A look at the Importance of Tally for Small Businesses

A business is as good as its management, and the decisions they make create its future. Due to the paucity of funds, unavailability of the workforce, and high-end software's, small businesses often need help managing their daily operations.

The Tally app helps small businesses to overcome the shortfall in resources and manage the organization using the Enterprise Resource Planning (ERP) feature.

So, what makes Tally the most crucial accounting app for small businesses? This blog explains how small businesses benefit by using the features of Tally ERP 9.

Why is Tally Important for Small Businesses?

Here are the features that make the Tally app important and attractive for small businesses:

• Multiple Uses

It is an all-in-one management solution for businesses. Tally provides a range of services to users, like:

1. Business Accounting: Businesses use Tally primarily as an accounting app. You can carry out all accounting functions, from recording transactions to financial reporting, through it.
2. Inventory Management: You can maintain all your bill-wise inventory records through Tally. Most businesses use inventory models like just-in-time. Having updated inventory records can help businesses place replacement orders when required.
3. Financial Planning and Budgeting: With all the updated details and reports in your hand, you can make sound financial decisions. You can understand your budgeting constraints and accordingly set limits on various cost centers.
4. Automatic Reconciliation of Banking Transactions: Since you record all banking transactions in the Tally app along with reference numbers, just uploading your bank statement is sufficient. Tally automatically reconciles your banking transactions with the statement.
5. Statutory & Tax Compliance: You can generate all relevant reports, tax calculations, and e-filing forms regarding TDS and GST returns and conveniently file your e-return with Tally.
6. Audit Tool: Tally accounting app is the best audit tool for businesses since you can check all your accounts and critical reports to track any error and rectify it. The app also generates customized reports, which help auditors check accounting records’ correctness.

• Comprehensive Reports

One of the significant features of Tally is its ability to generate different reports based on the data entered. You can view the following Key accounting and management reports with just a click:

• Balance Sheet
• Profit & Loss Account
• Ratio Analysis
• GST reports
• Inventory Summary
• Stock Movement & Aging Reports
• Item-wise cost and Profit
• Budgets for Cost Centers
• Cash Flow & Funds Flow Statement
• Receivables & Payables

The exclusive reports available on the Tally app help the management make quick and accurate business decisions. With all key information at your fingertips, management becomes easier and less time-consuming.

• Create Unlimited Companies & Access Consolidated Reports

There is no restriction on the number of companies you can open in Tally. If you have a holding company and subsidiaries, Tally can consolidate the statements from all the businesses and provide consolidated reports.

• Remote Access and User Permissions

You can set access limits for various users by creating multiple profiles with different permissions. Not only can you access Tally locally, but you can also set up your account using the cloud service from anywhere. Just log in to your account and access the Tally data.

How to Access Tally Reports on Mobile

TallyDekho is a mobile app that is highly compatible with Tally ERP 9. Using the TallyDekho app, you can set up the app, sync your Tally data and start accessing Tally reports on mobile.

Here are the primary benefits of using TallyDekho:

• Synced reports help businesses to make quick decisions
• Access all Tally reports on mobile from anywhere, anytime
• Additional analysis of data in chart and tabular form
• User-friendly Interface
• Access the GST reports from the Tally on mobile

All these features make TallyDekho the best app to access the Tally reports on mobile. Download the TallyDekho App Now!