You must have seen before different types of introduction to tally saying that in Tally you can maintain accounts and can pass different types of accounting entries.
But let me tell you that Tally can do much more than just accounting.
In fact, Tally. ERP 9 is a whole enterprise resource planning system which can manage an entire business in itself.
Once you get to know the core features of Tally, you will be amazed to see how many functions does Tally supports.
And still the user interface of Tally is as simple as an accounting book.
What can Tally do for you
Tally is renowned as an accounting software in various countries and there is no doubt that it is capable of maintaining accounts of an individual as well as businesses.
But Tally is much more than that.
There are a lot more different functions than just accounting which a business requires and which Tally can do for you.
Here is a list of functions that Tally has and can be really useful to your business.
Accounting (Obviously! 🙂 )
Tally is best known for its simplicity of maintaining accounts.
It is so simple that if you know basic accounting you can learn Tally in a couple of hours and I am NOT at all joking because it has happened to me.
You can maintain any type of accounts in Tally right from simple ones to complex ones like with
- stocks (business stock)
- with shares
- cost accounting
- manufacturing accounting
- and much more.
Payroll – In case if you have employees
If you have employees, Tally can maintain all the data of employees right from their
- Provident Fund
- Professional Tax and much more.
You do not need to hire a second person or get a new software to do all this work because you will have it all in Tally.
Just the see the picture below and you’ll know what I mean.
Inventory – For recording stock related transactions
As I said earlier stock accounting can also be done in Tally.
If you have stocks in your business which every business generally has, Tally can do it all.
Only you need to know how to do it and you can know it here from TallySchool.
From manufacturing to finished goods, you can maintain every single detail in Tally.
It is as easy as passing an accounting entry. You do not need to know any additional thing to do that.
In fact I have also created a video tutorial on much debated topic on stock market entries in Tally.
Taxation – Important for any business
Any business needs to pay taxes and that too on or before time.
In Tally, taxation is covered in a simple yet in a comprehensive way.
You can even fill in the tax returns for all the types of taxes (hope the GST comes soon.)
- Value Added Tax (VAT)
- Central Sales Tax (CST)
- Service Tax
- Income Tax
can be easily configured in Tally as well as entries can also be passed.
Complex entries can also be passed which includes VAT, CST and Service Tax combined.
Banking – Every business needs it!
In today’s world of internet every body is online and the channel for doing business online is Banking.
Every business needs banking and therefore there is a function named Banking in Tally itself.
At every end your banking part will be covered by Tally.
Audit & Compliance – If you are covered under Tax or Statutory Audit
As you can see there is a menu called Tally Audit in Tally.ERP 9, you can audit the accounts here even if you are not a Chartered Accountant because here you are simply checking for any mistakes and not doing audit as per law.
You can have a look at who entered the voucher and who further edited the voucher with the help of this function.
Changes that are made since the last audit can also be seen and verified.
If any of the ledger names are interchanged you can also verify them with the ledger identification number which is uniquely assigned to each ledger whenever they are created.
But to check the ledger identification number you should have a hard copy with you of the previous period’s accounts.
Ratio Analysis – For taking business decisions quickly
Ratios are a vital part of the business and can give you very important information about your business.
You may not even realize it but you are taking most business decisions on the basis of ratios.
Let me give you an example. When you say that you have a net profit of 20% that is the net profit ratio.
Likewise there are many ratios in Tally from which you can take vital business decisions such stock reorder ratio, gross profit ratio etc.
Reports – Number of Reports that you require for your business
There are various kinds of reports in Tally which are important for understanding of what is actually happening in the business.
I think they are as important as ratios because they present absolute figures and ratios represent relative figures.
For example, reports say Rs. 100,000 of profit while ratio say 25% of profit. They both aren’t the same thing.
From reports, you can go to a particular accounting entry and see from where the report actually originated.
Reports can also be emailed (directly from Tally).
You can also customize the reports as per your business needs.
At the end…
So, these is what Tally can do for your business along with the accounting.
Apart from above if you have a business that requires specific reports and different type of transactions for different entities such as Schools, then you can have Tally customized specifically as per your needs.
Here is the introduction video in which I’m explaining different features of Tally.
It is a brief introduction on different features of Tally.
Introduction to Tally
What do you think about Tally’s different features?
Have you used all of them till today?
Let me know in comments below!