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Tally is a complete ERP software for small and medium businesses. It has accounting, inventory, payroll and statutory features built-in to support small and medium businesses.
Tally has many features which can be used for effective inventory management for small business. Tallycan also be used as an inventory management software for businesses.
Below are the key features of Tally.
Using Tally, a user can effectively manage stock in a comprehensive way. He can create items, stock groups and stock subgroups; and different product stock categories.
The user can create multiple godowns and view stocks across godowns. While making a sale, he can choose the particular godown from which stocks need to be utilized. He can even configure batches for an item and maintain stocks batch-wise. Manage manufacturing and expiry dates for these batches.
The Stock Summary Report gives a complete picture of the stock based on the classification across categories and groups. It shows how much stock is available in which godown. It also gives a detailed analysis of profitability, and inwards and outwards on a monthly basis.
Tally allows users to create multiple units of measurements for effective inventory management. Simple or compound units of measurement as per the unique needs of the business can be created. For example: Kg could be a simple unit, while a ton could be configured as the complex unit.
Tally has multiple vouchers for effective inventory management. These are - Material In, Material Out, Receipt Note, Delivery Note, Stock Journal, and Physical Stock Verification. Depending on the business needs, these vouchers will affect the inventory positions.
For example: When stock comes in from Job Work, the Material In voucher can be used to raise the stocks, while in case of stock movement across godowns, the Stock Journal voucher can be used. Similarly, in case of receipt of stocks from suppliers, a user can make a Receipt Note which will effectively raise the stocks in godowns.
Effective inventory management helps businesses increase their profitability. Considering this aspect, reports in Tally is designed to help maintain optimum stocks of inventory.
It is usually difficult to decide the order quantity whenever a business wants to replenish stocks. With the help of the feature Reorder Levels, a user can define the reorder quantity to replenish stocks. Based on the current stock, orders in hand and orders placed, Tally helps determine the shortfall in stocks and reorder accordingly. Users can also define the minimum order quantity for each item.
The Movement Analysis Report helps businesses in understanding details such as who all are the suppliers of a product, who are the consumers, at what rate is the product procured, and at what rate it is sold. This report helps businesses analyse every item and determine the rate that would work best from the supplier’s side and the best rate at which it can be sold to a customer. This is the key benefit of inventory management software.
The Ageing Analysis Report is another important report that helps in effective inventory management. It helps businesses understand fast-moving and slow-moving items. Based on this report, a user can take decisions and procure stocks effectively.
Stock Query is another handy report that helps a user view in a single screen complete details of the product, like what is the stock position, at what rate from which supplier he bought the stocks, to whom all he sold the stocks at what rate, within the same category which all stocks are available. This will provide user ease in quoting the price of the item to any customer, further helps in understanding complete details about the stocks.
Also, a user can do a stock audit and in case of any shortage or excess compared to stocks in books a physical stock voucher can be passed.