Tally vs Odoo – 2023 – Latest Updates

One of the most essential products on the market today is accounting software solutions. Accounting software’s globally help business to ease their business accounting and financial management. Lets Check Tally vs Odoo.

What is an Accounting Software

Accounting software is a computer application that keeps track of financial activities together with account balances on computers. It might be dependent on virtual thinking. The software can manage budgets, handle accounting operations in several currencies, manage payroll and customer relationships, and produce financial reports, depending on the goal.

Comparing a major accounting software in the market, for better understanding of their features. Also this would help in selecting the right software for your business. TallyPrime is not the only Accounting software available, and it is not necessarily the right fit for your requirements. Accounting, Asset Management, Audit Trail, Banking Integration, Barcode Integration, and more functionalities are available in TallyPrime. Odoo ERP, on the other hand, offers Accounting, Asset Management, Attendance Management, Audit Trail, Banking Integration, and other similar features. 

ERP

Accountancy and finance are critical components of every organization. But we can’t move to the next level while our concentration is constrained just to accounting and money management. We now require adequate ERP software to efficiently manage the entire firm. ERP, which manages all organizational operations, including accounts and finance, human resource management, customer relationship management, sales, purchase, manufacturing, warehouse management, and others, is a fully integrated, all-in-one software.

What is Tally Prime

Tally Prime is a software for business management. Significantly built for new-age enterprises that was created and distributed by Tally Solutions Pvt Ltd. The term “electronic commerce” refers to the sale of electronic goods. ERP 9 along with Tally unveiled the second-generation Tally Prime, which eventually will replace the Tally on November 9, 2020. ERP 9.

History

Tally Prime’s initial release, known as release 1.0, was released on November 9, 2020. It was released with features like as the Go To/Switch To function, multi-invoicing mode, multi-tasking, remote access, multiple user roles and logins, and other features to help handle daily business tasks.

The next release of Tally Prime was released on December 29, 2020. Tally Prime release 1.1 is the name of this version. Tally Prime release 1.1 includes integrated e-invoicing with respect to VAT, better e-payments for banks, and other product enhancements.

What is Odoo ERP

Odoo (previously know as OpenERP) has made the core software available as open source. Since the V9.0 release, the firm has switched to an open-core strategy, offering private enterprise software that is available via subscription and cloud hosting, in addition to the open-source version. Founded in 2013, the Odoo ERP Community Association, a non-profit organisation, promotes the wider usage of Odoo ERP and to assist the collaborative development of Odoo ERP features.

History

The first software product was released in 2005. Developed by Fabien Pinckaers, the creator and current CEO of Odoo. Three years later, the name was changed to OpenERP. In 2010, the firm began to rapidly expand.

In 2014, the firm took a makeover to Odoo. To significantly differentiate itself from the word “ERP.” Odoo ERP later became one of Europe’s top 5000 fastest-growing private firms by Inc. Magazine in 2015.

Tally vs Odoo

Tally Prime

It is a software manages things on a more basic level and does not have many specialised processes. Nonetheless, it performs a number of activities like as accounting, tax management, inventory management, and so on.
Since Tally Prime wants to win over the startup market, it doesn’t provide highly specialised operations. The company also recognises that startups typically have little funding and don’t need many of the features that larger firms, like Odoo ERP, offer. Tally Prime therefore offers a low-cost and low-cost option for small enterprises to operate while still generating a reliable income for the company.

On the other hand, Tally Prime does not enable parallel accounting.

It is available in two variants. There are two different editions—the Silver edition and the Gold edition. The fundamental contrast between these two editions is that the Silver edition is only valid for a single user, whereas the Gold edition may be used by an endless number of users on the same LAN.
The Tally Software, including Tally Prime, is intuitive and simple to use.

However, Tally-ERP 9 pricing information is accessible upon request (they do not disclose it publicly).

Odoo

Odoo ERP is a suite of company management software solutions covering, for example, CRM, e-commerce, billing, accounting, manufacturing, warehousing, project management, and inventory management.

Odoo’s extensible design allows a huge number of freelancers and businesses to build Odoo ERP Apps or Modules and publish them in the marketplace for sale or to be downloaded for free. The framework, roughly 30 core apps (also known as official modules), and hundreds of community modules are the key Odoo ERP components.

