Tally.ERP

Tally.ERP is a highly adaptive accounting and compliance tool that can help individuals and businesses of all sizes (but especially mid-sized companies) to transfer the management of their day-to-day business from paper to computer screen.



It provides streamlined tools for handling employee accounts, inventory entries, transaction histories, sales, purchase lists, and much more in a user-friendly environment. The app also fully enables business owners to set up streamlined cooperation between company departments, internal or external associates, and owners.

With the latest services focused on accounting, finance management inventory and sales, manufacturing, distribution, compliance, costing, payroll, customer support, self-service, human resources, and much more, Tally ERP comes with all the tools that you would need not only to manage your company but also to optimize its finances and increase potential workflow for your employees.

The User Interface of this accounting application will require you a bit of time to get accustomed to, but this will be worth it because it hides all the tools necessary to handle the daily accounting and compliance services for your entire company. To remain in touch with your finances even when you are away, Tally.ERP 9 supports powerful remote access capabilities.

TallyPrime VS Tally.ERP 9

TallyPrime stands out as a flexible accounting solution specifically designed for small and medium-sized businesses. Compared to Tally ERP 9, TallyPrime offers enhanced customization options, allowing users to select custom fields according to their specific requirements. Moreover, TallyPrime boasts a user-friendly interface, streamlining the tasks of accountants and making their jobs simpler and more efficient.

Features

Tally ERP 9 provides you with exceptional capabilities that will simplify the way you manage all critical aspects of your business, including accounting, sales and purchase, inventory, manufacturing, taxation, payroll, MIS reporting, and much more.

• Book-keeping, Bill-wise details, Cost Centre tracking, Payables and receivables, Bank Reconciliation, Balance Sheet, and P&L
• e-Payments, e-Payments Report, Cost Centre, Reconciliation, Cheque management, Payment advice
• Sales order, Stock groups, Stock query, Profit and loss, Price, Discounts, Credit notes, Sales Register
• Purchase order, Item details, Cost, Expense and debit notes, Purchase register
• Salary and payslip, Employee profile management, Payroll reports, PF/ESI calculations, Batch payments, Payment disbursal advice
• Raw materials, Finished goods, WIP products, Multi-Bill of Material, Warehouse, Godown, Manufacturing journal
• Batch processing, Units of measure, Inventory classification, Bill of materials
• E-mails and knowledge base, Licence and user management, Jobs and recruitments, SMS notification, and Natural Language support
• Data synchronization, Multiple formats for reports, XML compatibility, Tally ODBC
• Secure connectivity, Secure transmission, Secure storage, Secure application access, TallyVault
• Multi-Currency support, Data Migration, Logo printing, Splitting and merging of company, Auto-voucher numbering

Tally ERP is offered to everyone as a licensed shareware app. It can be run on all modern versions of 32-bit and 64-bit Windows 11 and Windows 10.

How to Use

• Installation: Download and install the program on your computer or server.
• Company Creation: Create a new company in Tally by providing basic details like name, address, financial year, and currency.
• Ledger Creation: Set up ledger accounts for various financial transactions such as expenses, income, assets, liabilities, etc.
• Voucher Entry: Enter day-to-day transactions using various voucher types like payment, receipt, sales, purchase, etc. Input relevant details such as party name, amount, and narration.
• Inventory Management: If you deal with inventory, set up stock groups, stock items, and units of measurement. Enter stock-related transactions like stock inward, outward, and adjustments.
• Bank Reconciliation: Reconcile your bank statements with Tally by matching your bank transactions with the entries made in Tally.ERP.
• Financial Reports: Generate financial statements like profit and loss account, balance sheet, cash flow statement, and trial balance. These reports provide insights into your company's financial health.
• Tax Compliance: It offers various tax-related features. Configure tax rates, apply them to transactions, and generate reports for filing tax returns.
• Data Backup: Regularly backup your Tally data to prevent any loss or corruption. Tally provides options for both manual and automatic backups.
• Updates and Support: Stay updated with the latest Tally versions and avail of technical support when needed. Tally releases updates periodically to address issues and introduce new features.

