Over the years, Tally has come up with new and improved versions. These versions include significant advancements such as multiple area business systems, statutory payroll and inventory management systems. Tally versions have always ensured boosting productivity and flexibility. Up until now Tally ERP 9 was the latest feature of Tally. However,TallyPrime offers added facilities. Tally Prime is the latest launch of Tally Solutions which will make your business operations hassle-free. With the advantages of tally prime, business owners, Chartered Accountants, and other users can enjoy seamless work experiences.
Did you know? Tally Prime offers a distinctive ‘Go to’ feature that enables 90% access to the software.
What is Tally Prime on Cloud?
The new Tally version of Tally ERP 9 is called Tally Prime. The Tally Prime launch date was November 9th 2020. Tally Prime is an advanced business accounting software . Tally Prime facilitates improved problem detection and powerful correction capabilities. Tally Prime ensures flexibility to match up to the changing interests of your ever-growing business.
Tally Prime software can take care of accounting related to purchases, sales, monitoring payables and receivables, inventory management such as order processing and tracking inventory, bank transactions, payroll management, regulatory compliance etc. Other add-on Tally Prime features deal with all-over business management.
Tally Prime on Cloud can also deliver speedy critical reports to simplify decision-making for your business management. The different reports assessed by Tally Prime enable you to make informed decisions through essential accounting and financial reports, cash flow reports, cost centre reports, inventory reports and more.
Also Read: Calculation of VAT Based on Quantity for Petrol and Diesel in Tally - VAT in Tally
How to Use Tally Prime on the Cloud?
Tally is a reliable accounting application which has effectively served the business world for more than three decades. Tally Prime softwares do not require any professional experience and can be easily accessed by any individual. The cloud-based feature of Tally Prime makes it easily accessible for a business owner, an accountant or any different Tally user. You can find a ‘Go to’ option in the navigation bar that can enable access to 90% of applications. Other than that, one can find comprehensive accounting reports quickly with the help of Tally Prime on the cloud.
All these reports regarding payables, receivables, ratio analysis are comprehensive, and you can make quick decisions based on them. Tally Prime is statutory compliant, and accepts all statutory related changes. You can run your business in a multifactorial manner as E-way bills, GST and other newly added specifications are installed within the Tally software.
Distinctive Features of Tally Prime on Cloud
Tally Prime is an ERP application which can perfectly complement any business setup regardless of its size. Tally Prime on the Cloud provides your business with all kinds of customised solutions. Tally Prime software is compliant with the GST regulations to ensure ease of business. The features of Tally Prime are:
- SMEs (Small and Medium Sized Enterprise) require ERP software to effectively manage essential business functions like inventory, accounting and compliance. The easy-to-use interface facilitates the use of Tally Prime in these areas as these complex functions can be run in the background.
- As Tally Prime helps businesses effortlessly handle compliance, inventory and accounting within a single software, business owners find it easy to evaluate the financial impact on their companies and make informed decisions depending on day-to-day data.
- Businesses will not need data location on the Tally server while handling files of those data on the Tally cloud. It is only necessary to provide the name of the appropriate data server to access and use Tally Prime.
- The Tally Prime application optimizes the whole process or system for improved functionality and productivity while offering the capacity to track and observe user activities and sessions, and detach users when necessary.
Also Read: Everything about Multi-Currency in Tally.ERP 9
The Benefits of Tally Prime
The advantages of Tally Prime are as follows:
1. Enhanced Speed and Flexibility
Business owners can not afford to obstruct their complex business operations in any given situation. Tally Prime ERP features ensure hassle-free operations for the company owners. Just after installing the Tally application, the user can start entering their initial transaction. Tally Prime offers the flexibility of generating quick entries, since most of the time business organisations need to create different styles for the vouchers.
2. Advanced Features
An organization is expected to evolve over time and come up with new functions and features that can be added to the current ERP software. Tally Prime accounting facilities can be customised as inventory batch numbers, purchase orders and processing sales to calculate the evolving necessities. Activating such functionalities at any time does not disrupt previously recorded transactions.
3. Efficient and Reliable
Tally Prime excellently manages compliance. This ensures efficient management of financial data in the mid-financial year in GST and the CST (Central Sales Tax) /VST (VAT and Service Tax Cases) regimes. Business owners have to give a series of particular transactions with the GST starting date and only such transactions are eligible for GST. The earlier tax system and its data are the same as before. You won’t need to split data for two distinctive tax regimes, as Tally Prime can take care of the same.
4. Easy to Use
The user can easily navigate and look at detailed Tally reports with advanced features like ‘Go To’ and ‘customisable reports’ and operate them whenever necessary. Tally Prime assists in business growth by handling multiple business entities and incorporating features like multiple currencies, multi-go-downs, cost centres, order processing etc. This helps companies to get rid of unnecessary complications and start building the business.
5. Secured and Controlled Access to Data Files
Data operations like restore and backup can be performed with permission at the server level which is made available with proper authorisation. This facilitates complete control over data access by the users.
Tally ERP 9 vs Tally Prime
The difference between Tally ERP 9 and Tally Prime is listed below. This comprehensive Tally ERP 9 and the Tally Prime difference will help you understand Tally Prime while elaborating the features of your current Tally ERP 9. You will also get a Tally Prime demo while differentiating.
Difference between Tally Prime and Tally ERP 9:
|
Features |
Tally ERP |
Tally Prime |
|
Access Tally Data |
You need to determine a data path to access company data. |
Company data can be accessed from any path or remote company or drive and data status is displayed like corrupted data or required migration. |
|
Multi-tasking in Tally |
You need to open several Tally ERP 9 instances to accomplish multitasking. |
You need to check the opened reports in ‘Go to’ section to perform multitasking in Tally Prime. |
|
Copy/Paste in Tally |
Shortcut keys used in Tally ERP 9 to copy and paste are- Ctrl alt c Ctrl alt v |
In Tally Prime global keys are used for copy-pasting Ctrl c Ctrl v |
|
Chart of Accounts |
The user needs to make 3 clicks to launch any accounts. Tally’s Gateway > Display > List of Accounts |
You can view all your masters including groups, and voucher types. Ledgers, cost centre etc. from one screen if you click the Chart of Accounts option. |
|
Supplementary Details |
You need to fill in the details in Tally ERP 9 and provide supplementary information. |
You can add up necessary details in ‘configuration’ as ‘permanent details’ and choose to get only this information as supplementary details. |
|
Change VouchChart of Accountser Mode |
These options were available in three different locations in Tally ERP 9 which were a bit problematic. |
The Change mode facilitates three choices in sales or other vouchers such as accounting invoice, item invoice and invoice. |
|
Printing Invoice in Tally |
While printing invoices in Tally ERP 9 with other things, the invoices are automatically printed on multiple pages. |
The optimised printing, to save paper function in Tally Prime reduces 6-page invoices to two-page ones which can save on printing expenses, paper and other costs. |
|
Updating Details in Transaction |
To update the information on a particular item, you need to go through all items. |
You can update specific item details if you go to the ‘more details’ option in the transaction. |
Also Read: A Guide on How to Maintain Accounts With or Without Inventory in Tally ERP 9
Conclusion:
Hopefully, you now understand the advantages of Tally Prime with the detailed difference between Tally ERP 9 and Tally Prime. Tally Prime offers a drastic improvement in the functionality of Tally ERP. Daily business operations can be handled easily and effectively with the help of Tally Prime. Your business operations will become hassle free with the use of Tally Prime.
You can use the Biz Analyst application to manage your business 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.