Separate account ledgers for each supplier/customer are not required with Odoo ERP. We may establish the identical payable and receivable ledgers to all suppliers/customers. In this situation, financial statements only display these single payable/receivable ledgers, and we may use the ‘Partner ledger report’ to obtain individual supplier/customer account statements.

Odoo ERP pricing begins at $6 per user/month.

Conclusion

Odoo ERP offers numerous advantages over Tally Prime, however several features, such as ratio analysis and projection statements, are now unavailable in Odoo. Odoo ERP now has Community and Enterprise editions available. The Enterprise edition includes more functionality than the Community version. In comparison to the Enterprise edition, the Community version lacks a dynamic accounts report (Drill down option), Excel reports, as well as other features.

However, if your business would like to experiment and try both software to know which suits your business needs better. Penieltech provides with both accounting software solutions. Click here to know more about Tally Prime and Odoo ERP.

Maintaining Sanity while ERP Implementation

The implementation of an ERP system is a significant task. It is costly, time-consuming, and hard for an IT department to do. Potential delays and costs are all too prevalent, unfortunately. The more you and your business prepare for it, though, the less of a strain it will be.

ERP deployment is, understandably, disruptive. Given that ERP systems have the potential to improve practically every facet of your organization, touching every single department and assisting your company in being more successful. Things that are good do not come easily, and if they did, they would be ineffective. Businesses must be honest with themselves and embrace the fact that it will be difficult. Prepare for interruption and choose whether you are prepared to accept it.

What is ERP implementation

In order to provide benefits like higher production and efficiency, an ERP system connects a number of corporate operations, including financial management, human resources, sales, and manufacturing. ERP implementation refers to the process of designing, configuring, and installing an ERP system. The procedure normally lasts a few months and is complicated since an ERP Software supports and automates several operations.

Spending countless amounts of money, time, and resources to replace an existing system with a similar one does not make sense if it is not meeting the demands of your business and replacement is a viable option. However, many businesses have done just that: purchased a new system and then tailored and/or modified it to appear, feel, and perform exactly like the previous system.

Maintaining Sanity while ERP Implementation

Avoid contaminated Data

Dirty data occurs when people disregard data entry rules, when data is entered inconsistently, and when codes and data standards “drift” over time.

There are two ways in which migration can occur:

• Data in the legacy system can be cleansed before being moved to the new system.
• Data may be cleansed on the route to the new system by creating data transformation matrices.

There is no really effective technique to rapidly and correctly dirty data that has been subjected to a ringer. Rather, sanitise the data in the legacy system before migrating it wherever possible.

Create a Project Management Plan.

Well-planned project management is required to meet corporate objectives, resolve challenges quickly and effectively, and ensure overall implementation success in ERP software UAE.

Before beginning the project, the project manager and implementation team should have a solid understanding of the company’s goals and best practises, which may have been set by higher management or other departments involved.

Determine your needs.

When selecting an ERP solution, look for software that is tailored to the needs of your company and industry. Look for functionality that addresses your main business operations and requirements. Spend some time documenting the existing pain points and challenges you and your team are experiencing with your present systems.

Solicit feedback from your team and priorities the effect of existing concerns. If you’re not sure where to begin, chat to the ERP software Dubai Provider you’re thinking about working with. They frequently have a wealth of expertise and suggestions on things to think about. Consider your connection with the ERP supplier to be a collaboration that can help your deployment succeed.

Best Practices to Work

Tailoring or altering the new system to be identical to the old one will not result in improved operational performance or different results. That type of endeavor would be tough to justify in terms of ROI.

Don’t reject “best practices” as being too mundane to need consideration. They are referred to as best practices since they are effective. And, if your rivals are utilizing them to effectively compete against your firm, adopting such practices may just put your company back into parity, because it is a terrific starting point for future changes that can propel your company’s success ahead.

Conclusion

Choosing the correct ERP software in UAE and successfully installing it remains one of the most difficult challenges for enterprises, as it demands meticulous preparation and the full commitment of all stakeholders.

