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Many small and medium-sized manufacturers now fall in the ambit of GST. Below are a couple of reasons.
It has become imperative for manufacturers to use GST-complaint software to manage their day-to-day business transactions.
Below are a few of the key features of ERP Software for manufacturers:-
Manufacturers can generate GST compliant invoices with TallyPrime and also print them. The software captures all mandatory details as required by the GST Act.
GST-compliant TallyPrime has many more advantages. It has built-in functionality to detect, prompt and prevent errors that may take place when recording data. For example: While preparing bills based on the place of supply, TallyPrime will warn you in case you select incorrect tax type/s.
For registered businesses, the reverse charge becomes applicable when goods or services are imported or when purchases are made from unregistered dealers. As a manufacturer, you need to apply a reverse charge on such transactions and generate self-invoices with TallyPrime.
Tally.ERP 9 Release 6 distinguishes such transactions and places them in appropriate fields in GST Returns for your convenience.
In the GST regime, if a business receives advance payment for a future sale, then it is liable to declare such transactions in Form GSTR-1. By using TallyPrime, these advance receipts automatically become visible in GSTR-1 forms. Manufacturers can also offset the advance amount against the sales, and the rest of the amount becomes visible as not adjusted in GST Returns.
Manufacturers can generate GST Returns with TallyPrime easily and accurately. With built-in error detection & correction capabilities, it is easy to identify errors and rectify them before filing GST returns.
TallyPrime identifies transactions that have mismatches or incomplete information and helps manufacturers in correcting those transactions so that before filing Returns all such errors can be removed. This eventually saves a lot of time for manufacturers as it reduces chances of rejection from the GSTN portal while filing Returns.
TallyPrime also supports GSTR-3B which pertains to filing returns up to December 2017.
For manufacturing units, TallyPrime provides the capability to record the creation of raw materials; and their consumption into semi-finished goods and finished products. Manufacturers can easily segregate their stocks by creating stock groups and can see stock availability information group-wise in TallyPrime. Manufacturers can either use Stock Journal or Bill of Material vouchers to show consumption of raw materials and semi-finished goods into finished products. Segregation of stocks based on the quality check can be achieved using separate godowns as fresh, seconds or rejected stocks.
If you are a manufacturer, then one of your most basic yet important needs is to be able to manage your inventory and stocks at different points in time with accurate details. Manufacturers can create multiple units or alternate units of measurements to handle their business needs. For example A bag of 50 kgs or a pack of 12 pieces based on their packaging behaviour. This helps in the easy management of products, i.e., at the time of production, packaging and dispatch.
As a manufacturer, you might have multiple godowns to stock, finished products, raw materials and semi-finished products. With TallyPrime you can easily manage stocks and their movement across locations. You can also track the status of your stocks lying at third party locations as part of Job Work. Tally’s ERP Software provides Job Work In and Job Work Out vouchers to manage the movement of stocks for Job Work.
With Tally.ERP 9, you also get the flexibility to evaluate the valuation of your stocks based on various methods such as FIFO, LIFO, Average, Standard and so on.
Manufacturers can see item-wise profitability to analyse their product lines and take informed decisions.
Manufacturers can allocate their expenses to various cost centres in TallyPrime. They can use these cost centres for budgeting and also identify their employees as cost centres to tag any sales associated with them.
TallyPrime provides access to various reports such as balance sheet, profit and loss statement, stock summary report and cash flow report at blazing speed. Further, ERP Software allows you to drill down data from the reports to transaction levels for easy and accurate analysis.
With TallyPrime, you get access to the Cash Flow Report to manage your finances based on the projected status of receivables and payables. With the help of this report, as a manufacturer, you can plan their Cash Flow by visualizing different cash flow projections.
Manufacturers can access their financial data from anywhere by simply using the educational version of the software. Data can be accessed securely and you can create or edit transactions remotely as well. TallyPrime also has features that enable you to share details over SMS. You can request queries and receive information as answers over SMS.
Tally.ERP 9 offers quick reconciliation process with your bank statement. Download the soft copy of your bank statement and TallyPrime will reconcile and fill the dates based on instrument number. You can save time and reduce the chances of manual errors. TallyPrime supports reconciliation for more than 100 banks.
Additionally, GST-Ready TallyPrime can also manage your cheques by keeping a track of both pending and issued cheques. You can also print them and not worry about their default designs, as these capabilities are built into the software.
For Free Demo please visit https://tallysolutions.com/business-software-7day-free-trial/
To know the pricing of ERP Software for manufacturing Industries visit https://tallysolutions.com/buy-tally/
Manufacturing ERP aka manufacturing enterprise resource planning refers to the process of streamlining, organising and providing analysis of specific functions that cater to the manufacturing industries.
Businesses that are in the line of manufacturing of goods, require manufacturing ERP. It has become imperative for manufacturers to use GST-complaint software to manage their day-to-day business transactions. Manufacturers can generate GST compliant invoices with TallyPrime and also print them. The software captures all mandatory details as required by the GST Act.
Manufacturing ERP is important for your business because it offers:
Want to find out how ERP could benefit your business? Read: https://tallysolutions.com/erp-software/what-is-enterprise-resource-planning-system/
MRPs are focused specifically on manufacturing processes, while ERPs provide a broader range of solutions including accounting, project management, business intelligence, sales, and customer relationship management.
Read More on ERP
What is Enterprise Resource Planning System, ERP Software for Small & Medium Business, ERP Software for Distributors & Wholesalers, Types of ERP Software System, ERP Implementation Process, Features of ERP Software, ERP Software Advantages, Custom ERP Solutions
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