Month: March 2023
Annual Leave in UAE
HLB UAE Payroll Team
Phone:- +971 4 327 7775
Mobile:- +971 55 971 5959
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
Ministry of Human Resources and Emiratization (MOHRE) has announced the introduction of Federal Decree Law No. 33 of 2021 that will regulate labor relations and employment practice in UAE Article 29 of the new UAE Labor law dated February 02, 2022 states the following regarding Annual leave policy;
“The employee must be granted an annual leave during each year of service which may not be less than:
- Two days per month in respect of any employee with more than six months and less than one year of service.
- Thirty days per annum in respect of any employee whose period of service exceeds one year.”
Here our payroll experts in UAE, explain in detail the Annual leave policy in UAE.
Frequently Asked Questions
Is annual leave in the UAE based on calendar days?
Yes, annual leave is calculated based on calendar days and includes any public holidays and weekends that fall within, or any day taken due to illness if they fall within this period.
Are companies allowed to provide annual leave in working days?
Yes, Companies are allowed to provide annual leave in working days with the condition that benefit given to employees are either equal or more than the 30 calendar days. The standard leave days provided by companies using working days is 22 working days per year (Companies who are providing Two weekly holidays to their staff).
- Can the employer determine when the employee leave will be taken?
Yes, employers are entitled to determine when an employee can take their leaves according to the work requirements as per Article 29. The Employer must notify the worker of the specified dates for his/ her leave within a sufficient time of not less than a month. Can an employer prevent an employee from taking annual leave?
The Employer may not prevent the worker from benefiting from his / her annual leave accrued for more than two years, unless the worker wishes to carry it forward or receive cash allowance for the leaves accrued.
How is leave encashment calculated?
Employee is eligible for leave encashment for unutilized leave which will be calculated against his/ her last drawn Basic Salary.
How are UAE national/public holidays that fall within an employee’s annual leave treated?
Any holidays stipulated by law or by mutual agreement, that fall within an annual leave are treated as being part of the leave thereof.
Can part-time employees take annual leaves?
The part-time worker shall be entitled to an annual leave according to the actual working hours the worker spends working for the employer and its period shall be defined in the employment contract.
Can an employee take annual leave during probationary period?
Employee is not authorized to take annual leave during probation. The employer may agree to grant the worker a leave from his/ her annual leave balance during the probationary period. It has to be a mutual agreement between the employer and employee.
Can an employee claim compensation for unutilized leaves at termination of contract?
An employee leaving his employment, whether via termination or resignation is entitled for compensation through payroll of any outstanding leaves and it shall be calculated against the employees last drawn basic salary. In the case of employees whose service period is between six months to one year, the entitlement for compensation for unutilized leave days is calculated at an accrual of two days per month.
See below sample calculation of leave balance during final settlement
Can an employee carry forward leaves to the next year?
The employee may, with the consent of the employer, and in accordance with company’s regulations, carry over his/ her annual leave balance or days thereof to the following next year. Employer is not authorized to carry forward annual leave for a period of two years unless the employee wishes to carry forward it or receive cash benefit against it.
What happens when an employee does not resume to work after end of annual leave?
According to article 89, ‘Subject to the provisions of this Law, any worker who fails to resume work immediately after the expiry of his/ her leave shall automatically forfeit his/ her wage for the period of his/ her absence, with effect from the day immediately following that on which the leave expires.’
Can an employer terminate an employee who is on leave?
No, employers cannot terminate the services of employees who are on annual leave as the law in article 90 states ‘Without prejudice to the instances in which an employer is entitled to dismiss a worker without notice or without the gratuity provided for in this Law, an employer shall not dismiss a worker or serve a notice of dismissal on him while the worker is on a leave provided for under this Section.’
But if the employee is absent without a valid reason for more than 20 intermittent days or 7 consecutive days, Employer has the right to terminate the employee from service.
Can an employee work for another employer during their annual leave?
No, a worker cannot work for another employer while on annual or sick leave provided in article 88. If the employer establishes that he/ she has done so, the employer may terminate the worker’s services without notice and deny him the pay in respect of the leave period.
