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written by | August 8, 2022

Benefits of Using TallyPrime for Banking

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Table of Content


TallyPrime is an all-inclusive business management tool for small and medium-sized enterprises. The TallyPrime software helps businesses manage invoicing, accounting, inventory, banking, cash and credit management, payroll, and cost management all from one place. In addition to allowing you to manage multiple business functions in an integrated manner, TallyPrime also allows you to focus on business growth by eliminating complexities. With TallyPrime, you get things done quickly, enhance business efficiency and gain better control of your business. This intuitive software automates all key business processes.

Did You Know? The Accountant, an accounting program created by Bharat Goenka, has no codes. In 1986, he and his father founded Peutronics, which was later renamed Tally. The current variation is the first concurrent multi-lingual corporate accounting and inventory software called Tally 9.

What is TallyPrime?

TallyPrime is a complete business management tool for small and medium-sized businesses. TallyPrime assists you in managing accounting, inventory, banking, taxation, payroll, and many other tasks so that you may eliminate accounting complications and concentrate on business expansion.

TallyPrime Features: Breaking Down the Elements

There are many features of TallyPrime. Here we will look at the most unique and useful features given to us by the company. 

  • Online Business Data Access

With the assurance that your data will always be yours, TallyPrime enables you to access business reports online from the convenience of a web browser, wherever you are. Say goodbye to manually creating e-way bills with TallyPrime's fully integrated e-way bill generation solution since Tally is a reputable, ISO-certified GSP (GST Suvidha Provider). TallyPrime directly integrates with the e-way portal and can automatically create your e-way bill without your involvement. With TallyPrime's integrated services, developing and printing an electronic invoice is remarkably more accessible. Because of the direct interface with IRP, you may instantly generate and upload e-invoice data, receive portal authentication, and print IRN and QR codes without manual effort.

  • Data Security

They pledge to always maintain control over the sensitive data belonging to the business. Access to the data can be restricted based on your preferences, thanks to multiple user access controls and feature-based security levels. As a business owner, you always want to keep your company's data safe and secure. Encrypting the data with Tally banking vault allows you to use to keep information private. Only authorized users will be able to examine financial data with the help of a firm password policy, improving data security. You can build a password policy in TallyPrime that specifies the password complexity, expiration, history, allowing the user to update their password, etc. As a business owner, you always want to keep your company's data safe and secure.

  • Multitasking Skills

TallyPrime enables multitasking and aids in managing interruptions that occur throughout the day. Do you want to record a new sale but are in the middle of the sales invoice? Or are you in the process of entering a payment but wish to consult an overdue report first? With TallyPrime, you can deal with many circumstances without jumping between various Tally instances or worrying about losing your progress.

  • Management of Credit and Cash Flow

TallyPrime helps you optimize cash flows by boosting efficiency in accounts receivable, accounts payable, inventories, and other areas of your business. You can manage your cash flow using TallyPrime's comprehensive reports. TallyPrime automatically creates a distinct bill reference for each invoice to monitor the unpaid invoices. It will be simple to track and match invoices and learn about outstanding bills if you just track the bill while accepting or making payments. The TallyPrime bill settlement option gives you a quicker way to settle a party's bulk payments for a number of open invoices at once.

  • Management of Inventory 

The worth of work-in-progress, finished commodities and raw materials are generally referred to as inventory. Although it is a company's most important current asset, other types of inventory exist. In specific circumstances, it might also apply to different kinds of assets, such as fixed assets. With TallyPrime's robust job work functionality, you can fully oversee the job work process as both the major manufacturer and the job worker. To provide complete visibility of the job state and material status, it is flexible to record the material issues, receipts, and consumption of materials backed by job work reports.

TallyPrime is one of the most adaptable systems for the best inventory management because of its numerous characteristics. Inventory management is a breeze because of features like godown management, multiple stock valuation, manufacturing, batch and expiry date, job costing, etc., and robust inventory reporting.

  • Banking in TallyPrime

You can effortlessly handle your banking needs with the help of  Tally banking services and utilities. Tally Banking is made simple using TallyPrime's features, such as automatic bank reconciliation, pre-defined chequeformats, cheque management, and e-payments. In Tally ERP9, three types of bank accounts are offered - Cash Credit Account, Overdraft Account, and Saving Account. Therefore, businesses can easily manage payments made through Tally banking.

  • Multiple Business Reports

More than 400 business reports are included with TallyPrime, all of which support organizational insights that will help you make wise decisions. Because of TallyPrime's incredible versatility, you may customize how you view your reports and how they perform for your company.

  • Taxation

The government streamlined and simplified the procedure of GST compliance by introducing the e-Way Bill system. While transporting the items from one place to another, an e-Way Bill document must be carried by the transporter. This record will include the e-Way Bill number and other pertinent information. Accordingly, you can quickly create GST-compliant invoices with TallyPrime, such as tax invoices and bills of supply, and you can always file proper GST returns. 

