What is Tally Prime? New Features & Difference from Tally ERP 9

Tally Prime new Features & Difference from Tally ERP 9

What is Tally ERP9

Tally ERP 9 is a business management software designed for small and medium-sized enterprises. It provides an integrated solution for accounting, inventory management, payroll, and tax management, among other functions. Tally ERP 9 is known for its simplicity and ease of use, with features such as automatic calculations, real-time financial updates, and customizable invoices. Additionally, it offers compliance with various tax laws and supports multiple languages and currencies. Tally ERP 9 aims to help businesses streamline their operations and make informed decisions with real-time access to financial data.

History of Tally ERP9

Tally ERP 9 was first developed and released by Tally Solutions Pvt Ltd in the year 1990. It was initially designed as a simple accounting software for small businesses in India. Over time, the software evolved and expanded its capabilities to include a wider range of business management functions, becoming an integrated Enterprise Resource Planning (ERP) solution.

Throughout its history, Tally ERP 9 has become a popular and widely used software in India and many other countries, known for its simplicity, ease of use, and affordability. Tally Solutions has continued to update and improve the software to meet the changing needs of businesses and stay current with the latest technologies. Today, Tally ERP 9 is used by millions of businesses worldwide to manage their financial and operational processes.

What are the features of Tally ERP9

Tally ERP 9 is an integrated business management software that offers a range of features to help businesses manage their financial and operational processes. Some of the key features of Tally ERP 9 include:

1. Accounting: Automated bookkeeping, financial statements, ledger management, and cash flow management.
2. Inventory Management: Stock management, purchase order management, and sales order management.
3. Payroll Management: Employee information management, salary calculations, and tax compliance.
4. Tax Management: Automated tax calculations, returns filing, and compliance with various tax laws.
5. Reporting and Analysis: Real-time financial data and custom reporting, including balance sheets, income statements, and cash flow statements.
6. Banking: Bank reconciliation, cheque management, and payment tracking.
7. Multi-lingual and Multi-currency Support: Supports multiple languages and currencies, making it suitable for businesses operating in different countries.
8. Remote Access: Allows authorized users to access data and perform transactions from remote locations.
9. Security: Protects sensitive financial data with secure user management and data encryption.
10. Invoicing and Billing: Customizable invoices and bills, with the ability to generate recurring invoices and proforma invoices.
11. Point of Sale (POS): An integrated POS system for retail businesses to manage sales, billing, and inventory.
12. Job Costing: Tracks the cost of a specific job or project, including material and labor expenses.
13. Cost Centers: Helps businesses allocate expenses and analyze profitability by department or division.
14. Project Management: Helps businesses manage projects and track project expenses, including time and material expenses.
15. Excise for Manufacturers: Automates the calculation and reporting of excise duties for manufacturers.
16. Statutory Compliance: Helps businesses stay compliant with various laws, including labor laws, tax laws, and accounting standards.
17. Integration with Third-Party Applications: Tally ERP 9 can be integrated with other applications, such as e-commerce platforms, to streamline business operations.
18. User Customization: Allows businesses to customize the software to meet their specific requirements, including the ability to add new fields, forms, and reports.

These are some additional features of Tally ERP 9, which make it a comprehensive and flexible solution for businesses of all sizes.

Advantages of Tally ERP9

Tally ERP 9 offers many advantages for businesses, including:

1. Simplicity and Ease of Use: Tally ERP 9 is designed to be simple and user-friendly, making it easy for businesses to manage their financial and operational processes without requiring extensive training.
2. Real-Time Financial Data: Tally ERP 9 provides real-time access to financial data, allowing businesses to make informed decisions and respond quickly to changes in the market.
3. Automation: The software automates many manual tasks, such as bookkeeping, invoicing, and payroll management, freeing up time for businesses to focus on other areas of growth.
4. Affordability: Tally ERP 9 is an affordable solution for small and medium-sized businesses, offering a comprehensive range of features at a lower cost compared to other ERP solutions.
5. Compliance with Tax Laws: Tally ERP 9 helps businesses stay compliant with various tax laws and regulations, reducing the risk of penalties and fines.
6. Multi-Lingual and Multi-Currency Support: The software supports multiple languages and currencies, making it suitable for businesses operating in different countries.
7. Customizable: Tally ERP 9 can be customized to meet the specific needs of different businesses, including the ability to add new fields, forms, and reports.
8. Remote Access: Authorized users can access the software from remote locations, making it easy for businesses to manage their operations from anywhere.

These are some of the key advantages of Tally ERP 9, which make it a popular and widely used solution for businesses of all sizes.

Disadvantages of Tally ERP9

Like any software, Tally ERP 9 also has some limitations and drawbacks, including:

1. Limited Scalability: Tally ERP 9 may not be suitable for large enterprises with complex business processes, as it may not have the scalability to accommodate their needs.
2. Limited Customization: While Tally ERP 9 is customizable to a certain extent, it may not be able to fully meet the specific requirements of all businesses, especially those with unique or complex needs.
3. Lack of Advanced Features: Compared to other ERP solutions, Tally ERP 9 may lack some advanced features, such as predictive analytics and artificial intelligence, which can be beneficial for businesses.
4. Reliance on Technical Expertise: While Tally ERP 9 is designed to be simple and user-friendly, it may require technical expertise to fully utilize its features and integrate it with other systems.
5. Limited Integration: Tally ERP 9 may not be able to integrate with all third-party applications and systems, limiting its usefulness for businesses that rely on other software solutions.
6. Reliance on Tally Solutions: As Tally ERP 9 is a proprietary software, businesses may be dependent on Tally Solutions for support, upgrades, and maintenance.

