If you are looking for professional training programs, skills that are always in demand are the safest bet. Accounting is one such skill that has always been essential for business and will remain so in the future. However, one thing that has changed is that accounting is now done digitally. Software programs have replaced pen and paper, and it is essential to learn how to operate accounting programs in order to keep up with the times. Online tally courses will help you to do just that from the comfort of your home.
While some skills arise with the advent of time, others are evergreen and as old as civilization. They have been with us as long as humans have co-existed in organized societies. Accounting is one such skill. The earliest known evidence of accounting dates back to more than 7000 years ago, from ancient Mesopotamia, where records of things like crops, livestock, and animals were kept.
Even earlier than this, notches etched in bones were used for counting by primitive tribes. It’s evident that accounting has been an integral part of civilized existence since the dawn of recorded history. While the essence of this core skill has remained the same, its scope and methods of execution have changed.
We have come a long way from tally marks and leather-bound ledgers. Now we are in the digital age, and accounting has also become digital. There are several accounting software programs that you can choose from, TallyPrime by Tally Solutions Pvt. Ltd. being among the best of them.
It is the successor to Tally Solutions’ highly successful Tally ERP 9, which it replaced in the year 2020. In this article, we will look at some of the functions and features of TallyPrime, and we shall also discuss the best online tally courses for those who want to make a career for themselves in the field of accounting.
What is the Full Form of a Tally?
The acronym TALLY stands for Transactions Allowed in a Linear Line Yard.
About Tally Software
Tally accounting software has long been the eponymous flagship product of Tally Solutions Pvt. Ltd., with various updated versions being released over the years after the first one, Peutronics Financial Accountant, was released way back in 1986, a full 36 years ago.
The story behind the formation of this organization is an interesting one and vindicates the old proverb that necessity is the mother of invention. The company is the brainchild of the father-son duo of Shyam Sunder Goenka and Bharat Goenka.
The Goenka family had to start a new raw materials and machine parts supply business after their cotton business was destroyed in a fire. The senior Goenka asked his son Bharat, a Mathematics graduate, to create a simple-to-use accounting software for the new business after he found the existing accounting software packages to be not so user-friendly.
The result was Peutronics Financial Accountant, an MS-DOS bases application that had only the most basic features. Since then, the product has evolved with time and become much more sophisticated. Today, the latest version, TallyPrime, is a comprehensive business solutions package that takes care of accounting, inventory, sale and purchase, manufacturing, finance, branch management, excise, GST, TDS, and e-invoicing.
Below is a run-down of the various versions of Tally software that have appeared over the years: –
- Tally 8.1, a multi-lingual version, and Tally 9 were released in 2006.
- In 2009, Tally ERP was released. It was an enterprise resource software that was an integrated business management solution.
- Tally ERP 9 Release 5.0 was introduced to the market in 2015. It had additional taxation and compliance features.
- Tally Solutions released its GST compliance software in 2017 after the company was listed as a GST Suvidha Provider in 2016.
- The latest version, TallyPrime was released in 2020. The E-invoicing option was featured for the first time.
TallyPrime is India’s number one accounting software for small and medium businesses. The dominance of this particular program is such that the name Tally has become synonymous with the term accounting software in the Indian market, just as Google is synonymous with the term search engine.
If you are thinking about building a business in the accounting field, you simply cannot afford to be ignorant about TallyPrime. The top-rated online tally courses will enable you to acquire mastery over this accounting software.
Important Features of Using TallyPrime
Some people may question the need for switching over from manual account keeping to using accounting software, but the truth is that this really is a no-brainer. Using computers to maintain records offers multiple advantages, such as ease of access, lower chances of errors, compactness, much faster computation, the ability to perform complex analyses, and integration of different processes through enterprise resource software. Other important benefits are as follows: –
1. Data Security
Safeguarding data is a major concern for companies. Hacking and cyber-attacks have become more advanced than ever, and those in charge of corporations get sleepless nights at the thought of their data getting stolen or corrupted. Fortunately, Tally software has built-in security features to prevent any such attacks.
Tally uses tools such as encryption algorithms, license validations, and customer data synchronization to safeguard data. Further, customer data can be encrypted and stored using TallyVault. Those using TallyPrime for their accounting needs can rest assured regarding the safety of their data.
2. Budget Maintenance
Using TallyPrime, it becomes easier for businesses to keep track of their revenue and expenditure at all times, ensuring that they stay within their budget. This is especially true for small and medium-sized businesses that operate on fixed budgets and can’t really afford to incur too many unnecessary expenditures. The software also makes it easier to make adjustments to the budget due to unforeseen contingencies.
3. Universal Access
This is an obvious advantage. Analog accounting books are not so easy to carry around everywhere. However, anyone with a laptop or smartphone can access their company’s accounts from anywhere in the world, facilitating faster decision-making in business.
4. Payroll Management
The payroll feature in Tally is integrated with accounting. It simplifies payroll processing. Using the payroll feature, you can create payroll structures that simplify salary management. Payroll data can also be factored into overall business analysis.
