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Top 5 Inventory Management Reports

Posted on: April 22, 2020 | Last modified on: March 27, 2023

Inventory is money sitting around in another form. You paid money for your inventory, and you will get that money back when you sell it. Until you sell them, managing inventory is crucial. The way you manage your inventory will have a direct impact on the cash flow of the business. Inefficiency in managing inventory will put your business at a disadvantage. Inventories hold a huge amount of your working capital and stocking excess inventories implies that cash tied up. Just like Cash flow, it can make or break your business. Being efficient in inventory management will boost your cash flow…

Top Causes of GST Notices Demystified

Posted on: May 28, 2024 | Last modified on: June 25, 2024

The system of Goods & Service Tax (GST) was introduced in India to make the tax structure more streamlined, simplified, and error-free. With its adoption, there's been a notable surge in compliance demands, resulting in a marked uptick in GST notifications directed at taxpayers. These notifications serve as red flags for potential discrepancies or non-compliance with GST statutes. A comprehensive grasp of the primary factors driving these notifications is imperative for businesses to adeptly navigate through the intricate tax landscape. What are GST notices and what are the top reasons taxpayers get GST notices? Keep reading below to get the…

Top 5 Ways to Improve Your Cost Management Strategy

Posted on: March 3, 2022 | Last modified on: October 20, 2023

What is a cost management strategy? 5 ways to improve your cost management strategy Understand your financial structure Proper budgeting Rethink fixed costs Lower variable costs Upgrade to reliable software Use TallyPrime for complete business management What is a cost management strategy? A cost management strategy is another term for strategic cost management. It refers to a process of understanding total costs to improve business’s strategic position and meet long-term objectives. Based on this understanding, the costs which contribute to an improvement in your business’s strategic position are increased while those which weaken the position are decreased. The costs which…

TallyPrime Shortcut Keys

Posted on: November 19, 2019 | Last modified on: June 22, 2024

Meaning and Usage of Shortcut keys in TallyPrime Hidden keys in TallyPrime Shortcut keys for reports in TallyPrime Shortcut keys for vouchers in TallyPrime Other shortcut keys in TallyPrime What do we mean when we talk about shortcut keys in TallyPrime? Shortcut keys are primarily used to simplify the recording of various transactions in TallyPrime. Tally software uses the keyboard functions to operate, journalize, and report the financial statements prepared for the users to interpret and take faster decisions. Shortcut keys are a set of one or more keys that help to activate a function without the mouse. Short cuts…

Moving to New Financial Year

Posted on: March 29, 2024 | Last modified on: April 1, 2024

Moving data to new financial year Splitting company data Create new books and import the data Upgrading to the latest release It’s that time of the year again, the business owners, alongside their financial team, hustle and bustle around to get their books and financial statements right. Yes, you rightly guessed! The new financial year is about to begin. The extra push for businesses and their teams during the last few weeks of the financial year is nothing new. It’s the same every year. If you are a business using TallyPrime, you can end the financial year with little drama…

Types Of Inventory Or Stock For Retailers & Business

Posted on: September 7, 2021 | Last modified on: June 29, 2022

Inventory consists of raw materials used to produce goods and the end products that are ready to be sold to customers. Inventory is also known as stock and the two terms can be used interchangeably. Inventory is considered to be a current asset and is part of the balance sheet. Maintaining optimum inventory levels is vital so that there isn’t overstocking or understocking. Types of inventory There are four major types of inventory and they are as follows. Raw materials inventory Raw materials are used to develop and manufacture products so they can be converted into finished goods. Raw materials…

Common Inventory Management Problems, Challenges, And Solutions

Posted on: September 23, 2021 | Last modified on: May 23, 2023

Top challenges in managing inventory How inventory management software can help you overcome challenges Inventory management is an essential process in many different businesses ranging from retail sales to manufacturing industries. Good inventory management is crucial to the success of these businesses. Better inventory management improves cash flows and reduces expenses. Some inventory management problems are common across industries. Top challenges in managing inventory Visibility problems When your inventory becomes hard to find, you have inventory visibility problems. Lack of visibility is one of the most common inventory management problems. Locating the correct item in the right place as quickly…

Life Cycle Costing | Definition, Process, Example, & More

Posted on: September 23, 2021 | Last modified on: May 23, 2023

What is life cycle costing in accounting? How to use life cycle costing? Life cycle costing process How business software helps you stay on top of your financials? What is life cycle costing in accounting? Life cycle costing is a method of adding up all the costs associated with an asset starting from its initial cost to its end of life. It does not take into account the salvage value or residual value of the asset. Life cycle costing provides an estimate of the cost that an asset will incur in its lifetime. Life cycle costing calculation generally involves adding…

Understanding Input Service Distributor (ISD) in GST

Posted on: April 26, 2017 | Last modified on: June 28, 2022

It is quite common that businesses have a distributed system of manufacturing units or service rendering units across the nation. In simple words, businesses with Head Offices (HO) and Branch Offices (BO) which are spread across the nation - could be in the same state or a different state. Under this system, in order to have better operational efficiency and control, usually businesses adopt centralized billing for procurement of common services at the HO. This situation leads to the accumulation of input tax credit paid on common inward supplies which are used by the branch units. In order to avoid the…

Why Business Reports are Vital for Company Growth

Posted on: November 3, 2021 | Last modified on: September 16, 2022

What are business reports? What are the benefits of business reports? Use business management software to create reports What are business reports? Business reports do not get the recognition they deserve. Used frequently and correctly, they can be indispensable tools for businesses. The root of the problem is that many business owners do not comprehend the meaning of business reports. Simply put, business reports express factual data of a business clearly to meet a particular purpose. Their main aim is to gather sufficient data, speak about the current situation, and provide a path the business can take for improvement purposes.…

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