Decision making through Tally

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Decision making through Tally

Background: Decision making is simple and quick through Tally. As Tally provides detailed reports that provide the necessary insights required for effective decision making. Read to know about the important reports in Tally that are perfect for decision makers.

Tally.ERP 9 is an accounting software, that not only helps in recording transactions but can also track inventory, payroll, etc. Daily data is fed into the software and the user can check the data in a consolidated report. This will help the top management in decision making.

There are many reports available in Tally that provide valuable insights to the top management about the organization. These insights are very important in order to take a decision that yield out good results.

Here are a few reports that will help the top management to take the best possible decision.

Stock management reports:

Inventory management involves taking timely and critical decisions. Decisions regarding the reorder level, the quantity to be ordered, etc. These decisions are unique for every business and a right decision highly depends on the past inventory movement analysis.

Know aging of your stock

The stock aging analysis report in Tally, provides user with the age wise stock of the business. This provides insights to the owner regarding the oldest stock and thus the owner can make plans to strategically move this old stock before it expires.

Current stock status

The stock summary report shows you the current state of your stock. The orders passed, orders to be packed and the orders that need to be fulfilled. It shows the accurate number of inventory available and whether it is sufficient for the present demand or not. This report is helpful for almost all types of businesses that involve selling products.

Reorder level

Reorder level is a set benchmark of the stock after which the stock is replenished with fresh stock. For e.g. If the reorder level set for product A is 7, as soon as the inventory reaches this benchmark fresh stock is ordered of the product A. The reorder level report in Tally shows the benchmark set for each product and also the number of the products to be ordered in one go. Thus the inventory is ordered in a calculative manner avoiding excessive or insufficient stock.

Godown Stock

When you maintain godowns in Tally, Tally shows you a Godown/ location summary report showing all the items stored in the godown along with their quantity, rate and value. Damaged good entries can also be made in Godown and hence a record can be kept of the damaged goods as well.

Stock Query

The Stock Query report in Tally is the most informative report of all the Inventory reports available in Tally as it shows details about each stock. Details regarding its purchase, sale, godown details, items of same category, etc. This report provides you with important insights regarding whether the stock is fast moving or not, regarding its demand, how much quantity of it should be stocked, etc.

Customer oriented Reports

Sales report with Profitability

Tally provides reports that help you check the profitability earned in each transaction. This will help you understand which transactions earned you how much profit. It is calculated by subtracting the cost of the product from the sale amount. This data helps you Strategize your pricing as per the profits that you wish to earn.

Party payment performance

Collecting outstanding amount from customers is a very important as well as difficult task especially if a consolidated list of such customers is not available. Tally provides such a consolidated report that shows details of customer such as the party name, amount that is outstanding and the days for which the amount has been outstanding. This report provides the user with insights about the customer habits and when the payment can be expected from a particular customer. The user can take proactive measures to make sure payment is not delayed by such parties.

Similarly there are many other reports in Tally that can transform your business simply by using Tally as a reporting tool for Owners. Stay updated about new reports that have been added in Tally by contacting your Tally Partner.

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