What Is The Scope of Tally In The Present Scenario?

Are you an accounting enthusiast and want to make a career in it? Love to juggle facts & figures and desire to start with 5 figure salary? Tally is the field for you. Fondly known as Shorthand of Accounting, Tally is the accounting software used to do all banking, auditing, and accounting procedures. It is very useful for doing calculations in small and medium-sized businesses. Let us understand Tally training and explore more about the scope of the Tally where you projectile your career while making profit reports for the company.

 

A guide to the scope of Tally

 

Its ability to manage the company’s all critical accounting operations with simple commands makes it one of the most suitable accounting software for Indian businesses. If you want to get into accounting and are desirous to learn the basics of accounts and job costing, Tally Training is beneficial for you. Welcome to the world of the most used software in businesses: Tally.

 

Scope of Tally: About the Tally

It all started with a blessing in disguise. Way back in 1986 when the family business of Cotton got destroyed by fire, Mr. Shyam Sunder Goenka and his son Mr. Bharat Goenka saw an opportunity in developing a software application for financial accounts. It was named Peutronics Financial Accountant and used to have only basic accounting functions.

Very different from the present versions, it was launched as an MS-DOS application. It got its popular name Tally Solutions in 1999. Since then, it has gone through many forms and transformed to become our beloved Tally with the most recent version Tally ERP 9. Do you know the full form of Tally? TALLY has a wonderful meaning. It means Transactions Allowed in a Linear Line Yards

 

Advantages of Tally

Tally has always been in high demand because it:

  1. Executes accounting activities in a highly precise and methodical manner. It is used to automate and integrate all kinds of business operations, such as purchasing, finance, sales, inventory, and manufacturing.
  2. Follows a double-entry accounting system and hence eliminates and rectifies possible errors.
  3. Helps the user to extract the profit and loss reports which makes it easy to project the business for the upcoming months.
  4. Easier to implement and customize. Its low cost makes it every company’s favorite.
  5. Occupies very low space for installation.
  6. Supports multiple systems and can be operated in widely used operating systems like Windows & Linux.
  7. Can easily provide a backup of all the work data in a single directory, on a local system disk.

 

Power Features of Tally

  1. By using Tally, you can create and maintain accounts for up to 99,999 companies.
  2. You can automate employee records management by using the payroll feature,
  3. Tally has the feature of synchronization which means that any transactions maintained in more than one location are automatically updated when any changes are made.
  4. Consolidated financial statements can be generated as per the requirements of a company.
  5. The most important feature of Tally is that both single and multiple groups can be managed easily.
  6. Its unique advantage for multiregional businesses is the data can be entered in one language and invoices and Purchase Orders can be generated in another language.
  7. It supports a multi-language system including 9 Indian languages, making it a preferred choice throughout the country.

 

Scope of Tally: Eligibility  

The TALLY training is available in Certification and Diploma courses. The time duration of these courses ranges from one month to two years. GST, TDS, inventory management, and accounting are the main topics of Tally courses.

 

The minimum qualification: 10+2 or equivalent education

preferably in commerce, should be from a recognized board. Students from other streams having mathematics as a subject can also apply.

Any Experience Required: No, but a basic understanding of business management and accounting is preferred.

UG or PG Tally courses: No courses available  

Offline/Online Mode: Training available in both modes

Course Duration (Certificate): 2-4 Months

Course Duration (Diploma): 1-2 Years

Course Fees: INR 3,000 – INR 10,000 (may vary according to institute and mode of training)

Beneficial for: Fresher students as well as experienced

Entrance Exam: On merit or through an entrance exam (depending on the policy of the institute)

 

After graduation, students can also pursue additional courses to advance their careers while applying for accounting employment.

 

Scope of Tally: Required Skillset

A Tally course necessitates the following abilities.

 

Communication skillsAnalytical skills
Learning SkillsAccounting proficiency
Computer skillsNumerical ability

 

Certificate Tally Course VS Diploma Tally Course

Now, Let Us Understand the Difference Between a Tally Certificate Course and a Diploma Course.

 

Tally Course as mentioned below.

ParametersCertificate Tally CourseDiploma Tally Course
Level typeCertificate/ Certification LevelHigher Secondary Certificate (HSC)
Duration2-4 months1-2 years
BackgroundCommerceCommerce
FocusMore focus on the concepts of accounting, accounting practices, and analytical skillsHere the emphasis is much on Accountancy as a sector itself in big organizations like banks and MNCs
Eligibility10+2 with commerce10+2 with commerce securing a minimum of 50%

 

Scope of Tally: Institutes

There are many institutes offering Certificate and UG / PG Diploma courses in India. You may opt for classroom or offline training mode if you wish to attend classes at a good nearby center. Many Online courses are also available over the internet in case you are working or studying somewhere and want to add Tally to your professional skill set.

You may choose the best course and institute as per your own needs and suitability. The various institutes and colleges give admission based on merit or entrance test. The Admission and Fees details can be obtained from the website of the institute. The course fees for classroom courses may range from INR 8,000- 10,000.

 

Topics Covered in Tally Training

Lets us have a quick look at the various topics covered under Tally Courses.

