06 Dec 2023 Wednesday

Optimizing Business Payments

Optimizing Business Payments: The Impact of TallyPrime 3.0 Payment Gateway Integration

In today’s fast-paced business environment, streamlining payment processes is paramount. TallyPrime 3.0, with its advanced Payment Gateway Integration, is transforming the way businesses manage transactions, making it faster and more efficient. Let’s explore how this integration is facilitating quicker payments and enhancing overall financial operations.

1. Integrating QR Codes and Payment Links for Enhanced Convenience

TallyPrime 3.0 simplifies the payment process by allowing businesses to add QR codes and payment links directly to invoices. This feature enhances convenience for customers, enabling them to make payments swiftly through their mobile devices. Not only does this streamline the payment experience, but it also accelerates the payment cycle for businesses. The added layer of security, eliminating manual entry of payment details, enhances the overall transactional safety.

2. Multiple Avenues to Share Payment Links and QR Codes for Enhanced Transactions

TallyPrime offers flexibility in sharing payment links or QR codes with customers. Whether through email or SMS, businesses can effortlessly generate and share payment links. Furthermore, the integration allows embedding payment collection links or QR codes directly into invoices. This seamless process ensures that customers can make payments directly from the invoice without navigating to another platform, enhancing user experience.

3. Advancements in Payment Link Generation and Management for Streamlined Transactions

A notable feature of TallyPrime is its ability to generate payment links directly from accounting reports, including outstanding reports. This functionality streamlines the tracking of receivables, allowing businesses to send payment requests promptly. The time saved in this process contributes to more effective cash flow management, providing businesses with a clearer picture of their financial standing.

4. Adaptable Payment Solutions

TallyPrime goes beyond traditional payment methods by offering a partial payment option through gateways. Additionally, for invoices with multiple bill references, businesses can generate payment links for specific bills or all references. This flexibility enables businesses to accommodate partial payments and provides a tailored approach to the payment process.

5. A Simplified Approach to the Reconciliation Process

Integration with payment gateways in TallyPrime simplifies the reconciliation process. Transactional data from the payment gateway can be imported directly into TallyPrime, automatically reconciling them against existing entries. This automation not only saves time but also minimizes errors associated with manual reconciliation, contributing to a more accurate and efficient financial management process.

6. Versatility in Transactions

TallyPrime 3.0 offers businesses the ability to handle transactions seamlessly across multiple payment gateways. Whether working with PayU, Razorpay, or others, businesses can manage all transactions within a unified system. This eliminates the need to switch between multiple platforms, streamlining payment operations and simplifying overall financial management.

7. Customized Access for Multiple Users

The latest version of TallyPrime introduces the feature of maintaining multiple users with distinct access rights based on their roles in the business. This includes the ability to assign specific tasks, control access levels, and assign responsibilities such as generating payment collection links. This customization ensures that only authorized personnel can access critical functions, enhancing security and control.

Conclusion: Transforming Business Efficiency with TallyPrime 3.0

In conclusion, the integration of payment gateways in TallyPrime 3.0 is a game-changer for businesses seeking enhanced efficiency and improved cash flow management. The ability to integrate transactions, generate payment links, and automate reconciliation in a single system is revolutionizing financial operations. With customized user access and support for multiple payment gateways, TallyPrime 3.0 offers a comprehensive solution for businesses looking to optimize their payment processes. Embrace the future of financial management with TallyPrime 3.0!

By Team 0 Comments

12 Jun 2023 Monday

TallyPrime Silver And TallyPrime Gold

TallyPrime Silver & TallyPrime Gold features explained

Are you a Business owner who wants to fix the accounting and business
management of your entity or an individual who wants to learn or work for your
entrepreneurship by finding the right software that matches your requirements?

Then this blog is just for you! Chaturvedi software house LLC from Dubai, UAE
offers the right business management and accounting software solution called
“Tally software” that will help you to,

1. Manage your business’s accounting structure
2. Obtain secure Data management solutions
3. Get the best User experience
4. Manage tax returns and review tools for compliance

Any many more!

Our most-wanted versions of tally software recommended by our business
clients are “Tally ERP9” & “TallyPrime” software. Tally ERP9 is the most common
version of Tally software and TallyPrime is the advanced version of Tally ERP9
software.
In this blog, you will be exposed to TallyPrime features under the TallyPrime
silver and TallyPrime gold categories. Let’s get started!
Firstly,

What is TallyPrime?

TallyPrime is a business management software, that takes care of your
accounting like Sales, purchases, receivables, and payables tracking; Inventory
management like Order processing, and inventory tracking; Payroll
management, Bank transactions, Statutory Compliance, etc.

TallyPrime also helps in vital decision making which is simplified for business
owners to provide critical reports. Tally Prime also provides essential reports
such as all Financial reports, Cash-flow reports, Cost center reports, Inventory
reports, Accounting reports, and many more detailed reports. Under Tally Prime
software, there are two main categories/subscriptions according to the number
of users who will be entitled to manage the software system.

TallyPíime Silveí	TallyPíime Gold
Tally Prime Silver is a license for one compuľer Sysľem	Tally Prime Gold is a perpeľual license for mulľiple compuľer Sysľems in a LAN

Once you choose who is going to manage the software, the next step is to utilize
the features!

