factors about payroll software

Factors To Be Considered While Selecting A Payroll Software

Payroll is a very important thing for businesses and payroll processing becomes easy with the payroll accounting software but selecting payroll software is not an easy thing as there are many software available out there but only a few of them match your requirements and provide you the important features. So, there are very few software that provides you all the important features that can help you in fulfilling your payroll requirements so you need to consider some important factors and in this blog, we will let you know those important factors that you should consider while selecting a payroll software.

payroll software

Following are the factors that you need to consider while buying or selecting payroll software:

  • Proper payroll processing: The main reason why you are buying the software is payroll so it should properly process the payroll. You should check whether the payroll software has features like – applications of leave, timekeeping, overtime pay rates, etc. 
  • Direct bank disbursement: If you are buying payroll software then an important feature that it should have is direct bank disbursement of money because in companies whether small or big the main function of HR or owner is to disburse the monthly salaries to the bank accounts of the employees. By this, the time of the company will be saved and the company does not have to worry about manually transferring money because the software will automatically do it on its own. 
  • Tax calculation and filing: Payroll software should have the features of filing the taxes and the risk of miscalculation becomes very low in software. Also, there will be no tax lapse if the tax is filed through the software. There are many smart software out there like smart tally software that will help you in filing appropriate taxes. Thus, this is an important factor that you need to consider while buying payroll software. 
  • Accounting integration: Integration of accounting is important with the payroll software. Some companies sell accounting software and payroll software differently but there are also many software that have both the features in a single software so why not buy software that offers both accounting and payroll features. When you buy software like tally prime which offers important features of accounting as well as payroll then it would be a great help to your accounting team as well as to the HR team as your work will be very efficient, also it will be very helpful to small companies who do not have accounting team or HR team because the software will handle all their accounting and HR tasks. 
  • Employee self-service: When you buy software or technology then the aim of that is to ease the processes and when you buy payroll software then you should check whether the software can ease your work or not because when you buy good software then you can give partial access to your employees so that they can so certain duties by themselves and your work gets reduced to a great extent. 

So, these are the factors that you should consider while buying payroll software and if you still don’t have payroll software then we strongly suggest you buy one for your company because it offers you accounting features as well as HR features so it is a very good investment. 

We, Tally UAE, are providing smart tally software in Dubai, which is very useful for payroll accounting services and many other important functions of the business.

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Payroll Management Software

Payroll is an important thing for employees as well as the company because the company that perfectly and timely manages the payroll, then that company is considered very good and earns much reputation. Payroll is the total amount of wages to be paid to the employees by the company. It is a very complicated process but is very much important because it keeps your employees motivated and employees stay productive. You need to efficiently manage the payroll services and software like tally helps you very much to manage the payroll system of the company. 

Previously payroll was only done manually and thus the companies used to hire people for managing the payroll but now the technology has advanced a lot and thus now you can find many softwares that handles payroll for the company and thus reduces the cost and the most reputed and useful software for payroll management is the Tally software. With the help of tally, you can effectively manage the payroll and can reduce your costs. In this blog, we will also tell you some of the important features of tally that helps very much in payroll management.

Payroll Management Features in Tally

  • Payroll accounting and salary processing: With the help of tally you can manage employee payroll in a smart way. In tally prime software, you will find many predefined processes that enable error-free automation of the payroll process. Also, you can view and manage the processes in an easy way. 
  • Multiple employees grouping: In tally prime, you can classify employees on the basis of various different parameters like – job function, department, location, the position of the employee, etc. You can also define salary structure at the employee group level, with this you can apply the same salary structure for the same type of jobs or departments. So, you can get many options to design your salary structure. 
  • Flexible attendance/production types: Attendance is used to calculate the employee pay and track their presence and productivity at work. With the help of tally prime software, you can create multiple attendance types and leave types like – sick leaves, casual leaves, annual leaves, paid leaves, etc. Thus, you can create a flexible attendance type and multiple leaves types as per your companies rules and regulations. So, tally helps you very much in managing the payroll system.
  • Statutory compliances: Tally prime provides you important statutory reports like provident fund, employee state insurances (ESI), professional tax, gratuity, income tax, etc. These all are some of the important laws regarding payroll and every company has to consider all these things while calculating the payroll of employees. Thus, tally provides you these important reports also.
  • In conclusion, we would like to say that in this world of technology and automation, you should also move to modern ways to do your and your office work and the same thing goes with the payroll, with the help of tally, you can easily calculate payroll of all your employees in an effective way, so start using tally software in your company for payroll management.

We at Tally UAE are providing Tally software in Dubai, which is very useful for payroll services and other accounting and related functions of the business.