The integrated error detection and correction feature ensure that your GST returns point accurately. With TallyPrime, you can generate an electronic invoice immediately without altering your standard invoicing procedures. You can generate electronic invoices without human intervention using TallyPrime's connected services and print IRN and QR codes on the invoices. 

To meet emergencies, TallyPrime offers the mass generation of e-invoices and offline age of e-invoice files (JSON). A unique report with TallyPrime will provide a comprehensive overview of your banking transactions' status (produced, pending, or cancelled). An alert system should be in place to protect your electronic bills against inadvertent change, deletion, etc., and redundancy in multi-user environments. TallyPrime makes GST filing more effortless for you, whether you file GST returns or share the information with your tax adviser. 

What else? You can easily print invoices with IRN and QR codes and automatically produce electronic invoices. You can manage TDS, TCS, and statutory payroll taxes, including PF, ESI, and employee income tax, using TallyPrime's services. 

Also Read: Shortcut Keys in Tally Prime

What Are the Different Types of Tally?

After knowing the features of TallyPrime, let’s know the different types or editions of Tally. There are only two distinct Tally software categories, one of which is Tally. Tally Multi-User is an alternative to ERP 9 Single User (Silver) (Tally Gold).

  • The Silver Edition Tally ERP 

The Silver edition covers a single user/computer system. Therefore, the edition can be activated on a single system and accessed only from that system. The Silver edition includes all of Tally 9's features and capabilities. It can manage numerous branches or businesses in addition to books of accounts. TallyPrime Silver only functions on one system at once. It has extra features that offer data protection, remote access, on-demand data synchronization, and flexibility to match your company procedures. The ideal method for accelerating the expansion of your organization is TallyPrime Silver.

The Gold Edition Tally ERP9

The most recent version of Tally, TallyPrime Gold (Multi User), has all brand-new, interesting features. TallyPrime is an all-inclusive tool for business management. You may control various processes, including accounting, inventory, statutory and compliance requirements, banking, and payroll. Up to ten people can use the Gold edition. You are allowed to create and manage an unlimited number of businesses (legal entities) and personal books of accounts.

Also Read: Know Tally Prime Features & Differences from ERP 9Tally

The Benefits of TallyPrime ERP Software for an SME 

  • Three crucial processes:

ERP software is necessary for small and medium businesses (SMEs) to manage three crucial processes: compliance, inventory, and banking in TallyPrime. Its user-friendly interface, handles the complexity of the accounting functions in the background, enabling better accounting support for your business.

  • Easy to access:

TallyPrime effortlessly facilitates the management of accounting, inventory, and compliance inside of a single platform. Therefore, business owners find it easier to assess the impact of finance on their operations and make day-to-day choices based on facts.

  • Accurate financial reporting:

Small and medium-sized businesses frequently face financial difficulties, so they must keep an eye on their cash flow and fund flow before deciding whether to apply for a loan from a bank or other sources. With TallyPrime, significant choices can be made by quickly accessing crucial financial reports for review. Further, accurate financial reporting also helps proper tax payments, compliance and a true and fair view of the financial position of a business. 

  • Stock Ageing report:

Business owners must keep track of their inventory data to ensure they aren't heavily financing the upkeep of their inventory by accruing exorbitant interest costs. TallyPrime offers a Stock Ageing report that aids in inventory management. By looking at the report, business managers can make decisions depending on the status of stock clearing or place fresh orders with their suppliers.

  • TallyPrime GST:

Regular dealers now file returns once a month due to the introduction of the GST. They require business management software that is GST-ready, such as TallyPrime, to capture business data in formats that are compliant with the GST. Giving businesses the ability to become GST compliant provides them with a competitive advantage.

Benefits of  TallyPrime Software for Medium-sized and Large Businesses

  • Medium and big businesses perform a wide range of business functions, and they can manage cross-functional operations and make independent judgments with the appropriate ERP software. TallyPrime helps companies effortlessly integrate their accounting, inventory, compliance, payroll, finance, and other functions.
  • With various user logins, business owners may handle multiple functions. Depending on the data needed to run the firm, they can provide each employee with a distinct set of access privileges.
  • Employees that conduct their business remotely may be granted remote access. An inventory manager who works from a godown site rather than the head office may be able to retrieve the necessary data to generate delivery challans using TallyPrime at the godown itself.
  • Tax Consultants can conduct audits remotely using TallyPrime without the inconvenience of data transfer. Auditors may write their comments on the vouchers, and business owners may respond accordingly.

Also Read: Tally Prime Data Migration & Backup from Tally ERP 9

Conclusion:

You need a reliable software application to effectively and efficiently handle business and financial operations. Using these crucial elements of the banking utilities by TallyPrime will make your financial transactions much easier and worry-free.
Tally users can also use the Biz Analyst application to manage the business more effectively. It syncs with Tally data making it easy to access even if you’re offline or on the go. You can manage the accounts, create ledger entries, access business reports, and more to keep your business on the right track.