Tally payroll allows you to choose from several formats that can handle registers (attendance, leave, and overtime), pay slip printing, ex-pat reports, flexible wages, and gratuity. Pay slips can also be sent to the email accounts of employees and exported to Excel. Overall, salary processing becomes much more time-efficient and accurate.
5. Tally Definition Language (TDL)
Tally Definition Language is a feature that makes it easier for you to communicate with Tally about what it is that you want to do, thus saving a lot of time when it comes to filling in entries for different types of records. As an illustration, let’s say you want to add 300 new entries to your bank statement for a specific time period like a month.
All you have to do is import the bank statement into a standard format, add any necessary additional details such as the ledger that has to be credited or debited, and run the TDL. TDL will automatically create 300 new vouchers and add the entries to your bank account.
Compare this with the alternative method of manual data entry, which is time-consuming and tedious. Similarly, sale and purchase-related invoices can also be posted automatically, making life easier for those in the retail sector. One can think of any number of applications for the TDL feature of TallyPrime.
In business, as in life, safety first is a sound principle. Getting into trouble with the Government over erroneously filed tax returns can be disastrous for any business, what with all the potential penalties and prison time that can follow.
Fortunately for Tally users, it comes with an in-built error correction feature, so you can rest assured that your taxes will be filed correctly. Tally will help you to stay compliant with all types of tax routines – GST, TDS, TCS, VAT, CST, and excise. Moreover, Tally Solutions releases regular updates of their software, so changes in tax law are supported.
7. Analytical Reports
TallyPrime has over 400 in-built report templates that companies can use to assess their performance on important benchmarks. There is also the option to create customized reports using one’s own desired metrics. These analytical tools help companies to gain a better understanding of their position and make informed business decisions.
One can organize the available data and separate it into different folders like marketing, finance, operations, etc. in order to gain a better understanding of how changes in these sectors impact the business overall. It’s very convenient for business owners to have all this information available whenever required.
Other best online courses:
- Online Business Accounting and Taxation Courses
- Online Financial Modeling Course
- Online GST Certification Courses
- Online Data Analytics Courses
8. Inventory Management
Inventory refers to all the goods and information owned by a company that may be sold or used for production. Inventory can include finished goods and raw materials (in a manufacturing company) or raw data, semi-processed information, or finished products (for a services industry).
Inventory management involves storing available assets in an organized manner and having up-to-date records of the same so that they can be moved efficiently when they are needed for production or selling. In a company where the inventory is managed well, operations managers always know what is the stock of items available and how soon they can be mobilized for various purposes.
As is quite obvious, efficient management of the inventory confers a number of advantages, such as cost-cutting, time-saving, removing bottlenecks in business operations, and more efficient use of available personnel and resources. Ultimately it contributes to a better quality of service to the customer and greater net revenue.
Some of the useful inventory management features of Tally are described below: –
- You can define and segregate an unlimited number of groups, batches, categories, and warehouses if you have multiple product lines.
- You can use multiple measurement units to quantify your stock. This comes in handy while dealing with the complexities of real-time operations, such as buying and selling a product in different units.
- The Bill of Material (BOM) feature of TallyPrime allows you to record all the material that is required to make a finished product.
The variety of useful inventory management features alone should make you give serious thought to online Tally courses.
9. Cost Analysis
With TallyPrime, you can do a comparative cost analysis for different time periods and centers and gain a better understanding of how your business is doing.
TallyPrime has several useful banking-related features. These are listed below: –
- Automatic bank reconciliation is supported for more than 100 banks.
- Cash and cheque deposit slips are generated automatically by TallyPrime. All that is required of the user is to provide the notes’ denomination.
- Cheque management becomes much easier with TallyPrime. You can create multiple checkbooks for different banks. The cheque register allows you to track the details of your cheques.
- TallyPrime has an e-Banking module that makes banking much simpler and easier.
Scope of Online Tally Courses
Because of the wide variety of functions that Tally performs, learning Tally from one of the top online Tally courses will help you to include many in-demand skills in your resume, and you will be able to choose from a wide variety of professional roles. Some of these roles are: –
- Tally Operator
- Tax Consultant
- Audit Executive
- Accounts Executive
- Financial Analyst
- Inventory Manager
- Cost Analyst
- Financial Modeler
- Billing Executive
- Data Operator
- Office Assistant
- Office Administrator
It’s clear that those who are skilled in TallyPrime have a wide variety of jobs to choose from. People who are serious about their careers will surely understand the advantages of completing one of the online Tally courses. Furthermore, business owners can also benefit greatly from online Tally courses. They can learn how to keep track of important business details, analyze data, make informed decisions, and improve business performance.
The Best Online Courses in Tally Accounting Software Are Listed Below:-
1. Internshala Training
Internshala Trainings is a well-known online education platform that provides professional courses for those looking to upskill or pick up job-oriented skills. They provide a six-week online certificate course in Tally accounting software at a very affordable price.
