TABLE OF CONTENTS
- What is E-Invoicing?
- What is Tally Prime?
- The Tally Prime Main Features
- E-Invoicing Process in Tally Prime
- Benefits of Tally Prime E-Invoicing
- Conclusion
- FAQs
What is E-Invoicing?
Also known as electronic invoicing, E-invoicing is a form of billing that is presented to the buyer in an electronic format through a predefined, structured data exchange. The electronic document exchange between the seller and buyer can help simplify and automate some parts of the accounts payable process.
Moreover, it’s a digital approach that replaces PDF and traditional paper invoices. The invoice procedure offers cost-effective, streamlined, and efficient methods of handling invoices. Additionally, many governments today are mandating e-invoicing as part of broader efforts to reduce fraud, boost tax compliance, and increase transparency.
An e-invoice is electronically delivered in a specified standardized format. And, since the sending and receiving systems utilize the same standardized format, both systems can recognize and share data. Typically, electronic invoices do not include a user-friendly visual presentation of data. Nonetheless, they can be rendered temporarily during processing or switched into a visual format.
What is Tally Prime?
Tally Prime is a delightful new-age business management software from the Tally House. The trademarks of Tally products include flexibility, simplicity, reliability, and speed. With the Tally Prime, you get to experience all of them at an entirely new level.
What Makes Tally Prime Delightful?
Businesses evolve continuously. And, with each passing day, there are developments with the customers you deal with, the people you work with, the norms you comply with, and in general, how you do business. In such an ever-changing business landscape, it’s important that your trusted business partner should also evolve to streamline your life while letting you focus on your goal, which is growing your brand through seamless and delightful technology products aimed at boosting business management efficiency.
The following are how the tool delivers the simplest experience possible to users.
- Ultra-intuitive and flexible design to get more out of the software and take full advantage of it.
- A refreshing look and feel that is delightful to users.
- Simplicity at an entirely new level with easy and amazing user experience to get the work done faster.
- Improved feature-based and user security for trusted and restricted business data access.
The Tally Prime Main Features
With a wide array of features, Tally Prime can be the perfect business companion for you. The following are some of its notable features.
- Insightful Business Reports
- Seamless Interface
- GST/Taxation
- Invoicing & Accounting
- Cash Flow Management
- Inventory Management
- Go To Features
- Multitasking Capabilities
- Secured Data
- Online Access to Business Data
E-Invoicing Process in Tally Prime
In Tally Prime, you only have to record your sales transactions in the usual way, and your e-invoice requirements will be covered in the same flow. Check out the invoice processing steps.
Creating a Company in Tally
- To make your first Tally invoice, the first thing to do is to form a firm/company. When the Tally app opens, there are options to ‘create company’. Choose it and press ENTER.
- Fill out the essentials for the company, then click Yes, and then save it.
- It will display a configuration pop-up, letting you add whatever you want. Nonetheless, allow GST for all GST-related transactions.
- Save it by either clicking save in files or through the shortcut Ctrl+A.
Creating an Invoice in Tally
Now that you have created a well-formed company, you can do the e-invoice in Tally Prime Step by Step. There are two approaches to accomplish this. The first is to create the invoice basics before you add the voucher. Alternatively, you can also build the voucher and basics at the same time.
Let’s check out the first one:
- Gateway of Tally or GOT<Masters<Create.
- Make ledgers of purchasing party, sales, taxes (CGST, SGST or IGST) and stock item for basic entry. You can add more details and create for them if needed. Save all Ledgers by pressing CTRL+A.
- Go back to GOT<Transactions<Vouchers
- Enter the Voucher number<party name<voucher type, and other credentials.
- Fill in narration and save the Voucher.
The alternative method simply follows these steps:
- Go to GOT<Transactions<Vouchers
- Fill in the Voucher number and the remaining credentials by generating them on the fly by pressing ALT+C and then filling in the credentials.
- Save the Voucher. You should also learn TDS & GST in Tally.
Benefits of Tally Prime E-Invoicing
1. Enhanced Error Reduction and Accuracy
The Tally Prime advanced features employ automated validation, data entry, and error detection algorithms. All these ensure precise financial calculations. Moreover, the built-in validations and checks minimize the chances of human errors, thus boosting reliability and accuracy.
2. Seamless Processes and Time Efficiency
E-invoice Tally Prime streamlines routine tasks via data entry automation, enabling users to input and organize financial information fast. Furthermore, the intuitive interface simplifies invoicing, effortlessly generating professional invoices. The built-in reconciliation tools also identify discrepancies, ensuring accurate financial records with less manual effort, thus reducing errors and saving time.
3. Adaptability and Scalability to Business Growth
The flexibility of Tally allows easy adaptation to different business requirements. The scalable architecture enables easy customization, which ensures that as a business grows or pivots, Tally Prime will remain a steadfast companion, offering customized solutions to meet changing demands efficiently and easily.
4. Regulatory Adherence and Compliance
The compliance features of Tally guarantee adherence to local regulations and tax laws, making sure that businesses stay compliant effortlessly. Automating alerts and updates helps users simplify tax filing, keeps them informed about regulatory changes, and minimizes the risk of penalties for non-compliance.
5. Informed Decision-Making with Real-Time Insights
The robust reporting and analytics feature of Tally offers instant access to vital financial data, enabling organizations to gain valuable insights into their performance. With real-time updates and customizable dashboards, users can identify trends, keep tabs on key metrics, and make informed decisions to drive profitability and growth. The timely information enables fast decision-making, empowering brands to seize opportunities, minimize risks, and stay ahead of the competition.
Conclusion
E-invoice using Tally Prime brings numerous benefits that can significantly boost business operations. Moreover, it offers unparalleled benefits, ensuring error reduction, improved accuracy, seamless processes for time efficiency, and more. Tally Prime is an indispensable partner for businesses big and small, across various industry verticals. Munimji can help you learn more about the electronic invoicing capabilities of Tally Prime.
FAQs
1. How do I set up Tally Prime?
Start by using the Tally Prime in minutes. All you have to do is download the setup file, install the platform, and activate the license. If you’re a new user, you have to create a company first and begin recording your transactions.
2. What’s new in Tally Prime version 4.1?
Some standout 4.1 new features include customizable reporting dashboards, improved e-invoicing, and advanced inventory management.
3. Why should I use Tally Prime invoicing?
Tally Prime is a remarkably useful tool to streamline the invoicing process. It enables you to generate professional-looking invoices and a whole lot more.
4. Can Tally Prime be used on two computers?
Yes. Tally Prime is available in two versions: single user and multi-user.
5. What is Tally Prime best for?
Tally Prime, overall, is best to use in the accounting field as it simplifies accounting processes, boosts accuracy, facilitates financial management, and so on.