6th sem tally assignment
COMPUTERISED ACCOUNTING
🔽ADVANTAGES 🔽
Tasks like data entry, calculations, and report generation are much faster, saving significant time compared to manual methods.
2.Accuracy:
Automation reduces human error from manual calculations and data entry, leading to more reliable financial records.
3.Real-time data:
Financial information is updated immediately, providing up-to-date insights for better and more timely decision-making.
4.Automated reporting:
Generating financial statements like profit and loss accounts and balance sheets becomes an instant process.
5.Reduced paperwork and storage:
Storing records electronically significantly decreases the need for physical storage space and reduces paperwork.
6.Improved security:
Data can be backed up and stored securely, protecting it from physical damage, and access can be controlled through user permissions.
7.Enhanced inventory control:
Computerized systems can track inventory levels in real-time, improving management and helping to avoid stockouts or overstocking.
8.Cost-effectiveness:
Although there may be an initial investment, long-term savings come from increased efficiency and reduced labor costs.
9.Better compliance
: Software can be designed to meet specific tax and legal requirements, automating compliance tasks and reducing the risk of errors and penalties
🔽LIMITATIONS
1.High initial cost:
Purchasing software and hardware can be a substantial upfront investment, particularly for small businesses.
2.Ongoing expenses:
There are recurring costs for updates, maintenance, and subscription fees, in addition to the initial investment.
3.Training costs:
Staff must be trained to use the system, which can be costly and time-consuming.
4.Dependence on technology:
Business operations can be halted by technical issues such as power outages, system crashes, or internet connectivity problems.
5.Technical problems:
Software bugs, hardware failures, and glitches can disrupt work and potentially lead to data loss.
6.Obsolescence:
Technology evolves rapidly, and software can become outdated, requiring frequent and costly upgrades.
7.Data security risks:
Systems are vulnerable to cyber-attacks, hacking, and data breaches, which can lead to financial loss and reputational damage.
8.Data loss:
There is a risk of losing data from technical malfunctions, even with backups in place.
🔽TALLY
Tally.ERP 9 is a business management software for accounting, inventory, payroll, and taxation, developed by the Indian company Tally Solutions. It simplifies financial and business processes by automating tasks like bookkeeping and tax compliance, allowing businesses to manage multiple functions from one platform. Key features include remote access, data synchronization, and the ability to generate various financial reports
🔽FEATURES OF TALLY
1.Accounting:
Handles general ledger, accounts payable and receivable, cash flow, and bank reconciliation.
2.Inventory:
Manages stock levels, stock transfers, and evaluates inventory, providing both accounting and inventory integration.
3.Payroll:
Manages employee information, processes payroll, and calculates taxes and deductions.
4.Taxation:
Automates tax-related processes and simplifies compliance, including GST and VAT calculations.
5.Sales and Purchase:
Manages purchase orders, sales orders, invoicing, and customer and vendor management.
6.Manufacturing:
Supports production planning, work orders, and cost tracking for manufacturing businesses.
7.Banking:
Simplifies banking operations through bank reconciliation and integration with various banks.
8.Multi-Currency:
Supports businesses that deal with multiple currencies.
🔽TECHNOLOGICAL ADVANTAGE S
Tally ERP 9's technological advantages include a reliable data system with built-in backup/restore and security features like TallyVault and user-defined access levels. It also offers multi-user support, remote access for collaboration, and seamless integration capabilities with other software, making it versatile and scalable. The software's internal mechanisms ensure data integrity even during power failures, and it supports data synchronization across multiple locations...
1.Data integrity:
Tally ERP 9 ensures data reliability by preventing data loss due to power failures or system shutdowns, with a system that continuously saves work to its secure database.
2.Backup and restore:
The software includes a built-in backup and restore feature, allowing users to easily create and save company data to a single directory.
3.Security:
It provides security through user-defined security levels and an audit feature that tracks user-specific changes. Advanced security is also available through TallyVault for data encryption.
4.Data synchronization:
Ensures that data remains accurate and consistent across different geographical locations, making it suitable for global businesses.
5.Multi-user support:
A single network connection can support multiple users, allowing simultaneous access and improving collaboration.
6.Remote access:
Businesses can use the internet to access financial data from anywhere, enabling remote work and collaboration.
7.Scalability:
Tally ERP 9 can handle large amounts of data and can be adapted to meet the specific needs of a company, making it suitable for businesses of all sizes.
8.Seamless integration:
The software integrates seamlessly with Microsoft applications and other third-party software and applications.
9.Rapid installation and setup:
Users can begin recording transactions and creating invoices within minutes of installation.
10.Real-time processing: It processes data in real-time, allowing for quick decision-making and improved efficiency.
11.Flexible data handling: Supports multiple currencies, languages, and provides the flexibility to create masters on the go.
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