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features of tally software

Features Of Tally Software Services

Tally Software Service (TSS) is a software subscription that gives you many advantages by providing the latest updates that are helpful for the business. With the help of Tally Software Service, you get continuous improvements in the product, from remote connectivity to banking services which helps in enhancing the performance of your business. There are many more features and advantages of Tally Software Service and thus in this blog, we will discuss about the important and useful features of Tally Software Service (TSS).

tally software services

Following are some of the most useful features of Tally Software Service (TSS):

  • Online business reports: With the help of Tally Software, you can get the freedom of viewing important business reports on any device and that also from anywhere. So, if you are using mobile, laptop, pc, tablet, or any other device, you don’t have to worry because you can see your business reports such as stock summary report, sales/purchase register, etc. on any device, and can also download these reports and share these reports with your stakeholders or management and can take important decisions with the help of these reports. Thus, tally is considered best accounting software in UAE.
  • Regular product updates: In the modern world, everything is updating very fast and your business too is evolving and there are continuous developments in people you deal with, work with, and even the rules & regulations that you have to comply with so for that you need a software or product that is also updating time-to-time and here comes the role of Tally Software Service because with the help of Tally Software Service (TSS) you get continuous updates that are helpful to cater the needs of changing business requirements in the modern world.
  • Online data synchronization: Today, there are many companies that work from multiple locations and for those business entities the data consolidation becomes a difficult task. Here, you get the online data synchronization feature/capability that is useful to synchronize the data among various offices, branches, factories, storage facilities, etc.
  • Remote access: By using TSS, you can access your data from anywhere at any time which is convenient for you, and can view all your reports, edit vouchers, and can perform many important tasks. It also supports multiple user activities and creates separate entries.
  • Banking & payment services: By the use of Tally Software Service (TSS) one can easily manage the banking needs. In TSS you get the updates that are useful to support the cheque formats and auto bank reconciliation.

In conclusion, we would like to say that Tally Software Service (TSS) adds great value to your business with the help of its powerful features. So, you should definitely purchase vat accounting software UAE i.e. Tally Software Service (TSS) or take the service of Tally Software Service for your business as it is a great investment for your business.

We at Tally UAE are providing Tally Software Service (TSS) in Dubai, we are giving one-click VAT ready solution for all business solution where it is simple to deal with Customized ERP Software for Businesses, cash flow, post-dated cheques, exceptional monitoring, and records required for the everyday company.

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tally prime software benefits

How Tally Prime Can Enhance Your Business Efficiency?

Whenever any person thinks to start a business, one thing that he/she surely thinks is how they will manage the complicated processes of the business. It is important to make the business processes easy & simple and Tally Prime offers that benefit, it helps to make the business processes simple as well as the business efficient and business efficiency is very much important for the success of the business. You can buy tally software from Chaturvedi software house as one of the best tally dealer in Dubai, UAE.

In this blog, we will tell you how Tally Prime helps to enhance the efficiency of your business.

tally prime

1) Interruption handling: When you are preparing any particular report, then you may face many interruptions and problems while preparing the report and these interruptions may result into inaccurate reporting and wrong figures and these wrong figures can create very much problems in the business. And, here comes the role of tally prime, the tally prime comes with an intelligent set-up manager which can help you to handle any type of interruptions very easily.

2) Useful business reports: In tally prime software, you can get many important 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. And, when decisions are taken based on the figures, the decision seems to be very useful for the business which enhances the efficiency of the business.

3) Invoice experience: You can easily prepare the invoices in tally and also print them easily with the help of tally prime and most important, you can print all your invoices and reports in an eco-friendly way, you can save up to 80% of the paper by printing in an optimized way in tally prime, co you also take care of the environment in your business operations, which is considered as a very good thing nowadays.

4) Quick Navigation: In business, we want to have an easy to use software so that our daily tasks can be done easily by anyone with simple knowledge of computers and when it comes to easy-to-use software we focus how easily we can perform important tasks and in tally prime with the help of quick navigation option, you can see various reports very easily. With the help of Go To navigation option, you can open anything in the software very fast and perform multitasking very easily so for e.g. if you are preparing a bill and you want to check the previous records for being sure then you can easily switch both the tasks and lastly perform both the tasks very conveniently and thus you can perform all things in the systematic manner which enhances the efficiency of your business.

So, in these ways tally prime can improve your business efficiency, as tally offers many benefits to the business, it is most popular software in the corporate world and is useful to all types of business, whether it is small or big. So, if you don’t have tally prime then it is suggested to start using tally prime in your business.

