As a software for enterprise resource planning, Tally.ERP 9 is one of the most widespread accounting software, which is perfect for small, medium and large business enterprises. Tally.ERP 9 is an ideal business management solution due to its effective combination of function, control, and built-in customizability.
The software is widely used in India by lakhs of businesses. Many of these businesses use Tally’s latest version, whereas others are still to upgrade. The latest version released (6.6) makes the software more efficient for different companies, as it provides a host of new features, which makes it user-friendly.
Also, the latest version of Tally offers 30% more screen-real-estate to display the information, as it comes with ‘hide on-demand’ info panel. As such, if you want to know why you should update Tally or how the Tally software latest version can be helpful, then continue reading below.
A] Benefits of Tally.ERP 9 Update Version 6.6
- With the Tally.ERP 9 version 6.6, 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 order 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.
B] New Features Of Tally.ERP 9
1. Central Excise:
While the excise feature was already present in 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 concern authorities.
3. Tax Deducted at Source:
With the TDS feature completely re-written 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.
#Other Features Include
- With the Tally Vault password encryption, your data is safeguarded from unauthorized 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 is also supported by Tally.ERP 9.
- It provides complete flexibility to manage 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.
C] Tally’s Latest Version Update – GST Billing and GST Return Filing
Tally continuously engages with business, GST professionals, and tax consultants while keeping the pace with GST’s statutory evolution; helping them incorporate the developments into their products.
The journey of Tally and GST started with the 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 includes 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 that also lets you enter the ‘Reference Number’ for better details.
- Simplify 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
- You can make any modifications or corrections at the last minute, without sharing the entire data with the tax consultant again and again. The latest update also lets you share the modified list of invoices easily without any hassle.
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, if you have not upgraded to or downloaded the latest version of Tally, then it is high time you do so.
To know more, get in touch today!