Tally is an accounting software widely used in small and medium-sized businesses to manage financial accounts, inventory, and payroll. It is known for its simplicity and efficiency, allowing users to easily perform complex accounting tasks. Tally enables businesses to automate their operations, ensure compliance, and streamline their financial reporting.
History of Tally
The history of Tally begins with its creation by Tally Solutions Pvt. Ltd., an Indian company founded by Shyam Sunder Goenka and his son Bharat Goenka in 1986. Initially, the software was developed as a simple accounting tool, but over the years, it has evolved into a comprehensive business management solution. Below are key milestones in Tally's journey:
1986: Launch of the first version, known as Peutronics Financial Accountant.
1988: The software was renamed Tally, emphasizing simplicity and ease of use.
1999: Introduction of Tally 6.3, which brought VAT (Value Added Tax) compliance.
2006: Launch of Tally 8.1, introducing features for payroll and inventory management.
2009: Release of Tally ERP 9, a revolutionary version that integrated enterprise resource planning capabilities.
2020: Introduction of Tally Prime, offering a modern user interface and enhanced features.
What is Tally Prime?
Tally Prime is the latest version of Tally software, designed to simplify complex business tasks and make accounting easier for businesses. It includes enhanced features like an intuitive navigation system, multiple browser support, and a more flexible reporting system.
Features of Tally Prime
Here are some key features of Tally Prime:
Enhanced user experience with a simplified interface.
Support for multi-tasking and data comparison.
Comprehensive GST compliance and reporting tools.
Advanced inventory management with batch and expiry tracking.
Real-time business data access through remote access functionality.
Real Example: Using Tally Prime for Accounting
Let’s consider a small business, XYZ Enterprises, which uses Tally Prime for managing its accounts. Here’s how XYZ Enterprises utilizes Tally Prime:
Company Setup: XYZ Enterprises creates a company profile in Tally Prime, entering basic details such as company name, address, and GST number.
Recording Transactions: The business records daily transactions like sales, purchases, and payments under respective ledgers.
Inventory Management: Tally Prime helps XYZ Enterprises track stock levels, reorder points, and expiry dates for products.
Generating Reports: The software generates financial statements like balance sheets, profit and loss statements, and cash flow reports.
Tax Compliance: GST returns are prepared and filed using Tally Prime's automated tax calculation features.
Conclusion
Tally has grown from a simple accounting tool to a comprehensive business solution with the launch of Tally Prime. Its ease of use, powerful features, and ability to adapt to evolving business needs make it a preferred choice for businesses worldwide.