 

The details of topics covered in Tally Training are:

  • Basics of Accounting
    • Accounting with each type of transaction such as payment, receipt, sales, and purchase.
  • Fundamentals of Tally
  • Accounting Management
    • Voucher Entries
  • Inventory Management
  • Payroll Accounting
  • Indian Tax Management
    • (GST, TDS, TCS, IT returns, Tax levied on imports and exports)
    • Auditing

 

Career And Scope of Tally

  1. Finance and accounting are the need of every business entity and Tally is an integral part of accounting. No doubt, Graduates passing out with Tally often get a wide range of lucrative job offers. Additionally, some sectors work mainly for accounting like banking, financing companies, foreign trades, etc.
  2. There are many jobs offers for Tally Graduates such as Accountant Officer, Tally Operator, Service Coordinator Tally, Account Executive, Financial Analyst, Executive Assistant, and so on.
  3. The average salary of a Tally graduate: is INR 5,00,000 to INR 10,00,000 annually.
  4. Most of the commercial and government firms across industries, such as Banks, foreign trade, public accounting firms, Industrial Houses, budget planning, inventory control, etc hire employees with tally expertise.
  5. Tally course graduates earn between INR 15,000 and 25,000 per month, depending on the sort of tally certification they pursue (depending on the type of course like certifications, an advanced or intermediate tally certification or diploma in the tally after one has graduated from accounting, finance, or business course).
  6. Tally is a small and simple software package that can do anything from accounting to bookkeeping, making it a powerful and ubiquitous tool for professionals in the field. Tally is used by accountants and other business professionals, as well as small-business owners and managers.
  7. It will serve as upskilling if you are looking to upgrade in the accounting industry.

 

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Scope of Tally: Career Opportunities

Like any other sector, your growth in this sector too depends on your skillset, acquired knowledge, and performance. The career opportunities one may get after doing a Tally course are:

 

Job Description

Main Job Responsibilities

Admin Executive
  • Keeping track of relationships and communications between the company and clients,
  • Helping people to use the services of the company
  • Provide a high level of customer service hence customer satisfaction
Accounts Executive

 

  • Preparing daily sales reports
  • Collecting daily cash receipts
  • Maintaining a database of accounting documents and preparing payment vouchers are also their day-to-day tasks.
Audit  Executive
  • Examining the money inflows and outflows of organizations and keeping their records.
  • Collating, checking, and analyzing spreadsheet data
  • Examining and updating company accounts regularly handling financial control systems and other financial management tasks
Financial Analyst
  • Planning, analyzing, and creating financial reports for companies or the organization working for
  • To Improve the financial status of the company by analyzing results and monitoring variances
  • Identifying trends in the market and recommending actions to management
Account Manager
  • Handling management of sales and relationships with customers for a company.
  • Maintaining the company’s existing relationships
Tax Accountant
  • Assisting their clients with income and financial tax statements
  • Working with tax laws by studying new developments, and rules
  • Aiding clients with tax audits
  • Filing company returns
Tally Operator
  • Keeping accounts by  using Tally Programming
  • Filing tax returns
  • Preparing balance sheets
  • Reporting on profit and loss accounts
Sales Analyst
  • Evaluating and storing sales data
  • Analyzing market trends and reporting
  • Helping the firm expand and solve difficulties with its present method of functioning
Senior accountants
  • Solving account problems
  • Maintaining general ledger and bank statements
  • Using analytical skills and accounting principles for analyzing and verifying financial reports
  • Regulating entries, getting the data for audits, and preparing tax return files and income statements
  • Creating financial reports like balance sheets, profit and loss accounts, cash inflow and outflow, funds flows, outstanding receivables, and payables, ratio analysis, bash book and bank book, and trial balance
Billing Executive
  •  Creation, management, and issuing of receipts and invoices to internal or external stakeholders.
  • Dealing with various existing and new clients at tight deadlines
  • Assist in profit or loss calculations by evaluating proof of all the payments made or received to enhance their professional relationships
  • Maintaining and updating customer records, converting different currencies, and credit card processing.
  • To do database and records management, hours tracking, reminders

Inventory manager

 

  • Tracing, controlling, and managing the movement, stocking, usage, order-processing, and manufacturing of inventory
  • Ensure a sufficient supply of the right materials at the right time, avoid overstocking or under-stocking, and reduce handling costs.
  • Helping in location or warehouse management, manufacturing, and organizing the inventory batch-wise and lot-wise
  • Making accurate reports, managing the costs, and delivering online business reports accurately
Bookkeeper
  • Keeping track of financial transactions
  • Maintaining ledgers
  • To gather and maintain data

 

Scope of Tally in Freelancing

Accounting Experts who want to work with multiple organizations rather than be employed with just one have modern, dynamic employment opportunities with freelancing in Tally. Freelancers work for several clients together. Organizations pay on a per-job or per-installation basis.

Tally specialists or freelancers invest about four-five hours of their time per day in performing basic bookkeeping and accounting tasks, providing daily work reports, generating and issuing GST reports, paying taxes, creating receivables and payable statements, and creating bank reconciliation statements. Generally, mid-size or big organizations hire Tally expertise on a contract basis or for consultations. They may also serve as corporate Trainers.

