Revolution in Accounting Trainings

Accounts form the base of every activity that an individual undertakes in their day to day life as well in their professional setup. It is a field with huge number of opportunities.Career in Accountancy requires tracking finances, budgeting, maintaining books of accounts all of which requires accountants due to which the demand for accountants has been on a rise in the recent time.

There are people who take up accounts as their academics in order to excel in it in the due course of time. In the accounting domain, CAs are the ones who are given the benefit of knowing in and out of accounts. These are the individuals who are given the credit of being the best in the field of accounting. So, one way to have a successful accounting career is to pursue CA as these are the students who are preferred for different accounting role, as it is taken on the face of it that they will be in a better position to handle roles handed over to them.

However, every individual cannot take up the CA route to be a part of the accounting profession. There are constraints with the funding to do a CA degree which not all can afford. There are also limitations in terms of individual capacity to complete the degree in the time frame needed. This is where the hands-on trainings provided by some institutes come in picture. These training help to excel in the accounting field by providing all the knowledge needed to take up the accounting profession. These training programmes help the students who have the basic knowledge of accounts and want to take it further so that they get the desired profile, position and remuneration.

accounting  training

Traditional method of Accounting Training

When initially the need for training was recognised it was more to do with the basics. There were courses that offered basic training in book keeping and other primary requisites of accounts. The crux of the training was limited only to the basics. This was no way close to the learnt accounting professionals. These did not serve the purpose for those who did not have a professional degree in accounts. That is the reason it was opted only by those who already had a base of accounts and wanted to enhance it further. The non-professionals were reluctant to take up these courses as they did not add any value.

Changes in recent times

With the advanced methods coming into picture, there are different courses that actually provide in depth training and experience to deal with the minutest information. These courses actually have experience shared on the desk which could be implemented in practically. These courses are more of an exercise of an entire situation that one would face in their professions. These are thereby opted even by the students who have a generalized knowledge on accounts and lack the experience to implement the same.

What do these training courses offer?

  • Latest accounting strategies and techniques
  • Training on different accounting software like Tally, Quickbooks, SAP etc
  • Finalisation of accounts
  • Preparation and presentation of MIS reports to management
  • Different accounting practices across different industries

There are different modules that cover different aspects of accounts

The above aspects are some of the aspects covered by the different courses or trainings offered to individuals in order to excel in the current accounting professions. They take individuals from the basic to advanced financial methodologies.

Who all can take up these training programmes?

These programmes can be taken up students pursuing different degrees like B. Com / M. Com / BBA / BSc / BA and / or accountants working in the industry

These are of additional weightage for the ones who are already in the field

Why professional accounting training is needed?

  • Helps to fill the gap in the market for skilled resources
  • Helps in managing records
  • Helps in opening up opportunities for managerial positions
  • Gives better employment stands for different students

The outcome from these programmes

These training programmes definitely help individuals boost their confidence in handling projects beyond their capacitation backed by the experience gained. Even if the student has not reached the CA level of academics, the loops highlighted in these programmes helps one to handle situations with good amount of sureness. Besides the individual skill development, it also raises the bar for the students in terms of remuneration and growth in the industry. The scope of work, post these training programmes also increases, instead of the benchmark work allocation as per academic knowledge. There is more exposure awaited when conviction is seen in students to grasp more to add to the basic knowledge.

Conclusion

The very fact that academics play a key role in an individuals’ growth, same weightage is given also to the experienced and ready to explore kind of students. If well-groomed and shown the right direction to handle the profiles, these students can also excel in various fields related to accounts. If you are looking for a professional training program that will help your career graph grow then you can check the details of Business Accounting and Taxation course provided by EduPristine that is designed in such a way that after its completion you are ready to take up any professional role in the accounting field.

Too many Accounting jobs, but very few suitable candidates, why?

Accounting is a field where the scope of improvement never stops. There is no definite level at which one can say that they have mastered their knowledge of Accounting. It is an ongoing learning process. This is one subject which each one of us knows in our capacitation. There are many who use it to the level that is required in their day-to-day activities, while there are others who take up daily recordings of any organization or business unit as a profession doing it for others for a cost.

With the decrease in the students passing out every year owing to increased awareness of education, accounts is no more only for the ones’ who have the passion and academic background for the same. In the current scenario of academics there is an infiltration of non-accounts background students also into the jobs related to accounts. The consequence of this would be that one would not earn as per their expectations .

