DOON BUSINESS SCHOOL

BBA VI C (2019-2022)

MIS assignment

Group members-

Vighnesh Juneja Shivendra Singh

Anushka Patel Ambuj Raj
Ritika Raj

Submitted to- Prof. Sujata Bist

Topic- Study of Any Software

Introduction
Tally is powerful accounting software, which is driven by a technology called
concurrent multi-lingual accelerated technology engine. It is easy to use software
and is designed to simply complex day to day activities associated in an enterprise.
Tally provides comprehensive solution around accounting principles, inventory
and data integrity. Tally also has feature encompassing global business. Tally
software comes with easy to use interface thus making it operationally simple.
Tally accounting software provides a solution around inventory management, stock
management, invoicing, purchase order management, discounting, stock valuation
methodology, etc.Tally accounting software also comes with drill down options,
which can track every detail of transaction. It helps in maintaining simple
classification of accounts, general ledger, accounts receivable and payable, bank
reconciliation, etc.The technology employed by tally makes data reliable and
secure. Tally software supports all the major types of file transfer protocols. This
helps in connecting files across multiple office locations. Tally accounting
software is capable of undertaking financial analysis and financial management. It
provides information around receivables turnover, cash flow statement, activity
consolidation and even branch accounting. Tally accounting software is east to set
up and simple to use. A single connection can support multiple users. It can be
easily used in conjunction with the Internet making possible to publish global
financial reports. Tally accounting software can seamlessly connect with various
Microsoft applications.

Benefits of Tally Accounting Software

● Any business owner understands the importance of maintaining proper
books of account. This practice ensures that finance for the company is
always in order and are correct at all given points of time. Company should
always be aware of its financial positions.

● Earlier, most of the businesses were employing manual practice in

maintaining books of account. However, with the advent of modern
information technology, this task can be performed by accounting software.
Tally is one such all powerful accounting software.

● Tally accounting software provides a solution to all the problems real

businesses have to encounter. Single software takes care of all tasks
required for enterprise management. Accounting task such as records
keeping, accounts receivable and payable management and bank
reconciliation are made simple through tally.

● Financial management is also made simpler under Tally software. The

software allows management of finances across multiple locations can
handle multiple currency transactions, manage cash flow and interest
payment.

● Tally software is flexible, reliable, secure, easy to use and affordable.

Working Mechanism of Tally Software

Process 1: Installation: (Buying a machine, we first install it for using it)
Process 2: Navigation: (After installation is complete, we use it’s hardware
supports or software supports to use the machine)
Process 3: Create a company: (After we get some idea about the machine, we set
the program for it to work)
● Step 1: In the opening menu, select "Create Company"
● Step 2: Enter Company details :
 ● Step 3: Turn on "Auto Backup" to ensure that a copy of all your work is
saved in case something happens to the original.
● Step 4: Choose your currency
● Step 5: If you are using Tally to just manage your accounts, then select
"Accounts only" in the Maintain menu and if you are using Tally for
inventory management as well, select "Accounts with inventory".
● Step 6: Enter the start of your financial year and the start date for the book

Process 4: Usage: (Now since we were going to use the machine, it becomes
important to first learn about the machine's usage)

Benefits of Accounting Automation

● Saves time

Optimal time management improves the efficiency and productivity of the

company. Accounting automation saves accounting personnel time and effort spent
on manual entries and calculations. Recording transactions, generating invoices,
and calculating reports are done quickly.

● Better productivity

The time saved by accounting information helps accountants use their time and
talent for more vital tasks. An accountant’s value for analysis and business advice
is greatly enhanced by giving the accountant all the tools required for the job.

● Easy data retrieval

 Accounting software lets you find an entry, invoice, report, or other accounting

information that you seek quickly, and data can be searched and retrieved across
locations and geographies.

● Less human error

Accounting software does not make computation errors. There can be errors in the
simple entry of a transaction performed by an accountant. But, the calculation and
generation of reports are always reliable and accurate.

● Data access

It is easier to allow and restrict access to data selectively through accounting

automation. Accounting automation software can help you allow access to
designated people. A person with permission can access their data even when they
 are out of the office, on a business trip, or in a conference room. It also allows you
to restrict access to different areas and levels of the system for unique users.

● Safety

A hard copy of a document is more difficult to keep safe from theft, misplacement,
or accidental damage. Digital data can be backed up and protected from malicious
access. In any disaster or problem, the data can be easily restored. Digital copies of
documents are also safer to send and do not get lost in transit.

● Better integration

Accounting automation lets data flow to designated departments and personnel.

This seamless data flow helps integrate the company's different departments,
processes, and personnel. There is no necessity to ensure that a file moves from
table to table. Data flow is automatic and instant.

● More value for money

The money spent on human resources for repetitive tasks is spent on accountants
for analysis and administration. The company can use its accounting expertise for
better decision-making. The company's human resources are used more optimally.

● Informed decision-making

Accounting software generates reports and graphs instantly. So, managers can ask
for information and make decisions based on the business numbers and trends.
Accounting automation enables managers to visualize relevant data from different
perspectives. It can also study past and present trends to generate estimates and
forecasts.

● Better KPIs

Automated accounting helps track and manage accounts minutely. When a

business measures its performance, it has better insights into how to improve and
grow. Managers get a clear insight into the finer details of the business and can
quickly find bottlenecks and inefficiencies. The effects that decisions have on the
business can also be analyzed. Accounting automation supports accountability and
enhances transparency in the organization.

● Compliance

A business needs to stay compliant with the laws and accounting standards. In a
manual system, compliance depends on each accounting personnel's knowledge
and expertise. Accounting software ensures that all the accounting processes of the
company are compliant. Auditing becomes quick and more straightforward.