Tally Integration: Why is it Required?
Tally is the most used software for accounting and additional business functions. Through Tally integration, you can easily import and export data from one software to another. Most small and large companies use Tally to organize their information. MIS, BI, and accounting are inter-connected systems that are essential to a streamlined and [...]
Understanding Proforma Invoices: Definition, Significance, & Format
A proforma invoice is better understood as an estimated invoice or a preliminary bill, which you can use for requesting payment from any committed buyer for the services or goods before they are supplied. You can consider it as a good faith agreement that will be created between the customer and seller. [...]
8 Important Reasons Why Businesses Should Use Customised Invoices
An invoice is a commercial document listing the goods or services delivered to a customer and the total amount payable. It helps the business to request payment from its customers and keep track of its sales. It is a core element of business accounting and audit procedures. The Tally software makes it [...]
12 Common Tally Mistakes To Avoid To Ensure Efficient Business Operations
A business is termed efficient when implementing possible measures to streamline all operations. And among all other business departments that need your attention, accounting is a critical area of consideration. You can be sure of running a successful business when you emphasise monitoring both functionality and finance parallelly. And, as technologies have [...]
Tally Prime 3.0: Exploring The Latest Features And Updates
Tally Prime 3.0 is the latest version of TallyPrime, one of the best software for managing the business needs of small and medium-sized businesses. It takes care of accounting, inventory, banking, taxation, and payroll functions to facilitate the smooth running of a growing business. The new and improved Tally Prime 3.0 is [...]
Step-By-Step Guide For QuickBooks to TallyPrime Migration
Quickbooks, like Tally Prime, was one of the widely used accounting softwares across India. Based on recent news, businesses in India do not have the option to continue with Quickbooks as it has decided to end its operation in India, ending the debate between QuickBooks vs Tally. This change presents a valuable [...]
8 Crucial Tally Questions That Tally Prime Reports Answer
Tally Prime is a popular accounting software used by businesses worldwide for its efficient and reliable features. It offers various reports that help businesses make informed decisions based on their financial data. The importance of business reports in financial planning cannot be overstated. These financial reports, also called financial statements, give a [...]
Budget 2023 – Key Highlights for Pro Micro, Small, and Medium Enterprises (MSME)
What are the new credit guarantee schemes for MSMEs under Budget 2023 The MSME budget 2023 has introduced The revamped credit guarantee scheme which will bring in ₹9000 crores in the corpus, which will allow business owners to take collateral-free guaranteed credit of ₹2 Lakh crore. The MSME union budget 2023 has [...]
Budget 2023 – Impact of GST on Cigarettes & Tobacco Products
Tobacco is classified as sin goods; thus, various taxes such as Central Excise duty, National Calamity Contingent Duty (NCCD), GST, and compensation cess are levied on it. The WHO has recommended at least a 75% tax on all tobacco products. However, there isn’t enough tax levied on such products in India. Under [...]
Benefits of Integrating Payment Processing with Business Invoicing
The invoicing and payment processing industry has been experiencing a lot of change over the past few years. It has become a dynamic industry for individuals and businesses, and a challenge to keep up with the latest standards and best practices. While the integration between payment transaction processing and business finance management [...]
Business GST Returns Filing With Multiple GST Registration
As a business owner, you must comply with certain regulations, which includes business GST registration. When it comes to GST registration, many different processes are involved, including multiple registrations under gst. According to the law, all those businesses in multiple states must comply with multiple registrations. However, if you are in different [...]
E-Invoice Update For Businesses with Turnover Exceeding 10 crore
With the recent E-Invoice update, the e-invoice turnover limit for electronic invoices has become a great topic of interest. One of the points discussed includes the government's active offer of support to businesses under this e-invoicing regime. Several circulars and notifications regarding GST have been issued to ensure a smooth implementation of [...]
A Comprehensive Guide To Using Tally On A Shared Cloud
Today's highly competitive market is dominated by technology, which makes business operations easier than ever. Businesses today employ customised softwares for most of their processes, automating them for easier workflow. They are always looking for apps and softwares that can further streamline their process. This is where they have to deal with [...]
