Technology has progressed at a glance over the years and accelerated exponentially. Be it the business segment, entertainment industry, healthcare, or any sector, the evolution of various operations with respect to technology is marked. Tally accounting software is one such significant development that has reframed the complete accounting structure.
Managing accounting tasks like maintaining books of accounts, data entry, preparing financial reports, and analysis has never been easy. But, all thanks to newly advanced accounting softwares that have simplified complex functions, making the operations more simple and efficient.
For example: With the new integrated accounting programs like tally accounting software, it has become very convenient for an accountant to handle multiple accounts, sales & purchases, assets, liabilities, profit and loss, and cash and fund flow, covering every financial aspect of the business.
Also, financial accounting with tally software is highly adopted because so many useful accounting features in tally make it the best-in-class business accounting software. In this blog, we’ll understand in depth what is tally accounting software, the applications of tally, and how to choose the best accounting software for your business.
What is Tally Accounting Software?
In simple language, tally accounting software helps manage and simplify business finances and derives useful information for analytical purposes and reporting.
Let’s talk about the most common challenges companies face today; the inability to properly manage their finance and accounting affairs. It’s known that accounting is an integral part of every business, and mismanagement of which can result in unimaginable losses and lags.
As the business environment is highly dynamic, accounting operations also require customization that matches updated business strategies. From an accountant’s perspective, there are numerous challenges related to cash flow, taxes, payroll management, bookkeeping, etc. Such issues gave rise to the need for software that solves accounting-related problems.
Tally accounting software (Accounting software tally free download) is the perfect epitome of business accounting management. For enterprises at any scale, be it small, medium, or large, tally accounting helps in different ways. Tally ERP 9 is the advanced version of – Enterprise Resource Planning (ERP) offered by tally to meet the customized accounting needs of various business segments (Small, Medium, and Large scale enterprises).
Types of accounts in Tally Accounting
In accounting, the tally accounting software supports three types of accounts:
Personal Account
All accounts related to individuals or persons are personal accounts. For example – Anil’s Account, Raj’s Account, etc.
Real Account
All the accounts related to assets or properties are real accounts. For example – Machinery A/c, Inventory A/c, etc. It can be further classified as:
- Tangible Real Account
Assets that have a physical existence and can be touched or seen are tangible. For example – Building A/c, Cash A/c, etc.
- Intangible Real Account
Assets with no physical existence, ones that can’t be seen or touched, can be measured in monetary terms, and contain a value are intangible assets. For example – Goodwill, Patent, copyright, etc.
Nominal Account
Accounts that relate to the business’s income/gains or expenses/losses of the business. For example – Commission Received A/c, Salary A/c, etc.
Tally accounting software covers all accounts and makes business financial accounting analysis easier. Also, with the use of accounting software Tally ERP 9, business operations get smooth as one single software can manage every financial aspect on the go.
Why is Tally Considered Accounting Software?
When it comes to getting the best business accounting software, tally accounting software solution hits the mind first. Tally is therefore considered an accounting software (tally accounting software download) due to the features and functionality it offers.
Billing/Invoicing functionality
It is the most basic accounting operation that an accountant performs. A tally accounting software helps create invoices and share them with interested parties. Because of the accounting software daily business operations can be managed using a single software.
Payroll management
It’s another useful use case of accounting software wherein employees’ payroll estimation, deductions, and other related tasks are performed. Tally acts as a catalyst to accelerate operations quicker and more accurately.
Cash & Fund Flow Analysis
As an accounting software, Tally helps keep a complete record of what comes in and goes out in terms of cash or funds. It fosters transparency in the transactions and simplifies the operations of the accounts.
Assets & Liabilities Estimation
Assets and liabilities are the most critical part of a business; thus, keeping both in sync and balanced becomes crucial. Tally accounting software plays a vital role here. Tally ERP 9 accounting solution helps in estimating and keeping a check on the assets and liabilities.
The use cases of tally are numerous, and that’s why tally is considered an accounting software, serving businesses with a complete accounting solution.
What Features Should be included in a Tally Accounting Software?
