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Top Ten Inventory Management Features of Tally

Top Ten Inventory Management Features of Tally

September 29, 2023

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.

Top 10 Inventory Management Features of Tally

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. You can further explore a reporting tool like EasyReports to enhance your inventory reporting capabilities by taking advantage of KPI-driven and other standard and customized reports.

These inventory management features of Tally, when effectively utilized, can help organizations enhance their inventory control, reduce carrying costs, minimize stockouts, and improve overall operational efficiency.