What is Tally Prime? Features, Benefits | Go my class

Go My Class
Oct 12
2 min read

What is Tally Prime

Tally Prime is an accounting and business management software developed by Tally Solutions, an Indian multinational company. It is widely used by small and medium-sized businesses (SMBs) to manage their financial and operational tasks. It offers a user-friendly interface, enhanced features, and improved performance compared to its predecessor, Tally ERP 9. With Tally Prime, businesses can efficiently manage accounting, inventory, payroll, tax filing, invoicing, and other key financial tasks.

Who is the founder of Tally Prime

The founder of Tally Solutions, the company behind TallyPrime, is Shyam Sunder Goenka.

In the 1980s, Shyam Sunder Goenka, who was running a textile business in Bangalore, needed a software to manage accounting operations. Unable to find a suitable solution in the Indian market, his son, Bharat Goenka, developed an accounting software — which became the foundation for what we know today as Tally.

The company was originally incorporated in 1986 as Peutronics, and later rebranded as Tally Solutions Pvt. Ltd.

Founder: Shyam Sunder Goenka
Co-founder & Developer: Bharat Goenka (his son), who is also known as the architect of the Tally software.

What Tally Prime Does:

Tally Prime helps businesses with:

Accounting – Maintain ledgers, record transactions, manage accounts payable/receivable.
Inventory Management – Track stock, manage godowns/warehouses, batch-wise tracking.
GST Compliance – Automatic GST calculations, returns, and reports as per Indian tax laws.
Invoicing – Create customizable invoices for sales, purchases, etc.
Banking – Bank reconciliation, e-payments, and cheque management.
Payroll – Manage employee records, salaries, attendance, and statutory deductions (like PF, ESI).
MIS Reports – Generate financial and business reports for decision-making.

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Key Features of Tally Prime:

Easy to use with a more intuitive interface than older versions (like Tally ERP 9).
Multi-tasking – Users can navigate between reports, transactions, or entries without losing progress.
Go-to search – Quickly find features or screens by typing a few letters.
Data security – Includes user access controls and password protection.
Remote Access – Work from different locations with proper access setup.

Who Uses It?

Accountants
Business owners
Finance teams
Auditors

Tally ERP 9 vs. Tally Prime

Tally Prime is the upgraded version of Tally ERP 9, with a more user-friendly interface and additional features aimed at improving productivity and navigation.