Tally ERP 9 is one of the most popular accounting software in the Indian subcontinent. The company started in the year 1991 and, from then, it has seen tremendous growth with the MSMEs in India. The main reason behind this growth of Tally ERP is that it has a robust set of features necessary for accounting people.
Why does an organization need an ERP?
So, the counter-critical question is, why do you need to invest your time in an ERP solution for your business? There are many use case scenarios in which a business may need an ERP — some of them are listed below:
- Hypergrowth phase: When an organization is in a growth phase, they need an ERP to maintain a track record of its financial data, such as invoices, ledger, pay notes, etc. There are solutions, such as CredFlow, that simplify and process the Tally ERP data and present it in easy-to-understand analytics to business owners and other stakeholders.
- Business management: To manage business processes, an ERP is crucial such as Tally ERP 9. It will help you to centralize a multitude of information in a single ecosystem. An ERP will centralize numerous data that can help you to flesh out data necessary for strategy building.
- Acquisitions or mergers with other companies: If your company is merging with another organization and needs to maintain a financial track, an ERP is essential to maintain the pipeline.
So there are multiple use case scenarios for which your organization may need an ERP. Further in this article, we will discuss the advantages of ERP software.
Advantages of Tally ERP 9
Numerous advantages of Tally ERP 9 will help your business to thrive in the market, some of them are listed below:
- Business management: Tally ERP 9 will make business management easier. For instance, you can simplify business processes such as maintaining and creating new ledgers, automating balance sheet processes, etc.
- Ease in data fetching: With Tally ERP 9, the visibility and accessibility of data become feasible — this is one of the most significant advantages of Tally ERP. Moreover, it will give you complete clarity of your working capital. Through the inventory management feature, you can monitor your receivables in the organization and the merchandise in transit. Therefore you can manage your working capital according to the inventory statistics. This clarity brings forth the potential workflows that can help you to streamline your receivables.
- Prevention of losses: Tally ERP can help you to reduce your losses because you can have a complete understanding of your ledgers, payrolls, bills, etc. Thus, you can identify the essential areas in your business where you can do cost-cutting. And you can make effective strategies to prevent any future loss to the company and improve the working capital. Fintech applications like CredFlow can help you to improve your working capital through effective vendor payout. Through features such as payment reminders businesses have reduced their payment collection time by up to 30 percent.
- Easy understanding of tax and compliance: Tally is extremely efficient in creating tax reports that will help you build a pipeline for financial processes. This way organizations can make sure to adhere to compliances set by taxation authorities.
- Increased Productivity: Investing in an ERP solution can dramatically enhance the performance of your employees as it can automate several monotonous tasks that require manual input. Along with that, it will reduce the IT and training costs of your workforce.
These advantages of Tally ERP will help you to gain an edge over your competition and a better market position.
An ERP, in general, is a valuable addition to your business that will help you streamline numerous processes in your organization, resulting in better optimization. Thus, it will give you greater flexibility and a clear path toward a better business. There are many ERPs in the market, but Tally is the most robust platform in the lot.