Tally: What is it? Benefits, kinds, uses, and features

Introduction to Tally
One of the most widely used accounting programs worldwide, Tally is currently utilized by more than 20 million businesses across 100 nations. It helps companies record their daily business and helps analyze business related data. This financial software is an ERP (Enterprise Resource Planning) product and is used for various accounting purposes.

Tally software is provided by Tally Solutions Private Limited, an Indian technology company where the word 'Tally' means record keeping. So today, let's see what Tally is, its definition, history, uses and more.

Definition of Tally

Tally is an ERP accounting software. It offers business solutions, GST software and built-in features that make it popular among businesses worldwide. It is very different from manual accounting where there is the possibility of human error. When you use Tally software, you simply enter all the data and tell the software how you want the data to be processed and the software does all the calculations for you. This data can be reused for further use and can be viewed through a click a button.
 
Today, Tally software is a part of small, medium and large enterprises. Tally ERP 9 was released in 2009 and is one of the most widely used accounting software. 2020 is the new software version Tally ERP 9 that Tally just announced. Tally Prime is the name of this program, which offers more sophisticated functionality.

History of Tally

Mr. Bharat Goenka founded the Bangalore-based firm Tally Solutions. and Mr. Bharat Goenka in 1986. Its success has sent it all over the world.

To understand what the number is, let's look at its history. The first version of Tally was called Peutronics Financial Accountant and offered only basic accounting functions. The program was upgraded with new versions throughout time, and more than a million people were using Tally Solutions by 2006. In the domain of trade and industry, Bharat Goenka received the Padma Shri for his diligent efforts in creating this renowned software.

Here is a brief history of Tally software over the years:

  1. Tally 3.0: Founded in 1990, provides basic accounting functions.
  2. Tally 3.12: Developed in 1992 and provides the same results as the first version.
  3. Tally 4: Built in 1992, supports Microsoft DOS.
  4. Tally 4.5: Developed in 1994 and offers better performance than the original.
  5. Tally 5.4: Released in 1996, also provided a GUI version.
  6. Tally 6.3: Released in 2001. Compatible with Windows and provides features for VAT calculations.
  7. Tally 7.2: 2005 version with improved features.
  8. Tally 8.1: Built in 2006 with payments and store management.
  9. Calculation 9: TDS calculation facilities, E-TDS deposits, FBT and other facilities were implemented in the same year 2006.
  10. Tally ERP 9: Implemented in 2009. It can support GST accounting, has many user input features, generates invoices and can be accessed remotely from various office locations.
  11. Tally Prime: Built in 2020 with easier navigation, user experience and more features

Tally has changed the lives of many students, traders and accountants as it simplifies complex business calculations and invoicing. The latest version of Tally Prime can automatically generate e-invoices among other features. Learn more about Tally by learning Hindi Tally.

Calculation features

Here are some interesting facts about Tally:

  1. This software is easy to install, simple search functionality and can solve complex business processes.
  2. You can create and maintain records for 99,999 companies.
  3. With the latest version of this software, you can manage employee record management.
  4. Through the sync process, tasks and notes can be automatically updated from multiple office locations.
  5. The number can be used by them to control the status number.
  6. It can generate instant reports for any month or year useful for inventory management and accounting.
  7. Tally can generate comprehensive financial reports for organizations.
  8. The software also provides online help to help you operate the software and learn its features.
  9. The software supports multiple languages, allowing users to easily view content created in one language in another.
  10. It can be used to manage your business inventory, invoices, sales and purchases.
  11. A type of computer software

There are two different versions of Tally software to suit your organization's needs:

  • One Time Counting Software

With single-use Tally software, you can only use Tally on one operating system. It is useful for small organizations, especially startups, where all operations can be easily managed in one system. Best Single Use Accounting Software Tally ERP 9 Silver.'

  • Multi-user accounting program

With Tally's multi-user software, you can use it on multiple systems. It is mainly used by large organizations, schools, colleges, hospitals and other institutions around the world. This allows you to use Tally across multiple offices, which is useful if you are a multinational company. Best Crowd Accounting Software Tally ERP 9 Gold. 

In addition, large companies can purchase computer servers to speed up and improve software development. Multi-user accounting software is cheaper than single-user accounting software because it can be used on multiple computers. With Tally as a digital ledger where you can record debits or credits, you won't have to manually enter numbers into a physical ledger. Likewise, you can print your article digitally. Below are the different ways to use accounting software:

1. Ledgers

You can create large records of all your financial transactions in Tally. You may make different books for every customer and business. For example, you can create your bank account ledger or DK amount due to you from Tally customer.

There are two types of general ledger accounts in Tally:

  • CASH
  • Profit and loss A/C

2. VOUCHERS

These books are related to Tally ERP 9. You can create and add additional books as required. A voucher is a document containing all information about financial transactions. This software comes with many types of coupons such as:

  1. Accounting Receipt: It is the process of recording the receipts from and to the bank.
  2. Payment vouchers. These vouchers record transactions made to third parties.
  3. Receipts: These receipts help record the cash flow of an organization.

The benefits of Tally

Tally simplifies complex calculations and reduces errors. It can be tailored to your organization's needs to ensure the right solution. Some benefits of Tally for your business:

  1. Tally offers many security features. This means that other people cannot spoil the information.
  2. Tally will help you calculate the salaries of your organization's employees and all deductions, bonuses and tax deductions.
  3. Tally software is used in the banking industry to calculate interest on loans or deposits. This program streamlines financial operations and makes complicated computations easier.
  4. This software ensures that the information entered is accurate and consistent across all geographic locations. This means that organizations distributed around the world will see consistent information across all software regions.
  5. Tally allows small businesses to operate within a budget. This will help you preserve your company's finances.
  6. The software helps businesses prepare annual tax returns and ensure compliance with updated GST norms.
  7. Employees of organizations anywhere in the world can access the information in this software using a unique user ID and password, making the use of the software flexible.
  8. All of your previous documents are located in the Tally archive folder. It stores all your invoices, receipts and receipts and is easily accessible when needed.
  9. It is a free software that ensures that all financial transactions run smoothly.
  10. The most recent Tally software allows you to digitize invoices and signatures.

Conclusion

In this blog we discuss what Tally is, its history and what it does. Presently practically each organization uses software. 2022 will see the company began using Amazon Web Services in its cloud computing platform. This simplifies calculations, saves a lot of time and ensures smooth running of the business. This also significantly reduces human errors.

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