29 Aug 2019, 10:00 — 6 min read
Background: Tally was originally designed as an accounting software but now packs a host of other features. However, many users fail to harness the full potential of this software. Dipika Gohil sheds light on how you can make the most of the Tally software.
Tally was made with an aim to create an accounting software that would record all the financial business transactions involved in a business. As time passed, the software evolved from accounting software to a full-fledged business management software, but the people who were used to using the accounting part of the software continued using only that much of the software.
Thus, the software is still famous as an accounting software. This has led to 80% of Tally users using only 20% of Tally features. Which has, in, turn led to the waste of Tally’s potential.
Also read: Tally Server 9 is made with you in mind
This article will shed some light on how you can use your Tally software to its complete potential.
Tally might be well known for its accounting features, but another amazing feature of Tally is inventory management. Using this feature, you can track your stock which helps to take important decisions as to when to re-purchase new stock. This helps to make optimum use of the resources without them being wasted. Most businesses have raw materials which are then processed to form the final finished good. In such a business, Tally.ERP 9 provides features to track these materials.
Bank reconciliation is made available in Tally.ERP 9. This bank reconciliation statement helps the user to know if there is a difference between the amounts in bank passbook and the cash book (bank balance). Manually preparing the Bank Reconciliation statement can prove to be a daunting task as it may lead to various manual errors which may, in turn, lead to huge company losses. Keeping this in mind tally came up with the BRS feature. Now you can quickly generate the bank reconciliation statement directly in tally thus making the whole process manual error-free. And the user can quickly check if there are any mismatches and rectify it as soon as possible.
Calculation of TDS under the GST scheme can be a critical task as there are many unique cases that may require TDS to be deducted at different rates. This is where Tally.ERP 9 comes to the rescue as it helps its users to auto-deduct the TDS thus it saves time and is easy to implement.
Keeping in mind the data security for the valuable Tally data, the Tally Vault option is made available in Tally. It allows you to set a password for the data. Thus, the data is encrypted and anybody who does not know the password, cannot access the data.
Similarly, there are other features such as one can set user activities such as owner, data entry, etc. The rights once assigned cannot be changed by the user. Only the admin has the rights to change the rights of any user.
About one-fourth of the Tally users use the Payroll feature in Tally as the rest of the users are not sure of how they can benefit from this feature or they simply do not know how to use this feature. This feature in Tally helps to maintain the complete employee details such as his/her attendance details, loan details, etc. It provides comprehensive cost centre as well as employee wise expense reports in Tally.ERP 9.
Tally is widely used both in India as well as internationally. This is why Tally provides you with options to use multiple currencies and multiple languages in Tally to record transactions and other details.
Cost centres are used to track the expenses of a particular region. Tally provides features to maintain all details cost centre-wise to help you keep a track of your expenses in Tally itself. Thus, the whole process is recorded in Tally. Cost centre-wise reports can be generated in Tally which gives the whole picture of how much expenses were incurred on a particular project.
Many other features like cheque management, Outstanding management which includes bill-wise details, interest calculation, etc. Other than that, you can also maintain budgets in Tally and compare your set budgets with the actual figures.
There are hundreds of other features in Tally that I have not mentioned in this article. These features can actually help you manage your whole business but that is possible only if you know how to use Tally.ERP 9 according to your unique business requirement. Once you start using all the features in Tally that will benefit your business, you will soon be able to save your valuable time and other resources.
So what can you do if you do not know most of these features?
Well, Antraweb being a 5-star Tally Master Partner, has decided to train all its customers about these unique features and help them use Tally.ERP 9 to its full potential. Get in touch with us today to understand the full potential of Tally.
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