Explain what is Tally and where it can be used?
Tally is a software for accounts and inventory management, which is used for performing many functions like
- Performing all basic accounting functions
- Estimating job costing
- Storing details and managing inventory items
- Managing payroll
- Filing tax return, managing profit, and loss statement, preparing a balance sheet, VAT forms, trial balance, cash-flow report, etc.
- Maintaining budget scenarios
- Calculating interest on the outstanding amount
- Managing data over different locations and synchronize it