There are mainly two sets of people analyzed in the accounting related profiles. Of these, you would find atleast 80% complaining for not getting the salary they deserve, the hikes they deserve, the perks they deserve and lastly the profile they deserve.

We shall analyze the two sets to see what goes wrong and where?

The First Set of students in Accounting

The first type of students that you’ll find in accounting are the ones who come from a different academic background, do a small course in accounting and then manage to enter into accounting profile. These are the students who don’t actually know what field they want to be into. They go either because of the peer pressure, flow with the demand in the markets or they don’t really know which domain would be apt for them. They end up doing short course related to accounting as this is the field that is vast and generally absorbs more than other sectors in terms of jobs. However, the remunerations would be compromising. Thereby, the students with half knowledge are unhappy in terms of the salaries.

Problems faced by these students:

  • Since they do not have the core knowledge, they generally have a superficial approach to accounts. This half knowledge is always dangerous.
  • Anything that would be a daily job can be gradually absorbed, but any deviation from the same is not easy for them to handle.
  • These students would not be able to identify any loopholes in the books of accounts  which would make them inappropriate for their jobs.

This is when one would like to say, “The work suits the hands of the one skilled to do it”.

Solution:

There is not much that one can do in this, except that one should keep brushing-up on the basics of accounting. Definitely, they will come across many hurdles to face in the longer run, but gradually one should move to a professional accounting course to fill in the educational gaps.

The second set of students in Accounting

The second set of people are the ones who have all their life studied accounts academically and yet feel that they are not getting remunerations that they deserve.

Generally, these are the students who have done their graduation / post graduation in accounting followed by an MBA or any other accounting professional course. They have all the book knowledge that an accounting student is expected to have. These students are the ones who have scored brilliantly, have the base for accounts, but what they lack is the technique of actually dealing with situations with a twist. The practical approach is missing.

Problems faced by these students:

  • These students are definitely better placed compared to the earlier ones. However, they also face various issues due to lack of practical knowledge.
  • The basic book keeping should not be a hassle for these students. However, if they are asked to prepare the balance sheet or cash flow of an organization, it may not be a cake walk for them.

So where is the issue?

All the academic courses teach you that 1+1=2, but none will tell you how to apply it practically. All the formulae are mugged up correctly but if one doesn’t know where it has to be applied and how it has to be applied, then what is the point of having such knowledge. Today, the things are very different than it used earlier. Your degrees cannot take you anywhere if you are not aware of the real world problem and solutions to them. It is the practical approach that makes the difference. You may see an MBA student not feeling confident enough in front of a graduate with practical experience.

This is where practical knowledge and training plays a key role.

After all the academic gains, it is very important that students enroll for different courses which teach them how to apply the book knowledge into practical application. A hands-on experience is very essential to be in a position to know how one has to deal with odds in the daily jobs. Different scenarios that are taught or rather say given a demo of, help the students to take the correct steps when they are stuck in their professional moves.

The ones who would master the academics, backed by the practical knowledge, have an edge over the many others who have all of the books into them but no foundation for dealing with daily scenarios / hurdles in professional doings. These students are selected over the others and awarded with better salaries / perks and hikes.

So the solution lies in the very fact that one needs to be polished by hands that have taken market experience, backed by the academics. These experts are those who will be able to share the practical knowledge which is actually needed to deal with odd situations.

EduPristine can provide you with that practical training and knowledge with their Business Accounting and Taxation course that is designed by the top class Chartered Accountants with the only focus of making you a better professional Accountant. 

Below is an infographic that wonderfully summarizes the article.

Accounting students

Why You Need Practical Training in Accounting

Introduction, Background and Usefulness:

Accounting is summarising of all transactions at one place to reflect a company`s financial position. Theory makes you knowledgeable but unless you know how to apply this knowledge in real scenario or the true working environment you cannot become a successful accountant.

In books, the examples of topics are set in perfect scenarios but when you work on them in real life, you will realize that situations you are working on are full of imperfections and you will have to apply your mind to be successful in achieving the goal of the company.

In many of the professional courses, practical training is compulsory like articleship for Chartered Accountancy course, internship for CS course, work experience for CFA etc. This is to ensure that you are aware about the challenges that you may face in real conditions and how you will resolve them tactfully.

Example

You have purchased goods from Mr. R for Rs. 5,00,000 on a credit period of 90 days and if you make a delay you will have to pay interest @12% p.a.
You made the payment to Mr. R in 150 days due to funds constraint and hence you are liable to pay interest for 60 days to him, which is Rs. 9863.

If you think that this is correct then you are wrong.

