5 New Capabilities Of TallyPrime That Simplifies GST Compliance for Your Business

Upgrade to the latest TallyPrime Release 3.0 for easier GST management. With a more…

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Upgrade to the latest TallyPrime Release 3.0 for easier GST management. With a more simplified version from setting up GST to creating invoices, handling returns, and reconciling accounts.

It helps you with everything from setting GST details to filing the returns. What’s cool is it checks your filings against official records like GSTR-2A and GSTR-1 to ensure accuracy. Plus, it brings in other useful features to simplify your tasks and let you focus on your business. This means you can ensure accuracy and easily comply with GST regulations. Our online tally course with certificate will help you better.

TallyPrime Release 3.0 makes managing your GST and business needs simpler than ever. Check out these 5 new capabilities it offers.

1. Seamless Integration with GSTN

Now, you don’t have to spend hours manually matching your GST data with GST Network (GSTN). TallyPrime now links directly to GSTN, so your data updates instantly. No more mistakes or wasted time entering data. With TallyPrime, your GST filings will always be precise and on time, freeing up your resources for other tasks.

TallyPrime makes handling GST easier by doing away with manual work. It connects directly to GSTN, so you don’t have to enter data or match things up yourself. This helps make sure your GST filings are accurate and on time.

  • It also lets you share data instantly with GSTN. So, any updates or changes happen right away, without delay.
  • Using TallyPrime cuts down mistakes since it automates most of the work. This means you’re less likely to have errors that could cause problems with GST rules.
  • And because TallyPrime handles a lot of the work for you, it frees up time. You can use that time for other important tasks or planning for the future of your business.

2. Automated GST Returns Filing

No more stress about filling out those GST returns by hand! TallyPrime has made it super easy with automated filing. It does everything for you, from getting the data ready to sending it off. No more mistakes either – TallyPrime is super smart and makes sure everything is correct.

  • It covers all the bases, too. Even if it’s your monthly returns or the big annual one, TallyPrime has got you covered. So, you can relax and focus on growing your business instead.
  • No more worrying about making mistakes. TallyPrime is super smart and makes sure your GST returns are filed without any errors. That means no more fines or trouble with the taxman. Whether it’s the GSTR-1, GSTR-3B, or the yearly ones.
  • With TallyPrime release 3.0 on your side, you can find peace of mind. You don’t need to worry about deadlines and paperwork and concentrate on what really matters—running your business smoothly.

3. Dynamic GST Audit Trail

TallyPrime keeps track of all your GST transactions in a detailed log. This helps you easily see every move your business makes regarding taxes, like when you claim tax credits, sell goods, or adjust taxes. Having this record makes it easier for you to show tax officials if they ever ask.

  • When it’s time for a GST audit, having all your transactions neatly recorded makes the process smoother.
  • You can easily show the tax authorities everything they need to see, reducing the chances of any problems.
  • By using TallyPrime’s dynamic GST audit trail, You can tweak the “Track GST Return Activities” report in different ways. For instance, you can switch it from showing returns to showing periods. Also, you can filter it to see only pending tasks or completed ones.

4. Real-time GST Insights

TallyPrime gives you up-to-the-minute updates on your GST, so you can see exactly what taxes you owe and when. This helps you make smart choices about your finances and plan ahead for taxes. From payments to figuring out how much you’re spending versus earning, ensure you’re following all the rules.

  • It helps you to personalized dashboards for your business needs which suits you best.
  • By giving you real-time insights into your GST, TallyPrime helps you make smart choices about taxes, saving money, and following the rules.
  • TallyPrime makes it easy to keep up with the rules. It reminds you when deadlines are approaching, when there are new rules, and when things change, so you can stay on track.

5. Making Changes and Reporting in Tax Returns

With the new TallyPrime update, handling changes and reporting your tax returns is a breeze. All you have to do is mark your filed returns as ‘signed’ on the GST portal. Once signed, any changes or new entries are highlighted and kept track of for you to review and take action on. That means, if there’s a mistake in your invoices or transaction amounts after you’ve filed, you can’t directly fix it in the filed returns.

But, the GST portal does let you make corrections in the next returns you file. So, any changes or fixes you need to make can be reported in the following returns as amendments.

  • After filing your April 2023 invoice, if you spot a tax error:

– Mark the return as completed in TallyPrime.
– Any future changes for that month will be tracked automatically.

  • Correct the tax amount in the April transaction. TallyPrime will note these changes and flag them in the ‘Uncertain Transactions’ section of GSTR-1.
  • Specify the date of correction (e.g., May 25th), and the adjustments will be included in the May GSTR-1’s ‘Amendments’ section and reflected in the May 2023 GSTR-3B.

