Tally can be defined as a generic software that provides its users with the possibility of completing various financial transactions by using the systems, features, and functions available in it. As per Tally’s website, its main purpose is to provide its users with the ability of managing their finances through online transactions which are automatically recorded in the system.
There are 3 different types of transactions that can be completed through Tally
1. Sales process : The sales process includes all activities related to obtaining new customers or clients, marketing campaigns or sales tools for existing clients.
2. Purchase order process : The purchase order process seems simple, but it can take a lot of time, stress, and money. To save time and avoid many hours of work, companies are turning to technology to streamline their purchase order process. This includes creating digital purchase orders that are easily accessible by employees.
3. Receipt process : Receipts are an important part of the process in tally. They provide proof of whatever you bought and helps to keep track of inventory. Receipts also provide information on the goods that were purchased, which can help in calculating profits.