Top 10 Features of Tally Prime – Penieltech
TallyPrime is a popular accounting software used by businesses in the UAE. It is designed to improve operations and simplify financial management. Tally accounting software has several features that are customized to the unique requirements of UAE businesses. In this blog, we will look at the top 10 features of Tally software.
Top 10 features of TallyPrime UAE
Businesses must now keep accurate records and file proper tax returns as a result of the implementation of VAT in the UAE. With built-in VAT compliance in TallyPrime UAE, businesses can manage their tax obligations more easily. The software already has pre-configured VAT rates, tax codes, and VAT reports, so calculating and reporting taxes is super easy.
The UAE is a hub for global trade, and many companies there work with other currencies. With the help of Tally accounting software, businesses can easily manage currency conversions because it supports a wide range of currencies. Errors are much less frequent because the software automatically calculates currency rates and updates the relevant accounts.
Businesses must perform bank reconciliation to make sure their financial records and bank statements match. A bank reconciliation tool in TallyPrime UAE automates the procedure, helping it go more quickly and precisely. With just a few clicks, businesses can import bank statements, match transactions to transactions, and reconcile accounts.
When you upload the electronic statement from the bank site into Tally software, bank reconciliation for more than 100 banks will start right away. The ability to create several check books with distinct ranges for each bank in TallyPrime’s cheque management solutions results in efficient cheque administration. You may examine, search for, and track your check data with the use of a cheque register.
Several users can access the software at once with TallyPrime UAE, facilitating teamwork and collaboration amongst businesses. Role-based access control is a feature of the software that enables businesses to limit access to sensitive information and maintain data security.
Management of inventories is essential for businesses that supply material assets. Businesses can keep track of their stock levels, process orders, and handle billing because of the extensive inventory management tool included with Tally accounting software. Businesses can use the software to make purchase orders, set reorder levels, and monitor stock movement between multiple locations.
You can specify the raw materials, assemblies, parts, and components, along with the amounts of each inventory, required to make a final product using TallyPrime’s extensive Bill of Material (BoM) feature. The BOM of finished products can also define the by-products, co-products, and scraps.
A big aspect of any organization is invoicing. TallyPrime UAE enables companies to customize their bills to match their brands and unique needs. The software comes with a number of customizable invoice templates. It allows for the addition of logos, headings, footers, and other design elements.
It’s really easy to create and keep track of invoices with Tally UAE. Tally accounting software adapts to your organization because of its optimized invoice components. It contains a plethora of customizations, several billing modes, and more. Tally software is a simple accounting system due to the features’ extensive range.
Analytics and Reporting
Businesses can obtain insights into their financial performance with the variety of reporting and analytics tools included with TallyPrime UAE. You can generate a range of reports using the software, including balance sheets, profit and loss statements, cash flow statements, and VAT reports. You can also develop custom reports using the software. It provides them the freedom to evaluate data.
To make the most of the data that is entered, the user can customize how information is displayed in reports, from MIS reports to final reports. Every report gives you more details so that you can make smarter business decisions.
For businesses, managing payroll could be a challenging and time-consuming process. With the help of TallyPrime UAE’s payroll administration tool, companies can perform payroll calculations. They can also produce payslips, and maintain employee information more easily.
To predict the net balance available for a particular period, a cash flow projection takes into account various instances of anticipated inflows and outflows. TallyPrime’s instant cash flow forecast report assists you in budgeting your expenses and investments in light of study estimates.
Businesses can access their financial information using Tally UAE at any time and from any location. Using any device with an internet connection, organizations can view their data using the software’s web-based interface. Businesses with remote employees or individuals who need access to financial data while on the go may find this option to be enormously beneficial.
Use TallyPrime’s synchronization feature to integrate business data between sites and obtain consolidated information in one place. Access your data whenever you want, wherever, as long as it stays with you. Tally accounting software, which has built-in security at all levels, keeps your data secure at all times.
All businesses must prioritize data security, and Tally software takes this responsibility seriously. Role-based access control, data encryption, and regular backups are just a few of the security features that come with the software. By doing this, companies can guarantee the privacy, accuracy, and accessibility of their financial data.
In Tally software, user creation and management are quick and easy. Easy password assignment, role-based security level assignment, and user deactivation allow for the quick creation of several users. Only authorized users will be able to examine financial data with the help of a strong password policy. This improves data security. You can build a password policy in TallyPrime that specifies the password complexity, password expiration, password history, allowing the user to update their password, etc.
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Penieltech – Official Tally Prime Gold Partner in the Middle East.
TallyPrime is essentially a newer and more advanced version of Tally ERP 9, with a more contemporary user interface and improved capabilities. It is not a new piece of software; rather, it is Tally ERP 9 upgraded.
Concerning partnerships, Tally solution has a network of certified partners who assist and support companies using Tally software in Dubai and other parts of the world. We as Tally partners offer businesses training and support for effective software use. We also assist with the TallyPrime update.