How To Use Tally For Advanced Reporting
How To UseTally For Advanced Reporting Reporting in Tallyprime is by far the best feature of Tally as it allows you to review the complete health of the business. From profit and loss to inventory movement analysis reports Tally ensures you have the detailed reports to make sound and accurate decisions. Tally has over 300+ reports for you to choose from. Businesses of all types are using Tally for the in-depth reporting that Tally provides.
In this article, we will discuss the reports in Tallyprime but before that let us discuss how these reports help businesses –
Reporting in Tallyprime offers several benefits to businesses. Some of the key benefits are:
Time-saving is important for all businesses. When businesses make the most of their time, they can deliver top-level services and products to their end customers.
Tallyprime ensures the accuracy of business decisions and improves overall business health.
Insights are the vital reason why businesses use reporting. Tallyprime financial reporting is amazing as it provides you insights regarding the cash inflow as well as a cash outflow, the profitability of the business, what strategies are working and which are not working and a lot more.
Enables Better Decision-Making:
Decisions are sometimes very crucial and you may not want to make inaccurate decisions. With Tallyprime’s amazing financial reporting, you can be sure about the decisions you take for your business. It improves your decision-making drastically with its detailed reports.
Tallyprime reports are available 24/7 and can easily be accessed even from your browser. You can log into the www.tallysolutions.com website and access your Tally financial reports.
Save Report View:
Yes! You can now save the view of a report and next time open the report with a click with the latest data.
These benefits of the financial reporting in Tally, take your business to a completely new level. Now let’s check out the financial reports in Tally –
The overview of the complete standing of the business can be understood through the financial reports in Tally. The financial reports like the balance sheet, profit and loss statement, cash flow, etc show you exactly how well your business is performing or if you need to change the strategies for better performance.
Stock Summary Report:
Inventory can be managed better with the stock summary report. You can go through the summary report to check the remaining stock, how fast or slow the stock is moving, what stock is getting piled up, and a lot more. This information will help you create marketing strategies to improve the movement of stock. This report also helps you decide the reorder levels for each stock. This report helps the business decide what pricing, sales, and marketing strategies must be implemented to ensure better business performance.
Other than this report, there are also stock item-wise reports, movement analysis, and stock valuation reports.
This includes reports like the sales register, Purchase register, Payment register, etc. The overview of these vouchers gives you a better understanding of the various transactions made by the business. They also help in reconciliation and help in identifying any errors and making changes immediately.
Tallyprime has many GST reports that help you identify errors and summarise your GST. You can check the E-invoice report to know the exact number of invoices created, their reconciliation, and the unmatched in the E-invoice and rectify the same. Tally has many reports in GST alone. You can also check the GST returns report, E-way Bill report, and TDS report.
MIS (Management Information System) Reports provide information about the company’s operations. These reports include Ageing Reports, Ratio Analysis Reports, and Expense Reports. MIS Reports help businesses to analyze their operations and identify areas that require improvement. This is great for businesses when they want to show their business performance to top-level management.
Budgets And Forecasting Reports:
Tally can generate reports that compare actual financial performance against budgeted or forecasted figures, allowing businesses to identify variances and take corrective actions.
Job Costing Reports:
These reports provide an overview of the various costs incurred for a particular project to the business like cost of material, labor, etc. This report in Tally facilitates tracking of detailed cost and revenue information for specific jobs, including material, labor, and overhead expenses. Its purpose is to accurately determine the actual costs associated with each project.
By generating Audit reports, Tally aids auditors in verifying the precision and entirety of financial records, ensuring adherence to accounting standards and regulations for compliance.
In Tally, negative ledgers can affect your overall cash or funds flow, while optional or post-dated vouchers may have been created during your regular transaction recording. To review these vouchers individually for a specific date, you can access the Exception Reports, which provide comprehensive details on such cases.
