The Tally Way of Computerised Accounting


This article discusses the pros and cons of computerised accounting and gives details about the features of Tally accounting software. The article gives an idea about using Tally in the system of computerised accounting.

The way computer and internet have changed the way of living is know to everybody. Well, in the business field too there have been lots of changes. Accounting is the process of where the financial information regarding the business is gathered, processed and presented. And from an age of manual accounting we progressed to computerised accounting. Tally is a main player in this transformation.

We will start with an examination of upsides and downsides of computerised accounting

Pros and Cons of Computerised Accounting

The age of computers itself is familiar to all of us, and the ups and downs too. Still, we will look into the major points.
Pros:
  1. Speed and Accuracy
    Computerised accounting introduced a time where the final accounts are prepared in no time and with less or no errors.

  2. Storage and Retrieval
    Storing of the records and finding a particular record is much more easier here.

  3. Organisation
    The data stored is organised in good context and category. Additionally, any data, irrespective of its age, is clearly legible.

  4. Cost
    Actually, this is a sort of advantage possible for enterprises with reasonable size. The accounting cost can be reduced for larger companies.

Cons:
  1. Cost
    We will start with cost itself. For small enterprises acquiring required hardware and software, training of employees, etc. will be costly.

  2. Virus and Hacking
    The computer faces these two challenges and it also applies to computerised accounting too.

Tally

Tally is a complete package for accounting developed and owned by Tally Solutions PVt. Ltd.

source: wikimedia

About Tally Solutions Pvt. Ltd.
The initial name of the company was Peutronics Pvt. Ltd., which was renamed as Tally Solutions Pvt. Ltd. It was co-founded by Shyam Sunder Goenka and his son Bharat Goenka, headquartered at Bangalore. The rename was done because the brand name "Tally" needed to be capitalized by the company (in general sense, the product actually gained more popularity than the company)

The company introduced many strategies which made their product reach even the common businessmen. Features like code less software with natural language interface, remote functionality, free servicing, free of cost upgrades, etc. was enough to make the software popular in no time.
Tally accounts for a majority portion of the Indian companies accounting system. Tally had gone many upgradations since their first release of the software. Now the latest version is Tally 9.

Tally 9 is extremely user-friendly and that makes it easy for an average accounting acquainted person to operate Tally 9. It has got two variants:
  1. Tally Silver: single user software

  2. Tally Gold: multi-user software via network

The Current Products of the Company (Versions of Tally 9)

  1. Tally.ERP 9
    This can be considered as the upgraded version of previous Tally packages. The version had many advanced features relating to inventory management, taxation, payroll etc. A single license for multi-users made this version great use for enterprises with many branches.

  2. Tally.Server 9
    This version was aimed at enterprises which have activities happening simultaneously at different points. Multiple users can use the software to record transactions at the same time. The version has much more advanced monitoring and administrative control facilities.

  3. Tally.Developer 9
    This is the language used to build Tally.ERP 9. Anyone can develop an extension to the current version as a Service Partner to the company. The Integrated Development Environment (IDE) and the full source code will be provided by the company here. This makes the users customise Tally 9 according to their need.

  4. Shopper 9
    This can be considered the smallest version of Tally. It is used at Point of Sale (POS) where billing takes place. The software updates the inventory details as per the sale, produce reports and exchange the details with head office and sales point. The version is aimed for storekeeping.

Key Features of Tally
  1. No more Account Codes

  2. Complete Accounting Solution

  3. Multi Platform Availability

  4. Multi Languages Supporting

  5. Customisation of the Software

  6. Maintenance of Security Levels

  7. Remote Access

The age of manual accounting is gone. Tally has made a big change in the way Indian companies perform their accounting. However, there are other popular accounting packages like PeachTree gaining momentum.

The home screen of Tally (known as Gateway of Tally)

source: tallyeducation.com


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