Tally can save all invoices, receipts, bills, and vouchers in its archive folder for easy access. We can quickly access any of the previously saved documents using Tally. We can quickly retrieve all billing-related files. To know more what is tally in accounting, Click here.
Features of Tally
The features have been listed below. If you wish to know more about bank reconciliation in tally, you can click here.
- Tally is widely regarded as the best because it is simple to use, does not require any codes, is robust and powerful, executes in real-time, operates at high speed, and has comprehensive online help.
- Tally is also known as multi-lingual tally software due to the fact that Tally ERP 9 supports multiple languages. Accounts in Tally can be maintained in a single language, and reports can be viewed in multiple languages.
- Tally allows you to create and manage accounts for up to 99,999 companies.
- You can automate employee records management by using the payroll feature.
- Tally has a synchronization feature that allows transactions that are maintained in multiple locations offices to be automatically updated.
- Tally is used to generate consolidated financial statements in accordance with the company’s needs.
- Tally can manage one or more groups.
- Tally software is used for financial and inventory management, invoicing, sales and purchase management, reporting, and management information systems (MIS).
- Tally’s customization feature makes the software suitable for a variety of business functions.
Advantages of Tally
Data dependability and security: The data entered in Tally is both reliable and secure. After the data has been entered into the software, there is no way to enter it again.
Payroll management: Payroll management entails a number of calculations that must be performed when disbursing salaries to employees. Tally is used to keep the company’s financial records, which include net deduction, net payment, bonuses, and taxes.
Banking management: Banks use Tally to manage various user accounts as well as calculate interest on deposits. Tally support ensures ease of calculation and simplifies banking. Tally Support can help you with calculations and banking.
Data regulation across geographical locations: Tally software is used to manage an organization’s data globally. Tally can bring together all branches of the company and perform a centralized calculation for the entire organization. As a result, regardless of which location a company’s employee has access to, it will be consistent throughout.
Ease of budget maintenance: Tally is used to keep the budget in order. Tally is used to assist businesses in working and managing expenses while keeping in mind the total budget that has been allotted.
Simple tax return filing: Tax GST is used to ensure that the company adheres to all GST regulations. GST takes care of all small businesses’ service tax returns, excise tax, VAT filing, TDS return, and profit and loss statements. It serves as an audit tool for compliance. It is used to conduct company audits on a regular basis. It performs a thorough compliance check prior to the start of the fiscal year and ensures that all monetary transactions are carried out smoothly.
Remote Data Access: Using a unique User ID and password, employees can access financial data in Tally. Data logging and access can be done from the comfort of one’s own office or home.