Many business decisions call for upgrades in administration and tools. For instance, you may own a usual car that only helps with travel, but you can upgrade to a smart car with parking assist functionalities. Similarly, you may upgrade to a smart watch helping you view and track your fitness vitals, rather than a watch that only tells the time. You can also upgrade from a usual television to a smart television which allows you to play games in addition to watching a show. With so many upgrades taking place, undoubtedly, another area where you may need to do so can be with efficient software solutions. One software upgrade people may decide to make, to better store and manage their financial information, is from Tally.ERP 9 to TallyPrime.
TallyPrime is a very efficient financial accounting software that helps companies easily store and analyse their financial information from one single place. The older version of Tally, i.e., Tally. ERP 9 (first launched in 2009) also helped store data in a single server, but the new version, i.e., TallyPrime has taken its place. TallyPrime was launched in November 2020 to help businesses boost productivity and perform actions related to financial data faster. Tally Solutions has brought in several improvements, and new features like inventory management system, multi-location business management system, and payroll management system.
Many business decisions call for upgrades in administration and tools. For instance, you may own a usual car that only helps with travel, but you can upgrade to a smart car with parking assist functionalities. Similarly, you may upgrade to a smart watch helping you view and track your fitness vitals, rather than a watch that only tells the time. You can also upgrade from a usual television to a smart television which allows you to play games.
So, what are the 7 features in TallyPrime that can help make you SMART? Let’s explore!
Generate e-way bill within the software
Generate e-invoice within seconds
Customise your reports with save view feature
4000+ Insightful Business Reports
With TallyPrime, generating reports like accounting, financial, inventory management, and management control becomes easy. For example, you can create ledger reports, cash/bank reports, stock transfer reports, and cost category reports. Business owners can view these reports from any location, ensuring they can obtain insights from data at a quick speed.
In a company, you can also identify the security level related to these reports. You can also download these in PDF or Excel format if you decide to download and use TallyPrime.
Easier Inventory Management
Inventory management is the managing of stocks in many categories, batches, and locations/godowns. Recording the entire cycle of manufacturing, determining stock reorder level, and stock valuation are some operations you can perform. Besides, the stock reorder level can be defined, ensuring no understocking or overstocking. Tracking costs related to material, overhead, and labour becomes simple.
Better Receivables and Payables Management
With TallyPrime, a unique bill reference is generated, and you can track every bill easily. The bills that have been pending for a long duration can also be specified, and can be followed up according to business needs. Besides these features, one can view the status of a company’s cash flow and the total cash inflows and cash outflows.
In a usual scenario, one can only perform a single particular task in TallyPrime at any given time. When multitasking capabilities come into the picture, TallyPrime packs a punch. It happens with the ability to switch between business reports quickly. ‘’Go To’’ is a new search bar feature in TallyPrime, which helps users search for things they need, like reports, and view business insights.
Wide Range of Banking Services
A variety of banking facilities become possible with TallyPrime. For example, managing bank statements, managing cheques. creating bank ledgers, raising e-invoices, and more.
Easy e-Way Bill Generation
The process of GST compliance is simplified with the help of e-Way bills. This document is usually required when travelling from one city to another. It can include details like the buyer’s name, the quantity of goods, the HSN code, and the transporter id.
You can generate the e-Way Bill for multiple invoices and e-Way Bill reports, which showcase the e-Way Bill status for all business transactions.
GST Compliance and Filing Functionalities
In TallyPrime, taxation management becomes possible. The in-built capability of error detection and correction ensures that you can file taxes accurately without errors. The GST rate can be set, and the data can be exported in multiple formats, like a Microsoft Excel file.
Summing it up..
With TallyPrime, small and medium-scale enterprises can easily manage important business aspects like inventory, taxation, payroll, etc. As a result, businesses can focus on growth without sacrificing time on activities like stock keeping, tax management, and e-Way bill generation.
If you want to learn more about TallyPrime and why you should download it, click this link.