What is account and accounting? What is Tally accounting? Define Tally.
Accounting in business refers to the comprehensive compilation of financial transactions. The process also involves the reporting of such information and helps in the analysis of a business’s health and performance. To standardize the process of accounting, businesses employ Generally Accepted Accounting Principles (GAAP) to prepare the accounting reports. Accounting comprises several sub-fields that inform different goals within an institution which include financial accounting, management accounting, tax accounting and auditing.
Accounts can be defined as business customer relationships. The classification helps in ensuring the business process and relationships are systematic and manageable. For example, in a marketing firm the different clients procuring services from the said firm will likely have separate client accounts with the firm.
Accounts can also be defined as records in a ledger holding information about debit and credit transactions. For instance, when preparing the general ledger several accounts are included such as the cash account, accounts payable and receivable and purchase accounts among others. The general ledger forms the basis of an institution’s accounting process and provides the information used in the preparation of financial reports.
Account is a record in a general ledger that systematically and chronologically details the credit and debit information related to a particular business or individual. In many cases, an account is also used to represent a person (or a client). The various entries can include income, expense, equity, liability, etc.
Accounting: A systematic recording, analysis and presentation/communication of financial information of a business. It is the practice of measuring the economic performance of a business (through its economic activities) and communicating that information to stakeholders (managers, stock holders, regulators, etc.).
Tally Accounting is a software used for accounting purposes. It is provided by Tally Solutions and is a standard business accounting software. Tally ERP is a very robust ERP product and is a complete business management solution.
Tally is defined as record, count (as verb) or a record of debit and credit or an account.
Talley is an Indian information technologies company headquartered in Bangalore and with operations in the United Arab Emirates and in the East African nation of Kenya. Among its more prominent products is software designed to make business accounting, or bookkeeping, procedures more efficient. Its target customer base are small and and medium-sized companies. Between payrolls, tax records and filings, daily transactions, and the other mundane but essential responsibilities of business, the need for user-friendly and efficient software packages is paramount. Talley prides itself on tailoring its accounting software packages towards that desired customer base.
Accounts are the clients. As a business seeks out and attracts new customers for its products or services, it opens files on each one. Each customer or client, in other words, becomes "an account." "Accounting," however, is the process whereby budgeting data is processed so that management can have a clear picture of how much revenue is being generated, how much money is going out the door in employee salaries, marketing and equipment expenses, and so on. Precise numbers are important for the annual process of filing tax returns and, depending upon the business and country in which it is registered, for any filings required by government agencies like the U.S. Securities and Exchange Commission.
Tally represents a business solution developed by the Tally Solutions Pvt Ltd software company whose headquarter is located in Bangalore. Hence, Tally is an accounting software which is used by small and medium enterprises from different countries all over the world. Tally solution easily simplifies the business process and it can be used by accountants who have knowledge of English language.
All the accounting activities, such as financial records of a business, the generation of statements concerning the liabilities and assets of a business, all of them are easily managed with Tally solution.
The name of the business solution, Tally, is inspired by the meaning of the word "tally", which is to count, to keep the record.
Accounting is the activity or the system of keeping records of transactions of a business or any other organizations in monetary terms. It records the money or value for money received by or given to different persons or entities from time to time. It enables an organization to ascertain facts such as money owed to or by different entities, the assets and liabilities of the organization in different forms and the profit or loss made by it during specified periods.
Accounts refers to the complete records created by the accounting system. Also, an individual account refers to a specific entity or account head in respect of which separate record of accounting transactions is made.
Tally is a trade name of accounting software maintaining accounts, and for performing additional accounting and other analytical operations helpful in management of an organization.