Tally ERP (Enterprise Resource Planning) is an accounting and financial management software developed by Tally Solutions Pvt. Ltd. It is a comprehensive business solution that helps businesses manage their financial operations, including accounting, inventory management, invoicing, banking, payroll, and taxation, among others. In this article, we will discuss advantages of tally software and other aspect as well.
What is Tally ERP?
Tally ERP software is widely used by businesses of all sizes and in various industries. It has a user-friendly interface that is easy to navigate, making it accessible to users with little or no accounting background. Tally ERP is also highly customizable, allowing businesses to tailor the software to their specific needs and requirements.
Tally ERP is available in both desktop and cloud-based versions. The desktop version requires installation on a local computer, while the cloud-based version can be accessed through an internet connection from anywhere in the world. Tally ERP is compatible with Windows, Linux, and Mac operating systems.
Tally is a popular accounting software that has been in use for decades. It is widely used by businesses of all sizes to manage their financial transactions, generate invoices, and prepare financial statements. In this article, we will explore the advantages and disadvantages of using Tally for accounting purposes.
Tally ERP has several modules that can be used individually or in combination to manage various aspects of a business. The modules include:
- Accounting and Finance
- Inventory Management
- Payroll Management
- Purchase and Sales Management
- Manufacturing and Job Work Management
Tally ERP also offers various reports and analytics features that provide businesses with insights into their financial performance. These reports include balance sheets, profit and loss statements, cash flow statements, and more.
Tally ERP is an accounting and financial management software that helps businesses manage their finances effectively. It is a comprehensive business solution that is easy to use and highly customizable, making it an excellent choice for businesses of all sizes and industries.
Advantages of Tally
Tally has a simple and easy-to-use interface that allows users to navigate through the software without any difficulty. The software has been designed to be intuitive, so even someone who has never used accounting software before can quickly learn how to use it.
Tally is a cost-effective accounting solution, especially for small businesses. The software is reasonably priced, and it can be used to manage multiple companies, making it an excellent choice for businesses with different subsidiaries.
Efficient inventory management
Tally’s inventory management feature is one of its most significant advantages. The software allows users to manage their inventory levels, track stock movements, and generate reports on inventory performance. This feature is particularly useful for businesses that deal with physical goods, such as retail and manufacturing businesses.
Tally can be customized to meet the specific needs of a business. Users can create their custom reports, customize invoices, and tailor the software’s settings to suit their business requirements.
Accessible from anywhere
Tally is a cloud-based software, which means that it can be accessed from anywhere with an internet connection. This feature makes it convenient for businesses with multiple locations or remote workers who need to access the software from different devices.
Disadvantages of Tally
Tally is primarily designed for accounting purposes, and it lacks some of the more advanced features found in other accounting software. For example, Tally does not have a payroll module, and it does not offer project management or time-tracking capabilities.
Steep learning curve
While Tally’s interface is user-friendly, it still has a steep learning curve. Users need to invest time in learning the software’s functionalities and features before they can use it efficiently. This learning process can be time-consuming and frustrating for some users.
Lack of integrations
Tally does not integrate with other software applications, such as CRM or project management tools. This limitation means that users may need to switch between different software applications to complete their tasks, which can be time-consuming and inefficient.
Tally’s customer support is limited, with only a few options for users to access assistance. Users can access online forums, email support, or phone support, but there is no live chat option available.
Tally’s cloud-based architecture means that users need to trust the software provider with their financial data. While Tally has implemented several security measures to protect user data, there is always a risk of data breaches or hacking.
Countries Using Tally Software
Tally is a widely used accounting software and is known to have a large user base in India, where the company is based.
Tally software is also used in many other countries, including but not limited to Sri Lanka, Bangladesh, Nepal, the United Arab Emirates, Oman, Bahrain, Saudi Arabia, Kenya, Tanzania, Uganda, and Zimbabwe.
Additionally, Tally Solutions has a presence in more than 150 countries around the world through its network of partners and resellers.
History of Tally
Tally is a software used for accounting and financial management. It was developed by Tally Solutions, a Bangalore-based software company, in 1986. Initially, Tally was designed to run on the MS-DOS operating system, and it was primarily used by small and medium-sized businesses in India.
Over the years, Tally has evolved significantly and has become one of the most popular accounting software programs worldwide. Tally Solutions has introduced various versions of Tally, each with more features and capabilities than the previous one. Tally is currently available in several editions, including Tally.ERP 9, Tally.Server 9, TallyPrime, and TallyPrime Server.
Tally.ERP 9 was launched in 2009 and is the latest version of the software. It offers a wide range of features, including inventory management, invoicing, payroll management, and financial reporting. Tally.Server 9 is designed to help businesses manage multiple users and locations simultaneously.
