that Wafeq remains compliant with evolving financial regulations and standards.

      

   • Regulatory Compliance: Updates may include changes necessary to maintain compliance with financial regulations, helping users avoid potential fines or penalties.

Data Ownership

1. Possession and Control: Wafeq emphasizes that data ownership involves both the possession of and responsibility for information. This means that users have the power and control over their data, including the ability to access, create, modify, package, derive benefit from, sell, or remove data.

    

2. Rights and Responsibilities: Users have the sole irrevocable right to access and utilize their data as they see fit. This includes the right to assign and revoke privileges to others, ensuring that users maintain control over who can access and manage their data.

    

3. Transparency and Accountability: Wafeq promotes transparency in data collection and usage, ensuring that users are informed about how their data is being utilized. This fosters trust and accountability in data ownership.

    

Data Portability

1. Data Transfer: Wafeq supports data portability, allowing users to transfer, transport, or export their data at their discretion. This means users can move their data from Wafeq to another physical or digital location as needed.

    

2. Avoiding Lock-In: By facilitating data portability, Wafeq helps users avoid being locked into a single service provider. This flexibility ensures that users can switch providers if they are not satisfied with the service or if a better option becomes available.

    

3. Interoperability: Data portability also promotes interoperability, allowing different systems to work together seamlessly. This enhances user experience and data accessibility, making it easier for users to manage their data across various platforms.

    

Legal and Ethical Considerations

1. Compliance with Regulations: Wafeq ensures that its data ownership and portability policies comply with relevant data protection regulations, such as the GDPR. This includes providing users with the legal rights to control how their data is collected, processed, and shared.

    

2. Ethical Data Practices: Wafeq prioritizes ethical data practices, ensuring that data handling and sharing are conducted transparently and responsibly. This includes establishing clear data governance frameworks that outline ethical guidelines for data management.

Scaling Up

1. Subscription Plans: Wafeq offers various subscription plans that can be adjusted as the organization grows. Users can upgrade their plans to access additional features and support as their needs expand.

    

2. Adding Users and Features: As organizations scale up, they can add more users and access advanced features. Wafeq allows businesses to invite team members and control their access with over 60 permissions, ensuring that the software can support larger teams and more complex operations.

    

3. Integration and API: Wafeq supports API integration, allowing businesses to connect the software with other applications and systems. This integration capability is crucial for scaling up, as it ensures seamless data flow and operational efficiency.

    

Scaling Down

1. Downgrading Plans: If an organization needs to scale down, Wafeq provides the option to downgrade to a lower subscription plan. This flexibility ensures that businesses can adjust their expenses according to their current needs without losing access to essential features.

    

2. Reducing Users and Features: Organizations can reduce the number of users and features they are subscribed to, aligning their usage with their reduced operational requirements. This helps in managing costs effectively while still maintaining access to necessary functionalities.

    

Flexibility and Agility

1. Agile Adjustments: Wafeq's subscription model is designed to be agile, allowing organizations to make quick adjustments to their plans as their needs change. This agility is crucial for businesses that experience fluctuating demands or seasonal variations.

    

2. Support and Guidance: Wafeq provides support and guidance to help organizations navigate the process of scaling up or down. This includes assistance with plan adjustments, user management, and feature utilization to ensure a smooth transition.

    

Long-Term Considerations

1. Strategic Planning: Wafeq encourages organizations to consider both short-term and long-term goals when planning their scaling strategy. This includes setting outcome and process goals to ensure sustainable growth and scalability.

    

2. Infrastructure Needs: Organizations are advised to consider their infrastructure needs when scaling up or down. This includes implementing repeatable processes and standardized workflows to support efficient operations and scalability.

    

By offering flexible subscription plans, robust user management, and comprehensive support, Wafeq ensures that organizations can scale their operations up or down effectively, aligning their software usage with their evolving business needs.

Contract Renewal

1. Automatic Renewal: Contracts are typically renewed automatically for the same contract period as the initial term. This means that unless a user takes action to cancel, the contract will continue under the same terms.

