Modern businesses generate huge volumes of data and information daily. The recent advancements in information technology have given organizations the ability to capture, process and store these data in an efficient and effective manner, to be retrieved for future reference. Under similar contexts, a business accounting software is often very helpful and eases out multiple tasks in no time, ensuring maximum accuracy. With progress in time, business and its ventures multiply and the revenue incurred increases manifold. It becomes utmost necessary to manage the company’s financials on an annual basis, monitor cost and revenue, as well as filing taxes regularly to comply with the Indian government’s regulations. Tally is by far the oldest and one of the most well-known software solutions in accounting domain for Small and Medium Business (SMB) firms.
Companies enjoy step-by-step automation with accounting software like Tally, in India. It eliminates many risks which are typical of a manual system. Accounting programs tie everything together to eliminate the silos like sales, inventory control, job costing, accounts receivable and payable. All the accounting departments can utilize one centralized system which is independent of manual data entry. Also, the data entered by one team is accessible to the other teams, if needed. For example, when the sales department generates a sales invoice, then, the same set of data (present in the invoice) is subsequently available to the accounts handling section as well.
Accounting forms the backbone of any organization when it comes to financial management. A decorum should be strictly maintained when it comes to financial statement generation and record maintenance. Hence, to avoid ambiguity and achieve overall uniformity, a common accounting platform is applicable throughout all concerns, known as the ‘Generally Accepted Accounting Principles’ (GAAPs). These accounting principles are the basic norms, which decide the standard rules and regulations, adopting which the accounting reports should be generated. Principles of Accounting form the most standardized set of conditions, based on which the whole accounting system is build up. It is mandatory that all business accounting software should be GAAP compliant.
The salesperson of a company can dedicate his attention towards customer service and let alone the software handle tedious calculations. The sale automatically updates all the other ledgers, as well, like inventory control and accounts receivable. One of the most cost-effective features offered by accounting software is the option to go paperless. Also, the generation of accurate reports, insights and actionable decisions, payroll management, budget maintenance are some of the best features offered by Tally.
Business accounting systems employ effective data storage, retrieval and data restoration techniques, whereby regular backup of records is maintained with utmost security. Upon the occurrence of an unprecedented event of unintentional data loss, the business can still resume operation within hours. A fully automated accounting system ties bank balances, invoices, vendor statements, expense sheets and job costs together seamlessly. These are a few qualities which a manual bookkeeper would never be able to commit.
Tally is an entirely technology and innovation driven company which aims to provide simple solutions for business and tax consultants, taking care of the financials involved. It is a complete Enterprise Resource Planning (ERP) system with excellent accounting features. The various software launched by Tally are versatile, user-friendly which are regularly updated to keep up with the advancing technology and amendments in government regulations. A major feature recently introduced by Tally is to address all GST (Goods and Sales Tax) related requirements for business concerns in India. GST is the largest tax reform introduced in the Indian financial scenario till date. Tally’s GST software can handle a host of features like GST billing, from simple to complicated bills with multi-item transaction and multi-tax rates. It can also take care of advanced receipt-based needs, reverse charge scenarios, branch transfers, bill of supply, export invoices, input tax credit and other adjustments.
For SMBs in India, it can therefore be declared that Tally is a most preferred software to ensure efficient accounting and justify compliance with standard accounting and taxation principles abiding by the government regulations.