Is it possible to convert vacation leave into sick leave if required?
Vacation leave cannot be converted to sick leave if an employee becomes ill while on annual leave unless otherwise agreed by an employer.
Payroll Service in UAE
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For a comprehensive understanding of leave policies in GCC countries, Please refer to our articles.
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UAE Unemployment Insurance Scheme
HLB UAE Payroll Team
Phone:- +971 4 327 7775
Mobile:- +971 55 971 5959
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
The Ministry of Human Resources and Emiratization (MoHRE) announced the launch of the ‘Unemployment Insurance Scheme’ for government and private sector employees, on October 11, 2022.
The Unemployment Insurance Scheme is a type of insurance/social security that offers Emiratis and residents financial help if they lose their jobs as a consequence of being fired by their employers in the public and private sectors. The financial assistance will be provided in exchange for the worker paying a monthly insurance payment while they are employed. It aspires to establish a competitive knowledge economy by recruiting and keeping the greatest worldwide talent while maintaining an acceptable standard of life for the jobless.
It is a mandatory social security support program that will pay all employees excluding investors, domestic helpers, part-time employees, retirees who have a retirement pension and those under the age of 18.
Frequently asked Questions (FAQ’s)
Who is obliged to take out unemployment insurance?
- Both Emirati nationals and expatriates residing in the UAE are subjected to compulsory insurance.
- Employees who work on a commission basis may also subscribe to the scheme.
Employees are not eligible if they are:
- Business owners who own and manage their businesses.
- Investors.
- Household workers.
- Temporary employees.
- Less than 18 years old.
- Retired individuals.
- Employees working in UAE Free Zones.
Is taking out unemployment insurance mandatory?
Yes, taking out unemployment insurance is mandatory starting from January 1, 2023, and employees must subscribe to it before June 30, 2023. Failure to register and pay contributions for more than three months will result in a fine.
How can employees subscribe to the unemployment insurance scheme?
Employees can subscribe to the insurance program through various channels, including the insurance pool’s website, smart application, bank ATMs, kiosk machines, business service centers, money exchange companies, du, and Etisalat. They can also use SMS and visit a website called the insurance pool, which comprises a group of UAE-based insurance companies.
What are the steps to subscribe to the unemployment insurance scheme through the insurance pool website?
To subscribe to the unemployment insurance scheme through the insurance pool website, follow these steps:
- Visit www.iloe.ae.
- Locate and click the “Subscribe Here” red icon.
- You will be directed to the application portal. Under the “individual” category, indicate whether you work for the federal government or the private sector.
- Sign in using your emirates ID or UID number (Unified Identification Number), enter your mobile number, and tap on the “Request OTP” button.
- Enter the OTP you receive, after which you will be redirected to your ILOE Dashboard.
- The dashboard will show you whether you fall under category A or Category B, under the scheme.
- You need to review the summary of your information that is displayed. Then check the box saying “I confirm my entries are correct”.
- Next you can choose your ILOE plan you will have the option to subscribe for one or two years. If you subscribe to the scheme for one year, you will also have the option of paying the premium monthly, quarterly, semiannually, or annually.
- After reviewing, tick the “Terms and conditions” box once you have selected your preferred options. Click on “Pay Now”.
- The insurance certificate will be emailed to you once you enter your email address (Optional).
- Then you will be transferred to the online payment channel, where you will need to enter your card information.
- Following that, an OTP will be delivered to the phone number associated with your card. Enter the OTP for payment processing.
- Finally, you will receive an insurance certificate through email once payment has been processed and receive the confirmation.
Who provides unemployment insurance?
Dubai Insurance Co. (p.s.c.) is the authorized insurer to issue policies for the unemployment insurance scheme on behalf of the Involuntary Loss of Employment (ILOE) Insurance Pool.
Who bears the cost of unemployment insurance?
