Tally is recognized to be an extremely utilitarian software amongst the most renowned software existing in the world. It assists corporations and enterprises in documenting their daily transactions and aids them in scrutinizing all the figures and stats pertaining to their business. Tally is deemed to be an upshot of Enterprise Resource Planning (ERP). To comprehend what Tally verily is, let us decipher the literal sense of it. ‘Tally’ literally means maintaining records or documents which may be utilized for accounting purposes. In this article, we will study the Tally Course Uses and its advantages.
Tally is presumed to be an ERP software that carries its functioning in the accounting department. It is a conglomeration of diverse elements like supply chain optimization, accounting, GST application, devising payrolls, etc. This software is a product of a technological organization based in India, Tally Solutions Private Limited.
Tally Solutions was established in Bangalore in 1986, the co-founders of the company are Mr. Shyam Sundar Goenka and Mr. Bharat Goenka. The application was primarily formulated for the administration of all the deals in their firm but due to its proficiency, it was launched on a large scale, to be explored by people around the world.
The most widely accepted version of Tally is Tally ERP 9 which was introduced in the year 2009. A new edition of Tally ERP 9 was inaugurated in 2020 with the name of Tally Prime which comprises better features.
What is a Tally Course?
Tally can be referred to as the acronym of ‘Transactions Allowed in Linear Line Yards’. A manual account is more likely to be error-prone or get mislaid, therefore, Tally is a providential software for keeping accounts. Before conferring about the Tally Course Uses, let us first understand, what a Tally Course is.
A Tally Course is a superlative computer course that aims at educating individuals about GST, data auditing, stock management, and computation of Tax Deducted at Source (TDS). The course extends to a duration of 1-3 months if it is a certificate-based course while a diploma course generally lasts for about 2-4 years.
The course is exceedingly beneficial for individuals who wish to pursue a career in the accounting domain. Students doing Bachelors and Masters in Business Administration and Commerce are introduced to Tally as a segment of their syllabus. The course fee varies from INR 4,000 to INR 10,000, depending on the acclaim of the institution. Individuals can register for the course after the completion of class 12 education, from a known board. The program is accessible to all individuals hailing from a commerce background at both, online and offline levels. Individuals skilled in this field may be employed in banks or at a multinational company.
What are the Tally Course Uses?
A Tally course is efficacious for any individual who wishes to learn principles relating to accounting and finance. Following mentioned are some Tally Course Uses:
- The primary use of Tally is to enter data on a digital platform for the purpose of maintaining records, without the hassle of preserving physical notebooks. Since it is a technological software, we do not need manual labor to compute the entered data in any way.
- Tally gives us the facility of creating ledgers. A ledger is typically a logbook for transcribing the amount of money a corporation has earned or remunerated. We can create distinct ledgers for each enterprise under our administration or an independent logbook for each customer. Tally ERP 9 is inclusive of two sorts of ledger accounts. More ledgers can be constructed as per an individual’s requisites.
- Vouchers are also encompassed in this software. They refer to records that carry monetary transactions.
What are the Advantages of Tally?
Having discussed the Tally course uses, let us now take a look at the advantages of a Tally Course:
- Tally is an immensely safe and reliable software. Therefore, there are no chances for anyone to interfere with your data. There are cipher chances of your data being fiddled with. Though, the abstract code may seem difficult to comprehend but once you enroll in a Tally course, the programming and techniques would become subtle.
- It is easily and widely accessible due to its reasonable price. Features, unknown and generally unavailable are found in Tally at affordable rates.
- Tally is highly efficient in the administration of a business. Accessing vouchers, formulating ledgers, constructing tax statements, etc. can be done with extreme ease.
- This application is also advantageous for registering information regarding the employees of a company. From their attendance and leaves to their punctuality and salary, everything can be monitored using Tally.
- Tally is a remarkably robust software. It is immensely renowned because of its adaptability, utility, and expeditious user interface. As stated previously, it incorporates numerous elements like accounting, billing, taxation, etc. The Tally Course uses a sweeping set of tools to accustom and educate the individual about the software efficiently.
- Pupils willing to enhance their aptitude in the domain of accounting and finance can proceed to pursue a Tally course. Tally is widely recognized and used all around the world by enterprises and corporations of all magnitudes. Individuals equipped with the knowledge of Tally are high in demand everywhere and therefore, there are humongous job prospects.
- Tally diminishes all the doubts concerned with making errors while entering data. The Tally software is a smart application that prevents the causes and occurrence of any errors by humans and it is thus, effective over manual methods of entering data.
Who is Eligible To Do The Tally Course?
Now that we have a load of the Tally course uses and its advantages, we shall go through the eligibility criteria required to register for a Tally course. Candidates must have completed their 10+2 education in the commerce stream. Though students from any background may apply, Commerce students tend to have a basic understanding of finance and therefore, they are a better choice.
