As one of the best business management software, Tally is used by business owners, Accountants and other Tally users for more than three decades. During these years, Tally ensured to deliver top-performance by releasing various Tally versions which offered major improvements and enhancements. Thus, with the new release – TallyPrime – Tally aims to transform various business operations, providing you with greater flexibility and efficiency.
Note: Tally has also launched TallyPrime Release 1.1
A. What is TallyPrime?
The all-new TallyPrime is a better and smarter version of Tally.ERP 9. While it retains the simplicity of the Tally.ERP 9 software, it offers much more enhanced features that help you to improve different operations leading to seamless workflow and greater productivity.
As a business management and accounting software, it offers comprehensive business solutions to small, medium and large companies to manage their ever-growing needs. It is a perfect ERP application that is also GST-ready. Further, it helps simplify the lives of business owners and comes with multi-task capabilities.
From accounting and inventory management to HR & payroll management, regulatory compliance, banking integration, asset management, and more, TallyPrime takes care of all your business needs. What’s more, it enables you to make faster decisions by providing critical reports on financial & accounting, cash flow reports, cost center reports, inventory reports, among others.
B. Features and Benefits of TallyPrime
The list of features provided by TallyPrime is vast. For this read, let’s look at the top TallyPrime features along with their many benefits.
- Simplified Interface
TallyPrime’s user-friendly and intuitive interface makes it easy to use and manage. You can set it up in a few minutes and get started immediately. The intuitive interface of TallyPrime enables users to navigate through the software map, menus, graphics, and icons. Hence, you can easily manage financial data and accurate accounting processes. With all the easy-to-use features available, there is no need for businesses to train their staff to get familiar with TallyPrime software.
- GoTo and SwitchTo Feature
The GoTo feature is a powerful search bar that offers you insights about existing products and shows you how each product can help you. The SwitchTo feature, on the other hand, enables you to multi-task. So you can easily move from one report to another while tracking your previous actions.
- Access Business Data Online
No matter where you are, you can easily access your business data and view business reports online from a web browser with the latest TallyPrime software.
- Secured Data
TallyPrime keeps your data safe and secured at all times. It offers features like multiple user access control and feature-based security, which ensures that you can limit access to the data within an organization as per requirement. It also offers backup & restore option at the server level with authorization.
- e-Invoice with ‘QR Code’
A part of the TallyPrime Release 1.1, you can now generate e-invoices in real-time or in bulk at regular intervals with this newest feature. It allows you to print IRN and QR code on the invoice. It also offers you the option of handling e-invoices in offline mode.
Contact your bank relationship manager to activate the bulk upload facility for your account. Upon activation, you can enable e-Payments in TallyPrime for the respective bank. At present, TallyPrime provides e-payment support for DBS, Standard Chartered Bank (India and UAE), Kotak, YES Bank, ICICI, Tokyo & Mitsubishi (India), HDFC, Bank of Baroda, and Citi Bank.
- Invoicing & Accounting
TallyPrime allows you to create and record invoices in seconds while offering a range of features such as sales & purchase management, price levels, multi-currency option and more.
With the TallyPrime ‘Prevention-Detection-Correction’ technology, you can generate and file accurate returns always. It allows you to generate different types of GST invoices automatically – bill of supply, tax invoice. It also helps you to manage TDS, TCS and payroll statutory.
- Insightful Business Reports
Apart from offering you more than 400 business reports with powerful insights, TallyPrime also allows you to view and modify the various parameters in the reports at a click-of-a-button.
- Inventory Management
TallyPrime’s inventory management includes stock valuation, batch and expiry date, godown management and more. It also offers inventory reports, which make it a highly flexible system.
- Remote Access of data
TallyPrime offers employees easy access to financial data from the comfort of their home using a single User ID and password.
Remote Access in the platform enables you to access data and files anytime and anywhere.
- Advanced Features
Both Tally Prime and Tally ERP 9 feature advanced functions and edges to effectively manage accounting and financial activities. However, each of these platform have some unique features that the others don’t. Advanced features of Tally Prime that are not available in Tally ERP 9 include:
- Inventory management features to track and manage stocks more seamlessly and reduce the risk of overstock or understock.
- GST compliance features allow businesses to comply with GST regulations.
- Multi-device Data syncing allows users to get financial and accounting data from any device on their access point.
- Improved Performance
The Tally Prime platform is designed as a faster and more efficient option compared to Tally ERP 9 for a smooth tally performance. It will enable the users to be consistent with their activities with fewer risks of human error and increase business productivity. Since the platform does not limit its capacity and scalability level, The devices will run smoothly without crashing or lowering the software speed.
- Cloud Integration
Users can do cloud integration with Tally Prime, which enables them to access their financial data from anywhere on any smart device that has an internet connection. Businesses can work more efficiently on their financial and accounting management regardless of the time and place. It will help businesses to be less dependable on physical storage devices and reduce any possibility of data loss. Businesses who want more flexibility in data storage, remote Access, and scalability empower the accounting software solution.
- Regular Updates
The best part of Tally Prime is accessing new features and improvements with each software update. It ensures that the business gets direct Access to the latest technology integrations and latest features to make work more efficient and effective. Moreover, regular updates enable users to access software whose features and functions are compliant with the changing regulations and tax laws. Since the business industry is getting more and more competitive, using updated Tally Prime software allows businesses to stay competent and productive.
C. Comparison Between Tally.ERP 9 and TallyPrime
|Access Tally Data
|In Tally.ERP 9, you need to determine the data path to access the company’s data.
|With TallyPrime, you can access the company’s data from any path, drive or even remotely.
|Chart of Accounts
|You have to make at least 3 clicks to launch an account in Tally.ERP 9.
In Tally’s Gateway > Display > List of Account.
|You can view all your masters on a single screen with TallyPrime. This includes groups, voucher types, ledgers, etc.
|Multi-Tasking in Tally
|In Tally.ERP 9, multi-tasking can be done by opening several instances.
|In TallyPrime, you can easily multi-task or check open reports with the GoTo feature.
|Copy/Paste in Tally
|You need to use Shortcut keys to copy and paste in Tally.ERP 9.
|For copy and paste, TallyPrime offers Global keys.
|In Tally.ERP 9, you need to fill in the necessary Supplementary details every single time.
|In TallyPrime, you can configure details as ‘permanent’ so you get only that information in Supplementary details.
|Printing Invoice in Tally
|The cost of printing invoices in Tally.ERP 9 is higher.
|With TallyPrime’s ‘optimise printing to save paper’ function, you can save on printing, paper, & other costs.
|Change Voucher Mode
|This feature is available in 3 different locations, so navigation is difficult.
|TallyPrime offers 3 choices in sales vouchers or other vouchers – Item Invoice, Accounting Invoice, and As Invoice.
|Update details in Transaction
|To update the information of a particular item, you have to go through all the items in Tally.ERP 9.
|With TallyPrime, you can easily update the information of a particular item by using the ‘More Details’ functionality in Transactions.
Have you upgraded to TallyPrime yet? No? Wait no longer and upgrade to TallyPrime now!
Get in touch touch if you need help.