Employees are responsible for paying the cost of unemployment insurance, which can be paid monthly, quarterly, half-yearly, or annually. However, as per the latest update, employers can choose to buy the policy on behalf of their employees and deduct the premium value from their salary or pay it on their behalf.
What is the cost of unemployment insurance premium in the UAE?
The unemployment insurance program in the UAE has two categories based on the employee’s basic salary. For the first category, which includes employees with a basic salary of AED 16,000 or less, the monthly insurance premium is AED 5. For the second category, which includes employees with a basic salary exceeding AED 16,000, the monthly insurance premium is AED 10.
What are the consequences if an eligible employee does not subscribe to unemployment insurance?
- Never subscribed From July 1st, 2023, employees will pay a fine of AED 400.
- Subscribed but stopped paying for at least 3 consecutive months Employees will be disqualified from receiving unemployment benefits. They will be required to resubscribe by getting a new insurance, pay any overdue sums, and pay a 200 AED penalty.
Who is eligible for a compensation claim?
Compensation is available to employees who paid their insurance premium for a full year and who are physically present in the UAE. Employees will not receive compensation if:
- The employee got fired for disciplinary reasons under the UAE’s Labor Law in the private sector (Federal Decree-Law No. 33 of 2021), the Human Resources Law in the federal government, and any other applicable laws.
- The employee resigns.
- The claim involves fraud or deception.
- The establishment where they work is fictional.
How and in which period must the claim for compensation be made?
Claims must be submitted to the insurance pool within 30 days from the date of unemployment. Claims can be submitted via the e Portal www.dubins-wpp.ae, a smart application and the call centre at 800 382467.
How does the compensation get calculated?
Eligible employees must receive a monthly compensation equal to 60% of their monthly basic salary. However, Maximum compensation amount will be AED 20,000/-.
How long is the compensation paid?
Compensation will be paid from the date he/she loses the job and will be paid for 3 months or until he/she finds a job, whichever is earlier.
Important Dates
- Effective start date of unemployment insurance – January 1st, 2023.
- Last date for registering with unemployment insurance – 30th June 2023, Without any fines.
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DMCC Wage Protection System (WPS)
HLB UAE Payroll Team
Phone:- +971 4 327 7775
Mobile:- +971 55 971 5959
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
DMCC has informed on the implementation of the WPS system for the companies registered under DMCC. All Companies are informed to pay their employees’ salaries through WPS system Effective from February 15 ,2023. There is no consequences in 2023. However, starting January 2024, DMCC may implement portal sanctions, fines and other penalties for non compliance of WPS.
What is DMCC WPS?
The Wage Protection System is an electronic salary transfer system that monitors and oversees the payment of employees’ salaries in the UAE and allows the DMCC to keep a record of private sector salary payments.
Steps in implementing DMCC WPS
- Update recent salary of all the staff in DMCC portal.
- Set up monthly salary payments through Company UAE bank or an Exchange House.
- Download Current month salary report from DMCC portal –
In order to download, Go to “My Reports” and extract the report for WPS salary-Current month in DMCC Portal.
- Prepare Salary information file (SIF) using the template provided by the bank or exchange house. Both employer and employee code to be used in SIF will be available in the WPS salary report-current month downloaded from DMCC portal.
SIF Files composition- Employee details are found on the EDR rows
Column A – Employee Details Record.
Column B – Employee 14-digit DMCC number.
Column C – Bank routing code.
Column D – IBAN.
Column E – Start date of salary.
Column F – End date of salary.
Column G – Number of days salary paid.
Column H – Fixed or Basic Salary of Employee.
Column I – Variable Salary.
Column J – No of Leave.
- The last row has the employer details as follows:
Column A – SCR column (Salary control record)
Column B – 13-digit DMCC Company ID.
Column C – 9-digit bank Routing Code.
Column D – File creation date.
Column E – Time of file creation.
Column F – Payroll Month and year.
Column G – No of records in the file.
Column H – Total amount of salary paid.
Column I – Payment currency which is in AED.
Column J – Optional field.
