Tally Solutions Pvt. Ltd., is an Indian multinational company that provides enterprise resource planning software. It is headquartered in Bangalore, Karnataka India. The company reports that its software is used by more than 1 Million customers. Tally Solutions, then known as Peutronics, was co-founded in 1986 by Shyam Sundar Goenka and his son Bharat Goenka. Shyam Sundar Goenka was running a company that supplied raw materials and machine parts to plants and textile mills in southern and eastern India. Unable to find software that could manage his books of accounts, he asked his son, Bharat Goenka, 23, a Maths graduate to create a software application that would handle financial accounts for his business. The first version of the accounting software was launched as an MS-DOS application. It had only basic accounting functions and was named Peutronics Financial Accountant back then.
It has different versions which are revised from time to time. The latest version under Tally ERP 9 Release 6 series is Release 6.4.6, launched on 5th July 2018. Tally’s main product is its enterprise resource planning software called Tally.ERP 9 with single and multi-user licenses. For large organizations with many branches, Tally. Server 9 is usually offered. The software handles accounting, inventory management, tax management, payroll etc.
Ply is an engineered wood product made from three or more plies or thin sheets of wood. These are glued together to form a thicker, flat sheet. Plywood has the structural strength of the wood it is made from. There a number of entries need to be made in these in business.
For example, there are numerous types of plywood available,
Types of Plywood
- Lumber Core
- Overlaid Plywood
- Composite Wood
Now for each of each of these types of plywood, there a number of other subcategories that is to be followed, such as
Flexible thickness – Plywoods have a range of thickness. According to the requirements of the customer, each plywood is structured with the right amount of thickness.
Size ratio – Not every customer is the same so not every product will be of the same size. The length and breadth of a product vary with each delivery. If this is not maintained, chances are one can lose their customers.
Rate – When delivering plywood, one should also know the different rates applied for a given thickness on a required ratio.
Recording the stock – In any business, it is important to maintain the records of goods in the warehouse. This will further be beneficial in purchasing new materials or promising a delivery.
Tracking new purchase – Each of the categories of plywood is not purchased together. The transactions vary as per the availability in the warehouse.
Now for one type, let’s say for Softwood plywood, in this, there are thickness, rate, ratio, the quantity of stock available, to be tracked to buy a new lot. It is not easy for one person to maintain all these data for about 10 or more types of plywood. You may need to hire different teams for only maintaining the records and providing the information when required. Imagine, you assign one person to look after the thickness, one person for size, one for rates and one for a warehouse. The economy in paying four persons is gradually more. Also, these people occupy space and require a certain amount of time to do their tasks. Instead, you can invest your economy in one software which will store all the essential records. With Tally ERP it is easier to store and retrieve any information. And also saves your time.
This is just an example of how Tally ERP 9 can be a single solution for multiple data.
Key features of Tally ERP 9
- Accounting management – A type of application software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, journal, general ledger, payroll, and trial balance. It functions as an accounting information system
- Support for banking transactions – In business, there are four main types of financial transactions, and they include sales, purchases, receipts, and payments. All financiImagifyal transactions that occur have an effect on at least two accounts, depending on the type of transaction.
- Faster access to records – Obtaining data from a database system such. In this case, it is considered that data is represented in a structured way, and there is no ambiguity in data. In order to retrieve the desired data, the user presents a set of criteria by a query.
- Flexible inventory management – Is the management of inventory and stock. As an element of supply chain management, inventory management includes aspects such as controlling and overseeing ordering inventory, storage of inventory, and controlling the amount of product for sale.
- Easy application management – Is the process of managing applications throughout their lifecycle. Tally application management is easy to be developed, managed, improved.
- Budgets control management – Budgetary control makes use of budgets for planning and controlling all aspects of producing and/ or selling products or services. Budgetary control attempts to show the plans in financial terms.
Benefits of Tally ERP 9
- Easy to store and retrieve data
- Easy to share
- Multilingual capability
- Multi-currency capability
- Enhanced security
- Purchase and sales management
- GST invoicing
- Synchronization of data.
- Maintenance records of statutory taxation i.e. vat, TDS, Excise and service tax.