In Simple Terms

TallyPrime’s latest updates are changing how businesses deal with GST rules in India. It connects smoothly with GSTN and handles things like filing returns automatically, and keeping track of changes, and providing instant updates on what’s happening.

TallyPrime gives a complete package to make dealing with GST Compliance easier for your Business needs. With the help of Super 20 Training Institute by your side, you can cut down on mistakes, follow the rules better, and concentrate on growing in a tough market.

TallyPrime On A Cloud Service

Millions of businesses use Tally or TallyPrime to handle their accounting requirements, making it…

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Millions of businesses use Tally or TallyPrime to handle their accounting requirements, making it one of the most effective accounting programmes available. But, business dynamics and customer needs are constantly shifting as organisations expand and change. The requirement to access business applications and data from any location has grown as a result of the development of current technologies and the emergence of new ones.

The majority of organisations today seek to take advantage of mobile data and application access provided by cloud computing and accountancy. The demand has increased as a result of the current circumstances.

Tally revised their licencing policy, which will enable Tally licence and data usage via virtual / cloud platforms, effective June 2020, as part of their ongoing commitment to providing their customers with changes that make their life easier.

Small and medium-sized organisations can access TallyPrime and data from anywhere thanks to a collaborative solution powered by Amazon Web Services (AWS). This seeks to make it easier for clients whose lifestyles will soon require remote access to TallyPrime.

So let’s take a deeper dive into TallyPrime on AWS.

TallyPrime on Cloud Server, powered by AWS

It is a group collaboration tool backed by Amazon Web Services (AWS), giving companies a strong choice to use TallyPrime from anywhere. To put it simply, you may use this solution to remotely access TallyPrime that is installed in a virtual computer.

To clarify, customers can now access TallyPrime from anywhere via a client programme that is installed on a distant computer, let’s say one that is located in the cloud.

As shown in the above diagram, it is now feasible to put TallyPrime and the data on Amazon cloud space and access it remotely by utilising the login credentials thanks to the cooperative connected solution.

How Can I Purchase TallyPrime on AWS’s Cloud?

The importance of remote access, operations, usage, and company strategy all play a crucial role in selecting the best remote access plan because every firm has different needs. As a result, the authorised Tally Partner will customise, distribute, implement, and support the entire system.

Your single point of contact for purchasing the solution will be one of the Tally partners, who have years of experience implementing these solutions and bring with them a wealth of technical knowledge.

You can simply speak with your Tally partner and let them know what you need. The partner will assess your needs, recommend and implement the appropriate solution, and provide you with the required assistance. In addition to managing every aspect of the solution, your partner will make sure you won’t need to contact anybody else for any issues linked to it.

How can TallyPrime be used with Amazon Web Services (AWS)?

Your Tally Partner will lead the remote access solution to your firm once they have collected your requirements. You don’t need to be concerned about the solution’s technical implementation. Your partner will lead the conversation with the cloud service provider and make sure the entire solution is implemented. From recommending the best cloud plans to setting up TallyPrime on the cloud system to customising Tally data on the cloud system, the Tally partner will take the lead.

Following the implementation of the solution, the application and login information for remote access to TallyPrime will be made available. The user must log in from a remote computer if they want to access TallyPrime remotely. This is the only thing users need to do.

You won’t need to look elsewhere because your Tally Partner will always be there for you, not just during implementation but also for post-sales support.

While the collaborative solution powered by AWS offers a more practical method of accessing the company data, it is important to remember that this solution is suggested for companies who want to have access to their Tally licence and data from any location. If your current method of using the product (on-premises) suits you better, you can keep using the licence as is.

How does the connected solution powered by AWS work?

There are two parts to any remote environment: a server and a client. The primary machine hosting the programme and data in this case is the server. Your server in this case is an Amazon cloud platform where TallyPrime is installed and data is set up.

The machine from which you want to access the programme or data that is stored on the server is known as a client. The client might be referred to as a remote computer. You can remotely log in to access TallyPrime, which is housed on a cloud server, using this remote computer.

Benefits of TallyPrime on Cloud, Powered by AWS

  • This safe method lets you access TallyPrime from anywhere, whether you’re travelling or meeting clients.
  • You will be able to collaborate with other people while working on the same data with flexibility.
  • You can easily transfer your current data to a virtual cloud environment and keep using the same software.
  • Remote access to TallyPrime is a very affordable option, and you have the freedom to select the plans that are appropriate for your company.
  • The industry leaders in their respective fields of technology can be found in Tally and AWS (business software and cloud platforms). As a result, it is quite trustworthy.

