TallyPrime has long been a trusted name in the accounting software space, and it is known for its efficiency and ability to streamline financial tasks.
However, with the launch of TallyPrime 6.0, it’s safe to say that the game just changed. The new version offers several cutting-edge automation features that promise to revolutionize how businesses handle their accounting operations.
In this blog, we’ll explore Tally 6.0 in detail, focusing on the key automation features that make this version a game-changer.
From connected banking to enhanced GST compliance, TallyPrime 6.0 is designed to make accounting smarter, faster, and error-free.
What is TallyPrime 6.0?
For years, TallyPrime has been the go-to accounting solution for businesses of all sizes.
With each update, it continues to evolve, offering features that save time, improve accuracy, and simplify business processes.
TallyPrime 6.0 introduces new automation features that make accounting more efficient and help businesses comply with evolving regulations effortlessly.
The Significance of TallyPrime 6.0
TallyPrime 6.0 brings a wealth of automation features that streamline accounting processes, improve efficiency, and reduce the chances of human error.
Let’s explore the key automation features that make TallyPrime 6.0 a business game-changer.
Key Automation Features in TallyPrime 6.0
Now, let’s take a closer look at the automation features introduced in TallyPrime 6.0 and how they can significantly boost the efficiency of your accounting workflows.
1. Connected Banking: Real-Time Bank Integration
What Is It?
Connected Banking in TallyPrime 6.0 lets you link your bank accounts directly with the software, providing real-time updates of bank balances and transaction details.
How Does This Feature Automate Accounting Tasks?
By integrating your bank account directly with TallyPrime 6.0, tracking and reconciling transactions becomes fully automated. TallyPrime auto-fetches bank statements and seamlessly reconciles them with your accounting entries.
This reduces the need for manual data entry, making your financial records always accurate and up-to-date. Plus, the system automatically suggests solutions for discrepancies during reconciliation, saving time and ensuring accuracy.
2. Automated Bank Reconciliation
What Is It?
Bank reconciliation is a critical process where you compare transactions in your accounting system against those in your bank statement. TallyPrime 6.0 automates this process, making it much faster and more accurate.
How Does This Feature Simplify the Reconciliation Process?
With automated bank reconciliation, TallyPrime 6.0 automatically matches your bank transactions with your ledger entries.
The software identifies any discrepancies and offers suggestions for resolving them, allowing you to complete reconciliations in a fraction of the time.
This reduces the manual effort and ensures your accounts are always aligned with your bank records.
3. Data Import and Export Automation
What Is It?
TallyPrime 6.0 allows businesses to import bank statements directly from over 145 supported banks in various formats, such as CSV, XML, and OFX. This automation removes the need to type in data by hand.
How Does This Feature Automate Data Management?
Once the bank statement is imported, TallyPrime 6.0 can automatically generate payment and receipt vouchers based on the imported transactions.
This completely automates the process of recording transactions from bank statements, eliminating the risk of human error and saving valuable time. This feature is handy for businesses dealing with high volumes of transactions or multiple bank accounts.
4. Integrated Payments and Accounting
What Is It?
TallyPrime 6.0 integrates payment management with accounting, enabling businesses to make bulk payments and generate payment files that can be directly uploaded to bank portals.
How Does This Feature Automate Payments?
This feature simplifies the entire payment process. TallyPrime 6.0 allows you to record payments, generate bulk payment files, and upload them to your bank in a few clicks.
Automating these tasks eliminates the need for manual data entry and ensures that all payments are accurately recorded in your financial system, saving time and reducing the risk of errors.
5. Simplified Data Splitting for Multi-Location Businesses
What Is It?
Businesses with multiple branches or locations often face challenges managing data across units. TallyPrime 6.0 streamlines the splitting of company data between different locations or departments.
How Does This Feature Simplify Data Management?
The updated data splitting feature in TallyPrime 6.0 automates dividing company data while maintaining its integrity.
This makes it easier for businesses to manage multiple units and ensures smooth operations without risking data loss or errors. It helps companies to scale without worrying about complex data handling.
6. GST Compliance and Tax Automation
What Is It?
TallyPrime 6.0 simplifies GST compliance by automating tax calculations and reporting. The software is designed to generate accurate GSTR-1 and GSTR-3B reports directly from your accounting data.
How Does This Feature Automate Tax Filing?
The automation features in TallyPrime 6.0 ensure that tax calculations are accurate and streamlined. The software automatically categorizes transactions for GST, calculates taxes, and generates the required forms (GSTR-1, GSTR-3B, etc.) without manual input.
It also automates the filing process by directly integrating with the GST portal, ensuring timely and error-free tax submissions. This feature makes GST compliance simple, reducing the chances of costly mistakes or delays.
7. ITC Classification and Input Tax Credit Automation
What Is It?
Input Tax Credit (ITC) is essential to GST compliance, and ensuring it’s classified correctly is important. TallyPrime 6.0 automates ITC classification based on the type of transaction.
How Does This Feature Automate ITC Handling?
TallyPrime 6.0 automatically classifies ITC claims, reducing the complexity of managing and tracking tax credits. The software ensures that all eligible expenses are correctly categorized, making it easier to claim ITC without errors.
It generates detailed reports on ITC balances and usage, ensuring that your business stays compliant and maximizes tax credit claims without manual intervention.
How Businesses Can Leverage TallyPrime 6.0 for Efficiency
TallyPrime 6.0 doesn’t just streamline accounting but also enhances your business’s overall operational efficiency. Here’s how:
Improved Operational Efficiency
Businesses can focus more on core activities by automating manual tasks like data entry, voucher creation, and reconciliation. TallyPrime 6.0 frees up valuable time for managers and accountants, allowing them to focus on strategic decisions.
Increased Accuracy
Automation minimizes human error, ensuring that your accounts are always accurate. With TallyPrime 6.0, you can rest assured that your financial data is up-to-date and error-free.
Cost Savings
With TallyPrime 6.0, businesses can reduce the time spent on repetitive tasks, which leads to significant cost savings. Less time spent on manual work means fewer resources dedicated to accounting functions.
What’s Next for TallyPrime?
As technology continues to evolve, TallyPrime 6.0 is only the beginning. We can expect further innovations and enhancements to automation tools, making it easier for businesses to stay compliant and efficient in the ever-changing accounting world.
Key Areas for Future Growth:
- Enhanced AI-powered features for predictive financial insights
- More integrations with third-party tools and services
- Improved user interfaces for even more streamlined workflows
TallyPrime 6.0 is more than just an update; it’s a complete game-changer for businesses looking to streamline their accounting processes through automation.
If you haven’t explored the new features yet, it’s time to dive in and experience the future of accounting automation.
Don’t forget to check out the TallyPrime 6.0 to see the automation features in action!
Suvit supports TallyPrime 6.0! You can ease your work by automating many more tasks with Suvit.
To know more, try a free trial of Suvit for a week!
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