In today’s highly competitive business environment, be it government or corporate sector; tally accounting software is a high-priority use. It’s because of the use cases a single software provides, from managing the financial data to processing it into useful information. Let’s discuss some of the major tally accounting software features:
Features
Simplifying Accounts
The most basic use case of tally accounting software is that it helps simplify the accounts and helps in deriving more meaningful and automated calculations. Tally softwares like Tally ERP 9 make it possible to comply with the books of accounts as per accounting standards.
Cost-Effective
Managing administrative and finance operations becomes costly with so many business finance affairs. Tally ERP 9 is the leading solution in the tally accounting module that automates the core accounting calculations and other administrative operations, eliminating the high fee paid to an external finance expert.
Better Financial Forecasting
Tally accounting software provides various reports and financial statements laying a clear picture of the patterns and trends of financial performance. It facilitates better forecasting in the context of financial performance and planning.
High Data Security
Tally accounting software is known for its security and data privacy. Data maintenance using general accounting is vulnerable to certain risks. Thanks to tally accounting software solution and its 100% data security feature that never lets confidential information fall into the wrong hands.
Applications of Tally Accounting Software
There is hardly any business organization left that doesn’t use tally accounting software for their financial management. Be it a small, medium, or large-scale enterprise, the utter requirement for tally software is everywhere.
Thus, financial accounting with a tally solution has become so smooth and easy that no business entity can resist it anymore. There are numerous applications of tally software which are the most prominent reasons why every accountant uses it.
Applications
Helps in daily accounting operations
The applications of tally software are endless, and the most basic is handling daily accounting operations. Tally accounting software helps manage various accounting activities, including daily billing, inventory management, paying outstanding obligations, etc.
Profit & Loss and Balance Sheet Finalization
Tally updated version Tally ERP 9 makes the accounting operations even better by helping in creating profit and loss statements and finalizing the balance sheet inputs. With tally accounting software, an accountant can easily estimate the revenue and expenses and have a more detailed report that helps in balance sheet finalization too.
Inventory Management
Managing inventory right is crucial for an organization. Thanks to tally accounting software that helps keep track of complete information about inventory status and more. You, as an owner, don’t need to worry about under or overstock.
Various Reports Preparation
After certain intervals – monthly, quarterly, or annually, you would need various reports like profit and loss, balance sheet, cash flow statement, fund flow statement, etc., to perform the analytical study of the statements to derive valuable conclusions. Tally accounting software serves the purpose well. It’s very easy to access accounting reports in tally.
Why Choose TallyDekho for Your Business?
When choosing an ideal tally accounting software, the market has endless alternatives. The best tally accounting software is the one that ensures a focused financial data flow and brings a sense of relief to accounting experts and financial professionals by reducing their responsibilities. Managing financial data, GST reporting, Invoicing, stock management, etc., everything in just a single software and with 100% data security, is what a user searches in software. Yes, with TallyDekho, you can avail all these benefits in one go. Next, you must be wondering how much does tally software cost? Well, TallyDekho offers the best in industry pricing that caters to all financial needs on the go.
It is a complete Tally ERP 9 solution for your business that syncs to your business financial system and keeps your data up-to-date in real-time. The app also facilitates easy accounting reports with tally and simplifies the processes.
Market-available mobile applications also provide tally accounting services, but your data gets shared with a third party that significantly hampers and compromises your data security. But the TallyDekho app ensures the confidentiality of data by storing it on Google Drive and giving data access to only the owner and its trusted folks.
Added Benefits
- Sales & Purchases
- Expenses
- Outstanding Dues & Regular Payment Reminders
- Cash & Fund Flow Statement
- Ledgers of various parties
- GST Reports
- Financial Reports with graphs and charts
- Inventory Management & a lot more
Now managing financial accounting data is just a matter of seconds with TallyDekho. Record, track, manage and analyze everything in the comfort of your place. Keep a watch over every business operation and get complete financial data at your fingertips, even when you’re not at your workplace. Chalo karein ab hisaab ungliyon pe!
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