Introduction to tally
Introduction to Tally
Tally is a complete system for business accounting and inventory management. It provides various facilities like Govt. supported formats, multilingual operations, online functions and processing for small, medium and big businesses. The present version of Tally has many advanced features like better data migrating, payroll management, TDS, TCS, job costing and point- of sale invoicing etc. Let’s look at Tally Basics.
Need for computerized Accounting
Its need arises from the benefits of speed, accuracy and lower cost of handling the business transactions. Also, it has the capability to record a large number of transactions with speed and accuracy. It allows quick and quality reporting because of its speed and accuracy.
Manual accounting system requires large storage to keep accounting records, and vouchers. The requirement of books and stationery and books of accounts along with vouchers and documents is dependent on the volume of transaction.
Features of Computerized Accounting Environment
This Accounting System and its awareness among entities have become a necessity in the present environment Businesses of whatever field and size are shifting from the practice of maintaining accounts manually. The manual process is more time-consuming and exposed to human error.
Storage and retrieval of data and generation of a report cannot be ensured in real time in the traditional system. There is a need to shift to computerized accounting systems. They have empowered business to project accurate information of financial performance.
Simple and Integrated: It helps all businesses by automating and integrating all the business activities. Such activities may be sales, finance, purchase, inventory, and manufacturing etc. It also facilitates the arrangement of accurate and up-to-date business information in a readily usable form.
Accuracy & Speed: computerized accounting has customized templates for users which allow fast and accurate data entry. Thus, after recording the transactions it generates the information and reports automatically.
Scalability: It has the flexibility to record the transactions with the changing volume of business.
Instant Reporting: It can generate a quality report in real time because of high speed and accuracy.
Security: Secured data and information can be kept confidential as compared to the traditional accounting system.
Quick Decision Making: This system Generates real-time, comprehensive MIS reports and ensures access to complete and critical information, instantly.
Reliability: It generates the report with consistency and accuracy. Minimization of errors makes the system more reliable.
Hi, This is Deepti and currently associated with DICS Institute . This institute is located at near Laxmi Nagar.