Exquisite Features of TallyPrime software

Simple Accounting Management – Under accounting management, you will
be able to,
a) Prepare a pre-defined and flexible chart of accounts
b) Maintain Group & ledger management
c) Get multi-currency support
d) Retract post-dated transactions

Flexible purchase and sales management – you will get the benefits of,
a) Preparing billing formats, multiple price lists & discount management,
multiple addresses
b) Process sales & purchase orders
c) Complete track of receipt (GRN) and delivery not (DC)

Ingenious Inventory Management – Under this feature, you can manage,
a) Unlimited stock groups and categorization
b) multi-locations/godowns and batch management
c) Alternate & compound units of measure
d) Manufacturer and expiry date management
e) Flexible units of measure
f) Multiple stock valuation
g) Item cost tracking

Credit & Cash Flow management – Make your organization run with the flow
of,
a) Receivable & payable management
b) Ageing analysis
c) Credit control utilities
d) Cash and fund flows
e) Cash flow projections and,
f) Interest calculations

Banking – This feature allows you to,
a) Auto-configured cheque printing
b) Chequebook management
c) Auto Bank Reconciliation (Auto BRS)
d) Post-dated cheque management
e) Payment advice & deposit slip
f) E-payments

Manufacturing & Job work – With this feature, you will be able to create,
a) Multi-Bill of material (BOM)
b) Manufacturing Journal
c) Job order processing
d) Job work reports

Statutory Capabilities – This important feature helps you to manage,
a) VAT compliant and error-free invoicing
b) Invoice printing in different languages
c) VAT computation report

Business Reports – You will be able to,
a) Discover easily, do more with Go To/Switch To options
b) Tailor-made reports with a Change view option
c) Basis of value and exception reports

All the reports that are made are saved automatically. Under business reports,
the 4 major reports that you can create are

1. Accounting reports like ledgers, cash/bank books, purchase/sales
registers, and bills both receivable and payable
2. Financial reports like Balance sheet, profit & loss A/C, trial balance, and
ratio analysis
3. Inventory reports like Stock summary, aging analysis, movement
analysis, stock transfers, order & batch summary, and many more
4. Management control reports like a cost center, cost category, cash flow
report & projection, comparative reports, etc.

Cost control and Cost Analysis – You will be able to maintain,
a) Cost center and profit center management
b) Set budget & track variance
c) Business forecasting using scenario management

Data Exchange Capabilities – Get the benefits of,
a) On-demand data synchronization
b) Export reports in different formats in different formats like MS Excel, PDF,
JPEG & HTML
c) Export & import of data through XML
d) Tally ODBC
e) Upload data to the HTTP web server

Internet-based Capabilities
a) Secure remote access
b) E-mailing of invoices & reports
c) License & user management
d) Tally reports in the browser and many more

Payroll Capabilities – With this feature, you can get the benefits of,
a) Pay slip printing & emailing
b) Employee category-wise pay slip sheets & pay structure management
c) Employee profile, group & category reports
d) Attendance recording & pay process
e) Payroll accounting & exception reports
f) Payment Advice

Data security capabilities – You will be able to manage
a) Data Backup & Restore
b) Multiple security controls
c) User management
d) Password policy management
e) Tally Vault
f) Tally Audit

Delightful User Experience – You will be able to experience the best user
interface with,
a) Easily configurable ledgers and vouchers with more details
b) Feature enablement and ledger creation
c) Consistent top menu that helps with multitasking and better navigation
d) Contextual right bar that helps you to get used to and take advantage of
the product
e) Easy troubleshooting
f) About page for easily getting support

TallyPrime offers many more features as you discover our platform. You will able
to get the right support and the best user experience with unimaginable
benefits for you and your organization. So what are you waiting for? Check out
our website and connect with us to make your financial & business management
simplified!

By Team 0 Comments

11 May 2023 Thursday

All you have to know about Cloud-based Tally Software!

Tally Accounting software has been used by many businesses today. It has made
business and accounting processes simpler than ever! Tally software handles your
business’s accounting and tax management, inventory management, purchase
management, sales management, invoicing, payroll, etc.

With technology playing a vital role, businesses should derive tech-savvy solutions that
yield more benefits for better functioning. Cloud technology has been one of the
extensive technology solutions for businesses. It has facilitated organizations with easy
solutions for storage, networking, and remote access and developed virtual locations at
ease.

Let’s take a look at the top 7 reasons why you need to use Tally on a cloud server:

Access from Anywhere: Tally hosted in secured Data Centers can be accessed
anytime, anywhere.
Any Device: Tally on the cloud comes with RDP (Remote Desk) protocol and you can access it using any device OS – Windows, Mac, Linux, and iOS devices.
Say goodbye to local hardware: You don’t have to worry about system updates, failures, maintenance, etc. No matter what, your Tally Data on the cloud will always be stored and available for you.
Super secured: Your data will be safe and secure with security measures in place to keep your critical data safe from all threats and malicious files.
Own your data: You will be entitled to own the data hosted in your Tally on Cloud with XcellHost Cloud. No one can access your confidential data other than you.
Local Printing: Tally Cloud allows you to print hard copies of your data from your printer.
No CapEx: No physical assets are needed! You can now save your capital expenditure for more important aspects of your business.

Both TallyPrime and Tally ERP types of software have cloud-based features. Let’s take
a look at the features of Tally on the cloud:

Secure Infrastructure and Accessibility

Being ISO 270001 certified with Multi-tier security infrastructure, Tally on cloud hosts in
tier 4 Datacenters. Your Tally Data is safe and secured with our server as we assure you
that your tally account is accessible only to authorized users. It supports all versions of

The tally from Tally erp6x to Tallyerp 9 and TallyPrime is also accessible from any
device be it a laptop, PC, iOS device, and even mobile phone.

Automated Backups along with real-time syncing

Tally on Cloud assists you with fully customizable automated backups at regular
intervals and also maintains real-time syncing of all the entries and transactions
recorded from different locations.

Virtual Firewall

Next-generation firewalls combine application awareness and deep packet inspection
to give organizations more control over applications while also detecting and blocking
malicious threats.