These are some of the limitations and drawbacks of Tally ERP 9, which businesses should consider before deciding if it is the right solution for their needs.

What is Tally Prime?

Tally Prime is a business accounting software designed for small and medium-sized businesses. It automates many of the manual tasks involved in accounting, such as bookkeeping, invoicing, and payroll management, and provides real-time financial data to help businesses make informed decisions. Tally Prime also offers features such as inventory management, tax calculation, and banking integration, and can be customized to meet the specific needs of different industries. With its user-friendly interface and automation capabilities, Tally Prime aims to simplify accounting and help businesses focus on growth and profitability.

Features of Tally Prime?

Tally Prime is the latest version of Tally ERP 9 and offers several new features and enhancements, including:

1. Sleek and Intuitive User Interface: Tally Prime has a modern and user-friendly interface, making it easier for businesses to navigate and manage their financial and operational processes.
2. Multi-Tab Navigation: Tally Prime allows users to switch between different tabs and screens without having to close and reopen windows, improving the efficiency and speed of their work.
3. Improved Data Backup and Recovery: Tally Prime has improved data backup and recovery capabilities, ensuring the safety and security of business data.
4. Enhanced Security: Tally Prime includes advanced security features, such as multi-factor authentication, to protect business data and ensure the confidentiality of sensitive information.
5. Improved Inventory Management: Tally Prime includes enhanced inventory management features, such as real-time stock updates, to help businesses manage their stock levels and reduce the risk of stock shortages.
6. Better Sales and Purchase Management: Tally Prime includes improved sales and purchase management features, such as automatic sales order processing, to help businesses streamline their operations and increase efficiency.
7. Customizable Invoicing and Billing: Tally Prime allows businesses to customize their invoices and bills, including the ability to add company logos and custom text, to improve the professionalism of their communications.
8. Improved Statutory Compliance: Tally Prime includes updated compliance features, such as the Goods and Services Tax (GST), to help businesses stay compliant with changing laws and regulations.

These are some of the new and improved features of Tally Prime, which offer businesses a more efficient and secure solution for managing their financial and operational processes.

Advantages of Tally Prime Software?

Tally Prime offers several advantages for businesses, including:

1. User-Friendly Interface: The sleek and intuitive user interface of Tally Prime makes it easier for businesses to manage their financial and operational processes, reducing the need for extensive training.
2. Improved Data Backup and Recovery: Tally Prime has improved data backup and recovery capabilities, ensuring the safety and security of business data.
3. Enhanced Security: The advanced security features of Tally Prime, such as multi-factor authentication, help protect business data and ensure the confidentiality of sensitive information.
4. Streamlined Inventory Management: Tally Prime's enhanced inventory management features help businesses manage their stock levels, reduce the risk of stock shortages, and improve their supply chain processes.
5. Increased Efficiency: The improved sales and purchase management features of Tally Prime help businesses streamline their operations, increase efficiency, and reduce manual tasks.
6. Customizable Invoicing and Billing: Tally Prime allows businesses to customize their invoices and bills, making their communications more professional and personalized.
7. Up-to-Date Statutory Compliance: Tally Prime includes updated compliance features, such as the Goods and Services Tax (GST), to help businesses stay compliant with changing laws and regulations.
8. Remote Access: Tally Prime can be accessed from remote locations, making it easy for businesses to manage their operations from anywhere.

These are some of the key advantages of Tally Prime, which offer businesses a more efficient, secure, and customizable solution for managing their financial and operational processes.

Disadvantages of Tally Prime?

Limited features compared to Tally ERP 9: 

1. Tally Prime has fewer features and functionalities compared to its predecessor Tally ERP 9.
2. No customization options: Tally Prime does not allow for customization and has limited options for customization compared to Tally ERP 9.
3. No support for third-party add-ons: Tally Prime does not support third-party add-ons and plugins, which limits its functionality.
4. Limited access to technical support: Technical support for Tally Prime is limited, and users may have to pay for support if they need it.
5. No Multi-lingual support: Tally Prime currently only supports English, which can be a disadvantage for businesses operating in non-English speaking countries.

Difference between Tally ERP9 and Tally Prime?

1. Feature set: Tally ERP 9 has a broader range of features compared to Tally Prime, which is a lighter version of the software.
2. Customization options: Tally ERP 9 allows for customization through the use of third-party add-ons, while Tally Prime does not offer customization options.
3. Multi-lingual support: Tally ERP 9 supports multiple languages, including English, while Tally Prime only supports English.
4. Technical support: Tally ERP 9 has a larger support network compared to Tally Prime, and users can access technical support more easily.
5. Price: Tally Prime is more affordable than Tally ERP 9, making it a more cost-effective option for small businesses.
6. Ease of use: Tally Prime is designed to be more user-friendly and easier to use compared to Tally ERP 9, making it a good option for businesses with limited technical expertise.
7. Deployment options: Tally ERP 9 can be deployed on-premise or hosted in the cloud, while Tally Prime is only available as a cloud-based solution.