3 FEATURES IN TALLY THAT YOU CAN ACTIVATE TO CUT BUSINESS COSTS

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Every business works with two important objectives to earn profits and to cut down costs. One way of maximizing profits is to eliminate extra expenses. According to Bloomberg, 8 out of 10 small businesses fail within their first 18 months the reason being most entrepreneurs focus on maximizing sales while neglecting the extra expenses which is equally important while trying to achieve profitability. • So how can one identify the extra costs that need to be eliminated?

The easiest way is to use the available or already purchased resources to its full potential. Often we purchase assets for its multifunctionality but over time, we only use its basic functions thus wasting its capabilities.

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The asset we will be discussing about is obviously Tally, often Tally is used as a basic accounting software even though its been years since it has already been given the ERP tag due to its entire business management capability. • Today, automation is the key to reducing costs and Tally does just that. It provides automatic reports and information that will help to make critical decisions quickly. Tally automates many functions such as it calculates TDS, provides bank reconciliation report, auto generates the e-way bill, files returns, provides a ratio analysis for the data entered, provides inventory management features which help to maintain the optimum level of stock with no wastage of resources, etc Other than these there are many other features in tally that help to automate the functions in an organization.

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There are some features that are beyond Tally and can be activated in Tally after installing TDLs to the software. These features can further be used to enhance the capability of the software and in return reduce the operational costs of the business.

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Following are some features you can activate in your tally and cut down the additional expenses faced by your company:

1. Go paperless Paperless is the way to go in this era of digitization. Signature is one way of authenticating a document. But today, forgery is on the rise and so frauds are increasing day by day. A digitally signed invoice cannot be edited by a third person and hence it is a full proof way of ensuring that the original document sent is received by the receiver without making any changes. Get invoices digitally signed directly through Tally and cut down both costs and time.

Benefits of a Digital signature: • • • • • • •

Strengthens security Cuts expenses (Printing and stationery) for eg, the break up of cost for printing and stationery for 50 invoices is as given below: Rs.1 printing charge Rs.1 paper cost Rs.2 envelope cost Rs.20 courier charge Total cost per invoice is Rs.24. multiplied by min 50 (no. of invoices) multiplied by 300 (no. of working days in a year) equals to a whooping cost of Rs.3,60,000 which can be avoided using digital signature in Tally.

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Universally accepted and legally approved Saves time (Cuts down waiting time required to get signatures or to receive invoices) • Increases office space for other purposes (Office space is clutterfree as a physical hard copy of invoices is not required) • Become a trustworthy business in your industry • One way of being environment-friendly (less paper = more ecofriendly)

2. Digital document management Documents can be maintained in Tally itself. The multiple file attachment TDL, when attached to Tally, can enable features that allow you to attach multiple types of supporting documents along with entries.

This keeps your documents in an organized and easy to locate manner and thus saves the indirect cost by saving the productive time of the employee that is often spent in locating a document for its corresponding entry.

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This helps you to: Save cost as you do not have to keep physical copies of the document or you can simply take a print out whenever required.

• Save all supporting documents along with their respective entries • Save time as you do not have to keep looking for documents at the time of an internal or external audit.

• De-clutter office space. You can use the space that was previously used for such documents for other much more important things.

3. SMS instead of a telephone call With an open rate of 98% and an opening time of just 3 mins on an average, SMS is surely the best way to reach your customers. The problem with phone calls is it requires the customer to stop whatever they are doing and concentrate on the call which is obviously not very convenient for the customer. Hence it is always preferable for a customer to receive an SMS instead of a phone call as he/she can have a look at it in their free time.

You can send SMS directly from Tally.

Send transaction related, birthday wishes, promotional offers, etc through tally in just a few clicks.

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Why SMS and NOT other chat messengers?

Important messages such as messages sent by banks for intimation of financial transaction is sent through SMS considering its importance in the minds of customers.

Instant delivery (Internet connection not required) Premium messaging service as compared to other messenger services SMS is always short and crisp thus ensuring that the customers always read it.

This SMS feature will help you: Stay connected with your customers Save money spent during calling Keep your customers well informed regarding various types of transactions.

A written form of communication Improved image of the company

Mr. Benjamin Franklin

Implement these features in Tally today and start cutting your extra expenses.

As Mr. Benjamin Franklin has rightly said, “Beware of little expenses. A small leak will sink the whole ship.�

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