TallyPrime features the revolutionary accounting software many business owners have utilized to manage their finances. The broad range of options and features tally prime provides its users is what keeps them returning. These features have complete business solutions for small, medium and large businesses to address ever-growing company management and accounting software demands. This is why a compilation list of fifteen new features of tally prime options will be helpful for business growth.
Did you know? TallyPrime offers a one-of-a-kind 'Go To' navigation menu that gives you access to 90% of the program.
What is TallyPrime?
TallyPrime can be considered as a complete business management tool for small and medium businesses. It helps to manage accounting, inventory, banking, taxation, banking and much more for getting rid of complexities and in turn, focuses upon business growth.
Key Features of TallyPrime
Let’s look into the key features of TallyPrime to understand how they can help you in managing your business as it grows.
1. Invoice Management
Invoice Management with TallyPrime features is a straightforward but powerful tool that allows you to keep track of all your invoices and keep track of the time they arrive. The program comes as an online application, so you don't need to fret about installing any software on your device or computer. It is possible to sign up for a free account and begin with it immediately!
You can also list various payment methods, such as cash checks, credit cards, or checks, and assign each to a specific invoice. You'll be able to determine the amount due for each invoice simply by clicking "view." If you're paying another person, you can give them a cut before they get the remainder of the money. If not, they'll be able to receive the amount owed now, but not more or less than the amount initially agreed on! This makes it much easier than ever for both parties!
2. Ability to Create Custom Workflows
TallyPrime features would like to save your settings workflows, tasks, or configurations you can export them using to export your settings. The file may be given whatever name you like and saved to your hard drive. If you wish to give the file to another person, copy it to an email and forward it to them! This is also useful if you wish to demonstrate to someone how your technique may benefit them without causing unneeded confusion. If they access the exported version of your workflow on their device, they'll be able to see instructions at the top, which will guide them through what they need to do next to upload it to their account.
3. Banking Integration
Finance management is important regardless of what level of growth you're in. This is why TallyPrime features offer all the tools you need to ensure your business runs smoothly while it grows. You can program transactions, import accounts into your preferred spreadsheet software, handle money flow, create financial reports, and so on.
4. Customer Service via Web Portal
As businesses grow, business owners will have to grapple with the issue of maintaining good customer service. But don't fret! TallyPrime provides a customer support solution that solves the problem of maintaining high-quality customer service. Customers can reach their dedicated support team whenever they need to through the online portal. The system also handles the entry of data, so it's unnecessary to manually handle shifts or hours of employees. Through chat support on the website portal, they'll be able to help users navigate the system until they're confident enough to navigate independently.
5. Inventory Management
A new feature of TallyPrime is inventory management, another crucial aspect that companies must control. When your company begins to grow, it may be necessary to build more warehouses for improved logistical and managing inventory. Inventory management is crucial, requiring continual surveillance of the inventory levels with TallyPrime. As an owner of a business, you'd be required to maintain a healthy balance by effectively managing go-downs; features of TallyPrime software help keep track of production plans, inventory on inventory, batches, expiry dates, as well as inventory reports. When your business expands, the software makes it easier by defining the various requirements for various locations, batches, and products. No matter the size of your activities, you'll have an inventory journal for manufacturing that records every detail and creates a complete statement of the materials.
Also Read: How to Use Tally Ledger Groups List and Accounting Groups
6. Accounting Integration
#1. Direct Import: Accounting features in tally prime is the easiest method to maintain your company's equilibrium is to use an easy-to-use, automated procedure. The import tool is compatible with many popular financial formats and can import data straight in TallyPrime. TallyPrime account, which means you do not have to enter information manually.
#2. Buy Order Management: You can swiftly make a purchase order or modify one that has already been issued using the list of purchase orders to look over existing orders before making changes right on your smartphone. If you are not sure what quantity of a product you'll need, add it to your shopping cart! There's no need to create spreadsheets and cross-reference the data against each other. It's now as easy as scanning your purchase at checkout to figure out how much inventory you'll require to replenish your inventory.
#3. The Invoice Template: If being timely paid is crucial to your business's success, you want to be sure that invoicing is the top priority! Automating sending invoices using the templates of accounting features in TallyPrime saves time and stress because you don't have to think about how to format each invoice.
#4. Real-Time Sales Dashboard: Maintaining accuracy when tracking sales can be challenging when managing multiple locations or vendors across different countries/currencies. Maintain accurate records and gain insights by generating real-time reports from any location around the globe, thanks to the power of reporting tools such as Profit & Loss statements, Inventory Reports, and Daily Transactions. Your customers will be grateful for your hard work!
