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THE 5 FEATURES OF TALLY

THE 5 FEATURES OF TALLY THAT CAN INCREASE YOUR BUSINESS EFFICIENCY

Tally is a software that helps to speed the accounting processes of your business and with efficiency. It tracks cash flow, revenue calculation and many more things for your business by also keeping your financial information and other confidential information safe. 

Tally software has been designed to fulfill the requirements of your business and tally also can be customized, extended and integrated as per your need of your business, so that it totally suits your business and efficiency can be achieved in your business. 

Following features of tally can increase the efficiency of your business:

  • Details of transaction: This software drill downs every detail of your business transaction. It helps in accounts classification, business incomes & expenses, bank reconciliation, etc. It supports all major types of file transfer protocols, that can help you in connecting files across various locations of your business.
  • Financial analysis & management: Tally is a software that is very much useful in undertaking financial analysis and management. Tally provides information about receivables, cash flow statement, etc. 
  • Helps in Taxation: Tally also helps in calculating right taxes to be paid by the business which helps in the timely payment of the correct amount of taxes so that any penalty can be avoided.
  • Easy set-up & Easy to use: Tally is a very easy to set up software and also very easy to use software, it has been designed & developed to simplify the daily transactions taking place in the business so that the operational efficiency can be achieved. It helps in providing comprehensive solution for your business.
  • Helps in Payroll: The tally software helps in payroll management, it offers the functions like employee groups, attendance management, timely salary payments, and also other complex payroll calculations.

 

So, these are the features that can help to increase the efficiency of your business. Tally software is very much useful and has various in-built features that helps in meeting various needs of your business. And, these features will help you to speed up your business processes and help take important decisions quick for your business. 

Green FX WLL offer high end TALLY Customization to its clients in Bahrain, also Customized Softwares, Training & Development and related services.

 

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ADVANTAGES OF USING TALLY IN SMALL BUSINESSES

ADVANTAGES OF USING TALLY IN SMALL BUSINESSES

ADVANTAGES OF USING TALLY IN SMALL BUSINESSES

Tally is software has made accounting calculations very simple, it is now part & parcel of all businesses. Small enterprises believe that Tally software saves a lot of time, and also provides accuracy and carries out different transactions.

Manual transactions are very time consuming that’s why tally is being used in almost all the organizations. By use of tally the chances of error are reduced to a great extent. Tally has many features that are really blessings for business.

Some Major Advantages of using Tally in small businesses are as follows:

  1. Payroll Management: While disbursing salaries to the employees, several calculations are to be done, tally helps in maintaining financial record of the company that includes net deductions, taxes, bonuses, and net payment.
  2. Data Reliability & Security: The data that is entered in tally is reliable & secure. There is no scope of tampering or altering data, after being entered in the software.
  3. Regulation of data across different locations: Tally can be used to manage data of the businesses globally. It brings together all the branches and does calculations for the company at large. So it doesn’t matter which location an employee has access, it will be uniform throughout.
  4. Ease of maintaining a budget: Tally helps to manage expenditure of companies with a budget in mind. This ensures that the company does not indulge in over-spending.
  5. Audit tool for compliance: Tally acts as an audit tool as it carries out regular audits of companies. It does a thorough compliance check towards the beginning of the financial year and ensures all monetary transactions are smoothly being carried out.
  6. Remote access of data: With the help of tally employees can access financial data by logging in using a unique user id and password. 
  7. Quick Access to documents: Tally saves all important documents like bills, receipts, invoices, vouchers, etc in a folder. All the documents which were previously saved can be accessed quickly.

Thus we can say that Tally is really very useful for small businesses; apart from being cost-effective, it saves time and ensures accuracy in business management. It helps in digitalization of bills & signatures. So, tally can really be a blessing for small business.

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Features To Protect Your Tally Data While Working Remotely

Features To Protect Your Tally Data While Working Remotely

Features To Protect Your Tally Data While Working Remotely

Due to COVID-19, almost all the businesses and their employees are managing from work from home. And, one point that should be considered upon is that how these businesses are surviving & tackling the various problems that arise regarding data safety & employee performance. 

If you are a tally user, we will let you know some features that will help you in this situation to improve your company’s overall performance.

1.Data Safety: Tally software is all about data & reports. Tally.ERP 9 contains very important data regarding your clients, stock, cash/bank details, etc. In the current situation, it may seem hard to rely on employees working from home on the tally with such confidential information.

Tally on cloud is the only way you can work from home with Tally. To keep you Tally data safe, ensure you invest in Smart Backup++ which will continuously backup your Tally data from time to time and inform you if there is any discrepancy.

