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.
Cost Centre Accounting
The cost centre feature of Tally can be used by companies to book revenue and expenses. Cost centre can be used as a project, department, sub ledger, client etc. These can also be used to track some additional dimension required for MIS reporting. Cost Centre wise Profit and loss can be generated to identify the most and least profitable cost centres.
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.
Multi-Currency Support
For organization who are involved in import and export of goods and services are doing billing in foreign currency, Tally provides provision to maintain books in multiple currency (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. Transactions are then recorded in both domestic as well as foreign currency by specifying the exchange rate, which can be changed for every transaction or every month depending on the business requirement. Reports are available in both domestic as well as foreign currency.
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.
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.
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.
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.
Simplicity
Tally has a very user-friendly interface which make it very easy for both beginner and experienced person to use the software.
Support for Multiple Languages
Tally supports various languages, enabling businesses to work in their preferred language.
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. Report can be customized as per the business requirements via TDL or on a reporting tool which supports Tally data integration like (EasyReports, Power BI, Bizanalyst, etc.)
Conclusion
The above represents the top 10 features of Tally in our opinion. However Tally provides many other features which are relevant to different scenarios and businesses. You can connect with the author at ayan@orchidtec.in to discuss other features or learn about Tally in detail.
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