Due to lack of practical training you forgot that Tax Deducted at Source (TDS) was deductible on it as interest payment is for more than Rs. 5000. Non deduction of TDS will make the expenses disallowed under Income Tax Act. If you had practical training in Accounting then I am sure that such a problem would not take place. So I hope that I have convinced you that practical training is must. If you are still not convinced then read further to know the benefits of practical training.

Benefits of Practical Training: Ladder to Golden Job Opportunities:

If you have practical training in accounting then you are already one step ahead of others and that will help you to secure a good job. Apart from this, there are various other benefits like:

  • The chances of hiring the candidates with analytical and communication skills is more as they are independent and competent. These skills can be acquired through Practical training or Working Experience which is basic to aspirants entering the jobs sector as the training program or internships would provide them with the essential practical knowledge required by the profession of accounting.
  • Practical training programs make the students attain meaningful professional education. In recent years, increasing number of accounting firms, businesses and companies are using the services of accounting students as interns, thereby giving career opportunities to the students who gain real world experience and the employers in turn obtain low cost help during busy seasons, without the long term commitment and cost of a permanent employee.
  • The students can develop of one of the key skills, i.e. Human Relations in a work environment.
  • Practical training helps you to sharpen the skills during the training phase by the accounting firms/ businesses. It will give you a clarity about your career and you can choose your stream wisely.
  • The training also helps students to perform well and increase their career options through their increased exposure to firms due to practical training.

Now the question that clicks our minds is “What If I do not go for the practical training at all”…

  • Without the Practical Training you will not be able to apply their knowledge practically.
  • Getting a decent job without practical training is a little difficult.
  • Even after getting a job you may struggle a little due to lack of practical training.

Where to acquire the practical training: Destination

The students can acquire the Practical Training of Accountancy at Institutes working in this field. In recent times, one of the most popular and new course “Business Accounting and Taxation (BAT)”by EduPristine offers sound practical training to the students along with indepth practical approach and knowledge of all the important topics and this six months course certainly supports the students in moving up the ladder of success at faster pace.

Conclusion:

Hence, based on the discussions above, we can conclude that through practical training students can gain as much information and skills as possible to accustom themselves with the real world business and accounting problems.

How to get into Big 4 Accounting Firms?

We all have some career objectives and aspirations. For higher studies like MBA, CA, CPA, ACCA, CFA etc. one has to decide the stream that they need to undertake for graduation. Graduation is the bare minimum professional requirement to get into any accounting or technical job be it in Government sector, private sector or even in army. For an accounting graduate, there are a number of options available nowadays.

Of late, the Big 4 consulting & accounting firms are hiring huge number of accounting graduates for their Indian as well as off shore functions in varied fields. But getting into Big 4 accounting firms is not an easy task. Now let’s discuss about these firms as well as how one can get in there.

Big 4 Accounting firms & Services Offered

The Big 4 are the four largest international professional services firms offering wide variety of services. They are as follows :

  1. Price Waterhouse Coopers (PWC)
  2. Deloitte
  3. Ernst & Young (EY)
  4. KPMG

 The major categories of services offered by these firms are:

  1. Auditing and attestation
  2. Tax consulting
  3. Internal control, risk and governance services
  4. Other business advisory

Apart from above they also provide corporate finance as well as legal services. They handle vast majority of audits for publicly traded companies as well as private companies.

How do Big 4 firms hire?

Big 4 firms hire candidates through:

  • College campuses
  • Organization of career fair
  • Placement drives
  • One on one hire through job portals
  • Internal referrals

You can also check out their website’s career page to find vacancies.

Various Interview Rounds in Big 4s

There are several rounds of interview that a candidate needs to crack to get into the Big 4. Typically these rounds are as follows:

1.Initial HR interview – In this round, HR would ask question about the background of the candidate, career objectives as well as their strengths and weakness. However the questions are not limited to above. In case if hiring is done through campus/ job fairs, the HR team conduct group discussions & debates.

2.First Technical round – Here the Manager/ Team Leader under which the candidate would be working takes the technical round of interview. A candidate is required to have knowledge about Accounting standards, corporate law & taxes etc. Depending upon the level at which candidates are hired, there can be second as well as third round of technical round of interview.

3.Partner/Director round – This round is taken by Partner/ Director. The interview may or may not happen for entry level candidates. The purpose of this round is to analyze whether the candidate is suitable for the firm. Here behavioral aspect of candidate is looked into and analyzed.