Customer And Vendor Reports:
The reports provide comprehensive information about the business’s vendors and customers, encompassing their contact details, payment history, and outstanding balances, among other details.
Stock Turnover Report:
Exporting stock data from Tally to Excel enables you to compute the stock turnover ratio, a metric that indicates the speed at which inventory is sold. This report assists in identifying sluggish stock items, minimizing surplus inventory, and enhancing the business’s cash flow.
Customer Segmentation Report:
By analyzing customer data from Tally, you can extract this data to Excel and you can generate a report that aids in segmenting customers according to their demographics, buying habits, and preferences. This report serves as a valuable resource for developing targeted marketing campaigns, thereby enhancing customer loyalty and retention.
Debtors Aging Report:
By analyzing debtor data from Tally in Excel, you can generate a comprehensive report that enables you to effectively monitor outstanding receivables, assess their age, and implement timely measures for payment recovery.
Sales By Territory Report:
By transferring sales data from Tally to Excel, you can generate a comprehensive sales-by-territory report, showcasing the business’s sales performance across various regions or territories. This report becomes a valuable tool to identify high-growth areas, enabling you to strategically allocate resources for optimal results.
Profit Margin Report:
By analyzing revenue and cost data from Tally in Excel, you can generate a comprehensive report that enables you to calculate the profit margin of your business and pinpoint areas for potential margin improvement.
Purchase Order Report:
By transferring purchase data from Tally to Excel, you can generate a comprehensive purchase order report, providing detailed information about the orders placed with suppliers. This report becomes a valuable tool for tracking orders, managing inventory levels, and ensuring the quality of supplies.
Purchase Requisition Report:
By analyzing purchase data from Tally in Excel, you can generate a comprehensive report that assists in generating purchase requisitions for necessary items or supplies, streamlining the procurement process.
Sales Commission Report:
By analyzing sales and commission data from Tally in Excel, you can generate a comprehensive report that facilitates the calculation of sales commissions payable to sales representatives or agents. This report assists in assessing performance and incentivizing sales based on individual achievements.
Bank Reconciliation Statement:
By transferring bank statement data from Tally to Excel, you can generate a bank reconciliation statement that compares bank transactions with cash book transactions, enabling the identification and resolution of discrepancies. This report ensures accurate bank balances, detects errors and omissions, and safeguards against fraudulent activities.
Job Work Analysis Report
By analyzing job work data from Tally in Excel, you can generate a comprehensive job work analysis report that provides detailed information about job work orders, expenses, and revenues. This report facilitates tracking job work profitability, costs, and time, enabling optimization of the job work process and pricing.
Expenses Analysis Report
By analyzing expense data from Tally in Excel, you can generate a comprehensive report that aids in identifying major expense categories, managing costs, and allocating expenses to specific cost centers or projects.
Sales Pipeline Report
Through the analysis of sales data from Tally in Excel, you can generate a comprehensive sales pipeline report that provides detailed information on sales opportunities, stages, and probabilities. This report serves as a valuable tool to effectively manage the sales pipeline, prioritize leads, and enhance sales conversion rates.
Customer Acquisition Cost Report
By analyzing sales and marketing data from Tally in Excel, you can generate a comprehensive customer acquisition cost report that provides insights into customer acquisition costs, customer lifetime value, and return on investment. This report aids in measuring the effectiveness of marketing campaigns, making informed marketing budget allocations, and acquiring customers profitably.
Payroll Summary Report
Tally is a commonly used tool for streamlining payroll and managing employee-related tasks such as salary calculations, payslip generation, and PF and ESI return filing. By exporting the payroll data from Tally to Excel, you can generate a comprehensive payroll summary report showcasing salary details, deductions, taxes, and employee benefits. This report ensures accurate and timely payroll processing, and compliance with labor laws, and fosters employee satisfaction and morale.
In conclusion, Tallyprime has some of the best financial reports that not only allow you to analyze and keep a record but also improve your decision-making and improve accuracy and speed of decision-making.