Unraveling Tally: The Best Partner For An Accountant

Posted by sonia kapoor on March 26th, 2019

The significance of accounting was once described by philanthropist Warren Buffet who said that accounting is the language of business. As one cannot communicate without language, quite similarly without a properly balanced account a company can be on the verge of being bankrupt.

The outreach of Tally

 The indigenous best-known software reached a landmark of 1 million customers by 2016 whereas in 2011 they were powering around 650,000 businesses. Currently Tally serves over 2 billion customers.

 Tally vs conventional accounting techniques

 Before the invention of computing software like Tally, it was manually operated by accountants. Some key problems with conventional techniques include:

• The speed: The biggest glaring difference that tally creates with manual accounting is the difference in speed. While software data once entered remains saved whereas for manual accounting one has to wait for days to see the business profits. Also, retrieval of data at any point of time from software is much easier than manual ledger checks.
• Accuracy: When it comes to man v/s machine the biggest difference comes in the form of accuracy. Manual balance sheets lead to chances of human errors and a huge gap in the opening and closing balances. With operating software like Tally chances of errors is nil.
• Costing: In a tech skeptical market like ours, initially, everybody disregarded software use stating that it incurs hefty costs with respect to traditional systems. However, in the long run, the management of such long ledgers, the entourage of accountants all indirectly leads to more costing than simple software.
• Ease of upgradation: With respect to time tally has grown into an ERP. With the ease of customer services by the agency online renewal of Tally, updating it in its newer versions has become a piece of cake.
• Backups: For any business accounting data needs to have some backups. In the case of manual procedures, loss of data in real time is a big issue. But with Tally, the risk of losing data and ease of keeping backups is increased many folds.

Tally vs other contemporary software

 Over the course of years, plenty of other accounting software came into the market.  Tally with over 2 billion current users holds 75% of the market stakes, still standing as the best amongst all software. There have been other software like Busy, Marg, QuickBooks India, Zoho Books etc. The reason for the undeniable popularity of Tally lies in comfort of its usage. Accountants have been using this software over the decades and have developed a comfort zone with troubleshooting Tally.

Other software like ‘Busy’has specific expertise over inventory records, while Marg has different specialist software for different industries. Thus enterprises need to hire specialists for specific operations. Similarly, QuickBooks is popular across the globe and ventured in the indigenous market decades ago. Using QuickBooks is easier for the ones who have used it as other country’s version.

Over decades Tally has served as the all-purpose ERP software keeping accounts for large enterprises to almost running small to medium scale businesses, hence, emerging as one of accountants’ best pal.