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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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vat return

Get ready to file VAT Return with your Tally.ERP 9 in GCC

The UAE and KSA are the two countries that rolled out VAT in the GCC on January 1, 2018. Whether you are in the UAE or KSA, as a business owner you need to ensure that your business practices are tax compliant and you are able to generate VAT return correctly before filing.

How to file accurate VAT Returns in UAE and KSA?

Generate and file Accurate VAT return confidently with Tally.ERP 9

Tax Computation and Analysis

Before you file your VAT return, won’t it be great to get a complete picture of all business transactions and taxes? With Tally.ERP 9 you can do even more.

The VAT tax computation and analysis report show transactions that have been included or excluded in the return, the total amount of tax to be paid, and refundable amount if paid in excess. You can drill down further from each of these groups to find out why.

Being able to get a complete picture and understanding of your VAT return before filing is a powerful value addition to your business.

Automatic detection of errors

Apart from helping you understand your VAT return to the last level of detail, Tally.ERP 9 identifies tax mismatches, wrong TRNs (UAE), wrong TINs (KSA) or any other missing tax components. Tally.ERP 9 ensures that your VAT return is error-free.

Generate your VAT return as per GCC VAT guidelines

If you are in the UAE, Tally.ERP 9 lets you generate your VAT return in PDF format and use it as a reference while filling in details in the FTA e-Services portal for filing return.

If you are in the KSA, Tally.ERP 9 will generate your VAT return in MS Word format. You can use the document as a reference while filling in details in the GAZT e-portal for filing the return.

Save VAT return in your system

Once you have filed your VAT return, you can save a copy of the return on your computer. Tally.ERP 9 keeps track of changes that are made on the saved return period. You can either reject these changes, accept them and file a revised VAT return.

Declare reverse charges in a VAT return correctly

In Release 6.4, you can mark transactions with reverse charge applicability, and transactions for which you have paid VAT at customs. This way you can keep a track of your reverse charges and Input Tax Credit. This will further help you to report Input VAT as well as output VAT in your quarterly VAT return.

With Tally.ERP 9, you can be ready for filing VAT return anytime. It helps you to keep your books updated at all times and you can generate VAT tax computation and analysis report anytime. Tally.ERP 9 lets you focus on business growth while managing all the complexities of VAT compliance in the background.

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