 

Scope of Tally: Jobs Abroad

Internet research says that there are plenty of job opportunities for Tally experts abroad in the international job market. There are so many Tally courses available online that are structured in a way that students will get job offers immediately right after graduation.

 

Also, check here:

 

Scope of Tally: Top Recruiters

Top paymasters for Tally Graduates include IBM, Accenture, Ernst & Young, and Deloitte. Mostly all IT firms and organizations require Tally professionals like Accountants, Operators, and or Tally course graduates.

The following are some top private-sector recruiters –

IMB IndiaGenpact
BDO InternationalKPMG
SS Kothari & MehtaDeloitte
Reliance IndustriesErnst & Young
AccentureSmith and Williamson
HCLWipro
TCSAccenture

 

Lots of opportunities in the public sector also keep on publicized in newspapers and job portals. Tally Graduates can prepare and apply for government jobs advertised in Employment News and national dailies. Details of these jobs are also posted regularly on various job portals like www.sarkarijobs.com etc.

 

Scope of Tally Courses: Future Scenario

 

The present trends indicate future scenarios.  

As we all know, Tally software is installed on every computer individually and every time on-premise. This practice is going to be changed soon. On–premise installation needs many efforts by the user which includes employing a separate team, managing resources, maintaining its upkeep, managing space and environment, etc.

In the new system, for enhancing performance Tally is soon going to use a cloud platform. This requires an internet connection and a tally account. It is going to eliminate all these efforts. Everything will be managed virtually on the cloud. Users can use their tally account remotely from their offices, homes, hotel, or anywhere they find an internet connection.

 

Tally Prime; the newest Tally version launched on Nov 9th, 2020 is a cloud-based software. It serves users with all its magic as described above. Slowly and gradually it is gaining popularity among companies having an innovative mindset.

 

Frequently Asked Questions About the Scope of Tally

 

Que 1 . What is Tally?

Ans. Tally stands for Transactions Allowed in a Linear Line Yards. It is the most extensively used accounting software in almost all kinds of industries. It can be used for auditing, accounting, and banking.

 

Que 2. Why do Businesses select Tally software for their accounting needs?

Ans. It streamlines sale and purchase management and reporting mechanism as well as the monetary and inventory processes. The program is simple to install and allows multiple users.

 

Que 3. Who can apply for a Tally course?

Ans. Admission is offered based on merit or entrance test. Applicants must have finished their 10+2 with a commerce stream.

 

Que 4. Is there any age limit?

Ans: There is no age limit for doing Tally courses. However, one must have passed 12th class or equivalent from a recognized institution.

 

Que 5. What is the duration of the course?

Ans: Certificate Course: 2-4 Months

Diploma Course: 1-2 Years

 

Que 6. What is the main content of Tally courses?

Ans. The Tally courses cover concepts, tools, and techniques of accounting using Tally software. It includes updating records of day-to-day transactions, accounting operations, and the generation and printing of invoices and reports. It helps to manage all kinds of financial inflows and outflows in a company or for the clients of the company. The tally subjects also include inventory management and taxation like GST, TDS, and TCS.

 

Que 7. How much salary does one get after doing the course?

Ans. After completing Tally training, a fresher can earn between Rs 18,000 and Rs 23,000. The rise in salary happens with experience and time. Performance plays a major role in salary hikes. A thorough understanding of the subject might project your package right from the start.

Que 8. Which sectors can be joined after doing Tally courses?

Ans. There are enormous prospects in both the government and private sectors. In case one is interested, jobs in international markets are also increasing. Almost every sector and institution needs accounting services. There are plenty of jobs available in retail, banking and financial institutions, commerce, manufacturing, and distribution. The IT/ITES industries also offer big numbers of tally jobs.

 

Que 9. Which Tally version is considered best by the market?

Ans. Most sectors consider Tally ERP 9 to be the safest and tough to hack.

 

Scope of Tally Course: Conclusion

Tally, or Transactions Allowed in a Linear Line Yards, is a famous program developed by the Goenka Father-son duo in 1986. If you want to become familiar with various aspects of accounting used in any structured organization, the way it works, and its basic concepts like bookkeeping, profit and loss statements, financial analyses, stock maintenance, etc, you need to thoroughly study Tally. The expected salary of Tally course graduates ranges between Rs 5-10 lakhs per year.

The remuneration of every job depends on the type of Tally certification you choose and undertake. If you take more in-depth courses in tallying and accounting practices, your monthly salary will likely be higher. Accounting is required by all types of organizations and institutions. Salary varies from industry to industry and job role to job role. Knowledge and expertise in Tally software could help individuals with upskilling.

Thereby they can change their area of work or department. They can get better opportunities and salaries. There are tons of job opportunities for Tally graduates in private as well as public sector organizations. Increase in accounts Jobs in international markets have opened doors to many Tally graduates that are enthusiastic to work abroad. The most recent version is Tally Prime which is a cloud-based software. Yet, Tally ERP 9 has not lost its shine at all and keeps on shining with all its glory.