Why Should You Update Tally.ERP To The Latest Version?

Tally.ERP 9 stands out as a leading enterprise resource planning software, widely embraced by businesses of all sizes – small, medium, and large. Renowned for its robust functionality, precise control, and adaptable nature, Tally.ERP 9 emerges as the go-to solution for effective business management.In India, Tally.ERP 9 enjoys extensive adoption among a multitude of enterprises. While many have transitioned to the latest version, some are yet to make the upgrade. The recent release introduces a plethora of new features, tailored to enhance efficiency across diverse business landscapes, thereby rendering it more user-friendly.Also, the latest version of Tally offers 30% more screen real estate to display the information, as it comes with a ‘hide on-demand’ info panel. As such, if you want to know why you should update Tally or how the Tally software's latest version can be helpful, then continue reading below.

A] What Is Tally ERP 9?

Tally ERP 9 is the latest version of Tally ERP software. Tally ERP 9 is being used by several small and medium businesses across India due to its simplicity and scalability. There are several benefits of Tally ERP 9 in small businesses, including enhanced functionality and accurate insights and reports.Tally ERP 9 is a versatile software, that can be used for various business solutions. In today’s business world, companies often require quick and effective solutions to manage their daily operations. Tally ERP 9 enables that through a powerful system and streamlining operations.

B] Benefits of Tally.ERP 9 Updated Version

• With the Tally.ERP 9 version, you can easily browse reports online from different web browsers and mobile devices anytime and from anywhere.
• It makes accessing Tally data easy and offers greater security.
• It helps speed up the tracking status of orders and delivery.
• It allows you to access invoice copies via direct mail, mobile devices and web browsers.
• For stock availability, it offers easy reconciliation and ensures accurate representation of Tally data.
• It also offers better response time, which helps facilitate quicker decision-making.

C] New Features Of Tally.ERP 9

1. Central Excise

While the excise feature was already present in the Tally for Traders, with the new Tally.ERP 9(now TallyPrime) update, this feature is also extended to Manufacturers. Tally can now handle;

• Different types of Excise duties; from Basic and Special excise duties to Education cess, excise duty in case of clearances by EOU, National Calamity Contingent Duty (NCCD), and more.
• Statutory records, reporting & returns. It can also help with Payments to central excise.
• Different valuation methods in the same invoice (if need be). These include value-based on MRP, Ad quantum, Ad valorem, Ad valorem/transaction value, etc.
• Multiple ECC numbers for a single company.
• Sequential numbering across various voucher types for excise invoices.

2. Payroll Statutory Reports

Another much-awaited feature, this feature lets you incorporate nearly all forms and reports for PF, ESI and Professional Tax, which companies need to submit to the concerned authorities.

3. Tax Deducted at Source

With the TDS feature completely rewritten in the latest version of Tally, companies now get a comprehensive tool that takes care of all TDS-related processes.

• This feature can help you with the creation of a TDS liability and allows you to create an e-file for the same.
• It gives you the option of creating TDS liability periodically.
• It allows you to deduct TDS and also record the liability in a single voucher.

4. Improved Banking Transaction Support

• Businesses can now generate cash/cheque deposit slips and track them, making cheque transaction tracking efficient.
• You can upload the soft copy of the statement into the software and automate the reconciliation process. By doing so you get the list of reconciled transactions based on reference numbers.
• As e-payments become a significant part of today’s Indian economy, ERP9 has also supported e-payments made with multiple banks.

#Other Features Include

• With the Tally Vault password encryption, your data is safeguarded from unauthorised access.
• With User Management settings, companies can configure and define user-level access and controls.
• Transactions made in the form of e-payments with multiple banks are also supported by Tally.ERP 9.
• It provides complete flexibility to manage the data of multiple businesses using the same license.
• It allows businesses to check the financial status of their Group Company and even allows them to compare the financial reports between two quarters.
• It also supports multi-currency.

D] Tally’s Latest Version Update – GST Billing and GST Return Filing

Tally continuously engages with business, GST professionals, and tax consultants while keeping pace with GST’s statutory evolution; helping them incorporate the developments into their products.The journey of Tally and GST started with version ERP 9 and continues into their latest update of the 6.6 version. The latest enhancements are a large part of the update and can benefit your business by simplifying GST return filing. The new releases are also regular to make GST compliance easier and simpler for you.The Tally.ERP 9 ‘s update to Release 6 covers all aspects of GST billing. The product’s unique capability to prevent errors in the calculation by raising alerts and warnings during the first stage of data entry itself, helps you get correct calculations every time; making it easier for your business.

Some of the Features include are;

• Invoice Printing With Rate-wise and Item-wise Breakups
• With the new update, you can print your invoices with item-wise rate breakups. This makes it easier for customers to analyze the tax breakups, giving them a clearer picture of the costs of each item.
• Payment Mode For Entering Expenses
• You can record the expenses through the Payment voucher type which also lets you enter the ‘Reference Number’ for better details.
• Simplify the Filing of GST Returns
• The updated version of Tally.ERP 9 makes it very simple to file returns on your own for GST. It also helps the tax consultant to file returns on your behalf.
• Correcting Errors
• The built-in flexibility of the software lets you correct any errors made, yourself at the transaction level or the master level; whichever is most suitable for your business scenario. It also lets you accept or ignore the error according to your convenience.
• Sharing Data Made Convenient
• Interested in learning about more such features? Read our guide that comprehensively covers the latest version of Tally: Tally Prime 4.0

Read More: How to upgrade Tally.ERP 9 To TallyPrime

To sum up

The latest version of Tally.ERP 9 makes your business more efficient and provides better security. It offers easy data access through web browsers as well as mobile devices. It also makes it easier to file GST returns. Thus, with so many benefits of tally software, if you still need to upgrade to or download the latest version of Tally, then it is high time you do so.To know more, get in touch today!

FAQs

What Is Tally.ERP 9?

Ans: Tally software is a financial accounting system that helps businesses track and manage financial transactions, taxes, inventory, invoices, payroll, etc. The Tally.ERP 9 is an upgraded version of Tally software that offers several latest features that help to streamline the process.

What are the benefits of Tally.ERP 9?

Ans: Tally.ERP 9 is equipped with advanced security and data storing features that minimise data loss and data theft. ERP 9 is a versatile software, allowing seamless scalability for organisations of all sizes. It also offers multi-lingual support, internet collaboration and remote access, streamlining several business processes.

What are the features of the Tally ERP 9 version?

Ans: Tally.ERP 9 Software offers several advantages over the classic Tally software. The ERP.9 version is very easy to set up and use, simplifying several complex tasks. It offers scalability, remote access, online collaboration, the ability to maintain multiple companies, multi-lingual support, instant and accurate reports, a control centre and much more.

What are the components of Tally ERP 9?

Ans: The different components of Tally ERP 9 can be accessed through its gateway. These components include the Horizontal Button Bar, Main Area, Bottom Pane, Calculator Area, Task Bar, and Button Bar.

Can businesses upgrade from a basic Tally version to Tally ERP 9?

Ans: Yes, businesses need to have a valid Tally Software Services (TSS) subscription to upgrade to the latest version, i.e., ERP 9.

What should businesses consider before implementing Tally ERP 9?

Ans: If you are considering upgrading your current Tally software to ERP 9 Software or implementing Tally ERP9 for accounting, you need to ensure that you have the hardware required to run the software. This includes RAM, disk space, type of computer, and operating system.