The course is beginner friendly and is also available in Hindi. It is a self-paced course and students are typically required to devote around 1 hour daily to the course. What’s more, the course is mobile-friendly, and the platform provides lifetime access to the course material which is also downloadable.
Additionally, the students get to complete one project as part of the course, thus gaining some practical experience. Placement assistance is also provided upon course completion.
Some of the Topics Covered in This Course Are: –
- Basic Accounting Concepts
- Accounting in Tally
- TCS and TDS
- Bank Reconciliation
- Data Extraction from Tally.
Overall, it is a comprehensive course that will make you an expert in using Tally software.
Course Duration: 6 weeks.
Udemy is the market leader when it comes to providing a wide variety of courses at extremely affordable rates online. They provide several short courses on Tally accounting software that can be completed in a few hours and are extremely affordable. For example: –
- Tally ERP 9 + TallyPrime + GST 2022 – Practical Training
- Tally: Beginner to Advanced GST Accounting using TallyPrime
- Complete Tally ERP 9 (GST) Course with Live Project
- Complete Payroll Management in MS Excel & Tally ERP 9 & TallyPrime
- TallyPrime + Advance Excel Combo Training Pack
- Advanced TallyPrime with Basic Accounting + GST + TDS
Course Details (for Tally ERP 9 + TallyPrime + GST 2022 – Practical Training): This course has 8.5 hours of video instructional material, and offers lifetime access to course materials. Some of the topics covered are the basics of accounting, company creation in Tally, ledger creation, inventory management, voucher entry, bill of materials (BOM), old taxation regimes like VAT, service tax, etc., and inventory management.
Recommended Read: Tally Course Syllabus
3. Keerti Institute
This is another top institute known for offering job-oriented courses that impart practical skills. They offer an accounting course called K-FAT (Keerti Certified Course in Financial Accounting and Taxation) that deals extensively with Tally. Some of the Tally-related topics covered in this course are listed below: –
- Company creation
- Ledger Creation
- Simple and compound interest calculation
- Price Levels and Price Lists Stock Valuation
- Banking Transaction Types
- Post-Dated Cheque Management
- Accounting Of GST Transactions
- Trial Balance
- Ratio Analysis
- Cash Flow Statement
- Payroll in TallyPrime
- Job Costing Reports
- Job Order Processing
This list is by no means complete. There are many other Tally-related topics covered in this extensive course. Some of the additional perks of the course offered by this institute are placement assistance and training in soft skills such as communication skills, facing interviews, etc.
Course Duration: 6 months
Contact Info: [email protected]
They offer high-quality job-oriented courses that focus on imparting skills that are useful in the workplace. Their Post-graduate Program in Business Accounting and Taxation (PGP-BAT) course will give you detailed instruction in Tally. The course contains a total of 9 modules, out of which 4 deal with TallyPrime.
They take very few students in order to improve the quality of their course and offer project-based training and case studies that impart real-world skills to the students.
Here is a List of the Tally-related Topics Covered in This Course: –
- Income Tax
Course Duration: 5 months
Contact Info: [email protected]
Q1. What is the average duration of online Tally courses?
A1. The average duration of online Tally courses lies in the range of 2-3 months for a certificate course and 1-2 years for a diploma course.
Q2. Are BAT courses different from Tally courses?
A2. BAT courses are different from Tally courses. BAT stands for business, accounting, and taxation. A BAT course is much more comprehensive than a Tally course, is of longer duration, and costs more.
Q3. What are the required qualifications for online Tally courses?
A3. There are no specific requirements for a Tally course. Although it is mostly commerce students who enroll in Tally courses, people from all streams can take advantage of Tally courses.
Q4. Will learning Tally be helpful for my career?
A4. Most certainly. Learning Tally will open a world of professional opportunities for you. If you are a business owner, learning how to operate Tally will give you an insight into the crucial operations that are crucial for running a business and will make you less dependent on others.
Q5. What is the average fee for Tally courses?
A5. The average fee for Tally courses falls in the range of RS. 8000 – Rs. 10,000.
Tally software is the pride of the Indian IT sector. It has made life easier for millions of small and medium-sized businesses all over India and even abroad. While it was an innovation when it was released, now one can say that it is a necessity. As the scope of business operations has increased in the digital age, so has the complexity, as well as the volume of business records. Managing all the account books, invoices, bills, payment slips, other records, etc. would be a very slow and cumbersome process if done entirely manually.
On top of that, there is a high probability of errors when large volumes of data are handled by humans. The autocorrection that is an integral part of Tally accounting software gets rid of all possible errors and duplications, saving businesses from great potential harm. It is also worth considering that accounting is not among those professions which become trendy at certain times. It has perennial, rather than seasonal relevance and importance, so if you learn Tally software through online Tally courses you are pretty much guaranteed a job somewhere.
Also, Tally has grown tremendously since its inception and is now much more than just accounting software. It handles a wide variety of tasks, so completing one of the online Tally courses will put you in a position where you can choose from a wide variety of jobs. Taking all of the above into account, one can safely say that getting enrolled in one of the top online Tally courses will give you a definite head start in your professional life.