If you are a person who uses the computer in the office to manage the company’s data, then it is possible that you must be using Tally software?. Here in this article, you will know the Key Features of Tally ERP Software.
Meaning of Tally
A Tally is computer software designed to automate and integrate business operations, many features of Tally ERP software are used by small and medium-sized commercial firms to carry out their accounting work. But in today’s digital world, every large-scale firm has its accounting software to carry out its accounting work.
The Full name of the Tally is ‘Transactions Allowed in a Linear Line Yards‘. Tally is the most popular financial accounting computer software in India owned by Tally Solutions Pvt. Ltd a multinational company. The company’s headquarters is located in Bangalore city of India.
Tally is one of the most famous accounting software used in India. With the release of the ERP 9 version, Tally’s capabilities and functionality have expanded. The accounting facilities of Tally features are truly remarkable in the accounting field.
Tally is multi-functional software that performs many operations like Accounting, Payroll preparation, Inventory management, cost center management, multiple currency functions, Reporting, Ratio Analysis, Billing, Banking, Taxation, your favorite GST Calculations, and many more.
Accounting Features of Tally ERP Software
- The old book ledger system has been replaced by Tally Software due to the advantage of both time, money, and energy.
- Because of user-friendly and simple usage, the Tally is used in various financial places like banks, auditors, chartered accountants small scale business, and small scale business as well.
- In the traditional ledger account system, the records of accounts were organized with the help of a pen-pencil in copy and then writing by hand Which we can also call “paper record”. But today, in this era of computers, Tally software and salient features of Tally erp software have made become easier to manage accounts with columns, graphs, and inbuilt calculators.
- Tally is very easy to use because it has the facility of receiving data entry quickly and accounting information at blink speed.
- One of the major features of Tally is that it enables the creation of reports for companies to manage multiple accounts at different locations.
- The data organized in Tally is easy to save for a long time as well as to share that particular data with other employees or companies.
- Tally assists in better cash flow while ensuring collection reminders that also helps in saving interest. Tally also enables to identify bad debtors and defaulters in terms of payment or transaction.
- One of the useful benefits of Tally features is that it enables us to understand and analyze performance levels for multiple periods. It enables us to understand customer buying patterns.
- Tally can calculate various accounting ratios that help to monitor performance and enable quick and correct decisions.
- The software of Tally is capable of monitoring companies’ stocks. This enables us to do a cost center analysis. This is one of the most useful features of Tally.
- This software has many features against the old accounting system like you can locking the file to protect the data.
Features of Tally Software ERP 9
1. Remote Access:
Tally ERP 9 provides the tool to access data via remote from everywhere in the world. Due to this feature, the user creates, authorizes, and allows remote access to the remote user ID.
2. NET (Tally.NET)
Tally.NET creates a friendly environment by default, which works retroactively to facilitate various services based on the Internet. Each Tally IAP 9 is enabled for this (Net service) feature. Tally.NET provides capabilities like Creating and maintaining remote users, remote centers, updates, and upgrades of the product.
3. Simplified Installation process
Tally ERP 9 comes with a new improved installer, which allows the user to configure different settings from the same screen according to the requirements.
4. Control center
Control Center is also a new feature included in Tally ERP 9. This utility interfaces between the installation of Tally software and the user on different JHGs. With the help of the control center
- You can create tools with a well-defined level of security.
- You can manage and configure Tally ERP9.
- Also, you can surrender, confirm, or reject on site.
- You can maintain account-related data.
Salient Features of Tally
- Tally is multi-user based computer software, i.e. multiple users can work in one Tally software. So the new user does not need any special computer system.
- After learning the full knowledge of Tally software with a little bit of experience, you can apply for an accounting job in any company. Students can also learn and pursue career in this field.
- Tally software course without a graduation degree, still your opportunities for making a career in this field of accounting.
- This field has helped many people to earn from freelancing jobs as well. Finance managers, public accountants, financial advisors, etc. almost every company need an accountant who can run accounts properly.
- Tally is designed and developed in such a way that financial activities can be organized in daily life or in business life this is one of the key features of Tally software ERP software.
- Most companies use Tally features to keep track of their payments and money transactions, which creates the demand and jobs for Tally continuously and in the future too.
- Mathematical errors can be avoided by using Tally in accounting. Thereby it helps in managing the business with efficiency, it eliminates the traditional needs of calculation and lots of ledger accounting.
