Tally - The Accounting Software

What is Tally?

Tally Accounting is financial software that helps in business financial purposes. It is used for recording the daily business data of a particular company. The name of the business solution is derived from the word "tally", which means to count and keep the record.

The latest version of the software is Tally Prime released in November 2020 & Tally ERP 9, which was released in 2009. This version is one acclaimed financial accounting system and inventory management system with a powerful computer.

Basics of Tally

It is a package that offers maximum features for all kinds of business industries, from small to large enterprises. It also has updates related to the new features of GST (Goods & Services Tax).

The software is an all-in-one business management solution and GST software with combined functions, control, and in-built customizability features. The computerized accounting software follows the double-entry accounting system that helps in eliminating and rectifying possible errors.

Features & Usage of Tally ERP 9

It helps in maintaining accounts and performing other accounting and other analytical operations to manage an organization. The following are the features of the accounting Software:

• Multilingual Software: It is a software that supports multi-languages including 9 Indian languages. In the software, accounts can be maintained in one language and view transaction reports in different languages without extra effort.
• Numerous Accounts: In tally, one can create up to 99,999 companies and create multiple accounts. It can manage single or multiple groups as well.
• Popular Software: It is the best accounting software since it has easy to use methods, no codes, is robust and powerful, executes in real-time, operates at high speed, and has full-proof online help.
• Synchronization: Tally can maintain transactions created in multiple locations and update them automatically.
• Financial statements: Tally can generate consolidated financial statements in one click as per the company's requirements.
• Payroll: This feature in ERP 9 allows a business to automate employee records management.
• Accounting software is also used to handle financial and inventory management, invoicing, sales and purchase management, reporting, and MIS for a business.
• The feature of software accounting customization makes the software suitable for distinctive business functions.
• It has a low cost of ownership and can be quickly implemented and customized according to business needs.
• The software supports multi-operating systems, for example, Windows & Linux. It can also be installed on various systems at the same time.
• It has a straightforward download method that utilizes common space for installation.
• It supports all types of protocols: HTTP, HTTPS, FTP, SMTP, ODBC, etc.
• It is also used for Generating different report files for tax filing, invoices, etc.
• While using the software the number of human errors can be reduced. And the automated calculations of the software help and play a significant role in maintaining the financial transparency audit.

Features and Uses of Tally Prime

• Invoicing & Accounting- Tally Prime makes it amazingly simple to create and record invoices. Optimized invoice components, host of configurations, multiple billing modes amongst others makes TallyPrime really moulding to your business. The wide variety of TallyPrime's features makes it a simple accounting system.
• Inventory Management- The features of Tally Prime's make it one of the most flexible systems for optimal inventory management. Features such as godown management, multiple stock valuation, manufacturing, batch and expiry date, job costing etc., and the powerful inventory reports make inventory management a cakewalk.
• Insightful Business Reports- TallyPrime comes with more than 400 business reports which are readily available with powerful insights that will allow you make informed decisions.TallyPrime's amazing flexibility allows you to slice and dice your reports and look at them the way you want, the way it works for your business.
• GST/ Taxation- With TallyPrime, you can generate GST compliant invoices such as tax invoice, bill of supply etc. in seconds and file accurate GST returns always. Also, You can automatically generate e-invoice and print invoices with IRN and QR code instantly. Using TallyPrime's features, you can also manage TDS, TCS and payroll statutes such as PF, ESI and employee income tax.
• Credit and Cash Flow Management- By increasing the efficiencies in accounts receivable, accounts payables, inventories, and several other areas of business, TallyPrime helps you optimise cash flows. TallyPrime's insightful reports help you to be on top of your cash flow.
• Multitasking Capabilities-Tally Prime supports multitasking and helps you handle the day-to-day interruptions. You are in the middle of the sales invoice but want to record another new sale? Or in the middle of making a payment entry but want to refer to an outstanding report before proceeding? Using TallyPrime, you will be able to handle many such situations without the hassle of switching between multiple instances of Tally or the worry of losing your progress.
• Go To Feature- With TallyPrime, discovering insights just got easier. This is made possible with TallyPrime's new and powerful search bar called "Go To". Using Go To, you can search and find the things you didn't know Tally could do for you and discover new insights to run your business better.
• Banking- TallyPrime comes with a wide range of banking features/utilities that help you manage all your banking needs easily. Using TallyPrime's banking features such as auto bank reconciliation, pre-defined cheque formats, cheque management, e-payments etc. makes banking an effortless task.
• Access Business Data Online- TallyPrime gives you the ability to view business reports online from the comfort of a web browser, wherever you are with the promise that your data will always rest with you.
• Secure Data- Business data is sensitive and tally prime ensures that you will always remain in custody of it. With multiple user access control and feature-based security levels ensure that access to your data is restricted based on your choice.

Tally is one such accounting software which is always in demand and is often updated to meet the changing scenarios. It is therefore necessary to hone your tally skill to keep yourself one step ahead in the competitive market. You can do so by enrolling in Tally Course provided by CAclubindia: Click Here