September 29, 2023
Inventory management is a critical function for any business dealing with physical goods. Efficient inventory control helps reduce costs, improve customer satisfaction, and boost profitability. The Tally range of ERPs, Tally.ERP9 and Tally Prime, offer a wide range of features for managing inventory efficiently. Here are the top 10 inventory management features of Tally:
1) Real-Time Inventory Tracking
Tally provides real-time visibility into your inventory levels, helping you monitor stock levels, reorder points, and identify overstock or understock situations.
2) Multi-Location Support
Tally can handle inventory across multiple warehouses or locations (called Godowns in Tally). To make it easier to manage stock transfers and optimize distribution.
3) Inventory Valuation
Tally offers various methods for valuing inventory. These are FIFO (First-In-First-Out), LIFO (Last-In-First-Out), and weighted average, ensuring accurate financial reporting.
4) Order Management
Tally has a full-fledged Purchase and Sales Order management module that streamlines order processing, tracks order status, and automates order fulfillment processes.
5) Supplier Management
You can manage supplier information, track supplier performance, and integrate with supplier portals to improve communication and procurement processes.
6) Serial and Lot Number Tracking
Tally enables you to trace products by serial numbers or lot numbers. Which ensures product quality and facilitates recalls if necessary. This facility is enabled at the item level by enabling batch-wise tracking.
7) Tracking Manufacturing and Expiry Dates
When you enable batch-level tracking for an item you get the option to enable manufacturing date and expiry date tracking as well. This allows you to track inventory using these dates and is especially useful in food, chemicals and pharma segments with perishable stock.
8) Production
Tally has a production module that allows you to create Bills of Material (BoM) and enter production against the BoM selected. You can also define overhead cost rates and the finished or semi-finished product is costed at the input material cost plus overhead.
9) Inventory Replenishment
Tally can help with the reorder process by providing you with the option to set reorder and minimum reorder quantity. You can then track inventory using these parameters with the standard report provided by Tally.
10) Reporting and Analytics
Tally has reporting and analytics capabilities which allow you to generate inventory-related reports and make data-driven decisions to optimize your inventory management strategy.
How to Utilize this Tally Data into the BI Tool
While Tally Prime is excellent for accounting and compliance, businesses often need more customized reports, visual dashboards, and automated insights to make faster and smarter decisions. That’s where EasyReports BI comes in.
Specifically for Tally users EasyReports BI have the following capabilities:
- Connects directly with Tally Prime
- Over 99+ pre-built reports and dashboards
- Multiple industry coverage – Trading, Manufacturing, Services, IT/ITES, Finance, Projects, etc.
- Enables automated report scheduling and email alerts
- Options for the customization as per specific requirements
- Combine Tally data with data from excel, custom apps and custom fields within Tally
What is EasyReports BI
EasyReports is a reporting and MIS automation tool for Tally, SAP B1, NAV, BC and other ERPs. It enhances your reporting capabilities & offers various standard and customizable reports around different areas of your business.
Tally is undoubtedly a powerful software, but if you’re looking to take your reporting and data analysis to the next level, integrating EasyReports BI with Tally Prime can be a game-changer. Visit www.easyreports.in to book a free demo and experience it for yourself!