According to Investopedia, only 25% of new businesses make it beyond 15 years of operations, Moreover, it takes at most 3 years for a new business to be profitable. These stark facts may worry fresh entrepreneurs, but they have to keep their wits about them and work smartly to see their business through, and not ‘hard’. One of these ‘smart’ decisions a business owner can make is to use a smart accounting and inventory management software. Here,
TallyPrime can prove to be the perfect fit for the meticulous needs of a growing business. Let these TallyPrime advanced features show you how!
Inventory Management
This is one of the core features of TallyPrime. Inventory of your products and services can be managed effortlessly by categorising them into groups, batches, and warehouses. Quantification of stock flexibly through flexible units of measurement is also possible. The inventory management feature allows users to create a Bill of Materials (BoM), which defines the materials required to create a product along with the quantity. Multiple stock valuation and expiry date management help value the closing stock and create batch summary report to keep track of expiry dates, respectively.
Invoice Management
Bulk e-invoices can be generated in seconds with their respective QR codes, using TallyPrime. The invoicing system works in tandem with IRP, which also allows GSTN integration. These GST-compliant invoices can be created in a matter of seconds. TallyPrime also helps create invoices in different billing formats, specifically for product-based businesses and service-based businesses. Multi-currency support is great for companies who want to scale their business with foreign clients!
Taxation Management
Apart from GST integration, TallyPrime offers an audit trail compliance feature, which the Ministry of Corporate Affairs wishes to implement from April 23, 2023. If your business adheres to older taxation systems like VAT and CST, that can be applied to your invoices and ledgers too. TallyPrime has made it really easy to manage TDS and TCS. You no longer have to worry about error-filled and incomplete invoices.
Insightful reports
TallyPrime offers insightful reports through its ‘Go To’ search bar function. It provides a 360-degree perspective of one’s business with insightful business reports including accounting reports, financial reports, inventory reports, and management control reports. Users are able to generate comparative analysis across a set period of time.
Easy banking
TallyPrime boasts an auto bank reconciliation feature that lets users upload bank statements on TallyPrime and they are automatically reconciled with the available accounting entries. Reconciliation with accounts in over 100 different banks is possible with this awesome functionality. TallyPrime has an e-banking module as well, which simplifies payment processes with an extra layer of security.
Access management
In case your company is growing speedily and your business contains some sensitive parts that you cannot share with all your employees, TallyPrime can help you with their access management module. Only selected employees will be able to access specific data that you tick mark in the access module. It’s a really good security feature!
Credit and cash flow management
In TallyPrime, receivable and payables are trackable through unique bill reference numbers. Other than that, bulk party payments can be made with a single click for pending payments. TallyPrime can project the inflow and outflow of cash with an instant cash flow projection report. Users can also set up a maximum credit limit and be notified of overdue bills when creating a sales invoice.
TallyPrime is an all-round accounting and bookkeeping software solution that makes it incredibly easy for new users to manage their day-to-day affairs. It cuts down on red tape and instigates businesses to focus on the money making part of their business. You can learn more about TallyPrime here.