Multiple GST Registrations: Know How to Manage Books of Accounts
Managing a business effectively requires proper bookkeeping. The bookkeeping must adhere to local laws and regulations to comply with taxes and other levies. Cash flow and financial transactions can be monitored, analyzed, and controlled with the help of accounting and bookkeeping. As the GST Act requires, a GST-registered business must keep its [...]
Types of Business Software That Every Organisation Needs
In today's fast-paced world, it is necessary to have a competitive edge over other businesses. One of the key ways to do this is to employ essential business software. Efficiency is critical for every business. With advanced technology, you don't need to overburden your employees with work; business software can help you [...]
Why Management Accounting Is Important for Decision Making?
In a layperson's language, we can define management accounting as providing financial and non-financial decision-making information to managers. Managerial accounting is the process of assessing, interpreting and conveying financial information to the organisation's executives. The process entails the use of accounting software or ERP systems that provide financial reports, budgeting, and forecasting [...]
Bulk E-invoice Generation in TallyPrime and QR Code Integration
TallyPrime is one of the recognised ISO-certified GSP (GST Suvidha Provider). It directly integrates with the IRP portal and seamlessly generates e-invoices. The process is so simple that you would be able to generate e-invoicing instantly. Tally e-invoice integration with QR code is a completely new experience for many, and it may take some time [...]
What’s New in TallyPrime 2.1
Tally systems are constantly updating and upgrading themselves to stay relevant and useful with the changing business scenarios. Continuous additions of new features as well as 100% statutory compliance of Tally has made it one of the most widely used software for accounting in India. In TallyPrime’s latest version i.e. TallyPrime 2.1, [...]
5 Key Benefits of ERP for Accounting & Financial Management
Enterprise resource planning (ERP) system is the backbone of all organisations, and accounting software is the cornerstone of ERP. ERP for accounting creates a single source of financial data accessible across departments and multiple business units. It integrates finance and accounting, inventory management, project management, customer relationship management, human resources, etc. ERP [...]
How To Choose the Right Cloud Accounting Service Provider?
Choosing a cloud accounting software can be a hard nut to crack for small businesses. Small business owners often choose to steer clear of adopting the cloud technology as they feel a cloud environment is only suitable for large businesses with tons of data. However, this is simply untrue! There are various [...]
Tips for Choosing the Best Billing and Invoice Software
Handling billing and invoice may not be the most exciting components of running a business, but they are pivotal for the success of an organisation. Streamlining the billing and invoice processes will ensure the payments are received on time. You would also be able to keep tabs and follow up efficiently. Plus, [...]
Top Accounting Trends for 2022 That Businesses Should Know
Accounting is a systematic recording of business financial statements or transactions on a day-to-day basis. The accounting process includes analysing, summarising, interpreting, and reporting financial information. Accounting can be done by an individual or team depending upon the size of the business. It plays a vital role in running a business as [...]
Audit Trail in TallyPrime: Why is it Important in Accounting?
Audit Trails help maintain the integrity of a transaction by documenting all business transactions. It helps ensure businesses practice fair transactions throughout the financial year and beyond. In TallyPrime, there is an in-built feature for Tally Audit. This feature makes it easy for auditors to track changes made to the ledger master, [...]
Business Reports in TallyPrime: Why Are They Important?
When it comes to financial planning, Business Reports play a vital role. They help provide a 360° view of an organisation’s financial health, thereby enabling the stakeholders to make better decisions that lead to improvements and growth. With TallyPrime, you can generate 400+ business reports. This makes it easy to overview all [...]
TallyPrime Shortcut Keys That Everyone Should Know
As a business management software, TallyPrime makes it easy for a company to manage their accounting, banking, taxation, inventory, and other business needs. TallyPrime is ideal for all businesses, whether a small or mid-sized business or a large enterprise. While understanding how to use tally can increase a company’s efficiency, learning tally [...]
What Are The Banking Utilities in TallyPrime?
Bank-related activities are performed by business owners day in day out. The Banking feature in TallyPrime assists and allows business owners to perform several bank-related operations; payments to parties, bank reconciliation, and cheque management. The feature enhances and simplifies the banking experience, saving time, reducing errors, scaling up traceability, and improving productivity. [...]