Endpoint & Multi-layer Security

Tally on the cloud allows you to block cyber threats before they compromise your system
through its traffic filtering capability. Also, with cloud EDR you can prevent ransomware
attacks and threats that are estimated. You are also availed of encrypted backups at
regular intervals. With an enhanced anti-DDoS solution & multiple ISO/IEC
certifications, we cover every aspect of security and business continuity.

Best performance with 99% up-time SLA

Tally on Cloud provides close to 99% up-time SLA which ensures the smooth functioning
of your tally account when used in different locations. We guarantee that all critical
infrastructure components will be available 100% of the time in a given month,
excluding scheduled maintenance.

Protected VPN

Tally on the cloud allows remote users to access Web applications, client-server apps, and
internal network utilities. IPsec security method is used to create an encrypted tunnel
from one customer network to the remote site of the customer.

With these features, Tally on Cloud comes with amazing benefits that supersede itself
Tally on-premises. cloud solutions like Tally on the cloud could turn out to be a major players in today’s business functions. Tally on cloud prices is reasonable with these

efficient features it offers, being a game changer for your organization’s practices.
Let’s take a look at how Tally on Cloud can boost your business spectrum:

You can centralize the data and your business operation without the need for synchronization.
Get rid of slow performance, data corruption, data rewrite, malicious threats, etc
without any stress or tension.
Every three hours, your data will be backed up automatically.
You can use your own configurations or customization files.
The data that you upload will be under your control. You can upload and
download it whenever you want.
You can also create and maintain unlimited companies and users in Tally.
You can export any tally report to your local hard disk anytime, anywhere.

Start using Tally on the cloud from today and get its universal benefits for better
productivity and functioning of your business!

Start today. Start Now.

By Team 0 Comments

08 May 2023 Monday

Tally ERP 9 to TallyPrime

Tally ERP 9 to TallyPrime – Upgrade to better functioning!

Are you using Tally software or beginning to think of using it for your Business Accounting practices? Then this blog is just for you! Tally software has upgraded its features from Tally ERP9 to TallyPrime – a much more powerful business management software with advanced features and accounting, inventory, banking, taxation, and payroll with remote access capabilities. For beginners who are thinking to start using Tally software for their business, here’s a brief introduction to Tally software and how it’s efficient for your organization.

Tally accounting software provides a complete solution to all the problems that real businesses have to encounter. It is designed to simplify complexities and manage the day-to-day activities associated with an organization. It provides the best usability interface for inventory management, outsourcing payroll, stock management, invoicing, purchase order management, discounting, stock valuation methodology, etc. When using Tally, you can track every transaction detail and maintain an accurate classification of accounting details. You will be able to manage finances from any part of the world using its respective currency hassle-free. Thus, Tally software is flexible, affordable, reliable, secure, and easy to use.

One of the popular versions of Tally software is Tally ERP9, used by various business owners across the globe. Some of the critical features of Tally ERP9 are,

It is also called multi-lingual software as it supports multi-languages for users. All of your accounts can be maintained in one language and reports can be viewed in another language as per your
You can create and maintain accounts for up to 99,999
With the payroll feature, you can automate employee records
You can generate consolidated financial statements as per the needs of your

And many more!

With the recent update in the Tally ERP 9 software, the introduction of TallyPrime to the business world has created a huge impact on the user experience, adaptability aspects, and functioning. Let’s take a look at the difference in features between Tally ERP 9 and TallyPrime software to help you choose the best for your practices.

Tally ERP 9	TallyPíime
You can view reports with only menu based navigation option	You can navigate to any report from any screen using ‘Go to’’, which acts as a powerful tool to search and discover
Switching modes might be time-consuming	You can slice and dice your reports and look at them the way you want using the ‘Change Mode’ and ‘Basis of Value’ option
You can view the exceptional details for pre-defined reports available under the ‘Exception reports’ section	You can view reports in TallyPrime under the option of ‘Exception Reports’ which highlights the details that stand out
The Flow-based data entry system will enable you to run through every field to update occasional details related to Ledger/Stock Item, etc.	‘More Details’ in TallyPrime makes it easy to update the occasional details without disturbing your regular flow of data entry
You can Copy Paste using: Ctrl + Alt + C & Ctrl + Alt + V	You can Copy and Paste either using: Ctrl + Alt + C & Ctrl + Alt + V or using Ctrl + C & Ctrl + V
You can renew your license by Go to Gateway of Tally > F12: Configure > Licensing > Renew TSS	You can renew your license by Press F1 (Help) > Settings > License > Manage License
You need to open multiple instances of Tally ERP 9 to multi-task	You can multitask without opening multiple instances without losing or stuck in between any progress

With these specific features under tally ERP9 and TallyPrime, you get to choose which type of software would suffice with the right benefits as per your requirements and your company functions.

We all know that most businesses today want to leverage cloud accounting or computing space that facilitates access to data and applications on the go. With this in mind, TallyPrime software also indulges cloud accounting and can be accessed anywhere using client applications too.

Take a look at the benefits of TallyPrime on the cloud.

TallyPíime on Cloud – Beneﬁts

Remote Access – You can enable remote access of TallyPrime 24/7, from anywhere with a computer or any device using
No Dependency – There’s no dependency on location, or time, or You can access or work on TallyPrime at any time.
Centíalize the Data – Centralize the data and your business operations without the need for
Tally peífoímance – The performance will be improved more than ’
Risk Management – Get rid of risks like computer crashes and system

By Team 0 Comments

06 May 2023 Saturday

5 Things To Know About Corporate Tax UAE

UAE Corporate Tax Defined

Corporate tax in UAE is a federal tax imposed on the profits earned by companies operating in the country. The tax is currently set at a rate of 5% on the taxable profits of companies, with some exceptions for certain industries and government-owned companies.