TallyPrime, the most recent version of Tally, was launched in 2020. It is designed to be more user-friendly and intuitive than previous versions of the software. TallyPrime offers a range of new features, including a redesigned user interface, a customizable dashboard, and improved reporting capabilities.
Today, Tally is used by millions of businesses worldwide, and it has become an integral part of many companies’ financial management processes. Tally Solutions continues to update and improve the software to meet the evolving needs of businesses in today’s fast-paced and ever-changing business environment.
Tally vs SAP as Accounting Software
Tally and SAP are two of the most popular accounting software programs used by businesses worldwide.
Both software programs offer a wide range of features and capabilities that can help businesses manage their financial operations effectively. However, there are some significant differences between the two software programs that businesses should be aware of when choosing the one that best fits their needs.
- Cost: Tally is generally more affordable than SAP, making it a better choice for small and medium-sized businesses with limited budgets.
- Scalability: SAP is designed to scale with the growth of a business, making it a better option for larger organizations with more complex financial operations.
- Customization: Tally offers more customization options than SAP, making it easier for businesses to tailor the software to their specific needs.
- Integration: SAP offers better integration with other business software programs, such as CRM and ERP systems, than Tally, making it a better option for businesses with more complex IT systems.
- User Interface: Tally has a more user-friendly interface than SAP, making it easier for businesses to train employees on how to use the software.
While SAP may be a better option for larger organizations with complex financial operations, Tally is a more affordable and customizable option for small and medium-sized businesses.
|User Interface||Simple and easy to use||Complex and requires training|
|Customization||Limited customization options||Highly customizable|
|Scalability||Suitable for small to medium-sized businesses||Suitable for large enterprises|
|Integration||Offers basic integration with other software||Offers advanced integration with other software|
|Security||Basic security features||Advanced security features|
|Cost||Affordable pricing for small businesses||Expensive pricing for large enterprises|
|Inventory Management||Basic inventory management features||Advanced inventory management features|
|Reporting and Analytics||Offers basic reporting and analytics features||Offers advanced reporting and analytics features|
|Industry Specific||Suits various industries, including manufacturing and retail||Suits a wide range of industries, including finance and healthcare|
Tally is suitable for small and medium businesses, while SAP is for large organization who want to scale up their business in future. It’s important to thoroughly research and compare the features of both software before making a decision.
Features of Tally
Tally is a popular accounting software that is widely used by businesses around the world. Here are some of its key features:
- Accounting: Tally is primarily an accounting software that helps businesses manage their financial transactions. It allows users to record transactions, create ledgers, and generate financial statements such as balance sheets, profit and loss statements, and cash flow statements.
- Inventory Management: Tally also provides inventory management features that help businesses keep track of their stock levels, track the movement of goods, and manage multiple warehouses.
- Payroll Management: Tally enables businesses to manage payroll and HR-related tasks, such as calculating employee salaries, generating payslips, and maintaining employee records.
- Taxation: Tally is equipped with features that support GST, VAT, and other tax-related compliance requirements. It can generate tax invoices, track input tax credit, and generate tax returns.
- Banking: Tally supports various banking transactions, such as bank reconciliation, payment advice, and payment vouchers. It can also generate reports related to banking transactions.
- Security: Tally provides various security features, such as user-level access control, password protection, and data backup and restore.
- Reporting: Tally provides a wide range of reports that help businesses analyze their financial performance. It allows users to generate reports on various parameters such as financial ratios, inventory levels, and cash flow.
- Multi-lingual and Multi-currency: Tally supports multiple languages and currencies, supports most of the languages.
FAQs on Tally
Tally is an accounting software developed by Tally Solutions Pvt. Ltd. It is used to maintain financial records, including sales, purchases, inventory, and payroll.
Tally offers various features, including accounting, inventory management, payroll management, tax management, invoicing, financial statements, and more.
Tally is available in several versions, including Tally.ERP 9, TallyPrime, Tally.ERP 9 Silver, Tally.ERP 9 Gold, and Tally.Server 9.
Yes, Tally is known for its user-friendly interface and ease of use. It is designed to simplify accounting processes and make them accessible to everyone.
Yes, Tally is widely used by small and medium-sized businesses for accounting and financial management. It is affordable and easy to use, making it an ideal choice for businesses with limited resources.
Yes, Tally is suitable for large businesses as well. It offers advanced features for managing complex financial transactions and can be customized to meet the specific needs of a business.
Yes, Tally can be used for online accounting. TallyPrime offers cloud-based capabilities, allowing users to access their financial data from anywhere.
The cost of Tally depends on the version and the number of users. Tally.ERP 9 Silver, which is suitable for small businesses, starts at around INR 18,000, while TallyPrime starts at around INR 7,200.