FAQs

Q: Why is it crucial to learn Tally?

Ans:

Tally is a cutting-edge accounting program used to manage accounts. It assists in keeping track of all accounting forms, including invoicing. The program makes it possible to record complicated bookkeeping so anyone can manage it.

Q: Describe Tally and how Tally is helpful in business?

Ans:

Tally is an ERP accounting software program that keeps track of a company's daily business operations. The latest Tally release is Tally ERP 9, full enterprise software designed for small and medium-sized businesses. It helps businesses track and manage their financial transactions.

Q: What role does accounting play?

Ans:

Accounting is essential to running a business because it makes it easier to keep track of income and expenses. It also ensures legal compliance, and gives investors, management, and the government access to quantitative financial data that can be used to make decisions. You can quickly manage your accounts by using TallyPrime.

Q: Can TallyPrime be used on Mobile?

Ans:

You can use Biz Analyst on Android and iOS mobile devices and tablets to access TallyPrime data. Your sales, receipt performance, and a customer's total balance can be seen. You can take punch invoices and orders, make receipts, and build a customer's ledger and bank statement entry in TallyPrime all at once.

Q: What makes Tally the finest software?

Ans:

Tally is simple to use and doesn't require complex procedures. Tally is your best option if you're seeking adaptable software that's easy to use. Even the most fundamental accounting knowledge will allow you to operate Tally easily and simplify data entry.

Q: TallyPrime Silver: what is it?

Ans:

TallyPrime Silver only functions on one system at once. It has extra features that offer data protection, remote access, on-demand data synchronization, and flexibility to match your company procedures. Your business's growth can be accelerated using TallyPrime Silver.

Q: When was TallyPrime first released?

Ans:

To provide an interface between the new Goods and Services Tax (GST) server and taxpayers, Tally Solutions was shortlisted as a GST Suvidha Provider in 2016. In 2017, the firm released its revised GST compliance software. The business released TallyPrime in 2020, and they unveiled TallyPrime Edit Log in 2022.

Q: Who is the creator of TallyPrime?

Ans:

The Accountant, a forerunner to Tally was an accounting program created by Bharat Goenka. In 1986, he and his father founded Peutronics, which was later renamed Tally. The most recent version of the first concurrent multilingual commercial accounting and inventory software, Tally 9.

Q: How many users can use TallyPrime Gold Edition?

Ans:

The Gold edition can be used with a forecast of your company's profitability. Using Biz Analyst, you can now simply manage your income and expenses while keeping an eye on your cash flow. You can manage as many companies (business entities) and personal books of accounts as you need.

Q: How to Upgrade from Tally.ERP 9 to TallyPrime?

Ans:

If you already use Tally.ERP 9 and your TSS are active; you are eligible for a free upgrade to TallyPrime. It only takes a few clicks to download, install, and reactivate your licence.

Disclaimer :
The information, product and services provided on this website are provided on an “as is” and “as available” basis without any warranty or representation, express or implied. Khatabook Blogs are meant purely for educational discussion of financial products and services. Khatabook does not make a guarantee that the service will meet your requirements, or that it will be uninterrupted, timely and secure, and that errors, if any, will be corrected. The material and information contained herein is for general information purposes only. Consult a professional before relying on the information to make any legal, financial or business decisions. Use this information strictly at your own risk. Khatabook will not be liable for any false, inaccurate or incomplete information present on the website. Although every effort is made to ensure that the information contained in this website is updated, relevant and accurate, Khatabook makes no guarantees about the completeness, reliability, accuracy, suitability or availability with respect to the website or the information, product, services or related graphics contained on the website for any purpose. Khatabook will not be liable for the website being temporarily unavailable, due to any technical issues or otherwise, beyond its control and for any loss or damage suffered as a result of the use of or access to, or inability to use or access to this website whatsoever.
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Disclaimer :
The information, product and services provided on this website are provided on an “as is” and “as available” basis without any warranty or representation, express or implied. Khatabook Blogs are meant purely for educational discussion of financial products and services. Khatabook does not make a guarantee that the service will meet your requirements, or that it will be uninterrupted, timely and secure, and that errors, if any, will be corrected. The material and information contained herein is for general information purposes only. Consult a professional before relying on the information to make any legal, financial or business decisions. Use this information strictly at your own risk. Khatabook will not be liable for any false, inaccurate or incomplete information present on the website. Although every effort is made to ensure that the information contained in this website is updated, relevant and accurate, Khatabook makes no guarantees about the completeness, reliability, accuracy, suitability or availability with respect to the website or the information, product, services or related graphics contained on the website for any purpose. Khatabook will not be liable for the website being temporarily unavailable, due to any technical issues or otherwise, beyond its control and for any loss or damage suffered as a result of the use of or access to, or inability to use or access to this website whatsoever.