2.User Activity: User activity management is important to improve the overall performance of the business. In the case of multiple users, accountability may not be possible and hence errors may be repeated over and over, causing loss to the business.

One way by which you can avoid the problem of multiple users in tally software is to use audit pro features. It helps you to see the entries made by each user. It also keeps track of every entry from creation to editing and to deleting. 

3.Data Entry Security Level: In this work from home situation, it may be challenging to control user activities. So, to limit the data access to users, you can set the Advance Voucher Type Level Security. It will help you to assign specific rights to every user. The user will not be able to view any other information which is not part of his/her assigned rights. This makes sure that data is safe and is being used only as per the role of the person.

4.Virtually Signed Invoice To Avoid Delays: One of the important challenges that arise by work from home is how to collaborate with different departments and get a signature from authoritative persons in the organization without wasting much time. One way of doing this is to ensure the signature is digital.

The digital signature mainly ensures the authenticity of the document as well as saves a lot of waiting time.  Digitally signed invoices can be mailed to the customers and hence time is not spent is sending the invoice through the post

It is very important for employees working from home, to take care of data security at all levels of the business hierarchy. So, these are some proactive measures a business can take care to ensure high productivity with high data security.

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KEY ACCOUNTING REPORTS IN TALLY.ERP 9 FOR BUSINESSES

KEY ACCOUNTING REPORTS IN TALLY.ERP 9 FOR BUSINESSES

KEY ACCOUNTING REPORTS IN TALLY.ERP 9 FOR BUSINESSESReports in business are very important; reports help to manage day-to-day business operations efficiently. Tally.ERP 9 provides many important results. Tally reports are developed to suit all the aspects of accounting management, inventory management, and statutory. 

Key Accounting Reports in Tally

1.Cash Flow/Fund Flow: The Cash flow report in Tally is useful to get a view of cash inflow & outflow during an accounting period. This report makes it easy for business owners to understand the cash flow situation for a specific period and helps make decisions. 

The fund flow report in Tally provides the details in the sources of funds and their net flow status monthly.

2.  Ratio Analysis Report: The ratio analysis report is a powerful report for financial analysis. The multiple ratios of the report provide us a clear understanding of the financial position of a business. These are Debt Equity Ratio, Quick Ratio, Return on Working Capital, Return on Investment and so on. 

3.  Balance Sheet: The balance sheet gives a complete glance at the financial position of a business. The balance sheet shows the assets & liabilities of a company. The Balance Sheet can be configured using F12 configuration in Tally.ERP 9. It also provides a Schedule VI Balance Sheet for businesses. The Balance Sheet can be viewed for any given dates. Multiple valuation types are given for defining stock valuations such as FIFO, LIFO, Average Cost, Average Price and many more.

4. Profit & Loss Statement: The P&L report in Tally ERP 9 helps to show the company’s net profit or loss in a given period. The tally report considers the period starting from the date when the books begin to the entry date of the last voucher. This report can be configured with F12 configuration available within the report. 

5. Inventory Reports: The stock summary report displays the current position of stocks or stock in hand for a particular date. With the help of this report, a businessman can view item-wise rates, quantity and value of stocks available. The report also shows the status of stocks available across the various godowns. By this, the owner can see the net stock position by considering purchase & sales orders which are yet to be processed.

6. Stock Ageing Analysis Report: Stock ageing analysis report helps businesses understand their slow-moving goods. This report in tally helps business owners to make decisions based on the procurement of stocks, or whether to liquidate stocks based on their age. 

7. E-Way Bill Reports: Tally gives comprehensive e-way bill reports to make life simple for users. By this user will be able to view transactions that have been exported for e-way bills, transactions that are yet to be exported for e-way bills, e-way bills that have already been generated. 

So, there are many reports in tally that help can help your business in financial analysis of your business in the easiest manner and take quick business decisions.

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KEY FEATURES OF TALLY THAT BUSINESS OWNERS MUST KNOW

KEY FEATURES OF TALLY THAT BUSINESS OWNERS MUST KNOW

KEY FEATURES OF TALLY THAT BUSINESS OWNERS MUST KNOW

While running a business, you have to pay attention to each & every department of your org. and you have to continuously measure and control the activities to ensure the highest level of productivity.

Manually handling of all these work of business is next to impossible, it’s not practical also but fortunate we have computers so we don’t have to deal with physical files anymore.  To take away the burden from business owners, Tally.ERP 9 Software has some amazing reports that are helpful to almost every business type. These reports will help you to measure, analyze and implement control measures if needed. 

