Success of Tally as an Accounting Software – I

Friends in today’s article we will try to understand the success of Tally as…

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Friends in today’s article we will try to understand the success of Tally as an Accounting software. Well, before we begin let me just introduce ourselves. We are No.1 in Tally Training, GST Training, Taxation Training and Accounting coaching classes in Ahmedabad. We have been very successful in getting students jobs after completion of their Accounting Courses, Tally Courses, Taxation Courses, GST Courses.

How Tally was born?
Tally is a brainchild of S S Goenka and his son Bharat. Goenkas were facing problems in handling their day to day bookkeeping and accounting. So Bharat being a brilliant graduate in Mathematics took up a challenge to develop an MS-DOS based accounting software Peutronics Financial Accountant. It was a success way back in 1986. So a smart guy with an urge to solve problem became an instant success. May be someone has advised them to rename this software so they renamed it to Tally. And we have a world class brand like Tally with us serving us since then.

With the changes in technologies, Tally has coped up with the same pace of changes. They launched Windows based version when Windows were launched. When ERP started penetrating businesses they launched Tally ERP versions. And Tally ERP became rage. Their latest version Tally ERP 9 became money-spinner. Over a period of time, they also kept incorporating various taxation and compliances related modules and changes into the software. So Tally was not just used in Accounting it was used in Taxation, Sales Tax, GST related compliances also. It really made life of businesses and accounting in particular very smooth.

Very important for any software product company is to have people addicted to their software. So they did not bother about piracy. They launched education version, auditor access, schemes for Chartered Accountants. This has created a fort around them. They did wonders with such high penetration strategies.

The major change came when they pushed on Tally Training – A Training based on their software. And soon you see flourishing Tally Courses, Tally Training Institutes. There are many students vying to get themselves do Accounting Course through a Tally Course. Tally became synonymous with Accounting in many parts of the country. Many institutes launched Tally Accounting Course, Tally Taxation Course, Tally GST Course etc. Tally Courses based on various versions of Tally also were in demand. So basically, through this route the product went viral. It so became that students wanted to Accounting Course / Training will come and ask for Tally Course at the Institute or an accountant wanted to learn Taxation came to ask for Tally Taxation Course or GST Course. I think Goenkas may not have expected this much love and affection from the users.

We are no fan of an Accounting Software. But let us accept that Tally has created name for itself. And it is really praiseworthy. An Indian company, completely homegrown and has made a mark for itself in this country. In the next article, we will discuss more on this topic.

Accounting and Tally classes in Ahmedabad are so much in demand that students despite having a subject to learn are still wanting to learn more from these classes. the bigger challenge is to find the right institute to train you and hone your accounting skills.

Financial Accounting – Accrual Method v/s Cash Method

Friends in our today’s article we will try to understand what is financial accounting.…

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Friends in our today’s article we will try to understand what is financial accounting. Well, many people try to undergo financial accounting coaching classes in Ahmedabad or may be a tally course or such other courses/training for their career enhancement. So what we do in such accounting courses/tally courses / quickbooks courses is quite deeper. But within this given space let us understand financial accounting.

So what is financial accounting? It is a specialized branch of accounting which deals with all of the company’s financial transactions. It is a process of recording, summarizing and reporting the myriad of transactions resulting from business activities for a particular time interval.

Now let us understand what various accounting training institutes, tally training institutes and software vendors like tally, quickbooks confuse us with two important terms i.e. Accrual v/s Cash. What is this? It is simply nothing but a difference of timing of recognition of revenue and expenditure. Financial accounting may be performed using either the accrual method, cash method or a combination of the two.

During the course of accounting/book keeping, accrual accounting method ensures recording transactions when the transactions have occurred/incurred and the revenue is recognizable.

Cash accounting entails recording transactions only when the cash is exchanged. Revenue is only recognized when the payment is received and expenses are only recorded when we make the actual payment. Looks simple, Right?

Both methods are used everywhere. Accrual accounting is more prevalent because most of the professional accountants generally adopt accrual method since they have generally undergone accounting courses/tally courses and they stress more on accrual accounting. Cash method is more prevalent in small businesses.

Now let us understand with an example.

We will write an accounting entry in the books of Amit Trading Corporation.

Amit Trading Corporation purchases goods from Pawan Dealers Pvt. Ltd. worth Rs. 1,05,000/- and paid Rs. 5,000/- as advance rest is payable when the goods are delivered.

In this case Amit Trading Corporation is a buyer

Now we will be able to understand the difference between accrual method and cash method of accounting.

This is just very basic things. In various tally courses/training or  accounting courses at our institute we make complex concepts very straightforward, use cases to work upon them. We are one of the top accounting institute in ahmedabad.

Feel free to contact us any time. Your feedback is most welcome.