More entrepreneurs are coming up today than ever and more and more businesses are being set up to cater the unending needs of consumers. As the number of businesses coming up have increased, the need for the efficient management of those businesses have also gradually grown up.
In this era of digitization, with the use of software, managing a business can be easy and less time consuming. In fact, it also saves cost as it reduces the number of people required to do the tasks that now a single software can do with more accuracy and speed than a human.
One of the software that I like is Tally.ERP 9. It is such a vast software that it handles almost every aspect that a business requires. Right from setting up a business to accounting to billing to payroll to investment decisions, everything is covered by Tally. We’ll discuss the core features of Tally with which a business can be run in an efficient manner.
- Accounting – This is the feature for which Tally is widely known for. Accounting is necessary for every business. It is done in a same way as you write accounts manually. The only difference is now you are writing accounts in a computer instead of books. There are different vouchers for different types of entries such as journal entries, payment entries, and receipt entries and so on. Whether you are a service provider or a manufacturing concern you can have your accounting easily done in Tally. You can even manage orders and inventories at different locations in Tally. You would like to see the infographic on some of the Best Business Accounting Software for SME.
- Payroll –If you have a medium sized business and employees in two digit numbers then payroll in Tally will save your much time and cost of a different software for payroll management. Different groups of employees can be created for different types of employees. You can set the attendance of employees and you can even set the number of units produced per worker if you are in a manufacturing entity. Payslips can also be created for employees and workers. From pin to plane, every detail of an employee or a worker can be maintained in Tally.
- Reports – For operating a business competently information should be passed at appropriate levels at the right time. Though you may not have levels in your business but information needed at the right time can be valuable for a business to remain steady in the market of cut throat competition. In Tally, different types of reports can be generated at the push of a button. Some important reports are overdue receivables, overdue payables, payroll, cash flow, job work reports and so on. With the help of these reports many routine decisions can be taken without consuming a second minute.
- Investment – For various major business decisions relating investment, divestment, merger and acquisition and valuations ratio analysis is the right tool to have. Even to keep up with the market competitiveness ratios can give you a quick review. Tally displays all the ratios at one place. With a single click you can have a look at all the principal ratios including return on investment, return on working capital, current ratio, quick ratio, debt/equity ratio and many more. You can even alter the ratios for a certain time period to make effective business decisions.
- Taxation – Business is conducted in order to make profits and government imposes taxes on the profits earned by the business organizations. Different types of taxes such as income tax, service tax, VAT, excise and a lot more are imposed by government on a single business. Tally is capable of implementing the taxation requirements of every statute or law. You can even have audit documentation prepared in Tally with just a single click. If you are a manufacturing enterprise Tally will also take care of excise duty or if you are an importer customs duty can be a major issue which is also accounted for by Tally. No matter what business you are operating in and what type of taxes are imposed on you, Tally is there for meeting every such business need.
Whether you are an individual or a big enterprise you can do your business effectively and management can be efficiently done in Tally. It is in a true sense an enterprise resource management system that every business should have. It is a completely robust and simple software that is built till date for business management. You can also visit TallySchool to get amazing insight into the features of Tally.