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Looking for a simple yet intuitive solution to manage your business activities on a day-to-day transaction? Well, look no further! TallyPrime is designed to simplify and streamline your business processes, to maintain optimum cashflow. We design our products to focus on just that – to make our products work for you, and not the other way around.
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A business management software help organisations streamline, automate and manage their business processes, seamlessly. An intuitive business management software like TallyPrime becomes more like your growth partner and offers you capabilities that will help you consistently stay on top of your game.
With so many options available in the market, it becomes quite daunting to choose the ideal software solution for your business. In such a scenario, you must take into account your business’ specific requirements and what kind of capabilities do you require to manage your business better. Thus, while choosing a business management software solution, always keep in mind the following:
Managing a company’s accounts and finances is no joke. It requires astute knowledge and a highly analytical mind as it directly impacts the growth of a business. With automation becoming go-to methodology for almost every business owner, a financial management software should enable you to streamline and enhance all basic administrative financial processes from start to finish, such as accounts payable, accounts receivable, cash flow management, purchasing, payroll, and general ledgers.
How to manage day-to-day transactions using daybook in TallyPrime:
Businesses who also operate internationally, often seek financial data as per the respective nation’s standards. Be it in terms of currency, compliance or language, etc., a financial management software must be able to mould itself as the business requirements. From the flexibility to give customised options to choose or predefine language to generate reports to filing returns as per the country’s law, the software should enable you to perform all country-specific actions, without having to opt for any external additional resources.
Since the accounting process is automated from end-to-end, with numerous reports to refer to, it becomes a rather simplified task to analyse your financial data. Businesses that use a financial management software to manage their books of accounts, have access to historical data as well with full accuracy, so that taking business decisions becomes much more seamless. This enhanced ability also enables business owners leverage this data to predict future financial activities such as trends and patterns in income, revenues, and expenses. Additionally, the system would also allow a business to understand and prepare for contingencies, such as market conditions, acquisitions, or the additional of new business units, can impact its financial status. This makes strategic planning more accurate and successful.
Insightful financial reports:
As a business grows, the level of complexity also increases. Addition of more employees, expansion of branches and departments, more movements of goods across various locations, and several other changes come with business growth. It becomes quite tedious for financial managers, to track the movement and any developments in the organisation without an automated system in place. A financial management software will thus help in streamlining these processes further, and track income across disparate departments and business units. It will also help monitor fund allocation and spends, across various divisions and locations much faster, easier, and more accurate. By streamlining consolidations, allocations, budgets, and other cash flow management tasks and activities across an entire enterprise, financial management software delivers a complete, unhindered, real-time view of cash flow status as well as all related transactions.
Every business operates differently. Depending on their process, they would decide on what kind of purchase and sales cycle they want to follow. In such scenarios, an ideal financial management software should allow business owners to configure features based on their business requirement, and not the other way around. For example, when you set up masters or record an invoice, the process of passing any transaction should be seamless. The software which you choose for your business should be customisable as per your needs so that you can make the most of it, to be more precise, your software should be “designed for you”. It’s very important to try and quantify the benefits you’re expecting to gain from your tool. The more specific you are, the more accurate you can be when researching prospective software solutions.
Do more with multi-task capability:
With a simple-to-use business management software, not only would you identify your problem areas and devise strategies to overcome them, but also focus on exciting and new ways to effectively grow your business. Now, what do we mean by simple-to-use software? What are the features that make a business management software less complex? Let’s take a look!
When any new system is implemented to manage a process, it often takes a lot of time in terms of learning and getting used to the various capabilities the software offers. From installation to setup, the initial process itself could at times be daunting. Thus, it is always advised, that when choosing a business management software for your organisation, your focus is on how simple and easy-to-use/implement it is. A simple installation and quick onboarding would make the user want to use the software. Simplicity in terms of not following a specific flow- and just learning one thing would suffice to navigate anywhere around the software, would make a huge difference as to how the software would transform a business. To cite this, let’s say you’re in the middle of making a payment entry but suddenly want to refer to bills outstanding before proceeding. The software should be able to mold itself in such a way, that you need not abandon your current task, in order to refer to another report.
While accounting terms are universally the same, sometimes you have a different usage of certain terms. An intuitive software should be able to let you discover and access all the crucial reports, without restricting you from generating reports with only certain keywords. The software should be sensitive to your unique way of referring to various reports and classify them based on both general and your own usage terms. This simple access to business reports will help reduce unnecessary time and effort that employees tend to waste in discovering useful features, as you won’t need to learn anything explicitly to get around the software. Adaptability to anything new comes with a price, especially for businesses, and thus, it is a smart choice for a business owner to implement a business management software that adapts to your way of working and not vice versa.
Any business report when generated gives useful insights, imperative to business. Now, how you as a business owner want to view it, is up to you! An ideal business management software should allow you to change the context of business reports the way it suits your business. You should be able to view and analyse the reports and draw interpretations, the way you want to. Let’ say you are in the stock summary report that shows the stock position of inventories, and you want to change the view that shows the ageing details. With just a click of a button, you should be able to change the way the report is being shown, to the way you want to see it. This simple approach to study the reports will give you a whole new perspective about your business.
When you have a huge amount of data to be captured, it is obvious that there would be a few exceptions. Now, when an automated process has been implemented to take care of your business requirements, it is expected that it handles such exceptions seamlessly. For example, among several items you see in the stock summary report, certain stock items are running below the required quantities and need to be replenished to meet anticipated sales or consumption. Likewise, some stock items have pending orders that are yet to be fulfilled. A functionality with easy discoverability of exception reports will ensure that it highlights data in the reports that stand out or have some inaccuracies. A simple capability of highlighting such issues, will not only help business owners ensure accuracy but also mitigate any form of rework.
Complex problems need simple solutions and that’s why implementing an easy-to-use business management software will make your business processes more aligned with the organisation’s goal. From helping you improve productivity to upgrading your business efficiency, you can be assured that TallyPrime is worth your investment. To put it simply, easier the software, better will be the productivity, as it will mitigate the unnecessary time that has to be spent in training respective stakeholders who will work on the software. Take a free trial of TallyPrime today to boost your business efficiency!
Small businesses are mostly unstructured. So when data flows from one end to another, there are often chances of inaccuracies and manual errors. With the help of a business management software like TallyPrime, business owners can keep a close watch on their business' progress and plan how to best manage their business.
To choose the best business management software for your business, you must keep in mind these features:
TallyPrime’s Flexible Voucher Numbering Capabilities for Accurate Recordkeeping
How To Choose The Right Business Management Software For Your Business?