tally prime

Features of Tally Prime

Tally prime is the modern age software that is very useful in managing a business. Tally has been very popular software in the business community as it is simple, flexible, reliable, and has many features that are useful in business management and the same is with the tally prime. Tally prime is a very flexible software that allows you to manage the business in your own way.

Tally prime makes the work of the business owners very simple as it provides many important reports that are useful to take important decisions for the growth of the business. In this blog, we will tell you about the important and useful features of tally prime.

features of tally prime

Following are the useful features of tally prime:

(1) Easy set-up & Easy to use: Tally prime 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 operational efficiency can be achieved. It helps in providing a comprehensive solution for your business.

(2) Business reports: With the help of tally prime you can get all the business reports like profit and loss statement, cash flow report, balance sheet, etc. These reports can give a clear picture of your business so that later you can take important decisions through these reports.

(3) Multi-tasking: With the help of tally prime you can easily do multi-tasking and thus you can do your daily transactions very easily. For e.g. you are preparing a bill but in the middle of that transaction you have to record a new sales transaction then you can do that very easily. Like this, there are many other transactions that you can perform very easily together.

(4) Data security: In today’s world, ‘data is the new oil’ so it is very much important to protect your data and with the tally prime you can ensure data security; your data will always be secure with you. You can also secure your data within the organization by allowing only some kind of data to be accessed by your staff and other data can be secured with you as your choice.

(5) Multiple modules: With tally prime software you can be assured of all your needs because in tally prime you get many important features such as multiple go-downs, order process, cost-centers, etc. So, with the help of these types of features, you can get rid of complexities and you can pay attention to the growth of the business.

So, these are some of the most useful features of tally prime that are very important to fulfill your business goals so it is advised that you should have tally prime in your business as it helps in many business operations and achieves efficiency in the business.

We at Tally UAE are providing Tally Prime in Dubai and we are giving one-click VAT ready solution for all solution where it is simple to deal with Customized ERP Software for Businesses, cash flow, post-dated cheques, exceptional monitoring, and records required for the everyday company.

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ratio analysis

How Ratio Analysis Can Be Useful For Your Business?

In business, it is important to know the financial health of your business and it depends on many aspects and one of them is ratio analysis. Ratio analysis is a very useful tool for financial analysis of the business. The ratios indicate whether the business is in good condition or bad, whether the liquidity of the business is in a good position or bad position. These ratios and reports generated are very useful for both the internal management of the business as well as for the stakeholders of the company. These ratio analysis reports permit stakeholders of the company to get a better understanding of the position of the business and take the appropriate decision later.

how ration analysis can be useful for your business

In this blog, we will discuss in detail why ratio analysis can be useful for your business.

  • Evaluation of operational efficiency: Certain ratios highlight the efficiency of the business and especially assets and other resources. If a business has to avoid cash blockages then it is necessary that the company allocate the financial resources efficiently. And, with the help of ratio analysis, the business gets a lot of information that is necessary for making these important decisions.
  • Profitability measurement: Profit is the main motive of any business. Ratio analysis helps the company in determining the proper use of assets so that profit can be earned by the proper utilization of these assets. There are many ratios like gross profit ratios, net profit ratios, expense ratios, etc that are used in measuring the profitability of the company. And, these ratios can be used very smartly to improve the profitability of the business.
  • Ensure suitable liquidity: Every company should make sure that some of its assets are liquid because in emergency situations you may require cash that can be fulfilled only if you have liquidity in your business. The liquidity of the company can be measured by ratios like current ratio & quick ratio. 
  • Identifying Risk: There are many unforeseen risks involved in the business and ration analysis helps in understanding these risks and thus management will be ready to take the necessary actions in advance to avoid the risk or mitigate the effects of risk. Financial ratios like Interest coverage ratio, Debt coverage ratio help the management to know how much the company is dependent on the external capital sources and it also helps to know the company’s ability to repay debt.
  • Determining long-term solvency: Solvency means the ability of the firm to meet its long term debts and other financial obligations. There are various ratios that help in determining the long-term solvency of the firm. So, if the situation does not look good in the reports then the company can take various steps to improve the situation.

