Many small and medium-sized manufacturers now fall in the ambit of GST. Below are a couple of reasons.
- The threshold of minimum turnover has reduced.
- GST impacts manufacturers in many ways. Unlike before, manufacturers too can claim Input Tax Credit (ITC) for many services in the GST regime.
It has become imperative for manufacturers to use a GST-complaint software to manage their day-to-day business transactions. Tally has introduced Tally.ERP 9 Release 6 as a GST-Ready software for manufacturers.
Below are few of the key features of ERP Software for manufacturers:-
Manufacturers can generate GST compliant invoices with Tally.ERP 9 and also print them. The software captures all mandatory details as required by the GST Act.
GST-compliant Tally.ERP 9 has many more advantages. It has built-in functionality to detect, prompt and prevent errors which may take place when recording data. For example: While preparing bills based on the place of supply, Tally.ERP 9 will warn you in case you select incorrect tax type/s.
Handling Reverse Charge Mechanism in GST Software
For registered businesses, reverse charge become applicable when goods or services are imported or when purchases are made from unregistered dealers. As a manufacturer, you need to apply reverse charge on such transactions and generate self-invoices with Tally.ERP 9.
Tally.ERP 9 Release 6 distinguishes such transactions and places them in appropriate fields in GST Returns for your convenience.
Handling Advance Payments in GST Software
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 Tally.ERP 9, these advance receipts automatically become visible in GSTR-1 forms . Manufacturers can also offset advance amount against the sales, and the rest of amount becomes visible as not adjusted in GST Returns.
Easy Filing of GST Returns using GST Software
Manufacturers can generate GST Returns with Tally.ERP 9 easily and accurately. With the built-in error detection & correction capabilities, it is easy identify errors and rectify them before filing GST returns.
Tally.ERP 9 identifies transactions which 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 lot of time for manufacturers as it reduces chances of rejection from the GSTN portal while filing Returns.
Tally.ERP 9 also supports GSTR-3B which pertains to filing returns up to December, 2017.
Handling Raw Materials, Semi-Finished and Finished Goods in ERP Software for Manufacturing Industry
For manufacturing units, Tally.ERP 9 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 Tally.ERP 9. 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 quality check can be achieved using separate godowns as fresh, seconds or rejected stocks.
Multiple Units of Measurement as Suited to Manufacturers
If you are a manufacturer, then one of your most basic yet an important need 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 behavior. This helps in easy management of products, i.e., at the time of production, packaging and dispatch.
Inventory Management in ERP Software for Manufacturing Industry
As a manufacturer you might have multiple godowns to stock, finished products, raw materials and semi-finished products. With Tally.ERP 9 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 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.
Cost Centres in ERP Software
Manufacturers can allocate their expenses to various cost centres in Tally.ERP 9. They can use these cost centres for budgeting and also identify their employees as cost centres to tag any sales associated with them.
Quick Access to Business Reports
Tally.ERP 9 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.
Cash Flow Management
With Tally.ERP 9, you get access to Cash Flow Report to manage your finances based on 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.
Remote Access & SMS Feature in GST Software
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. Tally.ERP 9 also has features that enable you to share details over SMS. You can request queries and receive information as answers over SMS.
Reconcile Bank Statements Quickly using GST-Ready Tally.ERP 9
Tally.ERP 9 offers quick reconciliation process with your bank statement. Download the soft copy of your bank statement, and Tally.ERP 9 will reconcile and fill the dates based on instrument number. You can save time and reduce chances of manual errors. Tally.ERP 9 supports reconciliation for more than 100 banks.
Additionally, GST-Ready Tally.ERP 9 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/gst-software-free-trial/
To know pricing of ERP Software for manufacturing Industries visit https://tallysolutions.com/tally-price-list/