11 features in Tally for a manufacturing business

1. 11 features in Tally for a manufacturing business Manufacturing involves the movement of many goods including raw materials, semi-finished and finished goods. Keeping a track of these goods manually is a very daunting task. Also not to forget, keeping a track of goods is just one out of the many complicated tasks involved in a manufacturing business. Due to these reasons, it becomes almost unavoidable to maintain software that keeps a track of the raw materials, semi-finished and finished goods. Today there are hundreds of software available in the market that are used to keep a track of these materials. But there are very few software that will not just keep a track of your inventory but also support your business in such a way that it leads to improved efficiency and maximized results. Tally.ERP 9 is one such software that keeps a track of your stock, keeps track of your cash-flow, maintains records of your employees and many other features. These features in the software will provide you with insights and overview of the entire business required to take critical decisions. Tally.ERP 9 will take the burden of maintaining records off your shoulders and will provide you with the necessary information in the form of summarized reports in just a few clicks. Below are some features in Tally that will benefit you as a Manufacturer. Inventory management In a manufacturing business, the stock is continuously moving. Manufacturers have to keep a track of how much raw materials, semi-finished goods and finished goods are available in different godowns, warehouses, etc. Tally.ERP 9 will help you keep a track of this moving inventory across different locations. Tally also keeps track of stock lying in third-party locations, in case of Job work. You can also do the valuation of your stocks through methods such as FIFO, LIFO, average, etc.

2. Handling Raw materials, semi-finished goods, and finished goods Manufacturers can easily record the creation of raw materials and their consumption into finished or semi-finished goods in Tally. Tally users can also group their stock and check their group - wise stock availability. Using the Stock journal or the Bill of material voucher, the Tally user can show the consumption of raw materials and semi-finished goods into finished products. Re-order Level Re-order level is an optimum level of stock. Whenever this level is reached, the manufacturer re-orders the stock. This re-order level can be managed in Tally. Reverse Charge Mechanism As a registered manufacturing business, you have to apply reverse charge when goods are imported or when purchases are made from unregistered dealers. You can generate these self-invoices directly from Tally.ERP 9. Tally.ERP 9 can also distinguish these transactions and place them in appropriate fields in GST for your convenience. Advance payments in GST enabled Tally.ERP 9 When a manufacturer receives an advance payment, then such a transaction is liable to be declared in the form GSTR-1. In Tally.ERP 9, these advance receipts become directly visible in the GSTR -1 forms. Various units of measurement Tally.ERP 9 provides options for various types of units of measurements. It counts in pieces as well as in Kgs and has many other units of measurements.

3. Cost centres in Tally.ERP 9 Tally has the provision for cost centres. Manufacturers can allocate costs or expenses to cost centers. They can also identify employees as cost centres to tag any costs associated with them. Easy filing of GST returns GST returns can be generated by manufacturers through Tally.ERP 9. Tally has a built-in error detection and correction feature that helps to eliminate an error and rectifies it before filing the GST returns. Tally helps manufacturers in identifying these errors and correcting them. This eventually saves a lot of time and simplifies the complex task of identifying and correcting errors from thousands of entries. All of this reduces the chances of rejection on the GST portal while filing returns. GST Invoice Tally.ERP 9 can generate GST Compliant invoices. These invoices contain all the information that is required according to the GST act. Tally can also identify and prompt errors if present in the GST data. For example, if you make bills depending on the location of sale, Tally warns you in case you have selected incorrect Tax type. Cash Flow management Money management is made easy with Tally.ERP 9 as it provides a cash flow report which helps manufacturers in taking important decisions depending upon the payables and receivables. Business reports Balance sheet, profit and loss statement, stock summary report and cash flow report all these business reports are available in Tally. These reports provide an overview of the performance of the business.

4. Important decisions can be taken depending on these reports. Other than these, there are more additional beyond Tally features that can be activated in Tally for Manufacturers, such as: Quality Control In manufacturing companies, it is important to check the quality of both materials that come in as raw materials as well as finished products that are sent out of the manufacturing unit. Tally.ERP 9 provides an option to check the quality of the products by checking the products as per the parameters set according to the quality standards. Batch-wise expiry Often in Pharmaceutical/chemical manufacturing businesses, sorting stock according to their expiry date is mandatory to avoid stock getting wasted. Tally.ERP 9 helps to sort the stock according to its expiry date and hence it makes sure the resources are not wasted. All these features in Tally are being used by many manufacturers to simplify their tasks. The Tally.ERP 9 software not only helps in the various manufacturing functions but also is a complete business management software. It aims to guide its users and provide them with the required information to take their business to a higher level and maximize their profits.