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Key features of Tally Prime that Business Owners Must know

Tally Prime

The upgrade of Tally ERP into Tally Prime has unleashed several features that have the power to simplify almost every complexity of any business. The updated software version is used worldwide, helping the business class with incredible features like accounting, payroll, inventory, statutory compliance, etc.

The cloud-based Tally software offers remote access, enabling users to manage financial reports, cash-flow reports, inventory reports, and other detailed reports from any device, anywhere, and anytime. It also helps businesses get crucial insights that are used for sound decision-making.

With the software, every business can streamline its day-to-day operations and focus on improving growth and profitability. 

If you are also on the fence about investing in Tally Prime, here are some features that can help you jump on the best side (that’s investing in the software):

Inventory Management

A business can have multiple product lines that need segregation, which can be easily done with Tally Prime as it offers multiple groups, categories, and godowns. With excellent features like multiple stock valuation, godown management, manufacturing journal, e-order level, flexible unit of measures, bill of materials, job work, and manufacture and expiry date valuation, it helps you keep your stocks in line with the requirements. This helps you ensure a smooth flow in the sales funnel and meet the customers’ requirements on time, thus achieving the highest level of customer satisfaction.

Invoicing & Accounting

With the given software at your disposal, it becomes super easy to create GST-compliant invoices in no time. It also offers you to customize the invoices and add your logo and any other information as desired. Plus, you don’t have to re-enter every detail repeatedly as the feature of e-invoice does the work for you.

Furthermore, it makes creating and recording invoices simpler. It can be optimized to match your organization’s billing modes and other features. The new Tally is a simple yet effective accounting system owing to its extensive feature set.

Insightful Business Reports

Tally Prime offers over 400 business reports that provide you with a 360-degree view of your business. The reports are easily accessible and deliver powerful insights that support the decision-making process. It also offers the flexibility to segregate the reports and add information as required and analyze them in the way that best suits the organization.

GST/ Taxation

To keep your business GST-compliant, Tally Prime is the right software. It creates GST-compliant invoices within seconds, like the bill of supply, tax invoices, etc., and also helps file accurate GST returns. Another thing that will woo your mind is the software’s ability to generate e-invoices with IRN and QR codes, and that too within a flick of fingers. It helps you better manage TCS, TDS, and statutory payroll items like PF, ESI, and income tax.

Credit-and-cash-flow-management

The software enables you to automatically create a unique bill reference to manage the outstanding of each invoice. You only have to track the bill on accepting or making payments to know the pending bills.

It optimizes cash flows by improving efficiencies in accounts payable, accounts receivable, inventories, and other aspects of a business to enable you to be on top of the cash flow.

Multitask capabilities

The incredible “Go-to” feature allows users to access multiple reports in one application without losing any data. Users can switch between numerous instances hassle-freely without worrying about losing their work. This leads to more efficiency and productivity at work.

Banking utilities

It has numerous banking features that simplify managing all banking-related needs. With the given software in your organization, managing banking transactions become effortless. The software offers excellent features, like pre-defined cheque format, auto bank reconciliation, management of cheques, e-payments, and so much more.

Access Online Business Data

Tally Prime offers you the flexibility to access reports or record transactions from any web browser, any location, and at any time. It allows users to work remotely and at their convenience without compromising the quality and productivity of work.

Secure Data

Data is a crucial part of every business, and no one wants to lose it to breaches or hacking. That’s why the newer version of Tally guarantees that your data remains safe and secure while you focus on using it for business growth and success. It restricts the accessibility of data using the feature of multi-user access control and based on the security level you want.

Accessibility

With the software, even a non-technical and non-accountant user can maintain their business accounting. The software handles purchases, sales, account payables, account receivables, inventory tracking, etc. 

Speed

The upgraded version of Tally helps in carrying the two most critical aspects of detailed reports, and that is speed and accurateness. 

Keyboard shortcuts

Shortcuts are the way to do things in less time, and TallyPrime offers plenty of them. You just have to run your fingers on the keyboard to create a new ledger and other functionalities within seconds. The feature ensures smooth operation and takes the stress off the shoulder.

Change mode

The change mode feature provides three voucher options: Accounting Invoice, Item Invoice, and As Invoice. With the change mode option, users can quickly access any of the three options.

 Wrapping up

TallyPrime or Tally on Cloud has turned complex business tasks into easy ones. It has offers businesses of all sizes and niches the automation it needs to carry out all tedious and manual tasks. With the software, businesses can operate more efficiently and access crucial data that help them make informed decisions that assure the business’s growth.

It will also help them stay abreast in the competitive market and make a place for themselves.

We hope that the article has provided you with enough knowledge on the key features of TallyPrime. If you still have any questions to ask, don’t hesitate to write us. The Trust Blog

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