Advantages of Tally in a Small Business
If your business still uses manual systems for accounting and data entry, you may end up spending a lot of time keeping a track of paper documents, finding useful information and keeping your details secure. To survive in today’s competition, it is essential that your business adapts to the current technological trends by using tools that give you deeper insights about your business & strategy.Small businesses usually hesitate to switch to an ERP even though they have the financial capacity to do so. Below are some of the advantages of tally that can do wonders for your business:1. Multipurpose Use
Small and medium enterprises (SMEs) need ERP software to manage 3 essential functions of the business:
- Accounting
- Inventory
- Compliance
is a one-stop solution and can be used in all these areas with its easy-to-use interface that manages complex activities of the software in the background, without any chances of errors.2. Facilitating decision making
Since Tally seamlessly allows to manage accounting, inventory and compliance of business within a single software, its becomes easier & convenient for a small business owner to assess the financial impact of various functions on their business and take day to day decisions based on data. Tally for small business acts as the backbone of your company by providing estimates, detailed analysis, and overview of your business at your fingertips, which can further help in the decision making process that can boost the growth of your business.3. Instant access to records
Small and medium enterprises need to monitor the cash flow and revenues of their business before making decisions, as they are typically hard-pressed for finances.For Example
Decisions like whether to take a loan from a bank or other sources.One of the advantages of Tally is that these critical business decisions can be taken, just by looking at the financial reports of the business available at the click of a button.4. Inventory management
Small and medium enterprises need to keep track of their inventory data i.e. the current inventory in hand, to ensure that the business is not investing heavily in maintaining inventory by paying huge interest costs.
- Tally for small business provides Stock Ageing report which helps manage inventory in the business.
- Small business owners can take decisions such as giving new purchase orders to suppliers, based on stock clearance status by simply looking at the report.
5. GST ready
GST filing has become a monthly affair for small and medium enterprise business owners, since its introduction.- To file GST return without any hassle, small and medium enterprise business owners need a software for recording business data in GST compliant formats.
- Tally ERP software is GST ready, giving business owners an advantage over their competitors by enabling them to become GST compliant.
Tally enables a business to give remote access to the employees of the organization.For example, An inventory manager who works from a warehouse location and not the office location could get access to appropriate information so that he can generate delivery challans using Tally at the warehouse itself.Employees can get access to all the data by simply logging in using a unique ID and Password.7. Acts as an Audit tool
Tally acts as an audit tool for compliance as it helps out in conducting regular audits of different companies.Tally for small business does a thorough compliance check at the beginning of the financial year and ensures all monetary transactions are smoothly being carried out in the business.
- With the help of Tally, Tax consultants can remotely perform audit without the hassle of transferring data.
- For better coordination, auditors can leave their comments on the vouchers and business owners could take further action as required.