Companies that are required to pay corporate tax in UAE include those that are tax residents in the country, meaning they are either incorporated in UAE or have their management and control based in the country. Non-resident companies may also be subject to tax if they have a permanent establishment in the country.

The taxable profits of a company are calculated by deducting allowable expenses and losses from its gross income. The allowable expenses include items such as salaries, rent, and depreciation, while the allowable losses may include bad debts and inventory write-downs.

Companies that are liable to pay corporate tax in UAE must register for tax, obtain a Tax Registration Number (TRN), and file their tax returns annually. Failure to comply with tax regulations can result in penalties and fines.

It is important for companies operating in UAE to seek professional advice to ensure compliance with tax laws and to properly manage their tax liabilities.

Registration for UAE corporate tax

Companies that are required to register for corporate tax in UAE should follow these steps:

Obtain a Tax Registration Number (TRN): Companies that are liable to pay corporate tax in UAE must first obtain a TRN. The application can be submitted through the Federal Tax Authority (FTA) website, and the TRN is typically issued within a few days.
Register for tax: Once the TRN is obtained, the company must register for tax with the FTA. The registration process can be completed online through the FTA’s e-services portal.
Maintain records: Companies must maintain records of their financial transactions and tax-related documents for a period of at least 5 years. The records should be accurate, complete, and in compliance with the tax regulations in UAE.
Submit tax returns: Companies must submit their tax returns annually through the FTA’s e-services portal. The tax returns should be filed within 4 months from the end of the financial year.
Pay tax: Companies must pay their corporate tax liabilities within 30 days from the date of the tax assessment. The payment can be made online through the FTA’s e-services portal or through other designated channels.

It is important to note that failure to register for corporate tax or comply with the tax regulations in UAE can result in penalties and fines. Companies should seek professional advice to ensure compliance with the tax laws in UAE.

5 Things To Know About Corporate Tax UAE

Tax system: UAE has a federal tax system, where each Emirate is responsible for implementing its own taxation policies. However, in 2017, the UAE introduced a federal corporate tax of 5% on the profits of all companies operating in the country, with some exceptions.
Exceptions: The federal corporate tax in UAE does not apply to companies engaged in certain activities such as oil and gas production, and companies that are at least 51% owned by the federal or local government.
Tax residency: In order to determine the tax liability of a company in UAE, the concept of tax residency is used. A company is considered tax resident in UAE if it has been incorporated in the country or if its management and control are based in the country.
Tax returns: Companies in UAE are required to file their tax returns annually, even if they have not generated any profits in the country. The tax returns should be filed within 4 months from the end of the financial year.
Penalties: Failure to comply with the tax regulations in UAE can result in penalties and fines. For example, failure to file tax returns on time can result in a penalty of AED 1,000 for the first month, followed by AED 100 for each subsequent day of delay. Additionally, intentional tax evasion can result in a penalty of up to AED 50,000 and imprisonment for up to five years.

Faq’s:

Q: Which companies are exempt from corporate tax in UAE?

A: Companies engaged in certain activities such as oil and gas production, and companies that are at least 51% owned by the federal or local government are exempt from corporate tax in UAE.

Q: How is a corporate tax in UAE calculated?

A: Corporate tax in UAE is calculated on the taxable profits of a company, which is determined by deducting allowable expenses and losses from its gross income. The tax rate is currently set at 5%.

Q: When are corporate tax returns due in UAE?

A: Corporate tax returns in UAE must be filed annually within 4 months from the end of the financial year.

Q: What are the penalties for non-compliance with corporate tax regulations in UAE?

A: Non-compliance with corporate tax regulations in UAE can result in penalties and fines. For example, failure to file tax returns on time can result in a penalty of AED 1,000 for the first month, followed by AED 100 for each subsequent day of delay. Intentional tax evasion can result in a penalty of up to AED 50,000 and imprisonment for up to five years.

Q: Can companies offset losses against their tax liability in UAE?

A: Yes, companies in UAE can offset their losses against their taxable profits for up to 5 years, subject to certain conditions and limitations.

By Team 0 Comments

26 Apr 2023 Wednesday

Equip your Business game with Tally’s Latest version – Tally Prime!

Are you still using the old version of Tally software for your organization’s accounting and financial management needs? Then, you should switch to TallyPrime, the latest business management software solution with much more advanced features that enables you to drive your business performance at its best, effortlessly.

TallyPrime is the upgraded version of Tally ERP9 software that aids in the management of Tally features of inventory, accounting, payroll, bank transactions, statutory compliance, and other functions. This software benefits your organization by providing smooth running of operations and effective decision-making to enhance your business practices.

Why TallyPrime?

The key objective of TallyPrime is to offer up-to-date and cutting-edge software that supports users to boost their experience in systemizing copious processes comprising all the main functions that your business has to take charge of.

TallyPrime gives you,

A better User Interface with better functioning and appearance
Simple and seamless management of complex transactions
Secured connected services
Instant report generation with improved detailing in Tally reports
Improved Data Security
Enhanced Navigation mechanism for better user experience
Using TallyPrime on Cloud over Tally ERP, you get a more flexible and future-equipped solution to your practice.

What are the features of TallyPrime?

VAT-enabled TallyPrime

With the simplicity and ease of Tally ERP9, TallyPrime facilitates boosting the productivity of the processes deriving efficient and quicker results. Using this software you can grow your business practices without any sudden pullovers. The software works according to your business model and provides the right solution to your concerns. You can create professional-looking VAT-compliant invoices within seconds. All the VAT entries that you enter can be adjusted and recorded in a breeze.