Whatever ERP system you pick, the following are some best practises for its implementation:

• Identifying as well as developing key performance indicators for each business process.
• Putting together a project team to oversee the implementation process.
• Creating a solid, methodical method for moving data to a new ERP system.
• Creating a trustworthy work environment that allows for simple collaboration and feedback.
• Maintaining staff training and support.
• Gathering input and changing the implementation approach in response.
• Creating a project management strategy to guarantee that the ERP system meets the demands of the organization.

ERP Software Dubai

Penieltech strives to empower small to large businesses by providing them with the most adaptable and affordable ERP Software in UAE. Through this ERP software, Penieltech gives you complete control over your business activities. From trade to development, we include all main sectors in Dubai and the UAE to provide tailored solutions that contribute to the industries’ quick growth. Whether you are a little business or a Fortune 500 corporation, we have the ideal ERP solution in Dubai to satisfy all of your needs. Click here to Free ERP Consultation.

How To Modernize Your Rental Property Management?

 Renting is increasing for various reasons, including the rising expense of home ownership and the desire of younger generations for greater housing flexibility. lets discuses rental property management system.

Existing landlords should think about a few strategies to maximize the value of their rental properties in light of all the above factors.

You could treble your rental income with just a few minor adjustments in the correct markets and with the appropriate modifications.

According to the facts mentioned below, updating your rental property is one of the simplest methods to raise the rent you may charge.

Why Do I Need to Upgrade My Rental Property?

You might be debating if remodeling your rental is truly worthwhile.

Your rental income can be increased by updating the furniture, installing new flooring, or even doing something as basic as painting the walls.

Here are some reasons why renovating your rental property could help you attract more renters and, consequently, make more money.

Make your rental property stand out from the competition

Make improvements to your property to increase its appeal to potential tenants.

If your budget allows it, spending a little more for a finished appearance will allow you to increase the monthly rental fee.

Increase in energy efficiency

Future tenants can save money on utilities by adding amenities like energy-efficient windows and a programmable thermostat, which is a well-liked selling point.

Increase property value

The rental property’s resale value will rise as you enhance its existing characteristics.

Boost tenant satisfaction

Upgrading the worktops, installing newer, higher-quality appliances, or making any other improvements will probably result in less upkeep being necessary for addition to giving future tenants a terrific experience.

Less people will call you to come to fix a leaky, broken dishwasher as a result. Renters are more satisfied as a result, and they are also more inclined to renew their leases.

Subtract remodeling expenses from your taxes.

Any expenses you incur for the repairs, if you’re merely maintaining your rental property, can probably be subtracted from the property’s taxable revenue.

Any work that goes beyond a straightforward repair, however, may be considered an improvement and is not deductible.

Let’s discuss the way to modernize the rental property

STUDY (AND APPLY) IOT

Never heard of “the Internet of Things” before? Google it first before doing anything else! IoT, in a nutshell, is the digitization of common household items like lamps, doorbells, and refrigerators. Why is this important to landlords, you ask?

Consider that the clear majority of millennials said they would pay up to a fifth more in rent for a “smart” apartment.

Or one furnished with amenities like keyless access and smart locks.

Consider replacing your standard lock with a Bluetooth lock, and don’t forget to install the security doorbell with a camera.

GET OUT FOR THE STEEL, SILVER

Even though the functionality of a plain white refrigerator and a flashy stainless-steel refrigerator may be identical, the stainless-steel refrigerator may command a higher monthly rent.

Installing new appliances can raise your property’s resale value and increase its appeal to tenants.

Stainless steel appliances give the appearance of a more modern, upgraded kitchen, which is one of the areas that tenants value the most.

ADD NEW HARDWARE TO THE KITCHEN AND BATHROOM

Start with updating the hardware on your kitchen cabinets, bathroom vanities, and other furniture if budget and simplicity are your top priorities.

Similar to stainless steel, posh new hardware can give the impression of being brand-new and opulent even when no significant upgrades have been made.

Consider what’s fashionable and choose cabinet hardware that is clearly contemporary rather than classic or timeless.

DEMONIZE A FEW WALLS

Do you want to remodel? Focus on opening up the area if you want to make the most of your rental property at any cost.

A modern open floor plan is preferred by those looking for all living arrangements, including renting, purchasing, and new construction.

Consumers are particularly concerned with open-concept kitchen, dining, and living spaces.

Thus remodeling for an open floor plan is a necessity if you want to reach top-tier luxury (and top pricing).

