Tally ERP 9/Tally Prime is an ERP accounting software, whose
main intention was to make the art of accounting and the art of booking simple
and easy to understand. Tally ERP 9/Tally Prime is a user-friendly software as well. As
this blog’s topic is Tally and Inventory management, without further delay, let us dive straight into the subject.
Before we dive right in, let us first understand
What Inventory means.
WHAT IS INVENTORY?
Inventories are the idle stock of physical goods having economic value for the same. These physical goods can be held in various forms by the firms—for instance, stock awaiting, processing, transformation, or sale in a future point.
WHAT IS INVENTORY MANAGEMENT
In general, parlance inventory management is all about striking a balance between overstocking and understocking. So what exactly is overstocking and understocking???
Overstocking means accumulating more goods that are required, and understocking is the opposite, i.e., not having sufficient goods in the firm. With the help of inventory management, the firm can accumulate the exact quantity of goods that will be demanded in the market. This will prevent overstocking and understocking of goods.
BENEFITS OF ADAPTING TALLY ERP INVENTORY MODEL!
Here are a few features of Tally ERP 9/Tally Prime Inventory Model
1. If a firm has multiple product lines, then it can create unlimited groups, categories, batches, locations, and others
2. The Bill of Material feature of Tally ERP 9/Tally Prime allows the firms to define the raw materials, assemblies, parts, and other components.
3. It also helps determine the quantity demanded of the products; this helps prevent overstocking and understocking of goods.
4. The reorder level of Tally ERP 9/Tally Prime ensures the firms that they never run out of stocks and get to know what are the stocks that need to be replenished along with the right quantity!
5. Tally ERP 9/Tally Prime allows its users to access multiple stock valuation like Average cost, FIFO, LIFO Annual, FIFO Perpetual, standard cost, and many others.
These are a few basic featured of the Tally Inventory model, have a look at it, contact us for further information regarding the same.