FEATURES OF TALLY

             Tally is a complete Enterprise Resource Planning system with an excellent grip in accounting features.

Although Tally has many more core features that a business requires but its hold in accounting is truly commendable. Therefore Tally is known more for accounting rather than any other of its features.

If I have to mention a single software for a business need even if the business is just starting out, Tally is the one which I would recommend.

The reason for this recommendation is because Tally does all the things that a business at a time of starting up requires.

And, not just business, but you can use Tally for your personal accounting also.

For example, let’s say, you are a salaried person and have investments in shares, mutual funds and some other real estate investments.

1. You can easily pass entries for your monthly salaries. – Receipt Entry
2. Easily pass the entries for Stock Market and Mutual Fund Investments (along with capital gains) – Stock Market Entries
3. You can also pass entries for investments in Real Estate. – Normal Payment Entry

And the best thing is that you do not have to prepare Balance Sheet or Profit and Loss Account or any of the reports because they are automatically prepared while you are passing the entries.

Now let’s say for an example, if you are starting up a business of a general store, what would you require?

1. Accounting
2. Billing
3. Sales and profit analysis
4. Banking
5. Inventory
6. Taxation (GST, VAT, TDS, TCS)

I have brainstormed the needs of a newly opened general store which are all covered by Tally.

There are even more functions than this like Audit, Payroll, Manufacturing and so on which if needed can be used.

This was just an example of a general store and almost any business which requires a software for its functioning, Tally can be a best fit.

This was my answer to your question “What is Tally” and trust me, it can do much more.

I will now take you to a mesmerizing journey through the core features of Tally and will also explain some of the core features of Tally.

You can learn about the features and uses or you can simply go and start learning Tally for free since now, you know the basic meaning of Tally.

Core Features of Tally

I’ve discussed some of the very core features or you can say some of the important functionality of Tally here. The features are listed without giving any specific rank to them.

I am sure you will like the detailed listing of some of the amazing features of Tally.

This is like an introductory guide for a first time reader if you have not heard about Tally before or just heard a little bit about Tally.

Taxation or GST in Tally

A business cannot operate in isolation. It needs a society to operate which is governed by a government which levies different types of taxes on a business as it is a commercial activity.

What is Tally – GST

Well, Taxation is also covered by Tally.

Previously Income Tax, VAT, Excise, Customs and Service Tax were taken care of by Tally.

Now GST is also included in Tally’s latest version. You can upgrade Tally to have the GST functionality right now.

Now you can also create GST entries in Tally as well as GST Returns in Tally without using any other software.

The process is simple and easy and almost same as previous taxation entries.

Ratio Analysis in Tally

”  This option is not used by many people and the simple reason is that not many people are interested in analysis or they do their own analysis”.

               In the Gateway of Tally there is an option called Ratio Analysis which displays many important ratios on the basis of information which is entered by you at the time of creating vouchers.

Some of the common ones which are included in Tally are Current Ratio, Quick Ratio, Debt/Equity Ratio and Inventory Turnover.

You can also alter the timing for which you want to have a look at ratios. For example you want to know the Current Ratio for the first six months of the year which can also be done in Tally.

Moreover Ratio Analysis in Tally helps us to make quick decisions about our business or our client’s business whatever the case may be.

 Wrapping it up

This is what Tally is. I have not seen a software like Tally which is so simple and still have so much in it that I cannot even remember all the things.

This is why Tally is used in more than 100 different countries apart from India.

From a personal accounting to shop to manufacturing enterprise, Tally can do all of it.

At last all I want to say is now onward if anybody asks you what is Tally, you can easily put this article before his eyes and he will understand what is Tally