FRIENDLINESS FOR PETS

About half of renters own pets, according to statistics from the American Veterinary Association.

Going pet-friendly is the way to go if you want to appeal to millennials and modernize your listing.

In order to appeal to millennials, who currently account for the largest share of the American rental market, you must simply permit dogs.

They outnumber previous generations in terms of pet ownership.

Charging a sizeable pet deposit is entirely fine and will only draw the most responsible pet owners, which is obviously desirable.

ONLINE RENT PAYMENT OFFER

Make sure your property management software supports online rent payments for your tenants. They pay all their other bills online, so why not modernize their rent?

Theoretically, automating your payment procedure will make things simpler for you and your tenants.

Requiring fewer trips to the bank and eliminating the possibility of failed checks.

Additionally, it may automatically calculate late fees and apply them in order to prevent late payments.

PUT IN NEW FLOORING

According to the survey, replacing worn-out floors with hardwood was by far the most preferred option. Because it is simple to clean and has a contemporary appearance, hardwood is a popular material.

On the other hand, carpet is not frequently preferred in rental properties.

Since it can trap odors and needs more upkeep.

Replace the floors last as you complete the improvements on your rental home.

Installing floors at the conclusion will preserve them at their best.

Because other projects can generate a lot of dirt and dust.

However, install the new floors soon before the appliance installation in the kitchen.

Top 10 Features of ERPNext Software

 

What is ERPNext Software?

ERPNext is a robust, all-inclusive, user-friendly, and also reasonably priced solution.

ERPNext is an on-premise and cloud-based system that can be installed on any server or mobile device.

It is a central ERP system that helps firms manage all business workflow efficiently and effectively.

It supports more than 30 languages.

Additionally, Manufacturing, distribution, retail, services, education, health care, non-profit, agriculture, hospitality, and other industries are just a few of the business verticals for which ERPNext was developed.

ERPNext provides worldwide support for small as well as medium-sized organizations.

Top 10 features of ERPNext Software

1. Accounting

Support for many currencies is one of ERPNext’s most crucial features.

Moreover, It is an all-in-one platform that supports capabilities for bank and payment settlement, information, and tax calculation. It will oversee the entire accounting procedure.

2. HR & Payroll

The features go over the steps involved in leading a group of coworkers.

You can use it to create and handle employee payrolls and tax regulations.

You can use it to keep an exhaustive personnel database, which includes contact information, compensation information, attendance information, performance evaluation results, as well as appraisal records.

3. Manufacturing

There are many different manufacturing industries.

The management of production is quite challenging.

You must monitor your inventories, workstations, warehouse as well as production, and other factors.

ERPNext’s manufacturing tools can help you easily handle all of these operations.

With the aid of a production planning system, ERPNext enables you to schedule your inventory and also materials.

Based on the availability of Workstations, create as well as construct your production schedule. Utilize advanced capabilities for costing and a hierarchical Bill of Materials.

The ease of subcontracting or outsourcing is a step in the production process such that the cost is incorporated into the finished goods.

4. Sales & Purchase

Another benefit of ERP systems is their capacity for selling, upselling, creating bids and buy orders, forecasting, managing commissions, and monitoring vital data like profit margins and ratios.

The system gathers all critical data on sales as well as purchases.

Dashboards offer a quick peek at important performance metrics about business operations.

You can analyze every aspect of your organization at once thanks to configurable accounting dimensions and customized dashboards.

5. Customer relationship management

Managing a customer is a stressful procedure.

The secret to success is having happy customers. manually managing customers becomes time-consuming. To manage customers and keep up good customer relations, you must implement software.

CRM functions are provided by ERP. It assists in managing all client interactions and also relationships for your business.

It aids in obtaining leads that strengthen commercial ties.

Automating the procedure boosts the company’s productivity and also raises sales.

Additionally, By remaining aligned with clients, streamlining procedures, and boosting profitability, it forges strong bonds.

6. Project Management

The project management features of ERPNext help you to manage projects.

With this feature, you can establish and assign tasks for projects, as well as record time against each job in a time log.

Orders, invoicing and inventories can all be tracked against projects, and also time logs can be used to bill customers.

With this function, a progressive overview ensures that you never miss a deadline.