A sample SIF file looks as below
- Employee details are found on the EDR rows
- Upload/submit Salary Information File (SIF) to the bank or exchange house for processing monthly salary
Who all are the parties involved in DMCC WPS?
HOW DMCC WPS Works?
The model adopted by the UAE Central bank is where information flows from the employer via WPS to one or more of the contracted agents for payment of the wages to the employees. The funds from the employer are secured by CBUAE prior to dispatching of information to the agents.
The WPS cycle is explained below in the following infographic;
Employer and Employee ID format
Employer ID
- If company number is 956325, employer id will be DMCC000956325.
- Company number can be ascertained from company license, mentioned as ‘Account Number’.
- Employer ID should be 13 digits.
Employee ID
- Format-DMCC+000+Company employment card/Permanent identity card (PIC).
- If PIC ID is 3264598, employee ID will be DMCC0003264598.
- Employee ID should be with 14 digits, Always adjust number of zeros to keep the total length as 14 digits.
Frequently asked questions
How can one register with DMCC WPS?
Registration can be done by contacting the bank which the employer holds a local corporate account or through an authorized exchange house.
What are the advantages of DMCC WPS?
- Ensures that the agreed-upon wages are paid on time.
- Provides advanced solutions that help employers safeguard their own interests and reduce the hassles associated with paying the employees.
- Improves job security, at the same time ensuring transparency.
- Ensures that DMCC is updated on wage data in the private sector.
- Helps in taking measures to reduce labor disputes regarding wages.
Can one process salary payments via DMCC WPS in a foreign currency?
The only authorized currency of remittance is the UAE Dirham. DMCC WPS payments must be made to a bank account registered in the UAE.
Which payments to employees are processed via DMCC WPS?
All salaries must be processed via DMCC WPS. However, if employees receive any other form of payment from the employer other than salary payments, then these too can be processed via DMCC WPS.
Can a group of companies make all the salary payments for all staff via one SIF file?
No, every company under the group should make their salary payments separately. DMCC WPS does not permit the mixing of payments from different companies in one SIF file.
How many SIF files can be sent by a company in one month?
There is no limit to the number of files that a company can send out in one month.
What is the minimum salary that can be processed via DMCC WPS?
The salary and other allowances payable to the employee as agreed in the contract and what is updated in the DMCC portal should be processed via DMCC WPS.
What is the maximum number of employees whose salary can be processed with one file?
There is no limit to the number of employees whose salary is processed in one SIF file.
Should End of Service Benefits be processed via DMCC WPS?
It is not mandatory to process EOSB and gratuity payments via WPS.
What are fines for evading DMCC WPS?
There is no consequences in the year 2023. However, starting from January 2024, DMCC may implement portal sanctions and fines which will be deducted from the company’s portal account for non-compliance with DMCC WPS payments.
How can HLB HAMT help in implementing DMCC WPS?
- Fully complied payroll system to process DMCC WPS payroll.
- Can assist in registering company with an authorized Exchange house in UAE.
- System-generated SIF file as per the company’s corporate bank SIF format.
- Uploading / Sending SIF file as per Corporate bank account requirement.
- Share the SIF file to the Exchange house according to their required SIF format.
- Can assist in generating WPS salary report from DMCC portal.
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Energy Tariff Incentive Program (ETIP)
Nithin NK, Partner
Phone:- +971 4 327 7775
Mobile:- +971 50 749 0576
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
The Energy Tariff Incentive Program 2.0 (ETIP) is the latest version of the Electric Tariff Incentive Program 1.0 (ETIP). This program includes a gas tariff to the existing Electricity Tariff Incentive Program for eligible industrial sector entities based on the eligibility criteria. The eligibility criteria include economic impact, spending on logistics and, demand-side management efficiency (both for electricity & gas) and energy management efficiency in the Emirates of Abu Dhabi.
The Electricity Tariff Incentive Program was initially launched in 2019 by the Industrial Development Bureau of the Abu Dhabi Department of Economic Development (ADDED). This program is designed for ten years from 2019, which helps manufacturers obtain reduced tariffs based on the achievement of program objectives, thus lowering operating costs and can invest the savings towards R&D and further expansions.
