When it comes to managing finances and accounting, businesses tend to rely heavily on computer software. One such software that has gained immense popularity over the years is Tally. A good tally certification course can help you ease your tasks related to accounting and eventually help your business grow. In this blog, we will delve into what Tally is, its features, how it works, and why it is a game-changer for businesses worldwide.
Table of Content
- What is Tally?
- History of Tally
- Benefits of Tally
- Tally’s Versions and Their Features
- Tally as a Business Solution
- Future of Tally
What is Tally?
Tally is a powerful tool that helps businesses to ease their financial management processes and eventually make better decisions based on their data. Its main purpose is to help companies and firms keep track of their transactions, such as sales, expenses, and payments.
With its help, users can also create and maintain accurate records, generate reports, and make decisions. It can automatically calculate taxes, and generate invoices This helps to save time and reduce errors, as manual calculations can be time-consuming and prone to mistakes. Apart from this, it also offers a range of customization options, allowing users to use the software for their specific needs.
History of Tally
Tally was founded in 1986 by Shyam Sunder Goenka. Initially, the software was designed to handle accounting and financial transactions only. However, with time, Tally has evolved into a complete business management software that can handle multiple business operations.
Benefits of Tally
Tally software helps businesses streamline their financial and accounting processes, resulting in saved time and resources. With automated features of tally, the occurrence of errors is reduced, and accuracy is improved, thereby increasing efficiency and productivity. Tally also provides real-time access to business data, allowing informed decision-making. Additionally, Tally is cost-effective and can help businesses save money on their financial and accounting processes.
Tally software comes in various versions, each with its own unique set of features. The latest version of Tally is Tally.ERP 9, which includes advanced features such as GST compliance and payroll processing. Tally Server 9 is designed for businesses requiring multiple user access to Tally, and it features user access control and robust data security. Finally, Tally. Developer 9 is suitable for developers looking to customize Tally according to their business needs.
Tally’s Versions and Their Features
Tally ERP 9 is a comprehensive accounting software that has gained immense popularity and widespread usage. It is an all-in-one solution that caters to all the accounting needs of a business. Tally ERP 9 enables efficient management of inventory, payroll, taxation, and banking transactions. Moreover, it comes with additional features such as budgeting, scenario management, and job costing.
Tally.ERP 9 Silver: A single-user version of Tally ERP 9, installed on one computer and used by one user at a time. Suitable for small businesses with limited users.
Tally.ERP 9 Gold: A multi-user version of Tally ERP 9, installed on multiple computers and used by several users simultaneously. Suitable for medium-sized businesses with a larger number of users.
Tally.ERP 9 Auditors: A specialized version of Tally ERP 9, designed for auditors. Comes with auditing tools, verification of vouchers, and audit trail features. Allows auditors to create and print audit reports.
Tally.Server 9: Created for large businesses with multiple users. Provides user-level security, data synchronization, and remote access. Allows multiple users to access Tally ERP 9 simultaneously from different locations.
Tally.ERP 9 Rental is a rental version of Tally ERP 9 that allows businesses to rent the software for a specific period. It is ideal for companies that do not want to invest in a full version of Tally ERP 9.
Tally.ERP 9 Customization is a customizable version of Tally ERP 9, enabling businesses to modify or add features to the software according to their specific requirements.
Lastly, Tally.ERP 9 Payroll is a version of Tally ERP 9 specifically designed to manage the payroll of businesses. It offers features such as employee management, attendance tracking, and salary processing. Tally.ERP 9 Payroll enables companies to generate payslips, calculate taxes, and manage employee loans and advances.
Tally as a Business Solution
Tally can manage accounting and financial transactions efficiently. The software has the potential to track and record financial transactions, making it very easy for businesses to keep track of their finances.
Besides inventory management, it also provides several other helpful features for businesses. For example, the software has tools for managing employee payroll, including salary, deductions, and taxes. It is highly customizable, giving a hand to the companies to modify the software according to their specific requirements.
Future of Tally
Tally is a highly renowned software solution that has been trusted for over thirty years to streamline financial and accounting operations by big tech giants. It has kept pace with technological advancements and is now expected to remain at the top in the future too.
The software has already integrated machine learning and artificial intelligence, which delivers valuable insights to businesses and enhances their operational efficiency.
In addition, Tally boasts of a vast user community that actively provides feedback and suggestions to improve the software. This feedback mechanism ensures the software is continually updated to meet the evolving needs of users, thereby ensuring its relevance in the future.