So, in these ways analysis can be very helpful for your company. And, for ratio analysis, it is advised to take the help of the various softwares available in the market for that work. And, when ratio analysis is concerned the best software for ratio analysis is undoubtedly – Tally. It is a very effective software that helps the company to carry out ratio analysis and also helps in the decision-making process of the company by providing various statements that assist in proper decision-making.

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importance of ratio analysis

IMPORTANCE OF RATIO ANALYSIS

Ratio analysis is a very important factor which is useful to understand financial statements of the company, current position of the company, efficiency in business operations, etc. And, most importantly ratio analysis helps investors to understand the performance of the company so that important decisions can be taken. Ratio analysis can be easily done through software like tally.

Ratio analysis is done by studying data from current & previous financial statements to understand the financial performance of the company. This is useful to know whether the company is growing or not? 

There are many such uses of ratio analysis so in this blog, we will understand the importance of ration analysis in detail.

ratio analysis

 

(1) Helps in analyzing the financial statements: Ratio analysis helps us to understand the financial statements of the company and these financial statements are very important for the stakeholders of the company. By ratio analysis, it becomes easy to understand the comparison of these numbers and it also helps to estimate numbers for the income statements and balance sheet of the company.

(2) Efficiency of the company: By ratio analysis the owners will be able to know the company’s ability to generate the profit. It also helps to understand whether the company is running efficiently or not.

(3) Planning & Forecasting: Ratio analysis helps the management to understand and estimate the company’s future financials. And later it is used for budgeting and planning the future of the business, it means in which direction business has to move and how it has to forward toward the growth.

(4) Identifying Risk: There are many unforeseen risks involved in the business and ration analysis helps in understanding these risks and thus management will be ready to take the necessary actions in advance to avoid the risk or mitigate the effects of risk. Financial ratios like Interest coverage ratio, Debt coverage ratio helps the management to know how much company is dependent on the external capital sources and it also helps to know the  company’ ability to repay debt.

(5) Peers comparison: The management and investors often do the comparison of the company with the peers to know the profitability of the company, market share of the company, etc. Ratio analysis helps to perform SWOT analysis of the company. It also tells whether or not company is growing or not and how much is the growth o the company compared to its competitors. Thus, a proper peer comparison can be done through ratio analysis.

So, these are the benefits of ratio analysis in the company. And, for ratio analysis it is advised to take help of the various softwares available in the market fort that work. And, when ratio analysis is concerned the best software for ratio analysis is undoubtedly – Tally. It is a very effective software that helps company to carry out ratio analysis and also helps in decision-making process of the company by providing various statements that assist in proper decision-making. 

Whether you are in India, UAE, Bahrain, USA, everywhere tally will be very helpful for your business so it is very much advisable to start using tally for your business.

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benefits of inventory management software

BENEFITS OF INVENTORY MANAGEMENT SOFTWARE

Inventory management is a very critical and important thing for every business and if you have a business with multiple product lines where each product line needs segregation, you can do it with the tally software. And, Tally is considered as the best software for inventory management.

In this blog, we will let you know the benefits of inventory management software.

inventory management software

(1) Efficiency and productivity in operations: When you store goods it means you are investing your money and this money gets locked up in the stock and you can’t spend this money. So, if you want to keep the cash flow positive then there should be efficiency in managing the stock. And, cash is one of the most important parts of the business. 

In businesses like pharmaceutics, health, beauty, and many other businesses the product needs to be sold or disposed of before it gets expiry because once the products get expired the products become useless and all the money invested in the stock gets wasted. Thus, it is important to have inventory management software for your business for having efficiency and productivity in the operations. 

