In a company, it is necessary to manage all the movements (balances) of various types of money, such as accounts payable, accounts payable, deposits, withdrawals, transfers, etc., aggregate them, enter them in financial statements, and file tax returns.
In the past, only individuals with specialized knowledge could perform this kind of work. All accounting processes that require such specialized knowledge can now be performed automatically by using accounting software.
Tally ERP prime
Accounting software’s typical role of accounting software is “to streamline accounting operations.” In addition, there are other ways to use it, such as “visualizing the business situation” and “using the data for management decisions, policy decisions, business planning, etc.”
These are the roles of accounting software in “management accounting,” which manages the accounting status of a company. Still, in terms of organizing data quickly and accurately, “financial accounting” discloses information to stakeholders such as investors and shareholders. It can be said that it also has a big role.
Main functions of Tally ERP prime
Accounting software has various functions related to accounting operations. In general, the Main functions centralize the management of financial information, slip entry, journal entry, aggregation management, financial analysis, forecast, actual management, tax filing, etc.
In addition, if you use the aggregation management function, you can easily perform daily management, monthly management, and annual management, and you can expect improvement in business efficiency. However, the functions differ depending on the accounting software, so when introducing it, make sure that the functions required by your company are included.
The necessity of Tally ERP prime accounting software
Many people may be wondering about the need for accounting software. If you use accounting software, you can reduce the burden of accounting work. For example, if you use accounting software, you can automatically create multiple books by entering journals.
Another feature is that you can proceed with accounting work without having a deep knowledge of accounting. Moreover, If you use accounting software, you can prevent human troubles such as input mistakes, which will improve the performance of accounting operations.
Background of increasing demand for Tally accounting software
Behind the increasing demand for accounting software, “The digitization and digitization of data in accounting operations is becoming indispensable.” It’s worth mentioning. Many banks have introduced the Internet banking system, and various tax returns, including final tax returns, have been digitized.
Furthermore, with the revision and enforcement of the Electronic Bookkeeping Law in January 2022, data storage related to electronic transactions has become mandatory. It is becoming a social trend of digitization. Naturally, the demand for accounting software that can manage and aggregate accounting information in an easy-to-understand system will increase.
How to use Tally accounting software
By making initial settings, most accounting software can start right away. After installing the accounting software, first set the user settings such as company name, business location, business type, and declaration type. If you have data that has been used by different accounting software so far, you can also import the data by using the data migration function.
Also, if you want to use your account or sub-account, set the account / sub-account at the time of introduction. It is important to clearly define the data storage method. So that the data entered in the accounting software at the end will not be lost. Some cloud-based accounting software has a backup function, so let’s make use of it.
Summary
By introducing tally ERP prime accounting software, you can improve work efficiency and prevent mistakes in accounting work. Accounting software can be broadly classified into installation type and cloud type. In the case of installation type, the initial cost tends to be high. But it is easy to customize according to your company’s environment.
When choosing the best tally training institute in Chandigarh, it is important to check. Whether the functions required for your accounting career are included and compared with multiple software.