Remember, these steps are a general guideline and a Tally.ERP's features and usage may vary depending on the specific version and configuration you are using. It is recommended to consult the official Tally documentation or seek assistance from authorized Tally partners for detailed instructions and guidance.

Highlights

• Easily manage your accounts, working capital, and inventory, with in-depth breakdowns, sorting options, and report viewing tools.
• Easy to implement into the daily workflow of any company.
• All reports are pre-formatted for printing, exporting to a file, or sending via email.
• Organize your financial data into several groups.
• Efficiently plan the use of your resources, and set up daily operations.
• Get a bird’s eye view of the status of your company at all times.
• Determine profit or loss with a click of a button.
• Easily manage balance sheets. Create inventory entries, new costs, or income items.
• Keep track of your finances in cash, bank accounts, sundry debtors, and creditors, and calculate the capital/inventory turnover at any time.
• Advanced remote connection capabilities.
• With built-in support for instant reports on various areas of your company, gain the ability to take faster decisions at the right time.
• Analytics for stock aging, profitability analysis, cost estimates, and other critical overviews.
• Take advantage of the Tally.ERP reporting to grow your business incrementally and at pace with your resources or needs, without disturbing the existing workflow setup.
• Take your business management to a new level by introducing services such as inventory tracking, payroll processing, user-level security controls, banking, manufacturing, compliance modules, and more.
• Prepare your company fully for GTS compliance.
• Protect your financial data with security protection against corrupt data storage, unauthorized access, or accidental data leaks. Tally ERP for PC provides user-segmented access to the most sensitive data, enabling full access to financial data only to business owners.
• Synchronize data of multiple companies, located at different sites, inside one app. Generate consolidated reports based on the performance of all your companies.

Overview

Tally.ERP 9 is a popular accounting software used by businesses to manage their financial and accounting processes. It is a comprehensive tool that offers a range of features for managing various aspects of a business, including accounting, inventory management, payroll processing, and tax compliance.

One of the standout features of Tally.ERP is its simplicity and ease of use. The software has a user-friendly interface that allows users to quickly and easily navigate through different modules and perform tasks like creating invoices, recording transactions, and generating financial statements.

Another benefit of Tally.ERP is its scalability. The software is designed to be flexible and can be customized to meet the specific needs of different businesses. It can handle large volumes of data and can be easily integrated with other software, making it a powerful tool for businesses of all sizes.

It also offers a range of advanced features for managing complex accounting processes, such as inventory valuation, cost center accounting, and bank reconciliation. It also includes features for compliance with tax regulations, such as GST, VAT, and TDS.

FAQ

Can I use Tally.ERP for multiple companies?
Yes, it allows you to create and manage multiple company profiles within the software. You can switch between companies and maintain separate financial records for each.

Is Tally.ERP suitable for small businesses?
Yes, the app is designed for businesses of all sizes, including small and medium-sized enterprises (SMEs). It offers features like accounting, inventory management, payroll, and taxation, which are essential for small business operations.

Can I access Tally.ERP remotely?
Yes, it offers remote access capabilities through the Tally.NET feature. With Tally.NET, you can securely access your Tally data and perform operations from any location with an internet connection.

PROS

• Comprehensive Financial Management
• Efficient Inventory Tracking
• Robust Reporting and Analytics
• Seamless Integration with Third-Party Systems
• Scalability for Growing Businesses

CONS

• Steep Learning Curve
• Expensive Licensing and Maintenance
• Limited Customization Options

Conclusion

Overall, Tally.ERP is a comprehensive and reliable accounting software that offers a range of features for managing various aspects of a business's financial and accounting processes. It is user-friendly, scalable, and can be customized to meet the specific needs of different businesses, making it a popular choice for businesses of all sizes.

Note: Limited functionality in the demo version.