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ITSM Assignment

Tally is a versatile accounting software used for financial accounting, inventory management, invoice generation, tax compliance, payroll processing, budgeting, and financial reporting. It offers features like multi-currency support, data security, and statutory compliance, making it suitable for various business needs. Overall, Tally streamlines financial processes and enhances business management efficiency.

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3 views3 pages

ITSM Assignment

Tally is a versatile accounting software used for financial accounting, inventory management, invoice generation, tax compliance, payroll processing, budgeting, and financial reporting. It offers features like multi-currency support, data security, and statutory compliance, making it suitable for various business needs. Overall, Tally streamlines financial processes and enhances business management efficiency.

Uploaded by

dsahil23mms
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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ITSM ASSIGNMENT

Name- Hrishikesh Bhor


Roll no- 231103
Class- MMS B
2. What are the advantages of Tally and explain its use.

>Tally is a versatile accounting software with various uses across businesses. Some common

Uses include:

1) Financial Accounting:- Tally is primarily used for financial accounting purposes, helping
Businesses maintain accurate and up-to-date records of their financial transactions.

2) Inventory Management:- Businesses use Tally to manage and track their inventory
efficiently, Including stock levels, purchases, and sales.

3) Invoice Generation:- Tally enables users to create professional and customized invoices,
Making it easier to bill clients and customers.

4) Tax Compliance:- Tally helps businesses stay compliant with tax regulations by providing
Features that assist in the calculation and filing of taxes, such as GST (Goods and Services
Tax).

5) Payroll Processing:- Tally includes payroll features that allow businesses to manage
Employee salaries, deductions, and other payroll-related tasks.

6) Budgeting and Forecasting:- Users can use Tally to set budgets, monitor expenses, and
Generate financial forecasts, aiding in better financial planning.

7) Banking Transactions:- Tally facilitates the recording and reconciliation of banking

8) Financial Reporting:- Tally offers a range of financial reports, such as profit and loss
statements, balance sheets, and cash flow statements, providing insights into the financial
health of a business.

9) Multi-Currency Support:- Businesses dealing with international transactions can use Tally's
multi-currency support to manage transactions in different currencies.

10) Data Security and Audit Trail:- Tally ensures the security of financial data and provides an
audit trail, allowing businesses to track changes made to their financial records.

11) Statutory Compliance:- Tally helps businesses adhere to various statutory requirements and
regulations, ensuring legal compliance.

12) Business Analysis:- Tally's reporting and analysis features assist businesses in analyzing their
performance, identifying trends, and making informed decisions.
Overall, Tally is a comprehensive accounting solution that caters to the diverse needs of
businesses, streamlining financial processes and contributing to efficient business
management.

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