    

2. Notice Period for Non-Renewal: Users who do not wish to renew their contract must provide written notice of their intent to cancel at least 30 days prior to the end of the current term. This notice can be sent via email or through the customer portal.

    

3. Renewal Fees: Renewal fees may be subject to changes based on the previous year's consumption or new pricing structures. Users will be informed of any fee changes, and both parties must mutually agree to the new terms for the renewal to proceed.

    

Contract Cancellation

1. Cancellation Process: Users can cancel their service by contacting Wafeq's support team or through the customer portal. The cancellation request must be made in writing and will be processed according to the terms specified in the contract.

    

2. Notice Period for Cancellation: The notice period for cancellation varies depending on the contract length. For contracts up to three months, the notice period is typically one hour. For contracts of six months or longer, the notice period is one month.

    

3. Cancellation Fees: If a user cancels their contract before the end of the term, they may be subject to cancellation fees. These fees are determined based on the remaining contract period and the terms agreed upon at the time of signing.

    

4. Refunds and Credits: In some cases, users may be eligible for refunds or credits if they cancel their contract within a specified period after renewal. This period is usually 28 calendar days from the date of the renewal invoice.

    

Special Conditions

1. Force Majeure: Wafeq may excuse delays or failures to perform obligations under the contract due to events beyond their control, such as natural disasters, acts of terrorism, or other force majeure events. This clause ensures that both parties are protected in extraordinary circumstances.

    

2. Termination for Breach: Either party may terminate the contract if the other party commits a material breach and fails to cure it within 30 days of receiving written notice. Non-payment of fees is considered a material breach and can lead to immediate termination.

    

3. Suspension of Services: Wafeq reserves the right to suspend services if there are past due amounts that have not been paid in full. Services will be reinstated once all outstanding payments are settled.

    

These terms and conditions ensure that users have a clear understanding of their obligations and rights regarding contract renewal and cancellation, providing flexibility and protection for both parties.

Regional Compliance

1. Zakat, Tax and Customs Authority (ZATCA) Compliance: Wafeq meets the requirements set by Saudi Arabia's ZATCA for e-invoicing. This includes adhering to the technical specifications for issuing and storing invoices in approved formats (XML or PDF/A3) and integrating with the Fatoora platform.

    

2. Federal Tax Authority (FTA) Compliance: In the UAE, Wafeq complies with the regulations set by the FTA, ensuring that businesses can generate VAT returns and other tax-related documents in the required format.

    

3. Egyptian Tax Authority Compliance: Wafeq is also preparing to meet the requirements of the Egyptian Tax Authority, ensuring that businesses in Egypt can comply with local tax regulations.

    

Security and Data Protection

1. ISO 27001:2013 Certification: Wafeq's integration partner, Integration Labs, is ISO 27001:2013 certified, which ensures that the software adheres to international standards for information security management.

    

2. SOC 2 Type II Compliance: Integration Labs is also SOC 2 Type II compliant, which means that Wafeq meets stringent criteria for data security, availability, processing integrity, confidentiality, and privacy.

    

3. GDPR Compliance: Wafeq complies with the General Data Protection Regulation (GDPR), ensuring that personal data is handled in accordance with European data protection standards.

    

Technical Compliance

1. E-Invoicing Standards: Wafeq supports the technical requirements for e-invoicing, including the ability to issue and store invoices in XML or PDF/A3 format, embed XML in e-invoices, and integrate with tax authority platforms like Fatoora.

    

2. API Integration: Wafeq provides API integration capabilities that comply with industry standards, allowing businesses to connect their accounting software with other systems securely and efficiently.

    

Ethical and Legal Compliance

1. Prohibited Functions Guidance: Wafeq provides detailed guidance on prohibited functions as specified by ZATCA, such as altering or manipulating e-invoice data once issued, issuing e-invoices without required details, or using non-approved systems. This ensures that businesses remain compliant with local regulations and avoid potential penalties.

    

2. Data Ownership and Portability: Wafeq's policies on data ownership and portability comply with legal requirements, ensuring that users have control over their data and can transfer it as needed.