Reports in Tally

  • Balance Sheet: Balance sheet shows you the current position of the company. It shows assets & liabilities, which shows the financial standing of the company. 
  • Profit & Loss Statement: A profit & loss statement is also called statement of financial performance. It helps to survive the business and profitability of the same.
  • Purchase Register: Purchase register helps to show a summary of all the purchases made by the company at a specific period. 
  • Sales Register: A sales register shows summary of all the sales done at a specific period of time. It will help you to keep a check on the movement of the goods out of the organization; by this you can get insights about your best sold products.
  • Stock Summary Report: By this report, you can check the present condition of the stock. It will help you to understand how to optimally reorder stock without wasting it. 
  • Ratio Analysis: A ratio analysis report is an amazing tool to understand the financial position of the company. Different ratios give you a clear understanding of the financial position of the company. The ratios like debt-equity ratio, quick ratio, etc are available in tally. 

Security and Control Features in Tally

  • Tally Vault: Tally Vault keeps data encrypted, only when you enter a password, the data can be accessible. With this feature, you can ensure your data is not being accessed by any unauthorized person.
  • Hide data path: In Data path your tally data is saved in default Tally, your data path is visible to the user. Some businesses may see this as a threat to their data and may want to hide the location of their data. In such businesses, Tally Server 9 can be used to get higher levels of security.
  • Data Report and log: With the help of this feature you can monitor your employee’s activity and you can ensure work efficiency. The more you are aware of the day to day activities of your employees, the more you will be able to execute control measures to improve their performance.

These are some of the important features in Tally that every business owner must know; these features will make the work of owners easy & comfortable.  

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How Tally ERP9 Can Help Your Business

Tally is very famous among businesses for more than decades. Tally is extremely trustworthy in businesses because of tally’s power of simplicity. Tally can help you manage multiple companies and also add features such as multiple go-downs, multi-currency, order process, cost centres etc. This helps you get rid of complexities, and in turn, focus on business growth.

Tally can help your business in the following ways

  1. Tally helps you to focus on your business growth: With the help of tally you can manage multiple companies and incrementally add features such as multiple go-downs, multi-currency, cost-centres etc. And due to this you can get rid of complexities, and in turn, focus on business growth.
  2. Better Control over cash flow: Quick and hassle-free bills receivables and payable management help you to get paid faster as well as managing payment timelines. Also, Tally facilitates easy and efficient stock movement, making it possible to optimize the cash flow
  3. Improved productivity: Tally is a very speedy software, and due to this you can do your things very quickly and thus you can save your time. Tally also provides you many reports which help you make good  decisions and plan the growth of your business better and improve productivity of your business.
  4. Better Tax Compliance: Tally’s Prevention, Detection and Correction mechanism ensures that your books are always accurate, hence giving you the confidence that the returns you file are always correct! 

Now let’s classify the benefits of tally according to the size of business

According to the size, businesses can be classified in 3 ways: Small enterprises, medium enterprises and large enterprises. So, let’s see usefulness of tally according to these classifications.

Advantages of Tally for Small Medium Enterprise (SME)

  • Small and medium enterprises (SME) need ERP software to manage three critical functions – accounting, inventory and compliance. Tally.ERP 9 can be used in all these areas with its simple-to-use interface that manages the complexity of the functions in the background.
  • Tally helps to manage accounting, inventory and compliance within a single software, it becomes easier for business owners to assess the impact of finance on their businesses and take day-to-day decisions based on data.
  • Small and medium enterprises are typically hard-pressed for finances and need to monitor their fund flow and cash flow before taking decisions, such as whether to take a loan from a bank or other sources. With Tally.ERP 9, important decisions can be taken by looking at critical financial reports which are available on the click of a button.
  • Owners need to track inventory data in hand to ensure that they are not investing heavily in maintaining inventory by paying huge interests on loans. Tally.ERP 9 provides Stock Ageing report which helps manage inventory. Business owners can take decisions based on stock clearance status or give new orders to their suppliers by simply looking at the report.

Advantages of Tally for Medium and Large Enterprise

  • This type of business enterprises have to manage many business functions. With the right ERP software, you can handle cross functional operations and take their own decisions. Tally.ERP 9 supports businesses to seamlessly combine their activities for accounting, inventory, compliance, payroll, finance and more.
  • Business owners can manage multiple functions with multiple user logins. They can assign different access rights to their employees based on the data that use to run the business.
  • With the help of Tally tax consultants can remotely perform audit without hassle of transferring the data. Auditors can leave their comments on vouchers and business owners could take further action as required.

