E-business may take the business world by storm, but cheque based transactions are still a favourite choice for many businesses today. However, doing business with cheques involves writing, depositing, collecting, posting, recording in the system, managing information and much more. As the number of cheques being dealt with increases, the amount of work required to handle these cheques also multiplies. Simply put, management of cheques and its related transactions is more than just writing cheques; it requires a lot of back-end work. So, a proper solution for managing cheques and its related transactions is extremely important for smooth operation of a business.
Let’s take an example of a company which receives and sends multiple cheques belonging to various branches of different banks. Without a capable cheque management solution, getting even simple information like the number of pending cheques or issued dates of particular cheques is a time-consuming affair for a company. Also, at the time of passing transactions, it becomes important to manually check whether the cheque numbers entered in invoices are accurate and no duplicate numbers are entered. All this and more will take a toll on business productivity and efficiency.
But, what if there is a cheque management system that provides automatic cheque numbering while passing a transaction? Or, what if this system lets you access all the information about a particular cheque or range of cheques instantly, all from a single place? This is where a feature like the comprehensive cheque management capability in Tally.ERP 9 fits in. Such a system not only provides cheque management but also supports printing of multiple cheques, of various sizes and styles belonging to different banks, with ease; thereby taking a business’s cheques handling process to the next level.
For example, in Tally.ERP 9, users just need to define a cheque range for the bank ledger and Tally will fill up the rest of the details if auto-numbering is enabled. Further, a cheque register in Tally.ERP 9 provides instant information about issued dates, number of cancelled cheques, used, unused or reconciled cheques etc. Searching a particular cheque or sorting cheques based on dates etc. can also be performed easily. Moreover, you can choose what cheques to print based on the business requirement at the end of day.
Hence, if your business handles cheques on a regular basis, a fully equipped cheque management system is a necessity. This way, you can easily do end-to-end tracking of cheques from the time of issue till the time of reconciliation to drive your business growth to its fullest potential.
Authored by: Laldinfela Pachuau