Robust Inventory Management

Whether you follow different sales or purchase cycles from different parties or one party or, want to follow a complete order of purchase/sales cycles and create payment/receipt, TallyPrime is the right software for you. It is designed to give you overall flexibility to choose different sales and purchase processes and keeps your data and records up to date.

Dynamic Invoicing & Accounting

The features of TallyPrime make the process of creating and recording invoices hassle-free and simple. It adapts to your organization with optimized invoice components, a customization host, countless billing models, and other features. It’s an advanced accounting system because of its extensive feature set.

Profound Business Reports

Tally prime offers multitudinous business reports that provide powerful insights for enterprises to make the right decisions. You can segment your reports the way you like to present and organize them according to your business priorities.

Multi-currency support

With TallyPrime, you can record invoices, quotations, and orders, accept payments and receive bills in foreign currency. It also helps you to optimize your cash and credit flow and enables various billing formats to meet your company’s basics. TallyPrime’s forecast report of cash flow helps you to arrange your investments or expenditures while keeping the predicted inflow in mind. You can also set maximum credit limits based on the credibility of the customer to ensure better credit management.

Multi-Task Capabilities

TallyPrime encourages multi-tasking and helps you to handle daily interruptions without getting clustered or stuck. If you wanna record any new sales when you are already in the middle of sales invoicing or making payment entries but want to recheck the outstanding report before proceeding further, this software enables you to multitask these works. You will be able to switch between multiple instances of Tally without getting worried about losing your progress.

Benefits of Banking Utilities

TallyPrime also provides banking features and utilities to manage your banking needs efficiently. The features such as reconciling bank statements, cheque management, predefined formats, online payments, etc provokes banking to be an effortless task. You can also track and manage post-dated cheques trouble-free.

Secure & Access Data

Every business owner’s top priority is to keep the business data safe and secure. By encrypting data with Tally Vault, you can maintain the confidentiality of your data information. You can also create multiple security levels, define user-level rights and assign specific access to users concerning their roles and responsibilities.

Why is TallyPrime better than Tally ERP9?

TallyPrime beats Tally ERP9 in being the most practical accounting software with ingenious features. The advantages you get are,

Save time by altering data entering fields for easy process
Speed up accounting, audits, and data input activities with quicker navigation and shortcuts
Improved invoice printing
Multitask activities through a single window

Don’t waste time using an outdated version of tally software with restricted features for your business. Start using TallyPrime today to upgrade and refine your organization’s practices!

Start Now! Start with us!

By Team 0 Comments

17 Apr 2023 Monday

TallyPrime Gold plan for your Business Management

Are you looking for a Tally alternative for your business to increase efficiency in
performance and growth? Then this blog is just for you! Tally Prime is the latest Tally
software with many upgraded features compared to Tally ERP9. By using this feature,
you can enhance the overall functioning of your company and simplify your business
processes with insightful reports, accurate accounting & bookkeeping, ingenious
inventory & payroll management, and more. Being an all-in-one software, TallyPrime
doesn’t require you to have any prior training on how to use it so that you can focus on
other important aspects of your business. Chaturvedi Software House LLC from Dubai,
UAE offers the best solution to your business’s financial complexities. We offer suitable
VAT-ready solutions in 4 plans according to your needs and requirements and transition
your organization’s performance in the best way possible.

The 4 plans that we offer are,

● TallyPrime Silver
● TallyPrime Gold
● Tally Server
● Support Contract

In this blog, let’s focus on one of ‘the most preferred plans – TallyPrime Gold’ by our
customers across all sectors.

Features of TallyPrime Gold

TallyPrime Gold is the perpetual license for multiple computer systems in LAN. Let’s
dive into the features of TallyPrime Gold.

Invoicing and Accounting

The TallyPrime Gold plan allows you to create and record professional-looking invoices
and tailor them according to your business requirements. It’s pioneering accounting
the software comes with multiple features like sales & purchase management, price levels,
multi-currency support, a flexible order processing system, flawless payable and
receivable management, and much more.

Simplified Interface

TallyPrime gold provides an excellent user-friendly and intuitive interface that requires
zero training to use and manage. Our top VAT-ready professionals ensure you
never find it difficult to get stuck in the process.

Ingenious Inventory & Payroll Management

Managing inventory is the key aspect for all types of businesses. TallyPrime gold plan’s
inventory management includes stock valuation, batch, and expiry date, godown
management, and more. You can organize your stock into limitless stock groups and
categories such as product type, brand size, etc., and manage multiple warehouses. We
provide insightful reports on stock aging analysis, movement analysis, record levels,
and more.
With payroll management, you can manage employee payroll efficiently, process
error-free salary records, etc.

GST/Taxation

TallyPrime gold also gives you a comprehensive GST solution that enables you to
generate GST-compliant invoices, e-bills and file accurate returns, etc and manage
TDS, TCS, and payroll statutory. With TallyPrime’s ‘Prevention-detection-correction’
technology, you can always ensure that all the records are accurate and correct.

User Management and Security

Another key aspect that every business focuses on is keeping all the data and
information safe and secure. TallyPrime software enables you to create multiple
security levels, define user-level rights, provide specific access to certain employees,
deactivate users, and more. It also offers a backup and restores option at the server
level with authorization to avoid losing important data.

Business Reports

You can access nearly 400+ insightful and customizable reports from TallyPrime
software to improvise your decision-making for your business. It also allows you to
view and modify various parameters in the reports in just one click.

Remote Access

Accessing business data all the time becomes crucial sometimes in the most wanted
situations. But with TallyPrime software, you and your employees can access business
reports online anywhere, from any device all the while keeping your data and
information safe and secure.

