Best Inventory Software

//Best Inventory Software

best inventory software

Top 10 reasons of tally the Best Inventory Software

Tally is the Best Inventory Software for small business for many reasons. But the top 10 as follows.

1) Inventory module is integrated with accounts

Tally accounting software is integrated with Inventory module. You can enable or disable this feature. When this feature is enabled, current closing stock value (that is your Current Assets), tally automatically calculates and writes in the financial statements. When it is disabled, tally gives you the option to write manually.

2) Maintain Multiple Warehouse(Godowns)

Set this option to Yes, you want to track stock activity across these Locations, and if you’ve multiple stock point/storage Warehouse/ Godowns. You can create any number of Stock Warehouse/Godowns. The Godowns/Warehouse option is shown in Gate way of Tally ->Inventory Info. Selection only when you set this option to Yes. You’ll have the ability to determine your shares at each place in addition to assign stock movement to one or more places during voucher entry.

3) Maintain Stock Categories

If you want to create and maintain Stock Categories, set this option to Yes. This creates a brand new field Category within the Stock Item Creation screen. Same like grouping, you can create unlimited level of categories. So category wise report can be generated depending upon the level and numbers.

4) Maintain Stock Groups

Unlimited level of grouping. Stock items can be moved from one group to another. Grouping effect only reporting and not in any inventory values or accounting.

5) Set Expiry Dates for Stock Item (Batch)

If you want to set expiry dates for that amounts, set this option to Yes. This shows yet another area Use Expiry Dates in the Stock Item Creation screen.
This can be helpful for businesses that deal in goods that have expiration dates like treatments, food and other perishables. During voucher entry, automatically the date of the voucher is considered as the date of production of the item. At the same time, the Expiry date cannot be a date ahead of the voucher date.Keep Batch-Wise Facts. Set this program to Yes, to keep up batch data pertaining to Stock Items. A new area Maintain in Batches is shown in the Stock Item Creation screen.

6) Use Billed quantity different from actual quantity delivered

Set this program to Yes, if you prefer to specify amounts, which are not the same as those delivered/ received, when invoicing.

7) Our Inventory with Third Party
Third Party Inventory with us

Few best inventory software only have this features. When you are creating store, you can set that store as “our Inventory with Third Party”. That means, you are displaying your inventory items with a third party for sale (Consignment Stock). You create Invoice based on sales done by the third party. So until then your inventory displayed in an another party showroom or custody.
When you set the option “Third Party Inventory with us” to “Yes”.
The situation is same as we mentioned above. The only change in this option is a third party is giving us their inventory for sale. We pay the third party based on the sale. So until then it is just the third party inventory with us.

8) Order Processing (Tracking)

This is one of the best inventory software feature in tally. The advantage of this features as follows:
Set this program to Yes, to create Sales and Purchase tracking.
Sales Tracking

  • Quotation
  • Sale Order
  • Delivery Note
  • Sales Invoice
  • Receipt

Purchase Tracking

  • Purchase Requisition
  • Purchase Order
  • Receipt Note(Goods Receipt Note. GRN)
  • Purchase Invoice
  • Payment

Tally’s top inventory software mainly because of its reporting of tracking. You can pre-closure of purchase orders/ Sales Orders. You can get reports like, materiel delivered but not invoiced.
materiel received but purchase invoice not arrived.

9) Zero valued entries for inventory

The situation for Zero value entry required is, when you give an inventory as gift or a client buy 2 items and get one free or you want to give an item as sample.

10) Use Multiple Price Levels

Set this program to Yes to create Multiple Prices lists. For example, Retail Price list, Dealer Price list etc.
Available Stock Voucher Types

  • Physical Stock
  • Stock Transfer (inter location. for example from store-A to store-B)
  • Consumption Stock Journal
  • Manufacturing Stock Journal
  • Delivery Note
  • Goods Receipt Note
  • Meterial In
  • Meterial Out
  • Job Work In
  • Job Work Out

Additional Features.

  • Simple Unit
  • Compound unit
  • Alternate unit
  • Multi-BOM (Bill of Meterials)
  • Use Debit Notes/Credit Notes in Invoice Format
  • Separate Discount Column in invoice / purchase for giving discount for each item
  • Lump sum discount can also give.
  • Additional cost of purchase (additional expense of a purchase like custom duty, transportation will increase the item cost)

How many of the inventory software for small business can accommodate all these features? More features can be found in related articles in the blog section which emphasis Tally as the Best Inventory Software for small business ever.

Tally is the top and Best Inventory Software for small business for all these reasons