We at Chaturvedi Software House are the tally dealer in Dubai providing Tally prime in Dubai, we are providing the tally software solution for all business so it is simple for them to deal with cash flow, post-dated cheques, exceptional monitoring, and records required for the everyday company. Our tally contact number is +971-524036655 or you can mail us to at contact@tally.weboi.in.

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tally prime

Features of Tally Prime

Tally prime is the modern age software that is very useful in managing a business. Tally has been very popular software in the business community as it is simple, flexible, reliable, and has many features that are useful in business management and the same is with the tally prime. Tally prime is a very flexible software that allows you to manage the business in your own way.

Tally prime makes the work of the business owners very simple as it provides many important reports that are useful to take important decisions for the growth of the business. In this blog, we will tell you about the important and useful features of tally prime.

features of tally prime

Following are the useful features of tally prime:

(1) Easy set-up & Easy to use: Tally prime 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 operational efficiency can be achieved. It helps in providing a comprehensive solution for your business.

(2) Business reports: With the help of tally prime 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.

(3) Multi-tasking: With the help of tally prime you can easily do multi-tasking and thus you can do your daily transactions very easily. For e.g. you are preparing a bill but in the middle of that transaction you have to record a new sales transaction then you can do that very easily. Like this, there are many other transactions that you can perform very easily together.

(4) Data security: In today’s world, ‘data is the new oil’ so it is very much important to protect your data and with the tally prime you can ensure data security; your data will always be secure with you. You can also secure your data within the organization by allowing only some kind of data to be accessed by your staff and other data can be secured with you as your choice.

(5) Multiple modules: With tally prime software you can be assured of all your needs because in tally prime you get many important features such as multiple go-downs, order process, cost-centers, etc. So, with the help of these types of features, you can get rid of complexities and you can pay attention to the growth of the business.

So, these are some of the most useful features of tally prime that are very important to fulfill your business goals so it is advised that you should have tally prime in your business as it helps in many business operations and achieves efficiency in the business.

We at Tally UAE are providing Tally Prime in Dubai and we are giving one-click VAT ready solution for all solution where it is simple to deal with Customized ERP Software for Businesses, cash flow, post-dated cheques, exceptional monitoring, and records required for the everyday company.

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ratio analysis

How Ratio Analysis Can Be Useful For Your Business?

In business, it is important to know the financial health of your business and it depends on many aspects and one of them is ratio analysis. Ratio analysis is a very useful tool for financial analysis of the business. The ratios indicate whether the business is in good condition or bad, whether the liquidity of the business is in a good position or bad position. These ratios and reports generated are very useful for both the internal management of the business as well as for the stakeholders of the company. These ratio analysis reports permit stakeholders of the company to get a better understanding of the position of the business and take the appropriate decision later.

how ration analysis can be useful for your business

In this blog, we will discuss in detail why ratio analysis can be useful for your business.

  • Evaluation of operational efficiency: Certain ratios highlight the efficiency of the business and especially assets and other resources. If a business has to avoid cash blockages then it is necessary that the company allocate the financial resources efficiently. And, with the help of ratio analysis, the business gets a lot of information that is necessary for making these important decisions.
  • Profitability measurement: Profit is the main motive of any business. Ratio analysis helps the company in determining the proper use of assets so that profit can be earned by the proper utilization of these assets. There are many ratios like gross profit ratios, net profit ratios, expense ratios, etc that are used in measuring the profitability of the company. And, these ratios can be used very smartly to improve the profitability of the business.
  • Ensure suitable liquidity: Every company should make sure that some of its assets are liquid because in emergency situations you may require cash that can be fulfilled only if you have liquidity in your business. The liquidity of the company can be measured by ratios like current ratio & quick ratio. 
  • Identifying Risk: There are many unforeseen risks involved in the business and ration analysis helps in understanding these risks and thus management will be ready to take the necessary actions in advance to avoid the risk or mitigate the effects of risk. Financial ratios like Interest coverage ratio, Debt coverage ratio help the management to know how much the company is dependent on the external capital sources and it also helps to know the company’s ability to repay debt.
  • Determining long-term solvency: Solvency means the ability of the firm to meet its long term debts and other financial obligations. There are various ratios that help in determining the long-term solvency of the firm. So, if the situation does not look good in the reports then the company can take various steps to improve the situation.

So, in these ways analysis can be very helpful for your company. And, for ratio analysis, it is advised to take the help of the various softwares available in the market for that work. And, when ratio analysis is concerned the best software for ratio analysis is undoubtedly – Tally. It is a very effective software that helps the company to carry out ratio analysis and also helps in the decision-making process of the company by providing various statements that assist in proper decision-making.