Multi-tasking with ease

Get the freedom of flexibility to multitask with multiple reports at ease and prioritize
according to your requirements.
Get ready to switch to TallyPrime ‘Gold’ plan from us and get exceptional support from
our talented professionals! Click here to know more about the details of TallyPrime
Gold pricing and contact us to get more insights on the features.

Grow your business with us!

By Team 0 Comments

06 Mar 2023 Monday

How Internal Audit can Improve your Business?

What is an internal audit?

An internal audit is an independent evaluation of an organization’s operations, processes, financial controls, and risk management systems conducted by internal auditors who are employees of the organization. The main objective of an internal audit is to ensure that an organization’s operations comply with its policies, procedures, and regulations, and to identify opportunities for improvement in efficiency and effectiveness.

Internal audits can cover a wide range of areas, including financial reporting, compliance with laws and regulations, operational efficiency, risk management, and information technology. Internal auditors typically use a variety of methods, such as interviews, document reviews, and data analysis, to gather information about an organization’s activities and evaluate its systems and processes.

The findings and recommendations of an internal audit are typically reported to the organization’s management team and board of directors. The results of an internal audit can help an organization to identify areas where it can improve its operations, reduce risk, and enhance its overall performance.

Internal Audit Process

The internal audit process typically involves the following steps:

Planning: The internal auditor identifies the areas to be audited and develops a detailed plan for conducting the audit.
Fieldwork: The internal auditor collects and analyzes data through interviews, document reviews, and other methods to evaluate the effectiveness and efficiency of an organization’s operations and controls.
Testing: The internal auditor performs tests to determine whether the organization’s controls are operating effectively and in compliance with relevant policies and regulations.
Analysis: The internal auditor analyzes the data and test results to identify areas of weakness or risk, and makes recommendations for improvement.
Reporting: The internal auditor prepares a report that summarizes the findings and recommendations of the audit, which is presented to the organization’s management and board of directors.
Follow-up: The internal auditor tracks the implementation of recommended improvements to ensure that they are being implemented effectively and that the organization is achieving the desired results.
Continuous Improvement: The internal auditor also looks for opportunities to improve the internal audit process itself, such as by incorporating new technologies, improving communication, or enhancing the skills and training of internal auditors.

Assessment Techniques

Internal auditors use a variety of assessment techniques to gather and evaluate data during the audit process. Here are some of the most common assessment techniques used in internal auditing:

Interviews: Internal auditors conduct interviews with key personnel to gather information about an organization’s operations, processes, and controls.
Document reviews: Internal auditors review documents such as financial statements, policies, procedures, contracts, and other relevant records to assess compliance with laws and regulations.
Observation: Internal auditors observe organizational processes and operations to assess compliance with policies, procedures, and regulations.
Testing: Internal auditors perform testing to evaluate the effectiveness of internal controls.
Data analysis: Internal auditors use data analysis techniques to identify patterns and anomalies in data that may indicate risk or weakness in an organization’s operations.
Risk assessment: Internal auditors conduct a risk assessment to identify and evaluate risks associated with an organization’s operations.
Benchmarking: Internal auditors compare an organization’s operations, processes, and controls with best practices and industry standards to identify areas for improvement.
Sampling: Internal auditors use statistical sampling techniques to select a representative sample of data for testing or analysis.
Walkthroughs: Internal auditors perform walkthroughs of an organization’s processes to gain a better understanding of how they operate and identify areas for improvement.
Technology-based techniques: Internal auditors use technology-based techniques such as computer-assisted auditing tools and techniques (CAATs) to automate the audit process, analyze data, and identify risks and opportunities for improvement.

Analysis Techniques

Internal auditors use a variety of analysis techniques to evaluate the data gathered during an audit and to identify areas of risk or opportunity for improvement. Here are some of the most common analysis techniques used in internal auditing:

Trend analysis: Internal auditors analyze historical data to identify trends in an organization’s operations or financial performance.
Ratio analysis: Internal auditors use financial ratios to analyze an organization’s financial performance and compare it to industry benchmarks.
Regression analysis: Internal auditors use regression analysis to identify relationships between variables and to predict future outcomes.
Gap analysis: Internal auditors use gap analysis to compare an organization’s current performance to its desired performance or industry benchmarks.
Root cause analysis: Internal auditors use root cause analysis to identify the underlying causes of a problem or issue and to develop effective solutions.
Risk assessment: Internal auditors use risk assessment techniques to identify and evaluate risks associated with an organization’s operations.
Process mapping: Internal auditors use process mapping to identify inefficiencies or gaps in an organization’s processes and to develop solutions to improve efficiency.
Benchmarking: Internal auditors use benchmarking to compare an organization’s operations, processes, and controls to best practices and industry standards.
Scenario analysis: Internal auditors use scenario analysis to evaluate the potential impact of different scenarios on an organization’s operations or financial performance.
Simulation modeling: Internal auditors use simulation modeling to simulate different scenarios and evaluate the potential impact on an organization’s operations or financial performance.

Reporting Procedures

Reporting is a critical part of the internal audit process, as it communicates the results of the audit to the organization’s management and board of directors. Here are some of the common reporting procedures followed by internal auditors:

Drafting the report: Internal auditors prepare a report summarizing the findings of the audit, including any weaknesses, risks, or opportunities for improvement.
Reviewing the report: The report is reviewed by the internal audit team and may be reviewed by the organization’s management and board of directors.
Issuing the report: Once the report is finalized, it is issued to the organization’s management and board of directors.
Presenting the report: Internal auditors may present the report to the organization’s management and board of directors, providing additional context and answering any questions.
Follow-up: Internal auditors may conduct a follow-up audit to evaluate whether the organization has implemented the recommendations in the report and whether they have been effective.
Reporting to external stakeholders: In some cases, internal audit reports may also be shared with external stakeholders such as regulators, investors, or auditors.
Confidentiality: Internal auditors must maintain the confidentiality of the information gathered during the audit process and ensure that the report is only shared with authorized stakeholders.
Tone and clarity: The report should be written in a clear and concise manner, with a professional tone, and should avoid technical jargon or unclear language. The report should be tailored to the audience, with different versions or summaries provided for different stakeholders.

