Tally Prime : One of The Best Software For Business Accounting

Description

Tally solutions company is in Bangalore that was co founded by Mr Shyam Sundar Goenka and Mr Bharat Goenka in year 1986.they introduced Tally software to manage accounts. Tally is an accounting software is used for small and medium sized businesses whichis used to maintain their financial and accounting tasks.

Types of Tally Prime Software

1. Single user tally software

It is design for individual users and small sized businesses which has single user requirement is useful for basic feature accounting such as freelancer and small business with Limited users

2. Multi user tally software

In this version multiple users can operate tally software within the network it is ideal for small and medium sized businesses with multiple accounting users use  simultaneously

Features of Tally software

1. Accounting

Tally software manage financial transactions like accounts debit credit and maintain financial report

2. Inventory management

It help businesses to track and manage their stocks, optimise inventory and prevent there over and under stocking problems

3. Financial reporting

Tally provide financial reports like balance sheet,cash flow statement and profit loss statement on the basis of records

4. Taxation

Tally also provide tax related functions like GST and TDS calculations

5. Budgeting

Tally helps to create and manage the budgets which is very important to run busines

6. User friendly interface

Very simple and easy to use for user to operate without much knowledge about accounting

7. Multi language capability

Tally supports multiple languages it helps business.

8. Ledgers

In Tally software for all financial transaction we can create ledgers user can create separate ledgers for individual business or client account There are two types of ledgers

1. Cash
2. Profit and loss account

User can create and add more ledgers according to their requirements

9. Vouchers

Vouchers consist of all details related to the transaction this software has different types of vouchers

1. Contra Vouchers

Records details related to the cash debit or credit from Bank

2. Payment vouchers

This type of voucher records details related to transactions made to the third party

3. Receipt vouchers

These vouchers records details about cash flow within the organisation

 

Limitations of Tally Prime software

1. Limited cloud features

Tally provide some cloud based options but it’s cloud features are not more infective as compare to other accounting softwares

2. Learning curve for advance features

Basic features of Tally are easy to learn and execute but more advanced features requires additional training or exercise to use

3. Not fully automated

Tally does not provide fully automation for some kind of process like instant and certain report need manual efforts aur other external software interfaces

4. Lack of integrated CRM

Tally does not provide customer relationship management system so that business needs external software interface for CRM

5.Limited third party integration

Tally does not provide many third party integration

Conclusion

In this block, we have talk about history of Tally information about Tally how it works what are the disadvantage and disadvantage of Tally and types of Tally.

It is one of the part of small and medium sized businesses it made calculation easier and helps to maintain there accounts and related their works