We know that TallyPrime can get confusing at times. But it is quite interesting. If you want to learn more about it, you can head over to our s20 website and look into a commerce course in Ahmedabad.

Accounting Coaching Classes for Upskilling and Training Employees

Today, most businesses will agree that employees are their biggest assets. Companies invest a…

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Today, most businesses will agree that employees are their biggest assets. Companies invest a lot in terms of hiring the right candidates and then retaining them too. At the same time, employees are also very passionate about their careers. They don’t shy to move on if there is stagnancy in terms of career growth or learning new skills of accounting training. Therefore, to align the interests of both, it is essential for businesses to make significant efforts towards constant development of the employees.

What Do You Coach About?
Businesses usually provide training to impart skills that are essential / required to perform existing jobs. Obviously, this is given; considering you would like to ensure that the employee can perform in the best possible manner in his/her current role.

However, organizations today also invest in ‘Upskilling’. Upskilling refers to the process of teaching new skills to existing employees through academies like Super 20 Training Institute. Such upskilling could also be essential, or in other cases, desirable for employees; which are discussed below.

Is Upskilling Required In Accounting?
Absolutely! In this constantly evolving business environment, accounting concepts and methods are being updated too. Entire accounting framework is being rejigged and new accounting standards are becoming applicable to the business. Fo example, accounting software (like Tally) is being updated to incorporate changes in laws like GST and so on. In such a scenario, providing training to employees is definitely the need of the hour! Training academies offers excellent accounting coaching classes in Ahmedabad, suitable to different coaching needs.

Whom To Upskill In Accounting?
Upskilling could be classified into two categories. One, teaching those skills which are essential to the changing work environment. For instance, training the existing accounting personnel about the new accounting standards applicable to the organization would be absolutely essential.

Second category could be teaching those skills that may not appear exactly essential to the existing role at hand, but could go a long way in improving efficiencies. For example, familiarizing tax team about the new accounting concepts, accounting software offering Tally courses, would help them in gaining a better understanding. And this will eventually reduce their dependence on accounting team. Sometimes, it could be essential too, say when the tax team needs to understand the applicability of ICDS and how they diverge from accounting standards that the organization follows. In either case, it improves employee morale as he feels he is learning something new and challenging.

A lot of corporates have in-house L&D (Learning & Development) team. Others may tie up with a dedicated accounting academy for this purpose. In either case, the importance of upskilling employees cannot be emphasized enough.

B.Com Student – Ready For The Job

“Ma’m, can I get a job after completing this course?” asked a curious voice.…

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“Ma’m, can I get a job after completing this course?” asked a curious voice. And the sweet reply from a lady was “Oh yes, why not?”

This is not a movie scene. We at Super 20 Training Institute (a.k.a. S20) get such questions from the students day in and day out. But the above question was asked by Rohan – a third year BCom (TY BCom) student exactly a year back. The question was not unique to us, but it was very obvious and unique for Rohan.

Well, Rohan was resident of Ahmedabad and called up the institute for Tally Course. After getting first-hand information over the course, he decided to visit Super 20 Training Institute. After inquiry, he was satisfied that this is the best tally course in Ahmedabad. But he was skeptical about the job prospects. That’s why he asked this question.

Rohan joined morning batch of the institute. Day by day, he was learning. Initially, he was a bit slow on learning. So he took to the mentor at the institute to know what to do. He was advised to put extra 1 hour daily at the institute for practicing what was taught. The trick worked for him. Gradually, he picked up. Rohan was an average student. He got second class in the previous examination of the university. But here he liked the practical approach and practical way of learning thing. The entire course turned out be a guiding factor for Rohan. He got Tally Training, Accounting Training, GST Training, Income Tax Training and soft skills training. This was not only enough. He felt confident about himself after doing the course training.

3 months course was completed. Bells rang for his university examination. He went for the college as well as university examinations. After the examination, he again approached S20 asked for the promise made to him.

“Ma’m, can I get a job?”

In reply, the lady handed over him list of three suitable job vacancies, where he can appear for the interview. He appeared for the interviews at two places and got selected at one of his choice. What else does a BCom student need?

Every year thousands of B.Com students get passed from various colleges / universities. All of them face a situation, where, even after getting good marks, they struggle to find a job of their choice. This situation is created because of our education system. Students get passed, but they do not have required skills for the desired jobs.

At S20, we have endeavored to develop courses which help students to improve their skills, which in turn help them in building careers in Accounting, GST, Income Tax etc. Every year, we have hundreds of cases of BCom students like Rohan, who make their career with the help of Super 20 Accounting Training Institute.