How can TallyPrime help?

TallyPrime is a comprehensive accounting software that can help organizations streamline their financial and accounting processes. Here are some of the ways TallyPrime can help:

Financial management
Inventory management
Tax compliance
Payroll management
Banking and finance
Reporting and analysis
Multi-user access

Overall, TallyPrime can help organizations save time and improve accuracy in their financial and accounting processes, enabling them to focus on their core business activities.

By Team 0 Comments

01 Feb 2023 Wednesday

Best Accounting Software

Best Accounting Software – A Guide to Business Owners

One of the most vital aspects of starting or managing a business is to maintain accurate records of financial data, track the major performance of the business, manage tax conformity, invoicing and billing, etc using the right accounting software to keep your business at bay. It is very common and easy to get caught up in day-to-day operations and planning, missing out on minute details which turn out to be important. We’re sure that you would have come across questions like, “Do I need accounting software?”, “What is the best accounting software suitable for my business” and “What benefits will I enjoy if I choose one?”. And the answer to your questions is detailed in this blog!

Let’s get started.

What is the Best Accounting Software?

With a massive range of accounting software available in Dubai and across the world, one of the best accounting software is Tally prime. Tally prime is the latest and complete business management software for small and medium-scale businesses. It provides a complete solution catering to all your needs in administering inventory, accounting, taxation, banking, and compliance solutions and takes charge of more responsibilities without any complications. Tally prime sees through every little detail to give you a user-friendly experience.

Why do you need Accounting Software?

Top accounting software like tally prime offers many features to optimize your business. From basic invoicing to project management and taxation, Tally prime is the perfect destination tool for your business’s financial data. Take a look at the following important features that are in-built into Tally Prime software.

Enhanced Business Efficiency

The first and foremost core perspective of every business is to operate it as efficiently as possible. Bookkeeping all your data, managing taxation processes, and taking care of paperwork might be too much for a business owner. That’s when accounting software like Tally Prime gets into action. All you have got to do is feed your business details of transactions and compute totals to give access to the software. Accounting software manages to keep your information in one place, making it easier for you to track past transactions and activities. It helps you to stay out of complexity and reduces time consumption.

Keeping a check on Invoices and Billing

Invoicing and billing are the most pre-eminent functions and the main source of cash flowing for your business. Managing invoices and other documentation in papers is tedious, muddling, and error-prone. It is difficult to create and track physical invoices and remind customers of pending payments without automated software. Tally prime labels these issues effectively by generating VAT-compliant invoices, adding totals, compiling statements, and much more manually. It enables you to keep a check on past payments and billings, facilitating the progress of business growth.

Tracking expenses & payments

The next important function is to track expenses to have control over the cash flow. Tally prime keeps in sight payments, receipts, and expenses and categorizes them to make it easier for you. You will never need to handle a stressful pile of papers or unorganized documentation to search, compile and submit.

Bank reconciliation

Bank reconciliation is the core accounting process in which the bank statements are matched with the business transactions recorded in the general ledger. Connecting your bank account to Tally prime software directs you to fetch bank statements automatically into your account. This process enables you to eliminate possible errors in bookkeeping and keeps your business audit-ready throughout the year.

Inventory management

Tally prime software provides you with the best inventory management system for various reports consisting of stock aging analysis, outstanding management, payment performance, recording items, and information with serial or batch numbers. You can track stock and reorder levels of goods to receive automated emails and place orders so that you do not run out of stock. It also helps you to gain better insights and manage inventory more adeptly.

Tax Compliance

Haphazard or misrepresented records of information on your return can cost you penalties, fines, and possible legal issues. Tally prime software eradicates such issues by calculating taxes like income tax, VAT tax, corporate tax, service tax, etc, faster and helps you to apply the right taxes for your transactions accurately. It keeps your business transactions organized and easily accessible.

Report Growth

The main motive of all businesses is to grow bigger over time. And to achieve your targets, you need to stalk your growth periodically and ensure that you choose the right decisions for every stage of the development of your business. Accounting software like Tally prime is a much-needed investment to analyze and improve a business’s financial trends. So, enrich your organization with the best accounting software suitable for your business grounds.

Expedite action with Tally prime accounting software in just one click!

By Team 0 Comments

26 Jan 2023 Thursday

Best Accounting Software in Dubai

What is an accounting software application?

The Accounting software application is a remedy bookkeepers, audit professionals, and local business owners use to process accountancy deals and manage accounts. Here are a few of the most vital features, benefits, and things to consider when searching for the best accounting software UAE.

Every account management software has different areas – components – that manage particular parts of the audit procedure.
Other modules in different bookkeeping software programs are added as required. They consist of:

Costing for going into employee business-related expenses.
Pay-roll, for tracking staff member wages and also relevant taxes.
Records for printing out monetary data on various parts of the business.

Key features you should try to find in an audit software

Service audit includes a wide range of activities to capture a company’s economic photo. Done by hand, it’s complicated and time-consuming work. However, accountancy software has assisted in simplifying these procedures, offering business owners more time to focus on managing and implementing their methods.

Allow us to take a look at a few of the crucial attributes that you ought to try to find in an audit software program:

Automation of managing your account books

To guarantee total accuracy from start to end, your Audit Software Application must enable you to automate procedures completely. Hand-operated bookkeeping is tedious for local businesses, precisely when there is growth.