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importance of ratio analysis

IMPORTANCE OF RATIO ANALYSIS

Ratio analysis is a very important factor which is useful to understand financial statements of the company, current position of the company, efficiency in business operations, etc. And, most importantly ratio analysis helps investors to understand the performance of the company so that important decisions can be taken. Ratio analysis can be easily done through software like tally.

Ratio analysis is done by studying data from current & previous financial statements to understand the financial performance of the company. This is useful to know whether the company is growing or not? 

There are many such uses of ratio analysis so in this blog, we will understand the importance of ration analysis in detail.

ratio analysis

 

(1) Helps in analyzing the financial statements: Ratio analysis helps us to understand the financial statements of the company and these financial statements are very important for the stakeholders of the company. By ratio analysis, it becomes easy to understand the comparison of these numbers and it also helps to estimate numbers for the income statements and balance sheet of the company.

(2) Efficiency of the company: By ratio analysis the owners will be able to know the company’s ability to generate the profit. It also helps to understand whether the company is running efficiently or not.

(3) Planning & Forecasting: Ratio analysis helps the management to understand and estimate the company’s future financials. And later it is used for budgeting and planning the future of the business, it means in which direction business has to move and how it has to forward toward the growth.

(4) Identifying Risk: There are many unforeseen risks involved in the business and ration analysis helps in understanding these risks and thus management will be ready to take the necessary actions in advance to avoid the risk or mitigate the effects of risk. Financial ratios like Interest coverage ratio, Debt coverage ratio helps the management to know how much company is dependent on the external capital sources and it also helps to know the  company’ ability to repay debt.

(5) Peers comparison: The management and investors often do the comparison of the company with the peers to know the profitability of the company, market share of the company, etc. Ratio analysis helps to perform SWOT analysis of the company. It also tells whether or not company is growing or not and how much is the growth o the company compared to its competitors. Thus, a proper peer comparison can be done through ratio analysis.

So, these are the benefits of ratio analysis in the company. And, for ratio analysis it is advised to take help of the various softwares available in the market fort that work. And, when ratio analysis is concerned the best software for ratio analysis is undoubtedly – Tally. It is a very effective software that helps company to carry out ratio analysis and also helps in decision-making process of the company by providing various statements that assist in proper decision-making. 

Whether you are in India, UAE, Bahrain, USA, everywhere tally will be very helpful for your business so it is very much advisable to start using tally for your business.

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benefits of inventory management software

BENEFITS OF INVENTORY MANAGEMENT SOFTWARE

Inventory management is a very critical and important thing for every business and if you have a business with multiple product lines where each product line needs segregation, you can do it with the tally software. And, Tally is considered as the best software for inventory management.

In this blog, we will let you know the benefits of inventory management software.

inventory management software

(1) Efficiency and productivity in operations: When you store goods it means you are investing your money and this money gets locked up in the stock and you can’t spend this money. So, if you want to keep the cash flow positive then there should be efficiency in managing the stock. And, cash is one of the most important parts of the business. 

In businesses like pharmaceutics, health, beauty, and many other businesses the product needs to be sold or disposed of before it gets expiry because once the products get expired the products become useless and all the money invested in the stock gets wasted. Thus, it is important to have inventory management software for your business for having efficiency and productivity in the operations. 

(2) Minimize costs and maximize sales & profit: When you have a multi-channel business where sales is done through online and offline modes then you need to manage these sales channels effectively and the goods sold through these channels. Inventory management software allows you to decrease your carrying costs like storage fees, insurance, taxes, theft, etc.

(3) Integration of the entire business: In your company, if your sales staff finds a lead and creates a sales order then the inventory management software lets the entire company know about it and work accordingly to fulfil the sales order. The finance department can later issue the bills for the dispatched sales order. 

(4) Automation of manual tasks: In present days if you do all the data entry tasks and calculations of all the purchase orders manually then you will be lagging behind from all your competitors because today ‘Time is Money’ and thus every firm uses software to make their tasks easy. 

(5) Reducing inaccuracies: Inventory management is not an easy task thus when you try to carry out these inventory management tasks manually then there will be many chances of inaccuracies happening in the business. So, if you start using inventory management software then it will automate all the data recording and tracking processes and thus all the work will be error-free so it is very much important to adopt inventory management software in your business to reduce/remove inaccuracies from the business.

These are the benefits of having inventory management software in your business. And, Tally is considered as the best inventory management software because, with inventory management, Tally also helps in efficient planning and management of the business.

Green FX WLL situated in Bahrain offers high-end TALLY Customization to its clients in Bahrain and many other countries, and it also offers Customized Softwares, Training & Development, and related services. If you want any requirement regarding tally than you can Contact Us.

