Precise accounting is more necessary today than before given the stringent enforcement of laws by the government. It is usual for small businesses to maintain paper records and carry out manual accounting. This way there are more chances of errors and delays. If an employee leaves then the accounting procedure is thrown into disarray until the next one comes along. These difficulties can be done away with and businesses can benefit in other ways by implementing the latest version of Tally software solution. In addition, you can customize the Tally for your business need.
Small business work on tight budgets and must manage cash flows as well as expenses. Tally simplifies data entry and compiles information on debtors, creditors and expenses automatically. All it takes is a click of the mouse to show you your current cash position. You can work out which expenses are a priority and which are unnecessary and manage budgets with greater ease with a degree of tally customization by experts in Tally implementation.
GST And Taxes
One great feature of Tally GST is that it automatically calculates GST values with precision and generates GST compliant invoices. In addition, Tally can also take care of service tax with a custom implementation. You do not have to worry about delays in the preparation and filing of GST returns.
Small business with only 10 or so employees generally tends to have a manual process for payroll calculation. Switching over to Tally helps to automate the payroll process. Tally takes care of salary calculations, deductions, taxes and bonus. What is more, all such deductions or extra perks are automatically accounted under different heads.
All your invoices, vouchers, receipts and bills received can be stored in a central repository of Tally. You can access these, take a printout, summarize or make a total of each. Updating is easier too since an entry at one point automatically reflects in other relevant sections. This saves time and minimizes or does away with errors that happen due to the omission of updating in case of corrections at some point in the accounting chain.
If the list of outstanding debtors grows too long it can have quite an adverse impact on the company’s cash flow. Tally makes the generation of a debtor’s list as easy as clicking a mouse. You can generate a daily printout and even customize Tally to send out reminders. Your collection and cash flow improve. This can also reduce interest burden should you have taken financing from banks. Tally also has a credit control management module and tally customization can improve it still further to suit your business. Each debtor’s balance, past purchases, payments and receipts are included in reports and you can know at a glance the buyer’s creditworthiness. With customization, you can create automated reminders or set alerts so you can call and collect payments.
Tally includes banking feature and it is easy to know the status of deposits and loans as well as interest paid and receivable. Banking and tallying accounts becomes easier and faster with Tally, especially when customized to suit your business model.
One of the greatest benefits of the recent release of Tally is that it permits access to centralized accounting database from anywhere and at any time. Each employee can be granted a unique ID and password with customized permissions. The business owner may be travelling and yet he can view his accounts or generate an invoice from somewhere else. Employees need not to work in the office. They can work from home.
Taking It Further With Customization
Tally works fine out of the box but it is based on standardized assumptions of accounting procedures. The key to better accounting is to opt for voucher and tally invoice customization that addresses this aspect in detail and fine-tunes the process to suit your company’s business and invoicing method. There are customizable options that can be set for accounting and inventory vouchers that will reflect more accurately in reports. Each voucher’s details can be fine-tuned with customization according to the details to be filled in and others to be ignored. This customization can be extended to printing where a new format can be customized to suit the modified voucher. It is the same in the case of invoices in Tally customization. Tally invoices have standard lines and customization can create more columns for specific headings such as a number of packages, item dimensions and weight, discounts, packing cost and other heads. It does call for a bit of programming knowledge to implement tally invoice customization and for this, you may engage Tally software solution like Smart Sight Innovation for such modifications. It is well worth the expense and effort. The modification can result in a format that you want or simply modify an existing format.
The impact of such modification is that all details in the invoice are directly transferred to relevant accounting heads. Secondly, when it comes to printing, a standardized invoice will print on a certain size of paper like A4. Some businesses, like retail shops, may need a paper that is one-third the height of A4 size paper to print an invoice. Over time, this reduction in size reflects in savings on the cost of invoice forms.
Other areas of Tally customization
Invoicing and vouchers are important no doubt but there are other areas as well where tally customization services can create a platform for better business.
Data migration is one such area where the standard Tally version is of little help. You need tally customization to migrate data from various sources to your version of Tally. If you have past records in various other packages that need to be ported to Tally it would be a tough challenge but with Tally customization services you can benefit by fast migration.
Stock and sales visibility is another area that benefits by tally customization by a suitable Tally authorized channel partner like Smart Sight Innovation. You can prevent missed sales and speed up supplies, earning more by way of money and reputation.