Additionally, By anticipating and preparing future projects, you can accurately keep track of expected deadlines.

7. Helpdesk

With the help of these capabilities, you can collect the businesses that your customers report, contact them, assign them to a team, and also keep track of their progress.

All communications are seamlessly converted into data by this function, saving your support team from having to switch between apps.

It maintains server levels and keeps track of customer tickets and issues.

With the aid of this program, you can easily transform emails in your inbox into tickets.

8. Automation

An ERP system can automate payroll, invoicing, reporting, and other repetitive business operations.

Automation speeds up data entry, lowers errors, and also frees up staff time for tasks that bring more value.

Due to the nature of ERP systems, information entered by one user is accessible to all users within the company.

So, for instance, when a specific SKU becomes available, an inventory tracking module may instantly initiate a shipment and invoice.

This results in increased income and improved customer satisfaction.

Or, to help them make decisions, line-of-business leaders may immediately receive the most recent statistics on cash flow and other metrics.

9. Integration

Integration is the process of combining software with any third-party app or software.

Moreover, ERP may communicate data between systems by integrating with any other tool.

The efficiency is increased and your workflow is streamlined by this integration capability.

Every corporation has a unique set of tasks that are necessary for the ERP software to work with specialized software and satisfy business needs.

Silos for bespoke software development firms’ sales, engineering, accounting, and also other departments are no longer functional.

10. Asset Management

With this feature of ERPNext, you have a one-stop shop for managing all of your assets, including IT infrastructure, equipment purchases, equipment disposal, and more.

You can manage your assets with ease thanks to the feature-rich experience that ERPNext offers.

You can use it to manage and keep track of actions involving assets, such as buying, selling, depreciating, moving, or doing maintenance.

It’s a useful all-in-one tool for maintaining and keeping all of your organization’s branch data in a single, centralized system.

Need for Property Management Software for Dubai

 

What is property management software?

A property management system (PMS) is a piece of software used to manage commercial and residential rental properties as well as hospitality establishments.

Local government, manufacturing, and other businesses all use PMS.

The purpose of property management software is to make it easier for landlords, renting agencies, and property managers to administer and oversee their properties.

The efficiency of property management procedures improved through features such as automation, communication, report generation, and work order management.

It’s crucial to remember that property management software has advantages for owners, tenants, contractors, and accountants in addition to letting agents.

Property management software is an all-in-one solution and offers several advantages to all parties concerned.

Let’s first talk about the obstacles involved in property management before we explore the need for it.

1. Responsibility

A healthy foundation requires trust, so there must be trust between landlords and property managers.

Realtors must carefully vet all prospective tenants since they are acting as landlords’ representatives.

It reduces the risk of property damage caused by negligent tenants, and it keeps the buildings and facilities in good condition.

This necessitates thorough and consistent property evaluation.

2. Time

Everyone understands the importance of time and how valuable it is.

But no one understands this more than a busy property manager.

They must constantly coordinate with the landlords, building facilities providers, and tenants connected to their portfolios.

However, in today’s world, this is practically impossible without utilizing cutting-edge technology; otherwise, managing projects and daily duties can be a real stress, and it won’t be feasible to avoid certain hazards.

3. Operation expenses

Since they immediately affect utility bills, rising energy costs hurt nearly every other property manager.

Almost everything you buy, from a straightforward soap bar to light bulbs and construction supplies, is affected by rising indirect costs.

In order to ensure that all heating and cooling systems operate properly, energy-saving activities are prioritized as well as a robust maintenance program.

The easiest method to combat growing expenses is buying bulk supplies and equipment.

4. Supporting technology

Property managers may streamline and centralize their audits and inspections with a cloud-based solution.

Cutting down on redundant work and ambiguity in everyday operations.

You may fully benefit from information sharing, teamwork, automated notifications, reminders, and task management once you use cloud-based technologies.

Additionally, it is simple to create real-time reports for a variety of criteria, including trends, performance assessments, teams, contractors, and audits.

5. Tenants

Building long-lasting relationships with your tenants are crucial.

Since it costs roughly ten times more to find new tenants than it does to extend your lease with them.

The comfort requirements of tenants haven’t altered over time; they still want good heating in the winter, a functioning air conditioner in the summer, and complete security.