4.Final HR Round – Once all the above rounds are completed, a candidate has to appear for the final round of interview with senior HR personal to finalize the candidate. Typically in this round, the HR discuss about the monetary & other expectation of a candidate and spells out terms & condition of the employment.

Basic Skills Required to get into Big 4s

In order to clear all the above mentioned round of interviews and get into Big 4 firms, the following skills are very critical:

1.Communication Skill – Good communication skill is an important prerequisite for getting into Big 4 firms. A candidate should have good command over English language (both verbal & written). This is important for HR as well as technical round. More over good communication is required in group discussions and debate as well.

2.Technical Knowledge – A candidate is required to have through knowledge about Accounting Standards, Corporate law & taxes. Also they are expected to know recent technical updates, amendments to relevant acts, newly issued accounting pronouncements etc.

3.Computer Skills – This is another important skill one should have. Good working knowledge of MS office like MS Word, MS Excel and MS PowerPoint.

4.Others – Apart from above, one should have in & out knowledge about one’s resume, knowledge about current topics. One shouldn’t show off but should be humble and polite. Also the candidate should be in proper formal attire as it creates a good impression in front of interviewer.

It is important to note that though the interview procedure is lengthy and tough, if a candidate is well prepared and avoid some common mistakes, he/she would be would be successful in converting the interview. Let’s discuss about some common mistakes and interview questions that needs to be taken care.

Cover Letter & Resume mistakes

The first point of contact between employer and candidate is a Cover Letter & resume. On many instances it was observed, that Big 4 firms rejected good candidates because of poorly drafted cover letter & resume. Both the cover letter &resume should be short, precise and to the point. Candidates should note following common mistakes which should be avoided:

  • Grammatical errors & typos and unformatted documents
  • Making unsupported claims about oneself
  • Making cover letter & resume to lengthy like a novel
  • Ignoring important details & accomplishments
  • Writing to much personal information

Common Interview Questions

There are no pre-defined questions for any interview. But from past hiring trend and analysis, one can prepare for certain questions which are common. They are as follows:

1.What are your strength & weakness?

This is a common question asked in both HR & Technical round. Give specific examples drawn from your experience for each of your strengths, which should be relevant to the job you are applying for. Try to spend less time talking about your weaknesses. Demonstrate what you have learned from them and what positive actions you have taken to mitigate them.

2.Why do you want to work for the firm?

Demonstrate that you’ve really done your research on the firm, that you have a sense of its culture, main service lines, competitors etc. For this it is very important for candidates to go through website of the firm in order to obtain the desired information about the firm.

3.Please walk me through your resume

One should have knowledge about his/ her resume. It should state what is actual and factual. Many times candidates provide false details in resume. It becomes trap from them and an experienced interviewer can make out whether candidate is faking.

4.Tell me about yourself

This is another routine question. Candidate should begin with providing latest information first and then go backward. After providing details about previous jobs & qualifications, one should provide personal details like family background, hobbies etc.

5.Where you would like to see yourself in next 5 years?

This answer to this questions shows about candidate’s career aspirations and seriousness about professional life. The best answer would be excelling in the area in which candidate would be employed and moving to the next level.

How to tackle interviews if your GPA is low?

We all know that Big 4 conducts various rounds of interview to hire best candidate. They follow grading system for selection wherein weightage is given to your academic qualification and your performance in group discussion & initial HR round. Many times candidates are shortlisted for technical round but have low grade score. In such cases it’s important to be well prepared for technical round. One should consult with those who previously appeared for such interview before. For practice purpose have mock interview. Also go through the current topics & amendments in applicable laws. If the technical team is satisfied, candidates are selected even if the initial score are low. Your confidence on day of final interview will be the most critical factor for your selection.

Conclusion

As discussed earlier, Big 4 accounting firms provides a very good career opportunity. Working in Big 4 also helps in overall personality development and monetary growth in later stage of career. So it’s important for all aspiring candidates desirous of making career in Big 4 to start preparing for interview once they are into final year of graduation. Remember there is no instant formula for success. It is result of continuous hard work and labour. So it’s important for all to stay focused and work hard to get in the big league.

If you are looking for a short term course that will help you to stand out from others while going for a job interview then you should definitely check out the Business Accounting and Taxation (BAT) course by EduPristine. It will surely give you an edge over your competitors.

