Tally has been a well-known accounting software for small and medium-sized businesses (SMEs) for more than two decades. Due to Tally’s simplicity, it is a trusted programme for small and medium businesses. With the implementation of the GST Act in India, many SMEs are looking for an ERP software to run their businesses, and Tally fits the bill.
Tally ERP 9 stands itself as a top solution for SMBs. Tally is GST-compliant. ERP 9 is developed to make GST administration simple and straightforward. Tally’s current version has comprehensive support for GST Billing, GST Return, and numerous other functions. 9.
In this article we will look at how Tally can benefit small businesses.
What is Tally?
Tally is a piece of computer software that was created to automate and integrate business activities. Many of the capabilities of Tally ERP software are used by small and medium-sized commercial enterprises to perform accounting tasks.
The Tally’s full name is ‘Transactions Permitted in a Linear Line Yards’. Tally is the most widely used financial accounting software in India, and is owned by Tally Solutions Pvt. Ltd, a multinational corporation. The company’s headquarters are in the Indian city of Bangalore.
Tally’s Most Notable Features
- Tally is a multi-user computer software application, which means that numerous people can operate simultaneously in the same Tally application. As a result, the new user does not require a specialized computer system.
- After acquiring a thorough understanding of Tally software and gaining some experience, you can apply for an accounting position in any company. Students can also study and work in this sector.
- Without a bachelor’s degree, you can still pursue a career in the field of accounting through the Tally software course.
- This field has also aided many people in earning money through freelancing work. Finance managers, public accountants, financial consultants, practically every business requires an accountant capable of managing the books properly.
- Tally is built and developed in such a way that financial operations in daily life or business can be coordinated; this is one of the primary benefits of Tally software.
- The majority of businesses rely on Tally features to manage their payments and money transactions, which generates demand and jobs for Tally both now and in the future.
- Accounting errors can be avoided by utilizing Tally. As a result, it aids in the efficient management of the business, as it eliminates the traditional need for calculation and extensive ledger accounting.
Advantages of Tally for SMEs
If your organization continues to rely on manual accounting and data entry systems, you may find yourself spending a lot of time tracking down paper documents, locating important information, and keeping your information secure.
To compete effectively in today’s market, it is critical for your organization to adapt to current technological trends by utilizing technologies that provide deeper insights into your business and strategy.
Small businesses are frequently hesitant to upgrade to an ERP system, even when they have the financial means to do so. The following are some of the Tally advantages that can work wonders for your business:
Small and medium-sized businesses (SMEs) require ERP software to manage three critical business functions:
- Inventory management
Tally is a one-stop solution that can be utilized in all of these areas due to its simple-to-use interface that manages the software’s complex actions in the background without the risk of errors.
2. Enhancing decision-making
Tally enables small business owners to assess the financial impact of various functions on their business and make day-to-day decisions based on data. Thus, it becomes easier and more convenient for them to assess the financial impact of various functions on their business and make day-to-day decisions based on data.
Tally for small business serves as the backbone of their business by offering estimations, extensive analysis, and an overview of their operations. All of these aid in the decision-making process and ultimately boosts your organization’s growth.
3. Access to records immediately
Small and medium-sized businesses must closely monitor their cash flow and income before making choices, as they are generally cash-strapped. Making decisions such as whether to obtain a loan from a bank or from another source.
One of Tally’s advantages is that these crucial business decisions may be made simply by consulting the business’s financial reports, which are available at the click of a button.
4. Inventory control
To ensure that they are not incurring extra expenses while retaining inventory, small and medium-sized enterprises must invest in inventory control system software to keep track of their inventory data, i.e. the current inventory in hand.
Tally for small businesses has a Stock Ageing report that assists in inventory management.
Small business owners can make decisions such as issuing new purchase orders to suppliers based on the report’s stock clearing status.
Since its inception, GST filing has been a monthly occurrence for small and medium-sized business owners.
To efficiently file GST returns, small and medium-sized business owners require software that records business data in GST-compliant formats.
Tally ERP software is GST compliant, providing business owners with a competitive advantage by enabling them to become GST compliant.
6. Remote data access
Tally enables businesses to provide remote access to their employees.
For instance, an inventory manager who works from a warehouse location rather than an office location could gain access to necessary data in order to create delivery challans using Tally at the warehouse.
Employees can access all data by logging in with a unique identifier and password.
7. Accomplishes the function of an auditing tool
Tally serves as an audit tool for compliance by assisting in the conduct of routine audits of various businesses. Tally for small businesses conducts a full compliance check at the start of each financial year to guarantee that all monetary transactions in the business run properly.
Tax consultants can conduct audits remotely using Tally without the burden of transferring data.
Auditor comments can be left on vouchers to facilitate collaboration, and business owners can take additional action as needed.
With numerous user logins, Tally enables business owners to control multiple functions. Owners might differentiate their employees’ access rights based on the data utilized to manage the business.
Tally for small enterprises lets users work remotely with many firms’ accounts concurrently and have the information updated in real time as voucher inputs are made.
Tally software has aided numerous small and medium-sized businesses in cost-effectively managing their duties by saving time and enhancing efficiency.
There are numerous advantages to employing tally, including the ability to digitize bills and signatures, which simplifies corporate transactions. Even a small business owner can benefit from Tally’s ability to manage bills, customers, inventory, and daily financial operations more successfully.
Taking an online tally course can help you learn all the features of Tally and set yourself apart from your competitors.
Tally gives you complete control over your inventory, accounting, and regulatory compliance. Tally is a one-stop shop for small businesses. With the support of multilingualism and data synchronization, you may operate your small business without regard for geographical or linguistic boundaries.
Tally Accountant salaries in India range from 0.1 lakhs to 4.0 lakhs per year, with an average of 1.6 lakhs.
If you want to learn about the primary benefits of utilizing tally in small organizations, you should take up a free tally course and enhance your skills.
Thus, we can conclude that Tally is extremely beneficial for small enterprises. It not only saves money, but also saves time and ensures accuracy in business management. It contributes to the digitization of bills and signatures. Thus, tally can truly be a boon to small businesses.