Tally ERP 9 –
Tally ERP 9 is now the undisputed leader in Accounts and Inventory Management among small and Medium business enterprises in India. This has been proved by latest VAR India Survey. It has been judged as Best ERP software for SMB. This is another feather in Tally’s cap. Tally’s kitty of awards and recognition is increasing day by day.
Tally has many tools with which you can manage your day to day business expenses very effectively. These tools if used properly can help you track your expenses so that you can reduce the unnecessary ones. The features can help you to plan further for future keeping in view the budget constraints.
1- Scenario Management-
Scenario management is an inbuilt tool available in Tally ERP 9 which is basically a management tool that enables different displays of accounts and inventory related information. It is basically what if analysis. It would answer questions like What would happen to profit if we spend 30% on salary? What would happen to cash flow if we increase our expense on advertisement? How much increase in expenses would result in a decrease in profit. You have to selectively including certain types of vouchers which should not affect the source data. It generates provisional reports without actually affecting the main books of accounts. It is also used as forecasting tool as you can enter the expected expenses and see the effect on your profits without affecting your books.
Tally has three special types of vouchers which are used in scenario management. These are Optional vouchers, Memorandum Vouchers, and Reversing Journal vouchers.
2- Budget and Controls-
A budget is a tool which helps you to keep track of your financial health and also helps to allocate the funds according to requirement. Tally helps you in this task. You can make budget in Tally and then track your revenue and expenditure against our budget. This helps you to control the expenditure and utilize your money as per plan. See this video provided by Tally about how the budget can help an organization in managing business expenses.
3- Credit Control-
Tally has a unique feature of setting credit limit to each individual ledger. That limit too can be changed from ledger to ledger. By setting the limits one can control the credit given to them and control the billing. You will not able to raise a further invoice for a party whose dues are not cleared according to limit set by you. The tally would alarm you about the limit. You can also set the limit individually to each ledger. You can set different limits for the same party also.Know More