Advantages of Tally
1. Manages data Easily
By Tally software, you do not need other software to manage client data. You can store all the data of all clients in one place and make any changes in it anywhere. Also, Tally adopts unique methods of trading easily. So you can manage your work, like a bird’s eye view of any part of the account in detail, one should get a report before making any business decision.
2. Easy to Grow Business
For a growing business, there is a need for vigorous monitoring. due to this business runs in profit and when it has to suffer losses. Once it comes to know the reasons for losses are occurring in business, then it becomes very easy to improve and grow the business. By using Tally software, you can easily keep monitor of inventory, payroll, and banking and etc.
3. GST solution
Since the inclusion of GST in our tax system, there is always hesitancy of filling or returning our GST from others. Tally has included answers to all the questions, it detects the errors and corrects them. It helps us by creating invoices and file returns GST.
Since the inclusion of the GST system on enterprises in India in 2016–17 has been quite effective. In the initial phase, it was difficult for understanding GST for people. Keeping this in mind, Tally Solutions provided the facility to file GST in its latest version of Tally software. With this feature, it became easy for people to know about GST and file GST returns.
4. Bank Reconciliation
Tally maintains the records of post-dated checks and generates cash deposit slips, print checks, and many other works related to the bank. Tally can fix banking faults automatically which is done by humans by mistake. This Tally feature helps, saves time as well as avoids mistakes.
5. Reports and decisions
Reports like trade arrears, stock aging analysis, cost estimates can analyze with Tally software. These reports help the owner to speed up the growing business and make business decisions better for maintaining a great pace.
6. Secured Data
Any company would never like its data software to be shared by the other competitor’s company. The Tally software saves and protects the company’s data by not sharing with third part without access.
Tally keeps your financial data by providing keys and patterns that you can generate by yourself from which you only can access the data of the business. Also, there is less probability of losing data by corruption.
The data stored in this software is completely secure and no one can access your data even until you don’t permit it, as you set a password for your computer. Today this company has more than 1 million customers satisfied.
7. Mobility Access
It is not possible to move accounts of books with you at all times. You can access your business with the help of Tally software from anywhere in the world. No matter where you are or your business is located. One can access more than two businesses at the same time by synchronizing your data in Tally software.
8. Speed up auditing
It takes more time to prepare the trial balance, profit, and loss statement, and balance sheet manually. Which eventually spends a greater amount of our time in making the final report. The accounting task is made easy by choosing certain transactions and tracking their progress by monitoring each voucher in the Tally software.
9. Saves Time
As you know, it often takes a long time to record the accounts manually and in such cases, the chances of making mistakes are also high. Using Tally saves you from wasting your precious time and avoiding wrong data records.
Disadvantages of the Tally software
With the features of Tally ERP software, it has disadvantages too. The limitations in the Tally depend on the version which are you using. If you are using a free version of Tally, then you get limited Tally features such as Reduction in automatic bank reconciliation, Reduction in data synchronization, Multi-account printing, Reduction in remote data access.
But before you use this software, you should know the basics of accounting. (Accounting Principles, Mode of Accounting, Concepts, and Conventions, Double Entry System of Book Keeping, Rules of Accounting, Different Types of Accounting, and Financial Statement)
What is tally and its features?
A Tally is computer software designed to automate and integrate the business operations. it has the features of security that means Tally keeps your financial data by providing keys and patterns that you can generate by yourself from which you only can access the data of the business. Also, there is less probability of losing data by corruption.
What are advantages of tally?
Tally computer software has the advantage of the mobility that means You can access your business with the help of Tally software from anywhere in the world. No matter where you are or your business is located. One can access more than two businesses at the same time by synchronizing your data in Tally software.
What are the disadvantages of tally?
The limitations in the tally software depends on the version which are you using. If you are using a free version of Tally, then you will get limited features such as Reduction in automatic bank reconciliation, Reduction in data synchronization, Multi-account printing, Reduction in remote data access. Also you must know the basics of accounting before the using of tally software.
Is learning tally in computers useful?
Yes, After learning the complete knowledge of Tally software with a little bit of experience, you can apply for an accounting job in any company. Students can also learn and pursue a career in this field of accounting. Most companies use Tally computer software to keep track of their payments and money transactions, which creates the demand and jobs for Tally continuously and in the future too.
What are the four features of tally?
The following are the best features of Tally Software 1. Remote Access: 2. NET (Tally.NET) 3. Simplified Installation process 4. Control center
In the above article, you knew the features of Tally ERP software and its benefits.