Mastering Advanced Accounting Features in TallyPrime

Tally has grown exponentially to suffice the growing and advanced needs of accounting teams. To make sure accounting functions are easy and seamless, Tally has put together some of the most amazing features that cover the intricate needs of accountants. Thus making Tally the most reliable and preferred accounting software.

Tally helps with complete bookkeeping, inventory management, taxes, statutory compliance, reporting and a lot more. In this blog, we will be exploring how Tally assists in advanced accounting for businesses.?

Cost Centre Management

TallyPrime makes it easy for you to track your profit by simply comparing the expenses with the income generated using cost centres. You can create different cost centres of different business units, different locations, different warehouses, departments, employees, etc. This helps you to keep track of the business unit-wise or employee-wise expenses made and the profit generated. It is a great way to evaluate the performance of an individual employee, business unit or department.

?

Also, you can make as many cost centres as you require. Thus reporting is also simplified. Majorly there are three types of cost centre reports - Cost Centre Breakup, Cost Centre Summary and Cost Centre Monthly Summary. These three reports provide you with decision-making insights. You can further drill down into these reports to get an in-depth analysis of your cost centres.

Budgeting and Forecasting

Budgeting and keeping track of the expenses in comparison with the budgets set is an essential part of every business and department. TallyPrime allows for start-to-end complete budgeting as well as forecasting. Just like cost centres, in Tally, you can create budgets for different departments like marketing, and sales, or for different locations, head office, branch office, employees, etc. The budgets will help you stay away from overspending for an event. In Tally, you can create budgets for individuals as well as for groups, for cost centres. These budgets can also be altered if needed.?

For reporting, Tally provides the Budget Variance report that highlights the variance in the actual expense and the budget set. If the end value is negative, it means that the actual expense has exceeded the set budget. This report allows you to analyse the expense and understand and set a better budget in future and plan better next time.

Multi-Currency Transactions?

Tally allows for multiple currency transactions. Thus you can enter international transactions in Tally without worrying. Businesses that are into international markets and businesses that are involved in import and export can benefit largely from this feature of Tally. You can enable multi-currency in Tally by going to the F11 Features section.?

Once the feature has been enabled, you can set the currency you will be using and then define the exchange rates, in this way, you will not have to calculate the actual price over and over. You just have to set it up once and you can get the rates automatically.

Advanced Financial Statements?

Balance sheets,? Profit & Loss A/c, Trial Balance, Receipts & Payment A/c all these statements are available in Tally. These are commonly used to check the financial health of a business. Advanced features available in Tally with regards to these statements is that each of the above reports can be compared with different companies month-wise or yearly. This does not even require you to create a group. You can create such comparison reports in TallyPrime very easily.

Other than these reports there are other reports like the ratio analysis report, cash flow report and many more. These reports are very detailed and can be drilled down to apply very specific filters and get to new and important conclusions.?

Audit and Compliance?

Tally allows you to stay compliant with the changing business rules. Thus you can always focus on your business while Tally takes care of your accounting, auditing and compliance. Tally has some amazing features like an audit log that provides details of the activities of the users i.e. what data has been entered by which user and when.?

Other features for statutory compliance in India, Tally has introduced, GST, E-invoicing, e-way bill and the audit log.?

Conclusion?

Tallyprime will always stay at par with the evolving needs of the accounting and finance department as well as the overall business. If your business is looking out to implement a Tally for your business or wants to implement an advanced Tally for your business functions, you can book a call with us.