How To Choose The Right Accounting And Inventory Tracking Software For Your Business?

Tally Solutions |Updated on: February 17, 2023

• What is an integrated accounting and inventory tracking system?
• Features to look for when opting for accounting and inventory software
• TallyPrime for your accounting and inventory needs

What is an integrated accounting and inventory tracking system?

An integrated accounting and inventory tracking business management software enables you to manage your business by tracking inventory and performing accounting tasks. It is a 2-in-1 platform that makes it easier for businesses to grow, navigate workflows, use automation for faster operations, and improve overall productivity in the business.

The single-platform approach saves businesses money and ensures SMBs can access vital inventory and accounting features that help them get real-time access to information. This information enables business owners and managers to make crucial decisions that change the business outcome.

Features to look for when opting for accounting and inventory software

The best accounting software for small business with inventory must have the following features:

Supports business growth

Your business is going to grow. It may take a few months, years, or even a decade, but it will certainly grow. A business management software solution that scales with your business is the perfect choice because it means you are already prepared for the changes that will take place in the future.

Better control over cash flow

The best accounting software for small businesses with inventory must provide cash flow management. Cash flow is simply how much cash is coming into your business and how much is going out of your business over a period. This can be monthly, quarterly, or annually. A robust business management software enables businesses to have better cash control, thereby improving business efficiency manifold.

Enhanced business efficiency

Business efficiency has a ripple effect as it affects your entire business. If productivity is low, it will have a negative impact on your operations and business outcomes. If you want business efficiency to improve, use an integrated system that has a focus on inventory and accounting features. As these are the foundation of a business, insights into the two aspects can greatly impact your business.

Seamless inventory management

The best accounting software for small businesses with inventory promotes seamless business management. An integrated system has a module that is dedicated to managing inventory. When you have a seamless inventory management feature, you can know exactly what stock is stored and in which warehouse. This allows you to manage various godowns and effectively transfer them when necessary. If no insights are provided about the same, you will likely damage your stock, causing you to spend more than you intended.

Simplifies tax compliance

An integrated inventory and accounting system must have this feature so that tax filing is not a burden. With changing laws, it can become difficult for small businesses to manage it all and so a simplified tax compliance feature by the software is a must-have.

TallyPrime for your accounting and inventory needs

TallyPrime is the best accounting software for small business with inventory. It comes with advanced inventory features such as enabling you to manage your inventory lot-wise or batch-wise and track inventory in real-time.

It generates a range of inventory reports such as movement analysis, aging analysis, re-order level summary, expiry date management, and so on. It enables you to manage the stock sent or received from third-party with ease and allows you to decipher job costing. It enables you to track the manufacturing cycle and get job work particulars.

TallyPrime enables you to access your inventory and business data from anywhere anytime you wish as long as you have an active Internet connection. Its robust accounting features enable you to generate tax-compliant invoices every single time you make a sale.

You can customize your invoices, manage cash flow and credit with ease, and use multiple billing formats when you wish. It also comes with automation features such as bills receivables and payables that are automatically saved when you generate an e-invoice. It has multiple price level support and comes with additional features such as security management and cost analysis reports.

Read More: 

• How Can Accounting System Analysis Assist In Business Growth
• How can Small Businesses and Startups Overcome?