What is Tally ?
Tally is a leading business software, streamlining accounting and inventory processes. It ensures compliance and efficiency for businesses worldwide.
Definition
Tally refers to a numerical count or record of a total. It is commonly used in various contexts to represent the total number or quantity of something. In the context of accounting and business, Tally also refers to a popular accounting software known as Tally.ERP 9.
History
Tally Solutions, the company behind Tally.ERP 9, was founded by Shyam Sunder Goenka in 1986. The software was initially developed to meet the accounting needs of small and medium-sized businesses in India.
Over the years, Tally has evolved into a comprehensive business management solution, incorporating features beyond accounting, such as inventory management, statutory compliance, and more.
Uses:
The entity responsible for deducting TDS is known as the TDS deductor. This could be an individual, a business, or the government itself, depending on the nature of the transaction.
Accounting :
Tally is widely used for financial accounting purposes, allowing businesses to maintain ledgers, record transactions, and generate financial statements.
Inventory Management:
The software includes features for managing and tracking inventory, helping businesses keep track of stock levels, orders, and deliveries.
Statutory Compliance:
Tally helps businesses stay compliant with various tax laws and regulations. It can generate reports and file returns in accordance with local tax requirements.
Payroll Management:
Tally can be used to manage payroll processes, including salary calculations, deductions, and generating pay slips.
Data Analysis and Reporting:
Tally provides tools for data analysis and reporting, allowing businesses to gain insights into their financial performance.
Multi-Currency Support:
For businesses involved in international transactions, Tally supports multi-currency accounting, enabling users to handle transactions in different currencies.
Ease of Use:
Tally is known for its user-friendly interface, making it accessible to individuals with varying levels of accounting knowledge.
Customization:
Tally can be customized to suit the specific needs of different businesses, providing flexibility in terms of modules and features.
Tally.ERP 9:
Tally.ERP 9, the latest version of the software, is a comprehensive business management solution that integrates various aspects of accounting and enterprise resource planning. It has become a popular choice for businesses, especially in India and other emerging economies.