Tally's latest accounting software
HIGHLIGHTS
Tally's latest accounting software provides UAE businesses with a full suite of online accounting services, including tax reporting.
In today's fast-paced world, software solutions that may have appeared to work well yesterday could be clumsy today and outdated tomorrow. Tally, which started in 1986 as an accounting software continues to remain popular for more than three decades. Tally has undergone a long journey and developed a close relationship with small and medium businesses. The key to Tally’s success is etched right into the tagline — Power of Simplicity.
“At Tally we are cognizant of the needs of small and medium businesses,” says Vikas Panchal, Business Development and Operations Head at Tally Solutions in the Middle East. “We understand that moving to new tax regime can be a daunting task, especially for a region which is introduced to VAT for the first time. Tally.ERP 9 Release 6.3 enables businesses to set-up the software quickly and record and print VAT bills with ease, allowing businesses to start their VAT compliance journey from day 1.”
During the last 30 years, Tally has become an expert in enabling compliance for businesses in different (VAT and GST) and complex tax environments such as in India. Tally is one of the first to launch a VAT compliant software for the UAE and Saudi Arabia in December 2017 - Tally.ERP 9 Release 6.3. A perpetual single-user edition costs Dh2,340 and a perpetual multi-user edition costs Dh7,020.
Customers who are already using Tally.ERP 9 with a valid subscription can easily upgrade to the VAT-ready Release 6.3 for free. Today, over 1.3 million customers depend on Tally for tax compliance, including 40,000 clients from the GCC. Here is why:
If the term “VAT compliance” sounds intimidating, a few minutes with Tally.ERP 9 will dispel that notion. Installation takes mere seconds. You can download the software (under 90 MB in size) from the Tally website and test it out before buying it.
Tejas Goenka, Executive Director, Tally Solutions, says, “Simplicity, accuracy, security and easy adaptability forms the foundation of our software, whether it is for a complex tax structure like GST in India or for a new tax regime like VAT in the UAE.”
Getting started is as simple as entering your Company Name, the Emirate your business operates in, TIN (or TRN for Saudi Arabia), VAT registration date and the periodicity of your VAT return filing (monthly/quarterly). After this, you can start entering transactions and Tally takes care of the rest. It starts mapping the data to VAT rules in the background.
After you have experienced the easy one-time set-up, your business is now ready for recording transactions in a VAT compliant way. From invoices which require only the name of customer, stock item, quantity and rates, to invoices which require multiple items and multiple tax types, you can create a range of invoices with Tally.ERP 9. So whether you are a white good trader, retailer, exporter, importer or a wholesaler, Tally.ERP 9 has all your needs covered.
Tally.ERP 9 software can handle a wide range of business scenarios. These include discounts, freight charges, self-account for reverse charges, input tax credit or advance receipts. You can define tax at any level, such as stock items, ledger or group.
For example: If you are purchasing capital goods, Tally.ERP 9 lets you decide how much input tax credit you wish to claim. Or if you use the capital good to produce exempted goods in the future, you can reverse the input tax credit (ITC) and make adjustments.
Tally.ERP 9 prints tax invoices in Arabic, English or both, and in formats as prescribed by the Federal Tax Authority (FTA) of UAE and the General Authority of Zakat & Tax (GAZT) of Saudi Arabia. Businesses that deal with multiple currencies can generate invoices which display the value breakups of the transactions in terms of the different currencies. VAT gets calculated on the base currency (the currency of your country).
Tally.ERP 9 is compliant with the VAT guidelines as prescribed by the FTA of UAE, and accredited by the GAZT in KSA. If you are in the UAE, you can generate your VAT return in XML or MS Excel, and the VAT Audit file in ASCII format as prescribed by the FTA. The return gets generated by breaking down the taxable sales transactions Emirate-wise.
Tally.ERP 9 has the unique capability to automatically detect errors and raise alerts to let you correct them. For example: You will get alerts on errors such as tax mismatches, missing tax components, wrong TRNs/TINs, and so on. You can make corrections immediately as even the reasons for errors are displayed. Tally.ERP 9 ensures that your business data is VAT compliant and up-to-date.
With Tally.ERP 9, you can generate a range of critical reports which help making decisions easy. Before generating your VAT return, view the in-depth tax computation and analysis report which gives a complete overview of all transactions and taxes. It shows you the total amount of VAT to be paid, refundable amount if any, transactions included/excluded, and so on.
The RCM (reverse charge mechanism) report is especially helpful if you are importer or have made purchases from unregistered dealers. In the advances receipt report. you can pass just one single journal voucher for all the advances in a single click.
You can also get reports on stock ageing and movement analysis, profit analysis, income and expenditure statements, and exception reports. These reports can be generated at any point while using Tally.ERP 9.
When you buy a Tally.ERP 9 license, you also get a free 1-year subscription to TSS (Tally Software Services). With TSS, you can enjoy a host of additional benefits. You get free product upgrades and on-time updates. Business data can be synchronized across branches, factories and warehouses right from the place where you are located. You can consolidate data from various locations and generate financial reports. TSS makes banking easier as well.
Tally.ERP 9 is a secure and a stable software. “Tally software bears the highest levels of security, which ensures no chance for any data leaks or compromise,” says Goenka.
It can withstand sudden power cuts, system crashes and unreliable infrastructure. Your business data will always remain safe, secure and up-to-date. Since Tally consumes minimal memory space, data backups can be taken easily and transferred to devices. With powerful features like TallyVault, you can encrypt business data and set up user-level rights for restricted access.
Evan Drosopolous, from Comfort Plus Trading Co LLC, says: “We were introduced to Tally almost 7 years ago by Chaturvedi Accountants. Currently we are using the product in 3 stores and I can undoubtedly say that it is the most valuable business investment we have made so far. The product is extremely efficient and is constantly updated to include any new changes, making the life of the business owner very easy.”
Apart from accounting and inventory, Tally.ERP 9 can be used for manufacturing and job work, payroll management, sales management and so on. You will need these functions as your business grows.
Tally provides a comprehensive online knowledge base in the form of TallyHelp. You can email, or access chat-based customer care from their website, or call toll free +971 800 82559. A dedicated team of local on-site and offline support is available 24x7 in the UAE.
This content comes from Reach by Gulf News, which is the branded content team of GN Media.