The practising Chartered Accountants must manage various tasks for their clients, whether it is maintaining books of accounts, ensuring compliance, or preparing financial reports. They must also keep themselves abreast with the frequent changes in GST (Goods and Service Tax) Act, Income Tax laws, and other statutory obligations. Moreover, they must deal with numerous operational problems, such as task prioritization, resource allocation, finalization processes, and use of multiple tools to conduct and manage audits.
Due to all these challenges faced by the practising Chartered Accountants, Tally Solutions introduced an audit & compliance tool known as Tally.ERP 9 Auditors Edition (AE). The objective is to bring technology in the hands of CAs to improve their practice considerably and empower their audit staff, thereby reducing time, and cost.
A] What is Tally.ERP 9 Auditors Edition?
Tally.ERP 9 Auditors Edition (AE) is designed in such a manner that it fulfils the requirements of the clients. Tally is extremely simple and easy-to-use accounting software. It offers efficient and effective solutions and services to the organisations to manage their routine operations, and generates required business reports, which helps them take strategic decisions vital for the growth of their business. This is one of the most popular accounting software for various business organisations.
Some of the attributes of the software are simple accounting management, easy to share files, flexible inventory management, taxation, outstanding management, budget and control, one-stop solution for compliance, faster access to business reports, payroll management, profit centre management, multilingual capabilities, and easy application management.
It has all the features required for high performance of business management including remote access, audit and compliance service, integrated support centre, security management etc. The software is designed in such a manner that, it can be customized according to your business requirement. For every business which require solutions for maintaining invoices to accounting and inventory management, Tally.ERP is the right choice.
Further reading: How To Use Tally, An Introduction To Tally.ERP 9 Software
B] Key Features of Tally.ERP 9 Auditors Edition
- Helps in comparing the financials of current as well as previous years, thereby identifying the discrepancies and resolving them.
- Generates Tax Audit reports & annexures to support in auditing.
- Permits the Column sorting & multi-selection of vouchers during auditing.
- Identifies and reports errors in data.
- Reviews & verifies tax-liability through an all-in-one dashboard.
- Filter transactions for further processing.
- Keeps a track on the work quality and assist clients to file their tax returns on time.
C] Benefits of Tally.ERP 9 – Auditors’ Edition
- Increase Audit Efficiency:-
- Reduce Time and Effort:-
- Additional Scope of Work:-
- File Unlimited GST Returns from Tally ERP 9:-
- Cost Centres or Profit Centres Management in Tally ERP 9:-
Tally.ERP 9 – Auditors’ edition helps auditors accessing client’s records remotely. They don’t need to be physically present at the client’s location to perform the audit. Gone are the days when an audit was performed manually, and there were lots of redundancy and duplication. With this enhanced version of Tally, doubts can be raised and clarified within the software.
The auditor version has special capabilities to assist in regular Statutory Compliance without needing to visit the client site. Thus, the reasons for non-compliance can be quickly identified.
Since considerable time is saved in the routine tasks, a practising Chartered Accountant can offer additional Business Advisory services to the clients. They can play the role of virtual CFOs and help businesses track the numbers in real-time. The tool helps to enhance revenues, reduce unnecessary time and delays, and offers better services.
CA’s can file unlimited GST returns from the auditor’s version of the Tally for all the clients.
With the help of cost centre feature in Tally.ERP 9, one can easily track the cost of the business centre/location wise. For instance, if you are selling shoes, you can create different cost centres for different manufacturing locations. You can also create different profit centres for branches through which you sell the shoes.
D] Reporting in Tally
To take vital decisions, management needs well-structured reports. Reports provide a specific idea of the present performance of the business or a project. Tally software offers a variety of reports using which management can critically analyze the performance of the business and decide the future course of actions.
Following are the few key reports available in Tally.
- Profit and Loss Report
- Balance Sheet Report
- Cash Flow/Fund Flow Report
- Ratio Analysis Report
- GST Reports
This report provides the details of income and expenses and helps in identifying the status of profit/loss. Using this report, management can identify the slow/non-moving products/services which need to discontinue to improve the overall profitability of the entity.
It shows the assets, liabilities, and capital of a business or other organisation at a particular point in time. It provides information about the business for a defined period.
It is a report that shows the inward and outward flow of cash in the organisation. It shows how the cash is spent and from where it is earned. A cash flow statement focuses on the transactions that have a direct impact on cash. It deals with the inflow and outflow of cash between the two Balance Sheet dates.
This report provides a clear understanding of the financial position of a business. This is one of the key Tally reports and offers multiple ratios that include Debt Equity Ratio, Quick Ratio, Return on Working Capital, Return on Investment and so on.
Tally also has the feature of providing various reports such as GSTR-1, GSTR-2, GSTR-3B related reports. The format of GSTR-1 is like the GSTR-1 form. This makes it easier for the user while filing the GST return.
To sum up;
Tally has upgraded its products with the latest GST features. The most updated version of Tally.ERP 9 comes with the new features of tax implementation. Tally.ERP 9 is a complete ERP software for Chartered Accountants which helps them manage their day-to-day auditing needs and other regime tax filing as well from Tally’s ERP software.
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