The program was initiated to promote Abu Dhabi’s vision of productivity, efficiency, transparency, and long-term clarity.
Objectives of the program
- Enhancing the economic impact of the industrial sector in the Emirate of Abu Dhabi.
- Boost the manufacturing entity productivity in the Emirate of Abu Dhabi by encouraging technological transformation.
- Improve the efficiency of energy usage in the Emirate of Abu Dhabi.
Description of program
The scoring criteria of the program for Manufacturing Entities which are in operation/production (I.e., industries that have a production license) for more than six months from the date of issue of the production/operational license from ADDED is as follows:
Criteria for ETIP
Several criteria are set for ETIP scoring for electricity and gas incentives. There are variations in the requirements for existing and new manufacturing entities.
Economic Impact
For economic impact (50% weightage), the following attributes are considered:
- Investment in Abu Dhabi.
- Investment top-up score.
- Emiratization; (For existing manufacturers)
- Skilled Employment; (For existing manufacturer)
- Supply Chain. (For existing manufacturers)
For New Companies
For existing companies
AD Logistics Criteria (For new entities)
The weight of supply chain criteria concerning the total score is 30%. The AD Logistics Criteria is part of the Economic Impact evaluation for Existing Companies.
Productivity Criteria
Productivity refers to how well an organization converts input (such as labour, materials, machines, and capital) into outputs. The productivity will be based on the value addition done by the manufacturing entity based on the total number of employees. Weightage is 30%.
Connection load and Energy Management System (Electricity)
The manufacturing entity will scan and submit its site power connection details forum and Single Line Diagram for Connectivity load. If the site is distribution connected for power, the connected load can be greater than equal to or less than 5MW as stated in ADDC/AADC Site. Regardless of their connection load, manufacturing entities can be considered in the ETIP. Weightage is 20%.
Demand side management (Gas)
The applicants forecasted demand for Gas consumption submitted to AD ports is compared with the actual consumption for the scoring criteria. Weightage is 20%.
Stakeholders’ Roles and Responsibilities
There are four key stakeholders in the Energy Tariff Incentive Program. The four stakeholders and their roles and responsibilities are listed below:
Process Flow
How can we help
As a certifying body (CB) for the ETIP program, we can guide the entity through the entire process and help enroll the program. We will advise you on best practices to improve your score.
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Top 5 Reasons Why Financial Due Diligence is Essential for Successful Buyouts
Ammar Kotwal, Manager
Phone:- +971 4 327 7775
WhatsApp:- +971 56 219 1607
Mobile:- +971 55 807 4568
Email:- dubai@hlbhamt.com
Financial due diligence is a critical step in any business transaction, especially for a buyout, as it helps the buyer to understand the financial health and performance of the target company. Here are the top five reasons why financial due diligence is essential for successful business transaction buyouts:
- Evaluate the company’s financial health: Financial due diligence helps the buyer to assess the financial health of the target company, including its profitability, liquidity, solvency, and cash flow. This information can be used to identify any potential financial risks and opportunities associated with the acquisition.
- Identify any potential financial issues: Due diligence can help to identify any financial issues that may exist within the target company, such as accounting irregularities, tax liabilities, or potential legal disputes. Identifying these issues early in the process can help the buyer to mitigate risks and avoid potential costly surprises after the acquisition.
- Validate the company’s financial statements: Due diligence helps the buyer to validate the accuracy of the target company’s financial statements and ensure that they are in compliance with accounting standards and regulations.
- Assess the company’s financial projections: Financial due diligence can help the buyer to assess the target company’s financial projections, including revenue growth, margin expansion, and cash flow forecasts. This information is critical to determine the future performance of the company and its potential for growth.
- Determine the valuation of the company: Financial due diligence provides critical information to help determine the valuation of the target company. This information is essential for negotiating a fair price and ensuring that the buyer is paying the appropriate amount for the business.
