Tally is an accounting software application used to track a business’s daily operations. Tally is a widely used accounting software in India.
Small and medium-sized businesses benefit from its all-in-one enterprise software. Tally ERP 9 is an outstanding business management and GST software that combines control and built-in customizability.
Taking a Tally course can help you learn all of its functions and help you understand why this software is such a hit with businesses all around the world.
Here we will talk about Tally and how it can help you in managing your accounts.
What is Tally?
Tally Accounting is a financial management application that assists businesses with their financial operations. It is used to keep track of a company’s day-to-day business transactions. The term “tally” refers to the act of counting and maintaining records.
Tally Prime, released in November 2020, and Tally ERP 9, released in 2009, are the latest versions of the software. This version is a highly regarded financial accounting and inventory management system packaged in a powerful computer.
Tally Fundamentals
It is a comprehensive package that includes all necessary features for businesses of all sizes, from small to large. Additionally, it contains updates on new GST features (Goods & Services Tax).
The software is a comprehensive business management and GST solution with integrated functions, control, and built-in customizability. It is an accounting software that is computerised and thus adheres to the double-entry accounting system, which assists in identifying and correcting potential errors.
Tally’s Features
Tally is a multi-user computer software, which means that multiple users can work simultaneously in the same Tally application. As a result, the new user does not require any additional computer hardware.
After acquiring a thorough understanding of the Tally software and gaining some experience, you can apply for an accounting position in any company. Additionally, students can study and work in this field.
Without a bachelor’s degree, you can still pursue a career in accounting if you learn Tally by doing a Tally course in Hindi.
The majority of businesses rely on Tally features to manage their payments and money transactions, which continuously generates demand and employment for Tally.
Tally’s accounting software helps you avoid mathematical errors. Thus, it contributes to the efficiency of business management by obviating the need for traditional calculations and extensive ledger accounting.
Benefits of Tally
When it comes to manual evaluation and reporting, managing multiple accounting operations becomes a nightmare. However, you might be surprised that your situation is not unique. Tally software has been a tremendous boon to accounting professionals, who have reaped significant benefits. What benefit does it provide the businesses that employ it?
Tally, a business management software, enables users to create and manage:
- Ledgers
- Vouchers
- Reports
Here is an example of Tally vouchers:
Numerous modules position Tally ERP 9 as an extremely useful solution for accounting professionals.
Tally ERP 9 Software’s Advantages
Why rely on manual calculations when Tally ERP 9 is available with automated calculations? Along with the convenience and efficiency of the Tally ERP 9 software, there are several additional benefits listed below.
- Manual calculations run the risk of making errors that could have a negative impact on the business. One can avoid such hassles and simplify their accounting operations by utilising Tally software.
- GST billing is also supported by Tally ERP 9. Automatic GST billing calculations are generated by the software, simplifying an otherwise time-consuming process.
- Tally ERP 9 offers the benefit of managing multiple accounts from multiple locations. It’s also quite simple to install, and even the most inexperienced accountant can manage it effectively.
- Additionally, the software assists you in reducing costs associated with unnecessary labour or accounting accessories, such as document printing or distribution for comprehension.
- Tally accounting software enables accurate forecasting of business accounts and growth. When a business owner installs accounting software to streamline his accounting operations, it becomes a piece of cake.
- Productivity will increase with the use of Tally software because operations will be automated, making them faster and easier.
How Tally can help you manage your accounting
- Conveniently manages data
You don’t need any additional software to manage client data when using Tally software.
You can store all of your client’s data in a single location and edit it from any location. Additionally, Tally easily adopts novel trading strategies. To manage your work effectively, such as getting a bird’s eye view of any section of the account in detail, one should obtain a report prior to making any business decision.
Tally helps you in easily making reports and managing data the of your business.
2. Solution to the GST
Since the introduction of GST into our tax system, there has been a persistent reluctance on the part of others to fill out GST. Tally contains answers to all questions and automatically detects and corrects errors. It assists us in the production of invoices and the filing of GST returns.
Since the GST system was implemented on enterprises in 2016–17, it has been quite effective. GST was initially difficult to comprehend for the general public. With this in mind, Tally Solutions’ latest version of Tally software includes the ability to file GST. This feature made it simple for individuals to become aware of and file GST returns.
3. Helps you in banking transactions and keeping stock
Tally manages post-dated checks, generates cash deposit slips, prints checks, and performs a variety of other bank-related tasks. Tally can automatically correct banking errors that occur due to human error. This Tally feature is beneficial in that it saves time and prevents errors.
Tally software can analyse reports such as:
- Trade receivables
- Stock analysis
- Cost estimates
These reports assist the business owner in accelerating growth and making more informed business decisions in order to maintain a healthy pace.
4. Protect your data
Any business would never want to share its data with a competitor. Tally software conserves and protects the company’s data by preventing it from being shared with third parties without authorization.
Tally safeguards your financial data by supplying you with self-generated keys and patterns that allow you to access only the business’s data. Additionally, the likelihood of data corruption is very low.
The data stored in this software is completely secure, and no one can access it unless you explicitly permit it, as long as you have a password set for your computer. Today, Tally serves over a million satisfied customers.
5. Sync our accounts
It is not possible to carry around all of your bookkeeping accounts. Tally software enables you to access your business data from anywhere in the world. By synchronising your data in Tally software, you can access all of your data from anywhere.
6. Accelerate auditing
Manually preparing the trial balance, profit and loss statement, and balance sheet takes more time. Which ultimately consumes a greater portion of our time when it comes to writing the final report.
Accounting tasks are simplified by selecting specific transactions and tracking their progress in the Tally software by monitoring each voucher. The details are updated automatically in the financial reports.
Conclusion
From GST filing to cheque printing, ratio analysis, comparative analysis, and cash and fund flow statements, you can perform as much accounting work as you like in Tally. No wonder Tally professionals are in such high demand always.
The salary of Tally experts ranges from Rs. 0.1 lakhs to Rs 4 lakhs with Rs. 1.7 lakhs being the median.
Tally is the only accounting software that is globally recognised. Individuals and businesses alike rely on Tally software to manage their finances. It is an accounting software for all types of businesses.
It is a remarkably simple-to-use and simple-to-learn piece of software. This piece of software has a lot of potential because it primarily benefits freshmen pursuing careers in accounting. So, what are you waiting for? Learn Tally and boost your career prospects in finance and accounting.