7. GST and Taxation
Taxation using TallyPrime is a simple and affordable method of managing your tax obligations while on the go. You can utilize Tally Prime to track your expenditures and income, so you're always aware of what you owe to the government. It calculates basic tax calculations so that you can pay your taxes at the close of each year. TallyPrime is a fantastic alternative for those who want to organize their finances but do not want to spend an expensive professional or accountant cost.
To avoid problems with the authorities, the company must be tax-compliant. The built-in software, such as Tally Prime, ensures that taxes are correctly filed from the VAT-compliant invoice until tax returns are filed. The software streamlines the entire process, which makes the process more effective. It is equipped to detect mistakes and correct them to ensure that your tax returns are filed accurately. By connecting to the accounting software, you can combine all sales and transactions.
8. Email Integration
For the majority of businesses, email integration is an integral part of managing customer relationships. Suppose you're using it to keep track of contact details or to send mass emails. In that case, Transactional Email can help create and distribute customized emails and measure your marketing campaign's effectiveness. Regarding managing time, TallyPrime features have real-time updates that inform users when an entry is concluded or if the access requires updating.
9. Online document storage (backup)
Through TallyPrime features, you can save all of your documents in safe storage space and access them at any time using a laptop or computer device. It's easy to set up and use and provides unlimited storage space on their servers, so you will not have to think about storage limitations! The basis of data security is to save copies of crucial documents and store them in a secure place, backing up your online documents using the cloud-based storage service. With TallyPrime, you can back up all your online documents to the cloud, so you don't need to worry about losing any data.
10. Analytical Reports
New TallyPrime comes with a range of tools and features that can simplify this for you. TallyPrime offers over 400 already-designed report templates to help companies evaluate their performance on key industry benchmarks and measures. Utilize them as-is or create your reports using your metrics and data, so you have what you need to make more informed choices. Separate your data by finance, operations, marketing, and other KPIs to understand how different components determine your business's performance in the marketplace. Find out exactly what's happening with just a press of a button.
Also Read: Benefits of Using TallyPrime for Banking
11. Payroll Management
You can check the team's overall scores on the dashboard using the scorecard feature integrated dashboard. It allows you to track their performance over any period and take the necessary actions if they fall behind in their goals. If one team member isn't doing well, it will notify you via email alert so that you're aware of something worth watching out for. With the new TallyPrime, being a manager does not mean you have to sacrifice control or autonomy. Instead, it can be a great tool to support the development of the business and individuals within it!
12. Mobile Access
One of the most significant concerns for business owners is losing access to important information because of a broken laptop, lost phone, or an expired office lease. The solution lies in mobile accessibility. With this feature installed, users can log in using a suitable smartphone or tablet and use the program online, no matter where they are. If you're researching at home and want to find different information, it's as easy as logging in to TallyPrime via your tablet while cooking dinner.
13. MIS Reporting Capabilities
The MIS reporting capabilities of TallyPrime are designed to help keep an eye on all the data you have. You can easily make reports showing your company's performance, how it's doing, what's working, and what's not, and the areas that require improvement.
14. Management of Cash Flow
If your business begins to grow, the cash flow of your business will also grow in time. To ensure that your cash flow is controlled, you must keep track of your accounts payable and receivable, inventory, sales, and business credit. This covers all costs like salaries, office rent, and administrative expenses. Your business needs software to monitor payments and bills and ensure they are timely. With a program like TallyPrime, You can also receive the forecast of cash flows that outlines the expected flow of money and outflow; when you have the information, you can make a plan for your company's expenditures for the coming year.
15. Bank Reconciliation
The reconciliation of your bank account is a procedure that allows you to check the balance in your bank account and the amount that has been transferred and taken out. This method will enable you to calculate exact financial data and reveal the possibility of problems in your account balance. Regarding TallyPrime, the system has software to help reconcile your accounts with banks. This program can be used to reconcile bank accounts and ensure that every transaction is properly tracked, making it simpler for you to track what's happening with your financial accounts.
Also Read: Banking Entry in Tally ERP 9 - Know Everything about Bank Entries in Tally ERP 9
Conclusion:
The management of a business that is growing requires a variety of tasks. It is essential to have robust business management software that can handle every aspect of business operations, including accounting taxes, bank accounts, payroll cash flow, payroll, and many more. TallyPrime features can be useful over the long run when the company expands.
You can use the Biz Analyst application to manage your business effectively. It syncs with Tally data making it easy to access even if you’re offline or on the go. You can manage the accounts, create ledger entries, access business reports, and more to keep your business on the right track.
