My payment was delayed because the customer didn’t realize that I’m registered under the MSMED Act. The majority of the time I was unable to monitor the receivables due for payment for example, like invoices due in the next 10 or so days which meant that I was unable to issue prompt reminders.”
Sounds familiar? This is only another of many issues that MSMEs face.
While registered MSMEs enjoy security against delayed payments There is concern about the lack of identification of an MSE supplier in invoices, supply orders and other documents. This leads to buyers ignore to check the MSE designation of the provider, creating delays on payments. This is precisely the reason behind the first scenario previously mentioned. The second scenario emphasizes the importance of an effective tracking system that allows you to keep track of due dates and then send timely reminders.
TallyPrime is a business management software designed to streamline MSMEs’ business operations and enable them to manage their business effectively and professionally. The latest version of TallyPrime 4.1 has been upgraded to streamline the receivables management process and, more important, you can share information about the MSME status.
Let’s look at the way that TallyPrime 4.1 simplifies the business process for small and medium-sized enterprises.
UDYAM registration details are in your company
UDYAM is the number of registration received at the time of registration by MSME at the moment of registration under the MSMED Act. UDYAM is the identification which a business has registered as an MSME. In addition, based on the volume of investment and turnover per year, the company will be classified as Small, Micro or Medium-sized businesses. In the present, you can register or change your UDYAM registration number and enterprise type. What’s more? You can manage easily changes for the enterprise type, like small to micro or medium to small etc. and monitor the time-line of UDYAM specifics.
Print UDYAM No. in invoices and orders and other documents
Registered MSMEs can now easily convey the MSME information to partners and vendors. This will ensure that their partners and vendors will process their payments in line with the MSMEs Act and make the transaction within a set time frame or within forty-five days of the date of acceptance or the day on which acceptance is deemed.
Print the UDYAM registration numbers on invoices or receipts, orders and other forms of documentation. You can print it on your business reports according to your requirements.
Simplified receivables management for MSMEs
TallyPrime is improved to give users with a quick overview of receivables that are due or delayed which allows MSMEs to swiftly take action. MSMEs are able to quickly keep track of and recognize due bills and help you inform your buyers of the payment to be cleared. The greatest benefit is that you are able to create the reminder letters and send the information via email and WhatsApp to speed up processing.
To sum it up
With the fact that TallyPrime 4.1 is out with the mentioned updates and more exciting updates that will ensure that your existing business process will be streamlined just one more step. With this cutting-edge technology, you’ll always stay one step ahead of the curve and prevent the negative cash flow from accumulating. TallyPrime 4.1 ensures that you’ll be able to concentrate on growth and also optimize your other business funnels effectively.
Upgrading to the most recent version of TallyPrime4.1 to make it easy to pay receivables.