(2) Minimize costs and maximize sales & profit: When you have a multi-channel business where sales is done through online and offline modes then you need to manage these sales channels effectively and the goods sold through these channels. Inventory management software allows you to decrease your carrying costs like storage fees, insurance, taxes, theft, etc.

(3) Integration of the entire business: In your company, if your sales staff finds a lead and creates a sales order then the inventory management software lets the entire company know about it and work accordingly to fulfil the sales order. The finance department can later issue the bills for the dispatched sales order. 

(4) Automation of manual tasks: In present days if you do all the data entry tasks and calculations of all the purchase orders manually then you will be lagging behind from all your competitors because today ‘Time is Money’ and thus every firm uses software to make their tasks easy. 

(5) Reducing inaccuracies: Inventory management is not an easy task thus when you try to carry out these inventory management tasks manually then there will be many chances of inaccuracies happening in the business. So, if you start using inventory management software then it will automate all the data recording and tracking processes and thus all the work will be error-free so it is very much important to adopt inventory management software in your business to reduce/remove inaccuracies from the business.

These are the benefits of having inventory management software in your business. And, Tally is considered as the best inventory management software because, with inventory management, Tally also helps in efficient planning and management of the business.

Green FX WLL situated in Bahrain offers high-end TALLY Customization to its clients in Bahrain and many other countries, and it also offers Customized Softwares, Training & Development, and related services. If you want any requirement regarding tally than you can Contact Us.

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tips to manage accounts receivables efficiently

TIPS TO MANAGE ACCOUNTS RECEIVABLES EFFICIENTLY

Accounts receivables mean the money that is yet to be receivable by the customers. Till the money is paid it is treated as account receivables, it is also known as bills receivables. For the smooth running of business operations, it is necessary that account receivables are paid on time.

Account receivables are one of the key sources of cash flow. Inefficiency in managing accounts receivables can impact business severely and also affect the growth of the business. So, it is very much important to manage the accounts receivables efficiently in your business.

tips to manage accounts

In this blog, we will let you know the tips to manage the accounts receivables efficiently.

(1) Keep clean track of bills: For managing the accounts receivables effectively you should keep a clean track of the bills that are treated as accounts receivables. For this, you should keep track of each sales invoice and the respective receipts, it will help in easy tracking of accounts receivables.

(2) Keep attention on long-pending bills: The longer the payment sits as accounts receivable, the longer it will block cash inflow in business, and later it may also turn as bad debt which will result in the loss of the company. So it is very important to keep a close eye on the long-pending bills.

(3) Tracking the payment performance of your customer: Payment performance of the customer means the average number of days the customer takes to pay the bills, it is also known as debtor collection days. The higher the debtor collection days, the higher business has to invest cash to its unpaid accounts receivables. And, the lesser the debtor collection days means the lower cash have to be made available to use. In simple terms, if the customer takes more days then the cash shortage may result thus higher cash is to be kept in business. So the debtor collection days should be less i.e. faster payment should be received from the customers.

Therefore, it is very important to track the payment performance of the customers so that you can know which customer makes timely payment and which customer makes always delay in giving payment, and based on that you can make a plan accordingly to handle these types of customers.

(4) Make a collection schedule and follow up: You should make a schedule for collection from the customers and also follow up. By this, you can build pressure on your customers and receive the payment early. You can also remind your customers by sending them emails with full details regarding their order and the amount that they have to pay and the due date for making their payment.

(5) Use accounting software to manage your accounts receivables: By using accounting software you can track bills easily and fast, also you can maintain the whole work systematically and can remove the errors. Using an accounting software saves your time and effort which you spend on manually dealing with the accounts receivables. Thus, it is very much advisable to use accounting software like tally which can manage your accounts receivables efficiently.

Green FX WLL situated in Bahrain offers high-end TALLY Customization to its clients in Bahrain and many other countries, and it also offers Customized Softwares, Training & Development, and related services. If you want any requirement regarding tally than you can Contact Us.

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