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Introduction to Tally

A financial management software (FMS) is designed to streamline and automate various financial processes within an organization. It serves as the backbone for managing financial transactions, tracking financial data, generating reports, and facilitating decision-making by providing insights into an organization's financial health.

Some key features of a financial management system are:

  1. Accounting: The core function of an FMS is to manage accounting tasks such as recording financial transactions, tracking accounts payable and accounts receivable, and managing payroll.

  2. Financial Reporting: FMS solutions generate a variety of financial reports to provide insights into an organization's financial performance. These reports may include income statements, cash flow statements, financial ratios, and other key financial metrics.

  3. Cash and Cheque Management: FMS systems help organizations manage cash and cheque flow by tracking inflows and outflows, monitoring bank balances, managing liquidity, and optimizing processes to ensure sufficient funds are available to meet financial obligations.

  4. Financial Analysis: FMS tools often include analytical capabilities to analyze financial data and identify trends, patterns, and insights that can inform strategic decision-making. This may involve performing variance analysis, profitability analysis, cost allocation, and other types of financial analysis.

  5. Integration: FMS solutions may integrate with other business systems such as enterprise resource planning (ERP) systems, customer relationship management (CRM) systems, and payroll systems to streamline data exchange and ensure consistency across different functional areas of the organization.

Tally as an FMS​

Tally, a financial management software, serves the same purpose as explained above. In other words, it is a financial management specifically tailored for charities. Tally manages all the financial transactions and other functions for an organization with ease.

It is highly integrated with the Engage CRM meaning charities can enjoy real-time management of donations, payments and tax relief. Rather than replace, Tally seamlessly integrates with the accounting application your charity already uses, adding value to your current system.

Benefits that Tally Provides to your Charity​

Some major benefits of Tally include:

  • Fund Management: Manage all the funds or refunds incoming via cash and cheque.

  • Income Reconciliation: Compare and reconcile a charities recorded income with the actual income, ensuring accuracy.

  • Direct Debit: Keep a record of all direct debits submissions made by charities in the FMS.

  • Banking: Manage all banking transactions made through the CRM for different accounts simultaneuosly.

  • Tax Relief (Gift Aid): Provide management of tax relief deductions for any account via the CRM in the FMS.

  • Financial Reporting and Analytics: Evaluating financial reporting and performance within an FMS.

  • Income Deductions: Managing and processing various types of deductions from an accounts income.

  • Accounts Integration: Consolidating financial data for all accounts in the CRM into a centralized financial management system.

Get started with Tally and read more about all the different functions that it provides in the upcoming sections.