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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