"My payment was getting delayed because the buyer didn’t know that I’m registered under MSMED Act. For the majority of time, I was unable to track the upcoming receivables, such as bills due in the next 10 days or so; and therefore, was not able to send the timely reminders."
Sounds familiar? This is just one of the many situations faced by MSMEs.
Though the registered MSMEs receive protection against delayed payments, there is a concern on lack of identification of an MSE supplier on supply orders, invoices, and other documents. This results in buyers to neglecting the MSE status of the supplier, further leading to delayed payments. This is exactly the reason for first situation mentioned above. The second situation highlights the importance of a tracking system, allowing you to track upcoming dues and send the timely reminders.
TallyPrime, a business management software is designed to simplify the operations of MSMEs, empowering them to conduct business efficiently and professionally. Now, TallyPrime 4.1 is enhanced to simplify the overall receivables management and more importantly, you can communicate the MSME status.
Let’s take a look at how TallyPrime 4.1 simplifies the business operation for MSMEs.
UDYAM registration details in your company
UDYAM is the registration number received by the MSME at the time of registration under MSMED Act. UDYAM is the identity that a business is registered MSME. Also, depending upon investment and annual turnover, a business will be classified as Micro, Small or Medium enterprises. Now, you can record or update the UDYAM registration number as well as enterprise type. What’s more? You can easily manage the changeover in the enterprise type such as micro to small or small to medium etc. and track the history of UDYAM details.
Print UDYAM no. on invoices, orders, and other documents
Registered MSMEs can now easily communicate their MSME status to their vendors and partners. This ensures that their vendors/partners process their payments according to the MSMEs act and clear the payment within an agreed date or forty-five days from the day of acceptance or the day of deemed acceptance.
You can print UDYAM registration number on invoices, orders, receipts, and all other documents. You can even print it on the business reports as it suits your needs.
Simplified receivables management for MSMEs
TallyPrime is enhanced to provide you a quick view on due or delayed receivables, empowering MSMEs to take prompt action. MSMEs can easily track and identify the upcoming bills, helping you communicate with your buyers for payment clearance. The best part is that you can generate the reminder letters and share it via e-mail and WhatsApp for faster processing.
To sum it up
As TallyPrime 4.1 is now here with the above mentioned and even more intriguing updates, you can be ensured that your current business process will be optimized one step further. With this coming-of-age technology you can always be one step ahead and stop your negative cashflow from snowballing. TallyPrime 4.1 guarantees that you will be able to focus more on your growth and optimize your other business funnels efficiently.
Upgrade to the latest release of TallyPrime4.1 for seamless payment receivables.
