Features to look for when opting for accounting and inventory software

The best accounting software for small business with inventory must have the following features:

Supports business growth

Your business is going to grow. It may take a few months, years, or even a decade, but it will certainly grow. A business management software solution that scales with your business is the perfect choice because it means you are already prepared for the changes that will take place in the future.

Better control over cash flow

The best accounting software for small businesses with inventory must provide cash flow management. Cash flow is simply how much cash is coming into your business and how much is going out of your business over a period. This can be monthly, quarterly, or annually. A robust business management software enables businesses to have better cash control, thereby improving business efficiency manifold.

Enhanced business efficiency

Business efficiency has a ripple effect as it affects your entire business. If productivity is low, it will have a negative impact on your operations and business outcomes. If you want business efficiency to improve, use an integrated system that has a focus on inventory and accounting features. As these are the foundation of a business, insights into the two aspects can greatly impact your business.

Seamless inventory management

The best accounting software for small businesses with inventory promotes seamless business management. An integrated system has a module that is dedicated to managing inventory. When you have a seamless inventory management feature, you can know exactly what stock is stored and in which warehouse. This allows you to manage various godowns and effectively transfer them when necessary. If no insights are provided about the same, you will likely damage your stock, causing you to spend more than you intended.

Simplifies tax compliance

An integrated inventory and accounting system must have this feature so that tax filing is not a burden. With changing laws, it can become difficult for small businesses to manage it all and so a simplified tax compliance feature by the software is a must-have.

7 benefits of e-invoicing In TallyPrime

e-Invoicing saves time which is a major benefit for all businesses. e-Invoicing is a completely digital process and it takes only some minutes to generate an e-invoice. Earlier, traditional invoices required a lot of time to generate and upload the invoice details to the government portal for return filing purposes. e-Invoicing has reduced the time required to process, track, send, and approve invoices. It has thereby improved productivity because employees can spend their time focusing on other aspects of the business that require attention. With e-invoicing, payments are made at a faster rate and information aggregation can be done without any problems

Higher accuracy

Better accuracy and reduction of human errors are some of the benefits of e-invoicing. As you are not required to enter any data manually, there is little room for error. The information is taken from the e-invoices directly and as the billing systems also maintain the information, it further ensures no errors are made during e-invoicing. This will allow for better transparency which is another benefit due to the high accuracy of e-invoicing. The communication between buyers and vendors will also be better and time will be saved in the process as a result because of no errors in the e-invoices.

Cost-effective

• e-Invoicing is more cost-effective for businesses when compared to the traditional form of invoicing and reporting. Everything takes place digitally which allows for higher cost-saving for every business. This is also beneficial from an energy point of view as e-invoicing is energy-efficient compared to the paper invoicing process.

• Ease of financial operation

  Ease of financial operation is one of the benefits of e-invoicing. Prior to the introduction of e-invoicing, the financial operation wasn’t as simple or straightforward as it has become now specifically for MSMEs. As these businesses often have a higher workload and they need to balance multiple business components, e-invoicing gives relief as it ensures the admin work doesn’t take as much time. Traditional invoicing required a lot of work and effort but e-invoicing isn’t as complicated. A good software solution such as TallyPrime has made it easier for businesses to generate e-invoices in minutes.

• Data security

  e-Invoicing ensures data security which is one of the main reasons why it is a boon to businesses. Earlier, invoices were not secure and there was a higher chance of tax leakage as well as fraud taking place. Some businesses were involved in malpractices whereby they used fake invoices. Thanks to the introduction of e-invoicing, the probability of fraud has decreased drastically because there is no way that a fake invoice can be generated and submitted. All invoices that are electronically generated are authenticated which ensures data security and credibility of those invoices.

• Increases productivity

  e-Invoicing can enhance productivity in MSMEs. Invoicing used to be a time-consuming and tedious task that required hours of time and attention. Additionally, if an error was found or if there was a discrepancy due to human error, the problem had to be rectified and the invoice had to be printed once again. With the introduction of e-invoicing, there is no need for such effort because e-invoicing takes less time and it allows employees to focus on other things. They now have more time at hand which will allow them to spend it on more productive ventures.

• Tracking

  e-Invoicing is beneficial for the post-pandemic business world because it makes tracking much simpler and convenient. It also gives you more control because all the details entered in the e-invoice are automatically saved and you get access to it all whenever the need arises. E-invoicing makes it efficient for businesses to understand whether their business is going in the direction they want it to go on. With the help of good e-invoicing software such as TallyPrime, you know in detail whether your business is doing well or not.