The nature of any business is such that business owners cannot stop their activities at any point. Tally.ERP 9 makes life easy for business owners. They can pass their first transaction within minutes of installing the software. Tally.ERP 9 gives the flexibility to create masters on the fly, as businesses need to create different types of vouchers most of the time.

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Decision Making Through Tally

Decision making is one of the most important aspects of the businesses whether it may be small or big. Tally software not only helps in recording transactions but can also track inventory. Daily data can be fed into user can check the data in a consolidated reports. This will help management in decision making.

Every business has a worry that they have to clear their stock before it expires, because you cannot sell expiry products to your customer for obvious. Thus, tally provides Stock aging analysis reports through which owner can make plans to strategically move and sell his old stock before it expires.

Tally also gives Current stock status by Stock summary report, it shows the accurate number of inventory available and whether it is sufficient for the present demand or not.

Tally also provides Reorder level report which helps the owner to set benchmark or a level after which the stock is replenished with new stock. Every businessman believes that sending their customers without providing them the required items is not a good thing for business. So, the reorder level is very essential as it signals to fill the stock after a particular level so the last minute rush can be avoided.

And the most important thing for any business is its profit. So, the tally provides report that help you check the profitability earned in each transaction. This helps you to know which transaction earned you how much profit and helps you strategize your pricing policy.

Today is the era of automation and artificial intelligence. Every business has to use the tools which reduce their work, time and cost and give them good results. And, Tally is one such tool that is very essential for every business to run their business effectively and one can also demand forcustomized tally software’s as per their convenience and use.

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tally prime gold

Benefits Of Tally POS Software

Today tally has become very useful in business, almost everyone knows about tally and its importance in business. Now Tally has also launched tally Pos software which helps to streamline the retail operations.

First, let’s understand about POS and its use in business

Point of Sale (POS) is the time and place wherever a retail dealing is completed. And at the sales point, the merchandiser calculates the amount owed by the client, indicates that amount, may prepare an invoice for the customer, and indicates the choices for the customer to make payment.

POS is the place at which a customer makes a payment to the merchant in exchange for goods or after the provision of a service. After the payment received by the customer, the merchant may issue a receipt of the transaction.

Need of POS in Business

Nowadays businesses are rapidly adopting POS Systems; one of the most important reasons is that a POS System does away with the need for price tags. The sale price here is directly linked to the product code of an item when adding stock, so that the cashier just need to scan this code to process a sale.

Now let’s focus on the benefits of Tally POS Software

  • Update Product information: The system automatically updates inventory and account receivable records whenever the sale is entered in Tally POS System.
  • Encryption & Decryption: In retail ventures, it becomes important to keep tight control over cash receipts to prevent theft. And to provide audit trial so that we can trace any problems
  • Sales information entry: Tally allows you to enter inventory code either manually or automatically via a bar-code scanner. Once the inventory code entered the system call up the standard or sales price, compute the price at multiple quantities and provide a running total.
  • Invoicing: In retail ventures, it becomes important to keep tight control over cash receipts to prevent theft. And to provide audit trial so that we can trace any problems.
  • Cash and Credit/debit card transactions: The tally POS Software eases cash and credit/debit card transactions and allows multiple modes of payments for a single invoice.
  • Tendering exchange amount: The POS software from Tally helps to track balances to be returned to buyers from the money tendered.
  • Re-ordering and stock level maintenance: Provides access to inventory levels and provides the option of quickly matching inventory with floor counts.
  • Increment in profit-levels: It has a supporting hand in improved productivity and thereby revenue due to faster, reliable and speedy process of sale points
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featured benefits

Benefits of Tally ERP9 Software

Tally is one of the software which is used worldwide. It is used by individuals as well as businesses to maintain their accounts. Tally is considered as the most capable software in handling all kind of businesses.

Tally can help businesses to seamlessly combine their activities for accounting, inventory, compliance, payroll, finance, and more. Business owners can manage multiple functions with multiple user logins. They can assign different access rights to their employees based on the data that use to run the business.

