Tally ERP 9 is a popular and effective accounting program in India.Tally Solutions provides small and medium-sized businesses (SMEs) with business management and enterprise resource software. Tally is now known as Tally prime. It is All in one Business management Software Solution that Provides Accounting, Finance, Inventory, Sales, purchase, Automate payroll. For every account, Tally software maintains thorough records of all business transactions. Its double-entry accounting approach removes and fixes any possible errors. The program offers an excellent business management solution and GST software by combining function, control, and built-in customizability. Tally is hardly more than electronic bookkeeping. We store accounting in manual books and record accounting transactions as debits and credits. We make Tally entries in the same way. However, because Tally is such an easy to use program, it appears to a layperson that user can manage their entire firm with it alone. The complete integration of Tally’s data results in substantial time and effort savings.
Benefits of Tally Erp9 :
1. Automating Accounting :
Tally ERP 9 automatically prepares balance sheets and maintains ledgers, simplifying the complex bookkeeping process. Businesses reduce errors in their financial records and save time. Tally ERP’s capabilities streamline mundane bookkeeping, freeing up business owners to focus on expansion plans.
2. Stock Control :
Instant inventory tracking is a feature of Tally ERP 9, which aids businesses in minimizing waste and maintaining optimal stock levels. It enhances control by enabling the smooth integration of inventory data with finance procedures. In this sense, the advantages of Tally ERP guarantee that businesses never face a stock shortfall or excess, thereby optimizing operational effectiveness and profitability.
3. Payroll Automation :
Payroll automation based on Tally ERP saves time and work when it comes to employee-related payments, deductions, and compensation. Automated determinations that correspond to Tally’s features for business operations reduce the likelihood of payroll errors, which in turn lead to employee discontent. Therefore, companies may concentrate more on strategic initiatives rather than administrative duties thanks to Tally’s operationally efficient payroll systems.
4. Invoicing and Billing :
By enabling businesses to create and deliver bills quickly, Tally ERP capabilities streamline the billing and invoicing process. Errors are decreased, prompt payments are ensured, and cash flow is managed with automated billing. By eliminating a large portion of the manual labour input in these transactions, Tally’s business management tools practice improves financial accuracy and customer happiness for companies like Tally.
5. Financial Accounting :
In Tally Erp9 the feature of financial Accounting allows the automation of transaction recording and monitoring improves accounts administration. It provides a Comprehensive report About the Profit and Loss Accounts, Balance sheet ,Trial balance, ratio analysis of financial health assessment it also provides a drill down into a detailed report from summary reports. This ensures the that the records are kept correctly and minimises the possibilities of errors occurring and facilitates decisions in a timely and informed manner for a business.
6. Results Analysis and Presentation:
This result analysis and presentations provides a real time analysis and reports to the Company which allows the improvement of business operations with strategic planning. This feature is vital for decision making, performance tracking ,and sharing insights with stakeholders. It provides a quick overview of the company financial health. Key ratio of current ratio , quick ratio, debt to equity ratio, gross profit and net profit ratio. It also analysis the cashflow and Fund flow statement tally operational efficiency makes it easier to make decision based on data driven points thus keeping it more operationally transparent. Which allows continuous improvement and keep us with dynamic business need that require management.
Usage of tally Erp9 Software:
As we learned About of TallyErp9 Definition and Benefits now We will learn about Tally Erp9 usage.
Steps to use Tally:
1.Installation:
The Tally website offers the ability to purchase and download Tally software. If we are unsure about using it We can also download a 30 day trial version of it.TallyErp9 is for windows Only Tally is also available in educational mode, which lets you learn how to use it without a license, however some of its functions are limited.
2. Navigation:
TallyErp9 is intended to be used with a keyboard. Everything in tally has a keyboard shortcut so we can click on any option we want. As we said, the shortcut is typically the key that appears next to each option that is offered. learn how to get around with the keyboard will increase efficiency.
3. Create a Company:
We have to create a company even we are not using it professionally it’s necessary to create a company now follow the steps given below:
- Under the main menu there is option of “create a company” choose.
- Enter the Company address as per the bank records ,enter the business address , statutory compliance , phone number , and email address.
- Enable “Auto backup” to store a backup of your work in case you forget to save or something happens to the original.
- Select your Country Currency.
- If you simply use Tally to manage your accounts , select “Accounts alone “ from the maintain option ;if you also use tally to handle your inventory, select “Accounts with inventory”
- Enter the start date of the book as well as the beginning of your fiscal year.