Operating a company without an effective accounting system means you have to manually monitor all the money-related activities of the company. Eventually, it will be difficult for you to expand your business as you won’t be able to keep proper track of your company’s spending. In this blog, we will talk about the Top 5 Tally Features You Must Know, including routing and Accounting and its features. To know more about tally, You can go for Tally Classes In Chennai and build a robust skill-set working with the most powerful tools and technologies to boost your skills.
Businesses are operated for profit and are funded by capital. If the financial procedures of a business aren’t well-organized and structured, they are likely to face financial losses. So, let’s see how the different functions of Tally are aiding its 2.8 million customers globally.
Tally is a useful business and finance tool. You can utilize in your organization to explore more opportunities for growth. Tally has developed specific features that assist businesses in saving time while handling their finances. As per Tally, their software solution for business management is benefiting over 2 million businesses worldwide.
What is Tally?
Tally is a well-known software used by small and medium-sized businesses worldwide for managing their accounts, finance, inventory, and other important activities. The latest versions are Tally ERP 9 and Tally Prime, the latter being the cloud-based version. Tally Prime offers features such as financial accounting, inventory management, tax, compliance, business intelligence, customisation, and collaboration. Both Tally ERP 9 and Tally Prime have similar functionalities. However, Tally Prime is designed to be user-friendly and easy to use, particularly for small businesses. You can learn to use Tally Prime through a Tally course, enabling you to manage your accounting and compliance tasks without needing specialised training or technical expertise.
Features of Tally
Tally is recognised for its user-friendliness, dependability, and cost-effectiveness, making it a top pick for numerous businesses. It excels in its accounting, financial, and inventory management capabilities. Moreover, it provides additional features aimed at aiding businesses in streamlining their operations and enhancing overall efficiency. FITA Academy’s Tally Course In Bangalore will help you learn effectively and get a clear understanding of the concepts and curriculum.
Here are the crucial features of Tally that you should be aware of:
Accounting
Tally ERP 9’s accounting function is a critical component of the software, allowing users to establish and maintain essential financial records like ledgers, vouchers, and journals. It aids in monitoring stock levels, expenses, and income. The accounting module in Tally also enables the setting of reorder points, as well as the generation of invoices and reports.
Tally’s accounting capabilities facilitate the creation of financial reports, including profit and loss statements, balance sheets, and trial balances. It supports multiple currencies, enabling businesses to handle their finances in various currencies or manage international transactions. Additionally, the software allows for the configuration of different currencies and their conversion based on the prevailing exchange rates.
Financial Management
The financial management feature in Tally serves the purpose of equipping businesses with tools to effectively handle their financial operations and make well-informed decisions regarding their financial strategies. It encompasses various functions, including the monitoring of bank accounts, the reconciliation of transactions, and the generation of comprehensive financial reports.
Tax and Compliance
Tally encompasses tax management functionalities that involve the calculation of tax liabilities and the creation of tax reports. This particular feature assists businesses in guaranteeing adherence to tax laws and mitigating the risk of expensive penalties.
Within the software, users can establish various tax rates and implement them in transactions as necessary. Additionally, they can produce tax reports and regulatory documents, such as GST returns, ensuring that businesses align with the tax laws and regulations of their respective countries. For individuals aiming to expand their proficiency in data management and analysis, exploring educational resources such as Excel Training in Chennai can provide valuable insights and practical skills necessary for optimizing data handling and processing.
Budgeting
To access the budgeting feature in Tally, you can follow these steps:
- Open the Tally software.
- Navigate to the main menu.
- Look for the ‘Budget’ button and click on it. Alternatively, you can press the ‘Ctrl+B’ keyboard shortcut to activate the budget feature.
Once the budget feature is activated, you can proceed to set financial goals and monitor the progress of your business towards achieving those objectives. This functionality is designed to assist businesses in maintaining their financial focus and making well-informed decisions about their financial strategies. For individuals seeking to enhance their understanding of cybersecurity and related practices, exploring educational resources such as an Ethical Hacking Course In Bangalore can provide valuable insights and practical skills necessary for a career in this dynamic field.
Inventory Management
Tally facilitates efficient inventory management for businesses through functions like monitoring stock levels, generating purchase orders, and recording sales and purchases. It supports various units of measure and enables the establishment of minimum and maximum stock levels.
Beyond Tally’s accounting capabilities, its inventory management features are widely recognized. Users can create inventory groups and categories, and generate comprehensive reports on inventory movements and stock levels.
Moreover, Tally can handle multiple units of measure, which is especially beneficial for businesses dealing with products sold in diverse units, such as weight, volume, and length. The inventory functions in Tally permit the setup of different units of measure, with the ability to convert them based on specific conversion rates. This ensures businesses can effectively manage their inventory levels, preventing both overstocking and understocking situations.
Finally, you enjoyed this blog and now understand everything about tally, including Top 5 Tally Features You Must know. Cloud Computing Training in Chennai will help you grasp the tally concepts and learn real time projects with case studies and hands-on exercises.