August 23, 2023
Tally is an accounting application which is used by thousands of businesses for maintaining their books of accounts. It is user friendly and easy to use. There are many benefits of Tally when compared with other accounting applications. The top 10 features of Tally are explained below.
1) Cost Centre Accounting
Companies can use Tally’s cost centre feature to book revenue and expenses. They can define cost centres as projects, departments, sub-ledgers, clients, and more. This feature also helps track additional dimensions needed for MIS reporting. Users can generate cost centre-wise Profit and Loss reports to identify the most and least profitable cost centres.
2) Branch Accounting
Tally provides option to create different branches having different GST number as separate company. Tally.ERP9 provides provision to view the data at group level by creating a group company.Alternatively, in Tally Prime 3.0 provision is provided to maintain branches with different GST numbers in a single company.
3) Multi-Currency Support
Organizations involved in the import and export of goods and services and billing in foreign currency can use Tally to maintain their books in multiple currencies like INR, USD, CAD, etc. Each company can have a base currency and one or more alternate currency for different customers or vendor depending on their country. Users record transactions in both domestic and foreign currencies by specifying the exchange rate, which they can change for each transaction or every month based on business requirements. Reports are available in both domestic as well as foreign currency.
4) Security
Tally provides user with capabilities to manage user access right by providing easy to configure user interface. User can be provided with specific rights depending on the level of information they should have access to. Access rights can be configured for all types of master and transaction. In addition to this user can be provided with access rights to either create, alter, or view the transaction and masters.
5) Remote Access
Tally provides option to business to either user Tally locally on the office network or on cloud. There are various options available to use Tally on cloud. Businesses can either host Tally on Tally’s AWS cloud or purchase/rent a private cloud from a third-party vendor an install Tally on it or purchase/rent a shared cloud and install Tally on it. There is no one solution better than the other, the right option depends on the business requirements and how they want to use Tally.
6) GST & Tax Compliance
Tax and laws keep changing from time to time. The rules and regulations also differ from country to country. Tally Prime was updated to be complaint with Goods and Services Tax (GST) requirement in India. In addition to this Tally also complies with tax laws of various other countries where different rules and regulations are followed.
7) Data Integration Support
Tally allows users to synchronize data across different locations or devices, ensuring consistency and accessibility. Third party integration is also supported to read/write data from/to Tally.
8) Simplicity
Tally has a very user-friendly interface which make it very easy for both beginner and experienced person to use the software.
9) Support for Multiple Languages
Tally supports various languages, enabling businesses to work in their preferred language.
10) Report & MIS
Tally provides in-built reports for all major areas like Sales, Purchase, Customer, Vendor, Inventory and Financials. In addition to build in reports there are many companies providing reporting solutions for Tally. You can customize reports as per business requirements using TDL or a reporting tool that supports Tally data integration, such as EasyReports, Power BI, BizAnalyst, etc.
How to Utilize this Tally Data into the BI Tool
The above represents the top 10 features of Tally in our opinion. While Tally is excellent for accounting and compliance, businesses often need more customized reports, visual dashboards, and automated insights to make faster and smarter decisions. That’s where EasyReports BI comes in.
Specifically for Tally, EasyReports BI have the following capabilities:
- Connects directly with Tally ERP9 & Prime
- Over 99+ pre-built reports and dashboards
- Multiple industry coverage – Trading, Manufacturing, Services, IT/ITES, Finance, Projects, etc.
- Enables automated report scheduling and email alerts
- Options for the customization as per specific requirements
- Combine Tally data with data from excel, custom apps and custom fields within Tally
What is EasyReports BI
EasyReports is a reporting and MIS automation tool for Tally, SAP B1, NAV, BC and other ERPs. It enhances your reporting capabilities & offers various standard and customizable reports around different areas of your business.
Visit www.easyreports.in to book a free demo and experience it for yourself! Note: All trademarks acknowledged to respective owners