In summary, financial due diligence is crucial for a buyout transaction as it helps buyers assess the financial health of the target company, identify potential financial risks and opportunities, validate financial statements, assess financial projections, and determine the appropriate valuation of the business.
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New Visa Rules for Sponsoring Family Members in UAE
HLB HAMT News Team
Phone:- +971 4 327 7775
Mobile:- +971 55 160 1291
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
Good news has been released for ex-pats in the UAE regarding visa regulations and clarifications by Ali Mohammad Al Shamsi, Chairman of the Federal Authority for Identity, Citizenship, Customs & Port Security of the UAE. The minimum salary required to sponsor family members has been halved.
Previously, the minimum salary required to sponsor parents was AED 20,000. Now, if ex-pats have a monthly salary of AED 10,000, they can sponsor up to five individuals. The regulation, which came into effect on October 3, 2022, has simplified the process of obtaining residence permits and sponsoring kin.
Sponsoring in the UAE
Expats must meet certain requirements to bring their relatives to the UAE. If expats want to bring their relatives to the UAE, their degree of relationship with the foreigner should be as follows:
- The foreigner’s father
- The foreigner’s mother
- Underage siblings (provided they can support them financially)
- The wife’s father and mother
In addition, the foreigner must have adequate monthly income and housing facilities to bring those relatives to the UAE.
- If their monthly income is AED 10,000, they can bring up to five individuals.
- If their monthly income is AED 15,000, they can bring up to six individuals.
- If ex-pats want to bring more than six individuals, the Chairman of the authority shall determine the applicant’s eligibility.
HLB HAMT to Assist!
If you are an expatriate planning to bring your family members to the UAE, you must meet all the criteria mentioned in the recent updates of UAE visa rules. However, HLB HAMT is available to provide assistance in completing your visa application with ease.
If you need any help, please contact hrd@hlbhamt.com
We are always happy to assist you!
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Monthly Tax insights and updates – February 2023
March 9, 2023
The month of February brings a new wave of tax and compliance updates that businesses need to be aware of. From the news on GCC regions to updates in compliance regulations, HLB HAMT’s tax and compliance experts have got you covered.
Keep reading for the latest insights and updates to ensure your business stays ahead of the game.
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Five suggestions to get productive answers from ChatGPT
Midhun Menon P
Phone:- +971 4 327 7775
Mobile:- +971 52 830 7998
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
Since it was launched last November, Chat GPT has quickly become popular among professionals for its ease of use and ability to complete projects in a matter of days. It can be used by anyone with a computer or tablet, making it an accessible tool for people at all levels of expertise. The responses too, have been terrific, like for e.g., it is a fantastic tool to remove writer’s block if you are a content writer. ChatGPT is a powerful language model that can be used for various natural-language processing tasks, such as text generation, language translation, and question-answering. However, to get the most out of this chatbot, it’s important to understand how to properly use and interact with it.
I have been interacting with a lot of my colleagues and friends of late and realized that most really have used it, but mostly for fun purposes. Here is how you can make Chat GPT extremely productive
Set your Context Clearly
When you give ChatGPT a more clarified context, it can provide a quicker response. ChatGPT will customize its response to what you asked by providing a little context. It is quick to the point and gives the best response when you ask it a question. When using ChatGPT, it is essential to provide clear, specific questions. This becomes especially important when asking a question or making a request about the model. The more context and information you can provide, the better the model will be able to understand and respond.
Ask Specific Queries
Every signal you give and every clarification you make will be taken into account by ChatGPT to produce a response that is completely in line with what you asked for. You should be as specific and direct as possible in your query and include as many details in the query as necessary. When ChatGPT makes a response that lacks specificity, you can ask the chatbot for more details or finish the conversation. The chatbot will then add new information to its initial response.
Be Willing to Ask for More
ChatGPT’ s responses can sometimes be vague. If you want more information, ask the chatbot to elaborate on it or finish its earlier response. Then ChatGPT will go on by supplementing its initial response with new information.
