TallyPrime is the bread and butter for most accountants. Its is an important programme to master. So why don’t you head on to S20’s website once you are done reading this article and check out our Tally course in Ahmedabad and take the first step in becoming a pro in Tally.
TallyPrime offers the ground-breaking accounting programme that many company owners have used to manage their accounts. The extensive selection of services and options that tally prime offers its users is what keeps them coming back. To meet the ever-increasing need for company management and accounting software, these features offer comprehensive business solutions for small, medium-sized, and large companies. There are infinite reasons to use this software, but here are the top 10 reasons you need to opt for Tally Prime for your business.
How TallyPrime Makes Business Easier
TallyPrime is a complete company management tool that assists companies in handling a wide range of tasks, including payroll, banking, inventory, accounting, and invoicing. TallyPrime’s user-friendly features adapt to your demands and speed up the process of process simplification. More than 2 million businesses rely on TallyPrime for all business tasks, including accounting and inventory control.
1. Invoice Management
You can keep track of all of your invoices and the times they arrive with the help of the simple but effective Invoice Management tool from TallyPrime. You don’t have to worry about installing any software on your device or computer because the programme is available as an internet application. It is possible to create a free account and use it right away!
Additionally, you can categorise different payment options, such as cash checks, credit cards, or checks, and link each one to a particular invoice. Simply by selecting “view,” you may find out the balance owed for each invoice. If you’re paying someone else, you can give them a portion of the money before they get the rest. If not, they will be eligible to get the money owing to them right away, but not more or less than what was originally agreed upon. For both sides, this is considerably simpler than before.
2. Flexibility to use on Cloud
You can choose whether you want your data to remain on a local server, allowing you to utilise it offline, or in the cloud with Tally. You can use Tally in the cloud from any of the service providers. It is an excellent method for using Tally from any location, at any time, and on any device.
3. Inventory Management
Management of inventories is a critical area that businesses must oversee. It can be required to construct more warehouses as your business expands in order to optimise logistics and inventory control. Inventory management is essential and necessitates constant monitoring of inventory levels using TallyPrime. As a business owner, it would be your responsibility to manage go-downs efficiently in order to maintain a healthy balance. TallyPrime software features assist in keeping track of production schedules, inventories on inventory, batches, expiration dates, as well as inventory reports. The programme makes it simpler for your firm to grow by identifying the different requirements for different locations, batches, and products. You will have an inventory journal for manufacturing that records every detail and generates a thorough statement of the materials regardless of the scale of your operations.
4. Taxation Compliance
Managing your tax responsibilities while on the go is easy and economical with TallyPrime. Tally Prime allows you to keep track of your income and expenses so that you always know how much tax you owe. It does fundamental tax computations so you may file your taxes at the end of each year. For individuals who want to organise their money but do not want to pay a high professional or accountant fee, TallyPrime is an excellent substitute.
Businesses need to be tax-compliant to stay out of trouble with the law. From the VAT-compliant invoice until tax returns are completed, built-in software, Tally Prime, guarantees that taxes are accurately filed. The programme streamlines the entire procedure, increasing its effectiveness. It is capable of spotting errors and fixing them to guarantee that your tax returns are filed truthfully. You can combine all sales and transactions by establishing a connection with the accounting software.
5. Banking Integration
No matter what stage of growth you’re at, financial management is crucial. Because of this, TallyPrime features provide all the resources required to ensure that your company continues to run smoothly as it expands. You may manage cash flow, programme transactions, import accounts into your favourite spreadsheet tool, and produce financial reports, among other things.
6. User Management And Security
Maintaining data security and safety is crucial for any business. You can build different security levels, specify user level permissions, grant specialised access to particular employees, deactivate users, and much more if you are switching from Quickbooks to Tally.
7. Analytical Business Reports
With a variety of tools and capabilities, TallyPrime can make this process simpler for you. TallyPrime provides over 400 pre-made report templates to assist businesses in assessing their performance against important industry standards and metrics. Utilize them as-is or use your metrics and data to construct your reports so that you have the information you need to make more educated decisions. Sort your data by finance, operations, marketing, and other KPIs to better understand how various factors affect how well your company performs in the market. With the simple push of a button, discover the details of what is happening.
8. Payroll Management
You can quickly manage staff payroll with TallyPrime, process accurate salaries, and do a lot more. The scorecard feature integrated dashboard allows you to view the team’s overall scores. It enables you to keep tabs on their performance throughout any time frame and take appropriate action if they fall short of their objectives. It will send you an email notification if one team member isn’t performing well so you know there’s something to watch out for. Being a manager using TallyPrime does not require giving up power or autonomy. Instead, it may be a fantastic instrument to aid in the growth of the company and the people who work there!
How many times have you been in the middle of creating a sales invoice when you suddenly realised that you needed to access a different report? With TallyPrime, you have the freedom to multitask with ease and return to your job without interruption. The built-in navigation in TallyPrime allows you to travel to almost any place. You can navigate the tool without losing your existing data, regardless of the task you are currently working on. You can quickly access all reports in the app thanks to TallyPrime’s robust “Go To” function.
10. Accounting Integration
- Direct Import: Tally Prime’s accounting capabilities make it simple to utilise an automated process that is simple to use in order to preserve your company’s equilibrium. The import tool can import data directly into TallyPrime and is compatible with many common financial formats. You can enter data without manually typing it in thanks to your TallyPrime account.
- Buy Order Management: Using the list of purchase orders, you can quickly create a purchase order or amend one that has already been issued. You can review existing orders before making changes immediately on your smartphone. Add a product to your shopping cart even if you’re unsure of how much you’ll need. There is no requirement to construct spreadsheets and compare the data to one another. The process of calculating how much inventory you’ll need to refill your stock can now be done as easily as scanning your purchase at the register.
- The Invoice Template: If getting paid on time is essential to the success of your company, make sure that invoicing comes first! By automating the issuing of invoices using the accounting tools in TallyPrime’s templates, you may save time and anxiety by not having to worry about the format of each invoice.
- Real-Time Sales Dashboard: Keeping track of sales accurately can be difficult when managing many locations or vendors in various nations and currencies. Thanks to the strength of reporting tools like profit & loss statements, inventory reports, and daily transactions, you can generate real-time reports from any location in the world and maintain accurate records while gaining insights. Your consumers will appreciate all your effort!
These are some of the many reasons why TallyPrime is the best choice for all businesses. If you want to learn more about it, check out our website and enrol into our tally course in Ahmedabad.