Use of Technology in Accounting

Emergence of Technology

We are living in an era of technology. The new age of technology has changed everything in and around us. Whether it’s booking of railway tickets or movie tickets, online shopping on ecommerce sites or transfer of funds or making electronic payment, everything is done online. This was not the case about two decades ago. Information technology (IT) became a buzz word in India during late 1990’s and early 2000’s. During this period, companies like Wipro and Infosys grew leaps and bounds and got listed in securities market of United States of America (USA). From that time, there was no looking back for IT and IT enabled companies in India.

The current Central Government has identified this as very crucial area and they are promoting Digital India. Nowadays, even the Government records are computerized. The IT has changed the way of conducting business. It’s a boon for business houses. If we take example of a manufacturing industry, even the various processes of production are computerized with minimum human intervention. Likewise, with the emergence of technology, the way of accounting had also changed. In this article, we will discuss about the use of technology in Accounting.

Accounting and Technology

Accounting and Technology

We all know that Accounting existed since medieval period and it had evolved with advancement of human civilization. Till few decades back, the accounting records were manually maintained. Every single record – whether related to Cash/ Bank, Sales, purchases, fixed assets or Journal entry, were recorded on a piece of paper. With the emergence of technology, the way of accounting has changed. Technology had impacted Accounting in a very good way. Nowadays, it’s very difficult to find anybody doing manual accounting. Whether its large business houses, medium or micro enterprises, partnership or sole proprietorship firm, the accounting records are computerized. We all know that accounting is a critical factor for any business house. In today’s dynamic and complex business environment, real time financial and accounting information is required for a number of purposes like –

  1. Analyzing the performance of business on a day to day basis.
  2. Furnishing of Financial statements and other records to various authorities like Registrar of Companies, Stock Exchanges, Government authorities, Bankers, Debt Providers, Promoters, regulators and other stakeholders.
  3. Making strategic plan and budget.
  4. Payment of Central, State and local taxes.

The technology has made real time processing of accounting information possible and make them available to various stakeholders whenever and wherever it is required. In olden day’s abacus were used for the purpose of computing. Later calculators and other computing devices came into picture. Towards the end of twentieth century the accounting profession began to take a whole new look. Various softwares changed the way of accounting for each and every industry. Microsoft office program like Microsoft Excel had eliminated the use of calculators, paper and pen. Here a spreadsheet is available for data recording, forecasting, consolidation, budgeting and analytics and the same can be done with accuracy and efficiency. Various database can be maintained with the help of Microsoft Access. Also for the purpose of presentation we use Microsoft PowerPoint.

When we talk about advancement in field of accounting because of technology, it is important to discuss about networking. Typically in a networked environment, various computers, printers and others devices are connected via common server. One can access data even while sitting across thousand miles apart. Within same premises, networking can be done via cable and across various geographies it can be done via wireless media.

Enterprises Resource Planning and Accounting

Nowadays various Enterprises Resource Planning (ERP) packages are available that integrates various functions of an enterprise like –

  1. Manufacturing
  2. Supply chain management
  3. Inventory management
  4. Financial Accounting

Some of the famous ERP packages available in market are manufactured & marketed by SAP and Oracle. Apart from these, a variety of industry specific, customized software are available in market. Now let’s discuss about some famous ERP packages available in market.

1. SAP

SAP is one of the most common and widely used ERP software made by German company. For the purpose of financial and management accounting, SAP FICO module is available. SAP FICO module refers to Finance (FI) and Controlling (CO) modules of SAP ERP software. These modules are integrated with other modules. This modules integrates financials information from various modules that roles up to trial balance. From trial balance Financial Statements are prepared. Also this modules provides operational information to the management to support business analysis and decision making.

2. Oracle

Oracle also offers various ERP packages that takes care of end to end accounting. One of the common software is PeopleSoft financial management solutions. This is very common in KPO, BPO and shared services entities. Other common software is J D Edwards. It offers a number of application for various business process including Finance & accounting. It is common in medium to small size manufacturing entities.

3. Quickbooks

QuickBooks is an accounting software package developed and marketed by Intuit. Quickbooks products are geared mainly toward small and medium-sized businesses and offer on-premises accounting applications as well as cloud based versions that accept business payments, manage and pay bills, and payroll functions.

4. Hyperion Financial Management (HFM)

Hyperion Financial Management (HFM) package is available which is used across globe for the purpose of consolidation. So with one click hundreds of trial balances are consolidated.

5. Tally

Tally is one of the most commonly used software package used in India by small business entities. This product is developed by Indian company and is known for its ease of use.

6. Dynamics

Dynamics is an ERP package offered by Microsoft. It provides business solutions to both small & medium sized entities. In India, it is very common in Shared services and captive unit.

