KEY FEATURES OF TALLY THAT BUSINESS OWNERS MUST KNOW

KEY FEATURES OF TALLY THAT BUSINESS OWNERS MUST KNOW

KEY FEATURES OF TALLY THAT BUSINESS OWNERS MUST KNOW

While running a business, you have to pay attention to each & every department of your org. and you have to continuously measure and control the activities to ensure the highest level of productivity.

Manually handling of all these work of business is next to impossible, it’s not practical also but fortunate we have computers so we don’t have to deal with physical files anymore.  To take away the burden from business owners, Tally.ERP 9 Software has some amazing reports that are helpful to almost every business type. These reports will help you to measure, analyze and implement control measures if needed. 

Reports in Tally

  • Balance Sheet: Balance sheet shows you the current position of the company. It shows assets & liabilities, which shows the financial standing of the company. 
  • Profit & Loss Statement: A profit & loss statement is also called statement of financial performance. It helps to survive the business and profitability of the same.
  • Purchase Register: Purchase register helps to show a summary of all the purchases made by the company at a specific period. 
  • Sales Register: A sales register shows summary of all the sales done at a specific period of time. It will help you to keep a check on the movement of the goods out of the organization; by this you can get insights about your best sold products.
  • Stock Summary Report: By this report, you can check the present condition of the stock. It will help you to understand how to optimally reorder stock without wasting it. 
  • Ratio Analysis: A ratio analysis report is an amazing tool to understand the financial position of the company. Different ratios give you a clear understanding of the financial position of the company. The ratios like debt-equity ratio, quick ratio, etc are available in tally. 

Security and Control Features in Tally

  • Tally Vault: Tally Vault keeps data encrypted, only when you enter a password, the data can be accessible. With this feature, you can ensure your data is not being accessed by any unauthorized person.
  • Hide data path: In Data path your tally data is saved in default Tally, your data path is visible to the user. Some businesses may see this as a threat to their data and may want to hide the location of their data. In such businesses, Tally Server 9 can be used to get higher levels of security.
  • Data Report and log: With the help of this feature you can monitor your employee’s activity and you can ensure work efficiency. The more you are aware of the day to day activities of your employees, the more you will be able to execute control measures to improve their performance.

These are some of the important features in Tally that every business owner must know; these features will make the work of owners easy & comfortable.  

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How Tally ERP9 Can Help Your Business

Tally is very famous among businesses for more than decades. Tally is extremely trustworthy in businesses because of tally’s power of simplicity. Tally can help you manage multiple companies and also add features such as multiple go-downs, multi-currency, order process, cost centres etc. This helps you get rid of complexities, and in turn, focus on business growth.

Tally can help your business in the following ways

  1. Tally helps you to focus on your business growth: With the help of tally you can manage multiple companies and incrementally add features such as multiple go-downs, multi-currency, cost-centres etc. And due to this you can get rid of complexities, and in turn, focus on business growth.
  2. Better Control over cash flow: Quick and hassle-free bills receivables and payable management help you to get paid faster as well as managing payment timelines. Also, Tally facilitates easy and efficient stock movement, making it possible to optimize the cash flow
  3. Improved productivity: Tally is a very speedy software, and due to this you can do your things very quickly and thus you can save your time. Tally also provides you many reports which help you make good  decisions and plan the growth of your business better and improve productivity of your business.
  4. Better Tax Compliance: Tally’s Prevention, Detection and Correction mechanism ensures that your books are always accurate, hence giving you the confidence that the returns you file are always correct! 

Now let’s classify the benefits of tally according to the size of business

According to the size, businesses can be classified in 3 ways: Small enterprises, medium enterprises and large enterprises. So, let’s see usefulness of tally according to these classifications.

Advantages of Tally for Small Medium Enterprise (SME)

  • Small and medium enterprises (SME) need ERP software to manage three critical functions – accounting, inventory and compliance. Tally.ERP 9 can be used in all these areas with its simple-to-use interface that manages the complexity of the functions in the background.
  • Tally helps to manage accounting, inventory and compliance within a single software, it becomes easier for business owners to assess the impact of finance on their businesses and take day-to-day decisions based on data.
  • Small and medium enterprises are typically hard-pressed for finances and need to monitor their fund flow and cash flow before taking decisions, such as whether to take a loan from a bank or other sources. With Tally.ERP 9, important decisions can be taken by looking at critical financial reports which are available on the click of a button.
  • Owners need to track inventory data in hand to ensure that they are not investing heavily in maintaining inventory by paying huge interests on loans. Tally.ERP 9 provides Stock Ageing report which helps manage inventory. Business owners can take decisions based on stock clearance status or give new orders to their suppliers by simply looking at the report.

Advantages of Tally for Medium and Large Enterprise

  • This type of business enterprises have to manage many business functions. With the right ERP software, you can handle cross functional operations and take their own decisions. Tally.ERP 9 supports businesses to seamlessly combine their activities for accounting, inventory, compliance, payroll, finance and more.
  • Business owners can manage multiple functions with multiple user logins. They can assign different access rights to their employees based on the data that use to run the business.
  • With the help of Tally tax consultants can remotely perform audit without hassle of transferring the data. Auditors can leave their comments on vouchers and business owners could take further action as required.

The nature of any business is such that business owners cannot stop their activities at any point. Tally.ERP 9 makes life easy for business owners. They can pass their first transaction within minutes of installing the software. Tally.ERP 9 gives the flexibility to create masters on the fly, as businesses need to create different types of vouchers most of the time.

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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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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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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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