Vikas R Panchal, General Manager – MENA, Tally Solutions in conversation with My Startup World explains the importance of automation and the use of digital business tools that can help startups manage business operations seamlessly
What is the importance of digital business tools for startups?
Most businesses, particularly startups are of the opinion that if they have a great product and a good business model, they can scale their business easily. However, there are several other factors that contribute to the seamless growth of the company. One such key element is automating the daily business operations so the focus can be on the growth of the business rather than managing day to day activities and a business management software is the right way to do so. Choosing the right business management software cannot only help the startup manage operations effectively, but also make a truly significant difference in an organization’s profits, agility, resilience, and competitive strength.
How does these digital business tools benefit startups?
A major number of small business owners encounter financial difficulties and having a business management software can help them plan and analyse finances better. These digital solutions are apt to deal with the regular invoicing, manage cashflow and inventory, remain compliant, prepare timely business reports for better and insightful decision making as well as save time to focus on growing their core business. Business management software offer enhanced efficiency and can streamline day to day operations, boost performance and can add real value to companies. In addition, these solutions provide deep insights, fast and seamless information flow, and most importantly can help startups save time and maximise return on investments.
What are the important things to consider while investing in digital business tools?
Every company has specific needs, as such it is key to evaluate the business needs before investing in a digital solution. Look for a business management software that is not only easy to install and use but can be accessed from anywhere in the world, without having to compromise on the security. Ensure that the digital solution is well equipped to manage accounting, inventory, invoicing, taxation and more. It is imperative that business owners understand which software is made for them, a software that adopts to their requirements and not the other way round. Lastly, but most importantly, go for a product that can suffice to all business operation needs without you needing to purchase different software for different functionalities, has no hidden cost and offer seamless support.
How would you describe Tally’s business tool for startups and how it can help them scale up their business?
TallyPrime is an integrated business management software that enhances business efficiency and helps startups manage business operations seamlessly. Some of the benefits of using TallyPrime include:
- Immense Flexibility: TallyPrime caters to different purchase and sales processes, enabling start-ups to manage accounts seamlessly, give a clear view of the cashflow, multiple billing formats, multi-currency support, and much more
- Seamless Inventory Management: With a phenomenal inventory management module, TallyPrime helps companies remain on top of their stock requirements and helps define unlimited groups, categories, batches, multiple stock valuations, etc.
- Insightful Reports: Business owners can keep a tab of their business by viewing hundreds of useful reports providing a 360-degree view of the business health and assists in taking informed decisions
- Easy compliance: Enables businesses remain compliant by seamlessly generating VAT compliant invoices to file returns
- Anytime anywhere access: With TallyPrime business owners can access their data and reports from anytime anywhere with complete security and privacy of their business and financial data
What advice would you give to startups that are looking to grow?
As a startup it is important to be mindful about the tools you invest in to scale your operations. Investing early in digitization that supports your business growth will be advisable. A business management software is a great choice to help you support, enhance, and automate various processes. It further helps streamline operations, remove human errors, enhance productivity, and achieve tasks, thereby improving business efficiency. Having said that, choose a powerful tool that can help you stay on top of your game and scale your business efficiently and effectively.