5 Common Business Mistakes To Avoid While Using Tally

Tally is known for its ability to enhance business performance through automation. Business performance can be further enhanced by minimizing business mistakes that lead to the wastage of resources. Here are the top 5 mistakes you can avoid while using Tally –

Data

We know data is the heart of every business and keeping it safe is a priority. Yet we are aware of the rising data theft cases and data hacking cases using viruses like ransomware. A common mistake most businesses make is to create backups on storage devices like pen drives and hard disks. The main reason for this is the need to have a backup of the system. The problem with this method of backup is that the data can be stolen or duplicated. Also, overuse of such devices can lead to its corruption and in turn lead to data loss. The easy way out of this problem is to invest in a system-based automatic backup. Your auto backup system must have timely scheduled auto backups that run on their own and keep you informed about the success or failure of the backup. The second important feature of the backup system should be that the backup is saved on both the local system as well as on FTP. Automated Tally backup storage is necessary and a must-have for businesses with sensitive data.

Document Management

Document maintenance is a part of every business. Some businesses believe in storing documents physically while some businesses save space and storage costs by storing a soft copy of all the necessary documents. Do you know your Tally license can be used to save all transaction-related documents in the software itself? Yes, using multi-file attachments in Tally, you can save all the transaction-related documents along with their respective transaction entries. This is an efficient and systematic way of dealing with document management, as at the time of retrieving any specific document, you can simply search for the transaction number and get the transaction along with its supporting documentation. In this way you can not only save space but also save time, making you and your business 10x more efficient.

Follow-Ups

Follow-ups are stressful especially when you are the one following up. As stressful as they are, they are also very important from a business point of view. Sending out timely reminders, calling the customer, and understanding the problems they are facing are all part of a good follow-up system. Even better is to have an automated follow-up system that ensures, all of your hundreds and thousands of customers and vendors are reminded of the payment that needs to be done or the invoices that need to be uploaded on the GST portal. In TallyPrime, you can use the to follow up with your customers regarding payments. Similarly, you can use GST Reminder in Tally to remind your vendors to upload the GST invoices on the portal to avoid all types of penalties.

Data Integration

Scattered data is just a number. To derive information from these numbers, you must have consolidated data and reports. TallyPrime has over 300 insightful reports that help the executive level, senior level as well as top management in decision-making. So how do you consolidate scattered data in Tally? By using data integration tools like – Excel to Tally, API in Tally integration, E-commerce website integration with Tally, CRM, and Tally data integration, etc. With a click, move all your scattered data to Tally and derive insightful information that gives you the power to make informed and accurate decision making.

Report Creation

Does your business include monthly, quarterly, or yearly report generation that is exclusive to your business and is not available in Tally? If yes, you can now create those unique reports automatically at the click of a button. Create reports in seconds with zero human intervention. This is possible with Sheet Magic – An excel-based Report Writer in Tally. If you are creating the same reports every few months, it is best to automate this process and make it more system dependent. Creating these reports manually is a common mistake businesses must avoid

Growing businesses are always on the search to find ways to optimize their business processes and be more efficient. Automation will not only reduce the time spent on repetitive tasks but it will also reduce overall errors. TallyPrime ensures your business grows with easy-to-implement solutions. In addition to the above-listed common mistakes or manual processes, there are a few other ways you can optimize your business today that are not so commonly used. how you can avoid business mistakes while using Tally.