IMPORTANT FEATURES IN TALLY FOR A MANUFACTURING BUSINESS

IMPORTANT FEATURES IN TALLY FOR A MANUFACTURING BUSINESS

In manufacturing business, there are a lot of complicated tasks like tracking of goods from raw material to finished goods. And, due to these reasons, it becomes very necessary to maintain software that tracks the movement of all the goods. But, choosing software is also a difficult task and you may be thinking about which software to use, but there are very few software that tracks the inventory and helps in business operations.

Tally.ERP 9 is one such software that tracks your stock, cash-flow and maintain various other information like your employee records. The features like these will help you to gain insights and overview the situation of the business and take corrected actions if required.

In this blog, we will let you know some of the most important features of tally which are very useful for a manufacturing business.

  1. Handling all type of goods: The users can easily record the raw-materials and their consumption for finished goods or semi-finished goods in tally. They can also group the stock and then check the stock according to their group, it enables ease of maintaining information and you can access the data very easily when you require it.
  2. Inventory Management:  In manufacturing business, the stock keeps moving from one place to another but with tally you can track moving stock across the different locations. It also keeps the track of stock that is lying in third party locations and most importantly you can also calculate the valuation of your stocks through various methods like FIFO, LIFO.
  3. Reverse Charge Mechanism: Normally in a manufacturing business reverse charge has to be applied every time when goods are purchased from an unregistered dealer. These self-invoices can be directly generated from Tally.
  4. Cost Centres: Tally software has also provisions for cost centres so the owners can allocate costs to the cost centres. They can also identify employees as cost centres to tag any cost associated with them.
  5. Batch-wise expiry: In many manufacturing businesses, sorting of the stock is done as per their expiry date to avoid stock getting wasted. Tally software helps to sort the inventory according to its expiry date and thus it can be assured that the stock is not wasted.
  6. Business reports: With the help of tally you can get all the business reports like profit and loss statement, cash flow report, balance sheet, etc. These reports can give a clear picture of your business so that later you can take important decisions through these reports. 
  7. Quality Control: In manufacturing business, it becomes very important to pay utmost attention to the quality of the end products and not onlyend products but all the raw materials, semi-finished goods need to be up to the quality standards. So tally has a solution for that also because it gives option to check the products as per pre-defined quality standards/criteria.

So, these are some of the important features of the tally for manufacturing business and it’s also been used by many manufacturers to make their work easy and fast. Basically, Tally is a complete business management software which should be used in all types of business as it makes the work super easy and provides efficiency in the businesses.

Green FX WLL offers high-end TALLY Customization to its clients in Bahrain, and it also offers Customized Softwares, Training & Development, and related services.

 

By Team 0 Comments
THE 5 FEATURES OF TALLY

THE 5 FEATURES OF TALLY THAT CAN INCREASE YOUR BUSINESS EFFICIENCY

Tally is a software that helps to speed the accounting processes of your business and with efficiency. It tracks cash flow, revenue calculation and many more things for your business by also keeping your financial information and other confidential information safe. 

Tally software has been designed to fulfill the requirements of your business and tally also can be customized, extended and integrated as per your need of your business, so that it totally suits your business and efficiency can be achieved in your business. 

Following features of tally can increase the efficiency of your business:

  • Details of transaction: This software drill downs every detail of your business transaction. It helps in accounts classification, business incomes & expenses, bank reconciliation, etc. It supports all major types of file transfer protocols, that can help you in connecting files across various locations of your business.
  • Financial analysis & management: Tally is a software that is very much useful in undertaking financial analysis and management. Tally provides information about receivables, cash flow statement, etc. 
  • Helps in Taxation: Tally also helps in calculating right taxes to be paid by the business which helps in the timely payment of the correct amount of taxes so that any penalty can be avoided.
  • Easy set-up & Easy to use: Tally is a very easy to set up software and also very easy to use software, it has been designed & developed to simplify the daily transactions taking place in the business so that the operational efficiency can be achieved. It helps in providing comprehensive solution for your business.
  • Helps in Payroll: The tally software helps in payroll management, it offers the functions like employee groups, attendance management, timely salary payments, and also other complex payroll calculations.

 

So, these are the features that can help to increase the efficiency of your business. Tally software is very much useful and has various in-built features that helps in meeting various needs of your business. And, these features will help you to speed up your business processes and help take important decisions quick for your business. 

Green FX WLL offer high end TALLY Customization to its clients in Bahrain, also Customized Softwares, Training & Development and related services.

 

By Team 0 Comments
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.

By Team 0 Comments
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.

By Team 0 Comments
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.

By Team 0 Comments
Posts pagination
Send a Message