It is beneficial if the candidates have a fundamental knowledge of the governance of a corporation and accounting. Graduate students wanting to pursue this course can also apply. All they need to have is a prior understanding of how businesses work.
What is The Course Curriculum of The Tally Course?
A Tally course is a comprehensive computer course that includes the following modules. The Tally Course uses a combination of theoretical as well as practical techniques to impart a wholesome education.
- Principles associated with Goods and Services Tax (GST)
- Construction of balance sheet
- Elemental Accounting
- Creating Ledgers and Vouchers
- TDS and its computations
- Study of tax and precepts of taxation
- Payroll and its concepts
- Cheque printing
- Credit line
- Data coordination
- Analyzing stock
- Understanding of Value Added Tax (VAT)
- Price classifications
- Information regarding Sales
The Tally Course uses a vast range of concepts to make an individual proficient in this software. Stated below are the fundamental concepts included in the Tally course.
- Accounting – Accounting refers to the procedure of documenting and recapitulating all the transactions carried out in an enterprise and utilizing the same for analysis and validation of the recorded data. The records can be built by forming vouchers. Accounting is necessary to predict the future of the business and all the profits it may make. Tally software facilitates an individual to manage their accounts with ultimate ease. The transactions are recorded and further processed for the purpose of banking. Monetary information can be stored sequentially. Interest can be computed. The most standard and extensively used accounting system is the ‘Double Entry System’. The data in such a system is stowed in two parts – Credit and Debit. This implies that for every dealing, the debit will be equivalent to the credit. Stating elaborately, it means that for every profit that is earned, there is an outlay in the business.
- Billing – Billing involves the process of recording data relating to any business product and its cost to send it as an invoice for clearing the dues. Billing is a crucial part of any accounting software. TallyPrime aids businesses to generate invoices that appear accomplished and professional. The bills can be contrived as per customer demand and requirement. With the support of this software, an individual can choose the kind of billing layout that corresponds to the nature of business and can also integrate the logo of their company if needed. Multitasking becomes conceivable with Tally. Considerable situations can be dealt with, with the use of Tally without any hassles. Tally is the most effective because of its feature of recording bills and accepting orders and quotations in any foreign currency.
- Payroll – Payroll means constructing an index of all the employees in a corporation and the amount they are remunerated. Considering it is one of the most vital aspects of an enterprise, it is the most tricky one to handle. The processing of any salary slip or pay slip is a tedious job. However, with the introduction of Tally, this job has been extensively simplified. The application allows us to classify all the information into subcategories related to any employee, group, organization, etc. Any loan details regarding an employee can also be easily stored and retrieved. The data processing is well-timed and accurate, including with it all the contributions and deductions of the employees. Therefore, Tally Prime software enables a corporation to manage this aspect of their business on their own without having to employ IT professionals.
- Banking – The course educates the candidates about the techniques of banking that include concepts like TDS, calculation of tax, etc. Banking with Tally has become methodical and facile. There is no requirement to reconcile a bank statement containing an extensive file of transactions. All you need to do is, bring in the electronic document that has been loaded from the portal of the bank and let Tally do the rest, i.e., reconciliation of the bank statement. Money and Cheque slips can easily be generated without any bother or inconvenience. Making use of the online payment characteristic of Tally Prime, the cash transfer process has been made uncomplicated. In addition to the smooth process, it also promises a secure financial transaction.
A modern Tally Course Uses sophisticated techniques to acquaint individuals with its functions and working.
Check here the best Tally courses:
What are the Different Career Prospects After Doing a Tally Course?
Candidates can earn a figure between INR 5 lakhs to INR 10 lakhs per annum after pursuing a Tally Course. Individuals can secure a job in banks, Multinational Companies, hospitals business firms, etc. The positions available for tally-certified individuals are cited below:
- Finance Officer – A finance officer holds the responsibility of looking after an institution’s monetary funds and its management by governing the budget, building a balance sheet, creating memorandums, operating bills, and many other tasks. Individuals willing to grab a position in a reputable corporation as a financial officer must make sure that they are well acquainted with the distinct financial facets of a business like policies to expand and consequently gain a considerable profit, strategies, and procedures. Tally is the go-to choice to regulate monetary transactions and statements these days so individuals proficient in the Tally software are more likely to be eligible for the job. The Tally Course Uses various tools and techniques to educate people in this domain.
- Tax Accountant – Tax accountants help the clients of their firm with taxes. They are more centralized on taxes than financial statements. In layman’s language, Tax accountants are appointed to manage tax accounts. This is a category of accounting that is associated with individuals, companies, enterprises, and business firms. Tax accounting aims at tracking monetary reports concerned with single entities and large business establishments. Tax accountants differ from accountants in the aspect that they participate and specialize exclusively in computing taxes and pursuing laws related to these.
