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5 Most Important Reports For a Business

As the owner or management of a business, you should always be aware of how your business is going and especially when you own a small or medium-sized business. You should keep reviewing your incomes, expenses, assets, cash flow, etc. these all things will give you a better idea about these things but how you will know all these things and here the role of business reports comes in when you prepare reports you will come to know about all these things and now software like tally in its tally latest version it prepares all these reports for the business automatically and it prepares all these reports very quick. In this blog, we are going to tell you about the important reports of a business.

tally latest version

Following are the most important reports for a business in Tally latest version:

  • Income statement: The income statement shows the total revenue and total expenses by the business in a specific period of time and the income statement is the report which is used most by the external and internal stakeholders of the company to study the profitability of the business and make important business decisions. And, also it is very useful in filing the correct taxes by your accountant. 
  • Balance sheet: The balance sheet shows you the financial picture of the company. It gives the details about the company’s assets and liabilities including the debtors and creditors. And, you should also know that the balance sheet is the most used report when you need funding for your business from the bank or other investors. So, it is a must need for your business You can get prepared this report easily and automatically through tally accounting software, and also the tally software price in UAE is very affordable so small businesses can also easily afford it. 
  • Cash flow statement: The cash flow statement analyzes the cash inflow in your business and cash outflow of your business. By cash flow statement, you can also know that which areas of your organization are generating the most cash for your business and which areas are spending the most cash and basis on this you can take important decisions for your business and it also estimates the future cash flow in your business and thus you can plan accordingly.
  • Accounts receivables aging: Accounts receivables aging report lets you know how well you are doing in collecting your funds from your debtors. Accounts receivables are a big source of cash inflow in the company and thus you have to be very efficient in this. By accounts receivables aging report you can know which customer is paying you in time and which customer is delaying the payment every time and based on that you can take the necessary actions. 
  • Accounts payable aging: The account payable aging report tells you how long you take to pay to your creditors and for a company, it is good to pay all the creditors on the time otherwise the creditors will not trust you and also your reputation will hamper. Account payable aging carries all these details and thus you can study them and start paying the creditors on time. 

So, these are the 5 most important reports for a business which businesses should always generate, you can also take help of tally latest version software as it provides you all these important reports and also many other reports. 

Tally UAE serves clients all over the world with tally accounting software and Tally UAE provides tally software price in UAE at the most affordable rate, so do contact us if you have any software-related needs; we will be happy to help. Thank you!

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accounting software

What to Look in Best Accounting Software?

Accounting software assists you not only with your accounting functions but also with all of the major functions of your business, making it essential to have accounting software in your company. However, due to the rise in digitalization, there are many accounting software options available today like Peachtree accounting software, QuickBooks, etc. but the tally is considered as the best accounting software in Dubai. 

If you own a business and especially small business then you have to do many tasks on your own and thus the accounting works get ignored and if you hire a team for accounting then it becomes very much expensive therefore you should use accounting software in your business but you may be confused that which accounting software you should use, what you should look in accounting software right? Then don’t worry because, in this blog, we will clear your confusion regarding accounting software because we will tell you the things that you should look in accounting software so that you purchase the right software for your business.

best accounting software in dubai

Following are the things that you should look in best accounting software in Dubai:

  • Features of the software: Before buying the accounting software make sure to look that the software has all the important features like reports generation, inventory management, invoice generation, bookkeeping, and all the other accounting functions and if the software has these all functions then only buy that software.
  • Ease of use: You should make sure that the accounting software is easy to use such that a person with basic computer skills can also use the software. When you are buying accounting software then you are not buying for only one person’s usage, there will be many employees who will use it and it is not possible that all the employees will be pro in technology so you should make sure that it should be easy to use. 
  • Accessibility: Accounting software that is installed on a single device is no longer important.  You may, but, access the data you need at any time with present day on-line accounting software that allows you to get all of your records within the cloud. Desirable accounting software is the only that may be used from everywhere and at every time.
  • Data security: You should also look that whether the software offers data security or not because in today’s data-driven world data is very precious and frauds are running to steal your data and you need to protect the data so it is very important for any type of software to offer the data security.
  • Reliable customer support: It is important to have reliable customer support for the software because when you face any problem there should be people to guide you and solve any problem or issues in the software. The software company or the selling firm should be offering support for the software.