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tips to manage accounts receivables efficiently

TIPS TO MANAGE ACCOUNTS RECEIVABLES EFFICIENTLY

Accounts receivables mean the money that is yet to be receivable by the customers. Till the money is paid it is treated as account receivables, it is also known as bills receivables. For the smooth running of business operations, it is necessary that account receivables are paid on time.

Account receivables are one of the key sources of cash flow. Inefficiency in managing accounts receivables can impact business severely and also affect the growth of the business. So, it is very much important to manage the accounts receivables efficiently in your business.

tips to manage accounts

In this blog, we will let you know the tips to manage the accounts receivables efficiently.

(1) Keep clean track of bills: For managing the accounts receivables effectively you should keep a clean track of the bills that are treated as accounts receivables. For this, you should keep track of each sales invoice and the respective receipts, it will help in easy tracking of accounts receivables.

(2) Keep attention on long-pending bills: The longer the payment sits as accounts receivable, the longer it will block cash inflow in business, and later it may also turn as bad debt which will result in the loss of the company. So it is very important to keep a close eye on the long-pending bills.

(3) Tracking the payment performance of your customer: Payment performance of the customer means the average number of days the customer takes to pay the bills, it is also known as debtor collection days. The higher the debtor collection days, the higher business has to invest cash to its unpaid accounts receivables. And, the lesser the debtor collection days means the lower cash have to be made available to use. In simple terms, if the customer takes more days then the cash shortage may result thus higher cash is to be kept in business. So the debtor collection days should be less i.e. faster payment should be received from the customers.

Therefore, it is very important to track the payment performance of the customers so that you can know which customer makes timely payment and which customer makes always delay in giving payment, and based on that you can make a plan accordingly to handle these types of customers.

(4) Make a collection schedule and follow up: You should make a schedule for collection from the customers and also follow up. By this, you can build pressure on your customers and receive the payment early. You can also remind your customers by sending them emails with full details regarding their order and the amount that they have to pay and the due date for making their payment.

(5) Use accounting software to manage your accounts receivables: By using accounting software you can track bills easily and fast, also you can maintain the whole work systematically and can remove the errors. Using an accounting software saves your time and effort which you spend on manually dealing with the accounts receivables. Thus, it is very much advisable to use accounting software like tally which can manage your accounts receivables efficiently.

Green FX WLL situated in Bahrain offers high-end TALLY Customization to its clients in Bahrain and many other countries, and it also offers Customized Softwares, Training & Development, and related services. If you want any requirement regarding tally than you can Contact Us.

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how covid-19 has impacted businesses around the world

HOW COVID-19 HAS IMPACTED BUSINESSES AROUND THE WORLD?

After the outbreak of Coronavirus, all the businesses suffered very much due to this. Whether it is manufacturing business, transport business, marketing business, every business has suffered severely due to this pandemic and occurred much loss in their business. 

Companies and businesses are hit by the rapid spread of corona and the revenue of this businesses falled more than 50% and some companies revenue was even NIL because in majority of the countries like India there was total strict lockdown for almost 2 months so there were no economic activities taking place during these times which affected the businesses severely.

how covid 19 has impacted businesses

It is estimated that due to Coronavirus impact the world economy has suffered a loss around 1 Trillion dollars, and that’s a huge number which have not occurred in past anytime. In UAE, India and all around the world the effect of Coronavirus is not limited to few sectors but it has affected almost all the sectors of the economy.

According to a report, between 10th January and 16th March, the 6 major stock exchanges around the world witnessed a decline of average 26%. 

Coronavirus pandemic has not affected only selected industries but almost all industries however the magnitude of impact may vary from sector to sector. But there are 5 sectors/industries that have been most affected due to this pandemic all around the world.

These 5 sectors are: Aviation industry, retail sector, financial sector, realty sector, and automobile industry. These sectors are suffering most severely due to this pandemic. 

After these sectors, small businesses and startups are the most hit due to this pandemic and according to a report due to Coronavirus pandemic and lockdown around 50% to 70% startups are closed in this period. And, the owners of small businesses are also very much affected due to this pandemic and many are facing difficulties to meet their ends.

The COVID 19 pandemic has hampered the economy all around the world as a result of which major industry leaders also have lowered their forecasted revenue for the upcoming quarters. However, the governments of all the countries are taking steps to curb the economic effects caused by the Coronavirus by taking various economic steps and announcing economic packages to help the businesses. And also all countries are now opening up and economic activities are also coming back on track slowly so it is hopeful that the world economy will be back to the track not immediately but slowly it will be surely back to the normal.

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