With automation, the accounting software program maintains hand-operated information entry to a minimum and raises performance. An ideal bookkeeping software program would only ask you to configure features once, comprehend your behavior, and provide results without repeatedly specifying actions.

Monitoring of balance dues as well as payables

Audio management of balance dues and accounts payables is vital to evaluating a company’s financial health. Accounts receivable describes the amount a business is qualified to obtain from its consumers for products or services sold on credit. Accounts payable is any money an organization owes to its vendors, shown as a responsibility on a business’s balance sheet. In essential words, when you purchase products or solutions with a setup to pay later, such an amount till it is spent is referred to as accounts payable. Debtor management is crucial to keeping optimum cash flow. Also, with the help of your accounting software program, you will undoubtedly be able to manage your balance dues and payables more appropriately.

Anytime, anywhere protected accessibility

Remote accessibility to data has become a requirement rather than an option. In a time when everybody is on the move and also locations can not pass as an excuse for poor job performance, remote gain access can be your best ally. There could be numerous instances where you would need accessibility to some essential firm data and documents back in your workplace. During such times, remote access capacity has enabled you to get the preferred information on the move. However, when a software option gives you remote gain access to the center, it is of prime significance that it additionally allows you to define user-specific controls for the information to prevent any data breach. Therefore, this will enhance your staff members’ efficiency, conserve time and cost, and help with faster decision-making.

Versatile purchase as well as sales management

Every business is different. Depending on their procedure, they would undoubtedly pick what sort of purchase and sales cycle they intend to adhere to. In such circumstances, an optimal accounts management software program should permit business owners to set up attributes based on their service requirements and not the other way around. For instance, when you establish masters or record a billing, passing any transaction needs to be smooth. The software program you choose for your organization must be customizable as per your requirements so that you can make the most of it. To be more accurate, your software program must be “created for you.” Attempting to measure the advantages you expect to acquire from your tool is crucial. The more specific you are, the more exact you can be when investigating possible software program options.

Provide assistance based on international accounting requirements

Businesses that likewise operate globally usually seek data based on the corresponding nation’s requirements. Be it in regards to money, conformity, age, and so on, an audit software application should be able to mold itself according to the business demands. From the flexibility to give customized options to select or predefine language to generate reports to submitting returns according to the country’s legislation, the software program must enable you to carry out all country-specific activities without opting for any extra exterior resources.

Why TallyPrime is the very best accounting software application in UAE for SMBs?

Essential, automatic as well as functions just like a human brain. TallyPrime enables services to remain on top of their game with precise bookkeeping reports and an excellent quantity of versatility. They begin with payments, receipts, sales, purchases, debt notes, debit notes, journals, contra, and much more. With just a click of a button, you can pass these purchases quickly in your books, and their effect will undoubtedly show in the respective accountancy reports.

Enhance your organization’s cash flow

Receivable and Payables: Boost your service’s functioning capital as well as handle your exceptional with ease
Cash Flow as well as Fund Flow: Master monetary preparation by approximating your company’s funds resource and usage
Circumstance management: Helps in projecting an organization’s financial resources for better capital
Settlement efficiency of borrowers: Maintain a check on the time your clients take to pay your money and review your credit score plan.

Quicken your organization’s purchases

1. Multi-Currency Bookkeeping: Capitalise on every business opportunity by negotiating in any type of currency

Cheque Management: The extent of mistakes and eliminating uncertainty while negotiating using cheques
Integrated Invoicing: Do fast invoicing by generating expenses inclusive of tax and value your clients’ time.

Control your business expenses

Price and profit facilities: Create as many as you want based on departments, product verticals, workers, and so on, and analyze their performance individually.
Budget plan & Controls: Utilise your organization’s funds efficiently as well as regulate your expenditure
Credit History Monitoring: Minimize lousy debt and enhance your organization’s capital by allocating varying credit lines to various events.

Increase your company’s profitability

Supply activity evaluation: This aids in keeping track of stock much more appropriately. Recognize slow/fast relocating supply products and manage supply throughout various locations.
Product and billing sensible success: Estimate revenues, budget sensible, and remodel the non-performing items.

Frequently asked questions

Just how much does accounting software cost?

Whether you’re a small business or a venture, Tally software download caters to all your ERP or Accounting needs. See our strategies and pricing, and purchase online.

Why do we need an accountancy software application?

Accountancy software is a remedy used by accountants, bookkeeping specialists, and local business owners to refine audit transactions and handle accounts. Below’s why local business owners need to purchase audit software applications:

Automating jobs
Generate annual reports, trial balance, and other essential accountancy reports
Manage impressive easily
Being tax obligation certified
Making data obtainable
Financial made easy

When is the most effective time to switch over to an accounting software application?

The best time to switch over to accounting software is when you wish to automate and streamline your business process a lot more. An accounting software program like Tally UAE molds with your service and your development partner by providing capabilities that will look after your current requirements but also your future demands.

What is a small company audit system?

A small accounting system assists in organizing and streamlining audit and service processes using the most basic method feasible. To select the best audit software application in UAE, you need to remember to comply with the elements:

Free test
Easy to install and also make use of
Online technical support.
Information protection.
Anytime, anywhere, gain access to.

Do small businesses need bookkeeping software programs?

Yes. Small businesses are constantly advised to automate their organization procedures so that they can concentrate on their business development and not on their day-to-day activities.

A basic, easy-to-install software program like TallyPrime will significantly help local businesses, allowing organizations to stay on top of their video game with precise accounting records and a fantastic quantity of versatility.

Enroll in a free trial of TallyPrime and automate your accounting process with great convenience and precision.

By Team 0 Comments