- Investment Banker – Investment Bankers act as mediators between corporations that need money to finance their projects and investors who are willing to invest. They also aim to advise enterprises and corporations on how to control risk and handle barriers. The advice may extend to matters like stock management, negotiations, mergers and acquisitions, and many other criteria. Investment banking is one of the highest-paid professions existing in the world. The purpose of Investment Bankers is to create appropriate budgets for investments that may yield good returns. They must be adept at handling currencies and thus a Tally course is a great choice for anyone interested in making big as an investment banker. Proper utilization of technology, good communication skills, and an understanding of statistics are some of the needed attributes for an investment banker.
- Sales Analyst – The job of a sales analyst is to compute and record information regarding the sales of a company. They are responsible for amassing data and analyzing it to construct thorough accounts. Furthermore, they are meant to adopt and implement strategies to ameliorate the sales in a business corporation. Their job might also include assisting the marketing squad in order to produce some flourishing campaigns. Sales analysts must know how to scrutinize, forecast, and give suggestions to make progressive choices.
- Account Executive – The role of an account executive is to manage customers and consumers, organize drives, and act as an intermediary between corporations and clients. Account executives mostly inhabit the finance, advertisement, and public relations sectors. They play a role in a business deal right from the start. After the negotiations and finalization of the deal, they must adopt ways to fulfill the contract and look forward to keeping their clients satisfied and happy. Besides this, they may be expected to inform the clients about any contemporary products and benefits.
- Tally Operators – They utilize the Tally program to maintain accounts and balance sheets. They are also responsible for constructing ledgers, records about earnings and expenditures, etc. Tally Operators are presumed to document the data and make regular entries in the software. Their other jobs include verifying payments received. The Tally Course uses a set of methods to familiarize individuals with all the nooks and corners of the Tally software. At the end of the course, individuals are certain to be skilled in the use of this software.
Frequently Asked Questions
1) What are the Most Important Features of Tally ERP 9?
Tally ERP 9 is equipped with an expansive set of features. The features are :
- The software is concocted in such a way that it makes it uncomplicated and effortless to manage accounts. Vouchers can be generated and tracked without a hitch and regular reports are obtainable on any front- daily, weekly, monthly, or yearly. Enterprises get smooth access to operate journal and expenditure entries.
- Tally ERP 9 can be utilized for the objective of stock management, flexibly. Documents on stocks can be acquired and reports can be reviewed. Based on the business, many godowns can be constructed and taken care of, separately.
- Reports associated with the administration of a business including the balance sheet, statements mentioning the gains and losses, etc. can be retrieved whenever required.
- It provides a facile solution for all financial transactions. Tally ERP 9 can supervise the monetary information concerned with a large number of companies and corporations. Different currencies can be handled and interest can easily be computed.
- Multiple languages can function in the Tally ERP 9 software and therefore, it is referred to as multi-lingual tally software.
More attributes can be explored by registering for a Tally course since a tally course uses a skilled approach and a vast set of techniques to make the candidates proficient in this domain.
2) How can Tally 7.2 be differentiated from Tally ERP 9?
The Tally software has been known to evolve through several stages, beginning with Tally 4.5 to the current existing Tally ERP 9. Let us evaluate the differences between the fourth and the latest versions of Tally, i.e., Tally 7.2 and Tally ERP 9. Tally 7.2 was launched in 2005 whereas Tally ERP 9 was introduced to the general public in 2009. Tally 7.2 contains all the features that may aid an individual in accounting, reporting, and stock optimization while Tally ERP 9 seems to possess features like Payroll, TDS, and GST in addition to the already existing features in Tally. While Tally ERP 9 is serviceable in two editions – Tally Silver and Tally Gold, Tally 7.2 is available in two licenses – Single User and Multi User. A comprehensive Tally Course Uses both versions to make learning more understandable and better.
3) How is Tally Different from Manual Accounting?
Manual accounting typically involves the use of physical notebooks or registers to make data entries and create accounts for their use by an enterprise or a business institution. But Tally is a computerized application meant for the cause of creating accounts and documenting all the transactions relating to all the monetary deals carried out by a company. Manual accounting is a gradual method since it requires full concentration of the accountant so that they do not commit mistakes while Accounting using Tally is faster and the reports are not error-prone. An individual needs to compute all the facts and figures in case of manual accounting while if we use Tally, we are just required to enter the information, and all the calculations are done electronically by the computer. In manual accounting, data can be lost if the physical notebooks are misplaced however, Tally provides backup options, so that all the data remains sound and secure.
Tally is an integrated computer software meticulously developed to meet user requirements. A Tally Course is highly instrumental for all those who want to enter the finance domain and establish themselves as accountants. The Tally Course Uses and Advantages are reliably substantial and constructive and therefore, it is a productive skill to instill in oneself in today’s world of technology and digitalization.