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TallyPrime

Score8 out of 10

12 Reviews and Ratings

What is TallyPrime?

TallyPrime is a business management software solution focusing on accounting and invoicing functionality, designed with flexibility to suit different purchase and sales processes, followed by the business. Users can share invoices, orders and more via WhatsApp directly from TallyPrime.

Top Performing Features

  • Pay calculation

    Pay calculation provides for computation of employee pay with state and federal deductions.

    Category average: 8.3

  • Salary revision and increment management

    Salary revision is the ability to modify individual employee pay.

    Category average: 7.8

  • Reimbursement management

    Reimbursement management provides cash reimbursement for employee expenses related to business travel or other.

    Category average: 7.8

Areas for Improvement

  • Time tracking

    The software can track billable and non-billable employee time by project.

    Category average: 7.2

  • Regulations compliance

    The software helps users adhere to typical accounting standards and regulations such as IFRS, GASB, or GAAP.

    Category average: 7.7

  • Intercompany Accounting

    Automatically balance and reconcile GL for intercompany transactions

    Category average: 8.3

Accounting Software with best learning curve and management

Use Cases and Deployment Scope

We use TallyPrime in our organization for accounting day to day business transactions. It enables us to comply with the statutory obligations, for instance, enhancing us to be transparent with respect to monthly GST returns. It also let us know the true financial position of our organization at a particular point of time, thus depicting us the impact of decisions taken or to modify to suit the current market scenarios. It brings the unambiguous view in Bank reconciliation statements and thereby enhancing our clarity with our banking partners. With rigorous number of transactions, Software like TallyPrime in place as a tool fills and automates the financial matters.

Pros

  • GST Returns related matters in particularly bifurcating month wise Output GST and input GST, thereby making the GST returns unabmiguous.
  • GST e-invoicing is the main challenge when the similar concept introduced by Government way back in 2017, whereas TallyPrime enabled e-invoicing in its software removing the need to go the Government e-portal to create one.
  • Employee payroll related features also smoothen the personnel management
  • Cost center related features in TallyPrime brings the transparency of funds flown

Cons

  • TDL related automation is something that I'm very curious and TallyPrime should invest time to develop it and provide Knowledge training on it.
  • I feel the necessity to introduce the TallyPrime software access in a handheld device access or via web such that on the go transaction can be made noted in TallyPrime without resorting to Desktop environment
  • The UI should also be changed currently, whenever I sit, I use keyboard like a typewriter and that aesthetic must be modified with a feature
  • The theming feature should be introduced in the TallyPrime, earlier, in TallyERP 9, we have green color screen with some shades of green and now that they have changed that to some blue with bluish shade, I'm curious to have customized colors.

Return on Investment

  • It gives the best return on investment, if alternative chosen it won't suit the way TallyPrime suits
  • I feel 90% will be the ROI of TallyPrime, the 10% is deduced as some manual intervention is needed at places
  • The learning curve is also good, which the reason, the newbie can grab the best of it
  • overall, the Impact is positive till the time Audit is in place

Usability

Alternatives Considered

Zoho Books, Microsoft Excel and SAP Access Control

Other Software Used

Zoho Books

Saviour for Companies where inventory management and tax calculation is highly required

Use Cases and Deployment Scope

We use it for a few small companies where the annual turnover is less than 1 crore. TallyPrime efficiently streamlines clients' finances, from accounting to payroll. It ensures compliance with tax laws and maintains optimal inventory levels. The software's real-time insights empower informed decision-making, boosting efficiency and accuracy while providing peace of mind.

Pros

  • TallyPrime simplifies tax management by automatically calculating various taxes, such as GST, based on transaction data.
  • TallyPrime's payroll module handles complex payroll calculations effortlessly
  • It offers user-level access control and encryption, ensuring that sensitive financial data is protected

Cons

  • Software could be more benefit from a more modern and intuitive design
  • Developing a mobile app or optimizing TallyPrime for mobile browsers will make users financial information on the go
  • Customizable dashboards and charts would be valuable for decision-makers.

Most Important Features

  • Inventory Management
  • Automated Tax Calculations
  • Financial Reporting

Return on Investment

  • Significantly streamlined our financial operations.
  • Accounting, Inventory Management, and Tax Compliance are invaluable.
  • Real-time reporting provides crucial insights for decision-making

Alternatives Considered

BILL, Sage Intacct, Stripe, Braintree and a PayPal service

Other Software Used

Sage Intacct, BILL, Braintree, a PayPal service