Advantages of Tally ERP9 Software

  • Reliability of Information: The tally software protects your data and data stored in it is unlikely to get lost in any way. The tally software never disappoints even when the machine gets closed down suddenly due to power failure, the data will automatically get saved.
  • Ease of Data Movement: The data which is entered in tally can be updated throughout the system and can be accessed from any place. Hence, no need to move physical files all over the workplace.
  • Elimination of Human Error: The tally software provides you with shortcuts that help in avoiding errors while making an entry. The tally software has a brain of its own, as it predicts the further process and suggests strategies to develop business.
  • Continuous Processing: A successful business needs to introduce new software and hardware for smooth operations. Also, businesses need to be ever running, therefore, a pause can alter the progress of the organization. The installation of Tally.ERP9 is easy and you can start making transactions as soon as you get it set up. No need to halt your operations to make successful use of Tally software. The amazing software gives the flexibility to create various types of vouchers all the time.
  • Assurance of Information: There is not even the slightest scope of data tempering after the data being put away in the software. Information Uprightness assessments ensure that no external changes to the data can intervene with Tally.ERP9. The complex binary coding helps avoid any such discrepancies that can alter any type of data. The functionality of Tally.ERP9 may sound complex to you but, once you start your Tally course, the complexity will soon diminish and you will find this software much useful set codes.
  • Tally Makes Business Easy: Tally software helps you to assess the day-to-day transactions of your business to make the right decisions easily.

Looking at all these benefits of Tally software we can conclude that tally is an amazing software that contributes to the growth of businesses on a very core level.

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Vat introduction

Introduction to VAT in UAE

With each passing day, we are moving one action better to the execution of VAT in UAE. The VAT in UAE is a basic consumption tax that will be imposed on most of the deals of products and services unless specifically exempted by the Law. Under this, VAT is charged at every stage of ‘Value Addition’ in the supply chain and the mechanism of Input tax reduction ensures that the businesses serve as tax agents or tax collectors of the government, who collect the tax from completion consumers, account and pay the tax. Eventually, completion customer pays the tax.

The federal government authorities are working in full speed to implement VAT in UAE and following are the crucial milestones attained in the process of carrying out UAE VAT Law:

1. Draft UAE VAT Law was offered in MOF
2. Federal Law on tax treatments was released
3. VAT Decree-Law was released
4. Online VAT Registration is opened in FTA portal
Completion of UAE executive guideline will be the next huge job in the process of implementing in UAE

VAT Application in UAE

The VAT is expected to be introduced across the UAE on 1st January 2018. The Kingdom of Saudi Arabia and UAE will be the very first 2 member countries of GCC to execute BARREL. The other member nations such as Bahrain, Oman, Qatar, and Kuwait are expected to carry out BARREL in the middle of 2018 or the beginning of 2019.

A standard rate of 5% will be imposed on the supply of items and services in the UAE. However, there are certain materials such as local guest transport, specified monetary services, healthcare, exports outside GCC and so on, which will be either zero-rated or excused from VAT in UAE.

Just when ‘Executive Regulations’ for VAT are released, clearness on the conditions and controls for excusing the materials pointed out in UAE VAT law will be readily available.

Company Readiness for Value Included Tax in UAE

First January 2018, is the anticipated date for VAT Application in UAE. The time available, just about 2 months from now, is important for companies to prepare themselves towards the new tax system and be ‘VAT Ready’. Being ‘VAT Ready’ does not suggest your preparedness as on 1st January 2018, it symbolizes today’s preparedness for VAT.

First of all, is about ensuring that all the financial transactions are taped and books of accounts are precise and up to date. This is because, the books of accounts will function as evidence for minimum yearly turnover threshold limit for registration and on this basis, either you will be mandated to register or you can request for exemption from registration.

Second of all, being ‘VAT Ready’ ways, you have to charge VAT on the supply of taxable items and services, account the VAT paid on the purchases such that Input tax deduction can be declared and lastly, you need to file online VAT returns regularly, revealing the information of  VAT charged and paid.

For that reason, the very first instant step toward VAT preparedness will be to explore the very best VAT Software which will not just help you to be VAT certified tomorrow – when VAT is carried out in the nation but will likewise assist you transit perfectly into the brand-new VAT age.

Apart from checking out the best VAT Software, it is crucial for organizations to understand the basics of  VAT and the business ramifications. We visualize that organizations may need to make modifications to their company operations, monetary management, book-keeping and so on, to fully abide by the VAT requirements.

The following are a couple of crucial tasks for your VAT readiness:

1. Check out finest VAT Software – Adapt and Line up with your company activities

2. Build the organizational competency by informing your groups on the fundamentals of VAT and its effect on your service

3. Evaluation your service procedures, practices, and treatments – generally rates, procurement, invoicing, logistics and so on in line with VAT requirements and line up accordingly

4. Ensure books of accounts are accurate and update date

5. Notify your vendors and customers about VAT and subsequent influence on deals

6. Preparation & Transitioning to VAT

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