What is Tally?
Tally Solutions Pvt. Ltd. is an Indian Multi-national software company that offers Business Accounting and Management Software under the name Tally. Tally helps in Accounting, Finance, GST & other compliance requirements and makes these comprehensive processes easy for the organizations.
Tally was started in 1986 by a Father and Son Duo (Shyam Sundar Goenka and Bharat Goenka). To help them and others out who needed a software solution to help them manage their Books of accounts, and this need created Tally. It is one of the largest business management software providers and is serving around 2 million businesses worldwide.
Read More about - Is Tally enough for your SME
What is TranZact?
TranZact is a zero-effort Digital Transformation tool that helps in digitalizing the entire business process right from Inquiry to Sales & Dispatch. It is not just a Traditional ERP or Inventory Management software but is very much different from them. Because TranZact also provides all the benefits and features of ERP and Inventory Management software like streaming of all business processes, faster documentation, inventory management, and financial assistance.
IIT and IIM graduates founded TranZact in 2017. The main idea behind TranZact is that every Indian SME and Traditional Businesses should take a step forward in Digitalizing themselves entirely. And so they can achieve great fortune. Also, they can contribute successfully to the Digital India initiative of the country.
How is TranZact different from Tally?
To start off with, I want to clarify one notion about Tally that it is ERP software that is not true. Because ERP (Enterprise Resource Planning) software refers to software and systems used to plan and manage all the core supply chain, manufacturing, services, financial and other processes of an organization. ERPs use to automate and simplify individual activities across a business or organization, such as accounting and procurement, project management, customer relationship management, risk management, compliance, and supply chain operations.
From the above explanation, you all have got an idea of what ERP software does. And now about Tally and its products, they solve one of the significant problems which businesses have. That is Accounting, Tax Compliances, Financial Management, and Analysis. So it is not wrong to say that Tally ERP software is not entirely ERP software. But they provide some of the services that ERPs offer.
Now let's come to TranZact, so it is also not ERP software. But is known as a Digital Transformation Tool. Like Tally, it also offers some services of ERPs as Inventory Management, Document Processing, Batch Mangement and also in procument. TranZact helps in automating and managing all of the business's core activities. And also in maintaining the proper flow of information among the different departments without any difficulty.
Read More about - ERP Implementation Failure- How Company Size Matters
How both TranZact and Tally working together can help SMEs?
It is not any hidden fact that big software companies like SAP and Oracle that offers ERP & Business Management solutions are among the Best software. But there is a problem that it is not suitable for organizations like small and medium scale businesses. Firstly, because the ERP implementation process is lengthy and complex. And many of the ERP modules that they offer are of no use for SMEs. Secondly, this software is very costly, so many small businesses are unable to pay for them. So SMEs are left with many other choices which are easy to implement, affordable, and complete all their needs. And that is where TranZact and Tally come together to help them out.
- Tally helps businesses in all their Accounting needs which is crucial to them. And TranZact helps in the Document Preparation necessary for Accounting as it serves as proof of transaction. Also, through TranZact's Tally Integration feature, Documents can get share quickly.
- Tally is the first choice for Chartered Accountants (CAs) for getting all the year-round accounting and tax compliance-related information from their client's businesses. As they are more comfortable using it. For TranZact, it helps in providing to CAs all documents with GST return filing details for the Auditing and Income Tax filling purposes digitally.
- TranZact BI dashboards and other features help business owners to track all the business activities easily and efficiently. Tally provides the Financial reports required for different purposes. Together with both these reports, it makes the Decision-making process for the owners data-driven and efficient.
- Both TranZact and Tally helps in knowing the balance of Creditor and Debtors of businesses. The balances can get matched with each other to understand if it's correct. TranZact helps, sending payment reminder emails to their debtors, and serves as a medium of conversation among two businesses.
- Tally is the most reliable and best tool for the Accounting Department of a company. TranZact is best for Purchase, Sales, Inventory, and other departments that need information that TranZact offers. And it is the best software which serves as a medium for information flow from one of these departments to other. As it is easy to use and requires no extra learning to use it.
It is no doubt to say that software like SAP and Oracle is best for big corporations and companies. But software like TranZact and Tally is best for businesses having around 25 to 30 users. Tally is having an evergreen role in the SMEs markets for accounting needs and is almost irreplaceable. TranZact is one such tool that offers all the features which Tally doesn't provide but was earlier prepare on Excel by the businesses. So TranZact is replacing Excel and making the activities done on Excel digital and manageable. Therefore it is right to say that Tally and TranZact together offer all the services which SMEs need from ERP software and is affordable for them to use.