Train ChatGPT to respond the way you like
ChatGPT can modify its speech by taking on a particular accent. You may, for instance, request that it react in a manner befitting a famous person or author. The Chabot can also change the responses by producing things like tables and bulleted lists. You can even order to react to you in a certain manner, such as by mimicking the writing style of a well-known author or sounding like a famous person.
Explore its features
Another way to get the most out of ChatGPT, which is pre-trained on a large dataset, is to fine-tune it for specific tasks. The pre-trained model has been trained on a large dataset; however, it can be adapted to perform even better on specific tasks by fine-tuning it on a smaller dataset that is more relevant to that task.
In addition to analyzing text generated by ChatGPT, you can also use it in combination with other tools or models to achieve even better results. For example, you could use it in combination with a sentiment analysis model to determine the sentiment of a piece of text generated by ChatGPT. Or use it in combination with a named entity recognition model to extract specific information from the text.
To summarize, when asking a question or making a request through ChatGPT, you can help the tool better understand your intent by providing clear, specific prompts. The more context and information you can provide, the better ChatGPT will be able to understand and respond to your request. You can fine-tune the model to suit your specific needs. Or use it in combination with other tools or models to achieve even better results. Please keep in mind that ChatGPT is a machine-learning model. And as such, it is not perfect and will make mistakes. Be prepared to filter, edit or post-process the output of the model and always be mindful of the context. Moreover, Microsoft’s association with Open AI means, ChatGPT is coming soon to Bing SE and to MS Office applications as well.
In conclusion, ChatGPT is a powerful natural language model that can be used for various tasks. It can be beneficial to provide straightforward questions and fine-tune the model for specific tasks, ensuring that it is used effectively for whatever job needs to be completed.
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Why should a proper Logistics ERP be used instead of spreadsheets like MS Excel?
Midhun Menon P
Phone:- +971 4 327 7775
Mobile:- +971 52 830 7998
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
Don’t we all love or hate Microsoft Excel? Every one of us has found the tool useful at some point in our careers. Although I have never used Excel to its full potential (does anyone know what it is capable of?), it has done the job for us most of the time. For nearly 25 years, we have been providing solutions to the logistics and transportation industries. We have witnessed the initial fear of using a computer, the Y2K panic, the introduction of financial computation software, and the emergence of a centrally managed ERP solution. The majority of logistics companies that contact us want to upgrade from a spreadsheet-based system. It may seem strange in 2019, but it is true.
As the saying goes, everything has a shelf life. Unfortunately, there is a limit to how much Microsoft Excel or other minimal computation and storage tools can be used for business purposes. It simply does not align with your company’s growth or make your employees’ jobs easier.
Why do spreadsheets fail?
The inability of Excel, or any spreadsheet program, to reconcile various versions and avoid manual errors is one of its worst flaws. There are numerous versions involved, and each employee can submit their version and swap out the current one. Collaboration is put in danger since the system is unable to determine which answer is right. Additionally, it can be challenging to spot fraud or data tampering in such circumstances. With such tools, businesses find it challenging to manage their budgets, future goals, and forecasts. As a result, the majority of them are switching to specialized software. A CNBC analysis found that roughly half of the spreadsheets used by large corporations have material flaws and that close to 90% of them contain inaccuracies. Excel does offer formulas, but are they accurate and user-friendly?
The need for an effective logistics ERP
Let’s take a look at how the scenario affects logistics, transportation, and warehousing companies. The daily operations of an Excel sheet are far too difficult. You have trucks traveling through several countries. You have complex cargos to handle, clients to satisfy, employees to manage, inventory to track, and reports to prepare that’s a lot of work for a poor spreadsheet to handle. Finally, an ERP system enables optimal inventory management, resulting in a more effective overall business management strategy. But that’s not all; not only will you improve your logistics by using various ERP tools such as Sage X3, and SAP B1, but you’ll also save we discussed how logistics ERP is important to the day-to-day operations of a logistics company. Simply put, it makes your office life much easier and faster.
So, if your company wants to move away from the utopian spreadsheet system, please contact us. We can assist you in better managing your operations.
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