Tenants eventually place a lot of emphasis on finding innovative floor ideas to help them use their space more effectively.

Here is the reason for the need for property management software

1. Better Communication

Effective communication is essential when there are numerous stakeholders to take into account.

Reaching out and receiving input reduces the likelihood of delays, misunderstandings, and errors.

With the use of property management software, managers can reach out to renters, vendors, and building owners via emails, text messages, and push notifications.

To make sure that everyone is aware of due dates and payments, this can include reminders for things like rent or unfulfilled orders.

The property manager can also contact tenants to discuss any required repairs.

Both the tenant and the property management or landlord gain from this.

When there are issues, tenants may access all relevant papers through their portal, including property certificates, and they have a set procedure for dialogue.

All communication with the property manager is handled through the platform.

The property manager can use the system to immediately send a work order to a contractor in response to a request, eliminating the need for phone calls or emails.

The renter is then informed of the task and when it is finished to promote openness.

2. Tracking and Management of Maintenance

Building upkeep is the one factor that contributes the most to customer pleasure, as was already mentioned.

The higher the tenant retention rate you achieve, the less time and money you’ll need to invest in finding and retaining new renters.

This also gives you more freedom as a property manager.

Maintenance management programs ensure that you don’t neglect your regular maintenance duties.

All open and upcoming maintenance work orders should be easily visible so that you can schedule them incorrectly.

Many renters will just take a photograph of their problem and send it to you thanks to the development of mobile technology.

Mainly the simplicity with which photos can be sent and received.

These pictures are gathered in a single spot by a central maintenance file repository.

They can then be utilized to support any possible insurance claims and assist service providers in resolving the issue.

For a more streamlined process, PMS systems frequently compile maintenance-related records including estimates, quotations, receipts, invoices, and communication histories into one spot.

3. Online payment

You’ll spend less time looking for late payments the easier you make it for your tenants to pay the rent on time.

The greatest option to simplify rent payments for your tenants is through online payment processing.

Because they can do it conveniently from their homes.

Many PMS programs also provide rent tracking features, allowing you to see who has paid up to date and who has fallen behind immediately.

Some systems also provide built-in late-fee estimators.

Landlords can benefit greatly from using online tenant portals.

These portals allow your clients to pay rent and provide them with 24/7 access to data like communication logs, rental receipts, and maintenance requests.

A thorough tenant portal will not only ensure that you are paid on time.

But it will also reduce your administrative workload and boost client satisfaction.

4. Contact management

Any landlord will tell you that managing a property properly requires a large team and that lengthy contact lists may easily become disorganized and unkempt.

You can arrange your contacts more effectively and spend less time looking up phone numbers and emails thanks to comprehensive contact management features.

For a more efficient contact management procedure, you can even combine renters, maintenance staff, landlords, suppliers, and other business partners.

While vendor databases make it simple to receive the service you need rapidly, tenant databases let you get in touch with customers.

As part of a PMS solution, lead management capabilities ensure that your properties are always occupied.

5. Finance management

Property management is no exception to the rule that successful business owners need to exercise strict financial discipline.

The top property management software will assist you in increasing revenue while lowering expenses.

By giving you a complete picture of your financial situation, expense management features can position you to get the most out of your operational budget.

While bank connectors speed up the reconciliation process, tax management solutions help you maintain compliance with local tax rules.

It’s also important to note that many premium property management apps come with powerful business intelligence (BI) features.

They examine a variety of financial parameters, including income, spending, and upkeep, and present their findings to you in an understandable manner.

In-depth analytics highlight areas of operation that are still under budget as well as any areas that require better management.

Penieltech provides property management software Dubai.

With more than a decade of real estate firm expertise and thousands of happy customers, our market-leading property management software in the UAE is a tried-and-true solution for large, small, and medium-sized real estate enterprises in Dubai.

Elate real estate software Dubai is a potent tool that enables real estate brokers and agents to quickly grow their businesses by finding and managing ideal clients.

Designed specifically for the real estate industry, our software promotes, organizes, and flawlessly manages business activities related to it.

It is a comprehensive piece of software that can admirably support your company and aim for low-cost fixes.

Property management software Dubai offers the following features

• Dashboard
• Check-In
• Check out
• Reminder
• Report
• Master
• Expense entry