These are the things that you should look in accounting software. You can find all these things in only some of the accounting software like tally accounting software, Peachtree accounting software. We would suggest you go for tally software as it is the best accounting software. 

Tally UAE serves clients all over the world with tally accounting software and tally add-on modules, so please do not hesitate to contact us if you have any software-related needs; we will be happy to help. Thank you a lot!

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Factors To Be Considered While Selecting Accounting Software

Accounting software not only helps you in your accounting functions but also helps you in all the major functions of your business and thus it is important to have accounting software in your business. However, today there are many accounting software out in the market due to the surge in digitalization but if we talk about UAE then tally is the most used accounting software in UAE. Choosing good accounting software is not easy that’s why in this blog, we will tell you the factors that you need to consider while selecting the accounting software.

most used accounting software in uae

Following are the factors that you need to consider while selecting accounting software:

  • On-the-go accounting software: On-the-go accounting software means software that can be used from anywhere at any time and from any device. Today all are becoming tech-savvy so you also need to see that the accounting software that you are selecting is tech-savvy or not. By using this type of software, your time will also save and your work can also be done from anywhere.
  • Easy-to-use: The accounting software that you select for your organization should be easy-to-use such that employees who know the basics of computers can use it. The reason why the accounting software should be easy-to-use is that – it can be used by the majority of the employees and all can work on them and your work gets done faster. 
  • Provide important reports: To make important business decisions, you’ll need a variety of financial reports. As a result, make sure you use accounting software that includes all of the required financial reports. In this matter, the tally is the best and most used accounting software in UAE. You can also make use of tally.erp 9 add-on modules for the benefit of your business.
  • Offers data security: Today data is the new oil, it is very much important to protect your data and thus you should buy accounting software that protects your data. In business also, you need to protect the data from some employees because you don’t need that your confidential data is shared by everyone so make sure that the software has the feature to protect the particular data from particular people.
  • Reconcile transactions: A company’s agreements with different stakeholders, such as banks, vendors, and consumers, must be reconciled. Reconciling your books with your bank statements is a crucial task as you can keep a match of your accounting records with the entries of the bank and make sure that is no mismatch or error in it. So, make sure that the accounting software reconciles your company’s bank account. 

So, these are some of the important factors that you need to consider while buying accounting software. So, when you are about to buy accounting software make sure you keep these factors into consideration.

Tally UAE provides tally accounting software and tally.erp 9 add-on modules to clients all over the world, so please do not hesitate to contact us if you have any software-related needs; we will be delighted to assist you. Thank you so much!

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Accounting Software Modules Can Help Your Business

Accounting software is now a basic necessity for most of the businesses, because manual accounting will take a lot of time and today there is not much time available to use on manual accounting and also manual accounting can result into many errors, and therefore businesses have turned to accounting software as their tasks get completed faster and also without any error. If we talk about accounting software then tally accounting software is the most used accounting software so let’s discuss about tally accounting software modules in this blog, and how these modules will help you in your business.

tally accounting software modules

Following are the modules of accounting software that can be helpful in your business:

  • Useful reports

If we talk about financial reports, then balance sheet and profit & loss statement are the two major financial statements or reports that are very much useful to businesses. The balance sheet shows the assets & liabilities of the business and Profit & loss statement reflect the incomes and expenses of your business. Accounting software should be able to generate these 2 important statements as well as many other reports that are useful for the business. 