7. Finacle

Finacle is core banking software developed by Infosys. This software is used by multiple banks across several countries.

8. Maconomy

Maconomy is another commonly used ERP package which is used by consulting firm and captive units across globe. It is user friendly and supports various accounting functions like AP, AR, Banking functions and Journal entries.

Conclusion

Technology has greatly helped accounting system of business entities. With new age accounting packages and diversified financial management software, business performance seems to improve. Also the affordability of these softwares creates opportunity for smaller entities to improve their business. In future, with advancement of technology, more customized packages of accounting would be available that will make entities more efficient and competitive. Also many education institutes are offering various courses to impart training to accountants for commonly used ERP packages.

If you want to make a career in accounting, it becomes very important that you stay updated with the technology and various developments in it. EduPristine offers a course “Business Accounting and Taxation” which can help you with that. Check the details and enroll now.

Future of Tally – New Features expected from next version of Tally.

Evolution of Tally

The initial phases of Tally were DOS based and subsequently GUI (Graphic User Interface) based, which used to support basic accounts related functions. The initial phases encompassed the accounting of transactions up to the finalization of books of accounts. However with the ever changing accounting standard scenarios as well as complexities involved in accounting for various taxes, the business community wanted an overhaul in Tally which would take care of accounting of taxes as well.

  • Tally 6.3 ensured complete VAT implementation as well as ensured security for the package.
  • Tally 7.2 majorly incorporated cancelled vouchers.
  • Tally 8.1 incorporated migrating of multiple currencies.
  • Tally 9.0 focuses on form 16 for employee, TDS on salary, excise for dealer, data migration, and auditor’s edition also includes form 3CA & 3CB for tax audit purpose.

Tally 9

Till date tally is best accounting software available for small enterprises and home based users. So we can say Tally is adding lot of new features in every new version. Tally user is increasing day by day specially in India, and people expect a lot of additions in Tally’s next version. This article is about what we features we can expect from next version of tally.

New Features that one expects from next version of Tally

Improvement in GUI screen

One thing is all users are waiting is improvement in GUI screen. Screen still looks like the same old DOS based screen. Company has added lots of new features in their different versions however changes are missing on this one important area. Whenever you are passing an entry or viewing a report you feel an outdated application is running. So we hope that we find a change in that.

System based application- rather than web based application.

Data is stored on local devices so whenever you want to make entry or view report on other system then you have to copy paste data in that PC otherwise you will not be able to get access to Tally. Tally application & Data Should be stored on cloud based server so that it can be access from any location with use of internet and user id password for login purpose. Currently it is system based and does not require internet to operate. However we can expect it to make both system based i.e. offline and online for multi-location or multi-department company.

Integration of different department

Currently Tally focuses on company from the point of view of accounting only. However nowadays, use of accounting application has enlarged from basic accounting to generating lots of information for different departments like HR, Finance, Statutory compliances, Tax department, Management reports. Next Tally version should focus on integrating these all departments so that it will benefit to medium and large scale industries. Features like employee records, Loan register, shareholder list, predefined letter drafted for debtors/ creditor reminder etc will surely help.

Reminders and Alerts

Auto mail facility for debtors/ creditor reminder, alerts for statutory compliance due dates – Income tax, service tax, excise, custom, vat, etc. This kind of alerts will be value addition for Tally users. As it will directly impact the finance position through avoiding late collection & avoiding penalties.

Data Security

Further one more important area is data security. Currently at the time of accessing company accounts one time password protection is available however once you have enter that, then you can delete any entry or you can alter any entry. In short, you can do anything with all data. Access right should be restricted either department wise or function wise, voucher alteration rights should be restricted with regards to cancellation and deletion of vouchers.

Separate Login id

Smart function or detailed report like separate login id for each staff so that their work accountability can be identified and attendance can be identified with the help of report, separate report giving information of upcoming liability with dates e.g. tax liability like advance income tax, service tax, vat payable with due date , auto email for various kind of reminders. 

 At present no doubt Tally is best accounting application available in India in respect of cost & simplicity to use for small traders. Further Tally users are increasing at good speed with the increasing number in users, the expectation from Tally has increased. For middle & large scale enterprises additional features discussed above will give additional benefits.  Customization of tally accounting application based on user requirement is important area to look. We can expect details reports & much more security related changes in upcoming tally versions.  Majority of points we discussed above are common to all industry, so industry is expecting it to enroll it soon or later.

It will be great if you can share your thoughts what you are expecting from Tally in comments section.