  • Cash flow management

It is important for every business to monitor their cash flow, manually monitoring cash flow is very difficult and time-consuming process. A good accounting software is the one that is able to make cash flow statement of the company based on their transactions. Also, it should be able to predict your cash flow for the upcoming period of time. 

  • Billing

In the business when you make a sale, you need to give a bill or invoice to your customers. The bills that you prepare should be accurate and now gone are the days when you were preparing the bills manually, now everyone uses technology. Accounting software should be able to prepare invoices in bulk. You can use tally accounting software for that as tally server 9 price in UAE is very reasonable and it helps you in billing and all other functions. Thus, buy tally software for your business in UAE.

  • Credit management

Managing credit is very important for your business and thus accounting software should help you to manage your receivables and payables. It can assist you in defining credit limits and credit periods for each customer, as well as warn you when you accidentally exceed credit limits. It should also assist you in analyzing your credit patterns and making informed decisions about trustworthy clients, appropriate credit limits, and credit periods.

  • Banking

Banking is an important and integral function for every business and it includes managing the bank accounts, cheque books, reconciling the bank statements, etc. Accounting software should be able to reconcile your bank accounts with your books automatically, as well as generate records of transactions that were skipped. Another positive thing to look for is the ability to print checks for payments, which reduces the amount of time it takes to write the check and eliminates the possibility of mistakes.

In conclusion, we would like to say that using an accounting software is a great investment for your company and thus you should also use an accounting software in your business. You can make use of tally accounting software modules as it is the best accounting software. 

We at Tally UAE, provide tally accounting software and we provide best tally server 9 price in UAE to our clients all around the world, so feel free to Contact Us for any software related requirement, we will be really happy to help you. Thank you!

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Reasons Why You Need ERP Software In Your Company

ERP software is a tool that centralizes a company’s database of information and helps in the automation of the repetitive tasks and at large simplifies the business process. Investing in ERP software can help you to bring together all the activities under a single integrated application and you can also use customized ERP software that is suitable for your company. ERP software speeds up the response time to clients, increase the efficiency of the business and also help in the company’s overall success. In this blog, we will let you know the reasons why you need ERP software in your business.

accounting software in uae

Following are the reasons why you need ERP software in your business:

  • Standardization of processes: Many organizations have unmanaged systems and due to this various business processes will not be proper and can lead to problems in various activities of the company but when you have ERP software in your business then it will be very beneficial for you because ERP software binds together all the processes of the business with a unified interface and this makes access of data very easy with its centralized dashboard.
  • Better accounting and financial reporting: Keeping track of your financials is an important factor in determining the success of your organization. But manual data entry and reporting will not work as it will lessen your productivity, and thus for this purpose, you need ERP software as there will be no chances of error when you work with the software and it will keep track of all of your incoming and outgoing transactions. And, when we talk about the accounting software, then tally is the best accounting software and also cost of tally software is very reasonable therefore you should start using tally software in your business.
  • Faster response time: As you grow in the market, your service delivery could act as a major thing and thus you need to deliver fast response, fast delivery, fast projects, etc. And, when you have ERP software then you can organize all the activities systematically and thus your work becomes fast and also your response time becomes faster.
  • Compliance with rules & regulations: Integrated ERP software can help you to ensure that all the operations are in sync with all the standards and rules. Also, ERP software will enhance your security features like regulated data access and inbuilt firewall systems. Thus, you will be complying with all the rules and standards and thus you will not face any legal problems in future. This is an important reason why you should have ERP software in your business.
  • Mobility & Flexibility: Through ERP software, data of various departments of an organization is streamlined into a unified platform. ERP software can be used from anywhere in the world, and on any device, thus you get mobility and flexibility with ERP software, you can start using tally software as the cost of tally software is very reasonable.

So, these are the reasons why you need ERP software in your business. We at Tally UAE, provide tally ERP software in and also customized ERP software according to the need of the organization to our clients all around the world, so feel free to Contact Us for any software related requirement, we will be really happy to help you. Thank you!

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