TallyPrime helps you to run your business the way you want to. You can record accounting, inventory and payroll transactions with statutory compliance and edit log, and view reports anytime, anywhere. You have to read all TallyPrime Key Features in this article.

Never miss new updates via Telegram 📲

Tally accounting software has published their latest version of Tally Prime, which is Tally Prime 5.0. Tally has added new features in this version and improved the previous one. It makes Tally Prime an ideal choice for all types of businesses from small to large enterprises. Tally Prime 5.0 with the new GST connect feature helps business to streamline their operations and make financial management easier. GST Connect in Tally Prime 5.0 is a feature designed to simplify Goods and Services Tax (GST) compliance for businesses.

Must Read: Important Shortcut Keys of Tally

Managing Director of Tally Solutions Speech

Mr. Tejas Goenka, who are the Managing Director of Tally Solutions, said, “We’re continuously innovating our technology to help simplify business operations for MSMEs. Our latest release is designed to make GST filing simpler and hassle-free for Indian businesses. Currently, only a small portion of businesses use API-based filing, but we’re aiming to change that. With this latest launch, our focus is to consolidate the end-to-end GST filing journey of MSMEs, enabling them to save 60%-70% of their time. This release will also give a real-time status of their suppliers’ GST.”

TallyPrime Key Features

Tally Prime 5.0 is the latest version of Tally Prime from the Tally Solution. It is designed to make business finance management easier. It added a few new features like an intuitive interface, enhanced security and improved multi-tasking capabilities, that make it user-friendly for beginners and experienced accountants. Business with Tally Prime 5.0 can manage their accounting, inventory, payroll and tax compliance all in one platform. It easily integrates with cloud systems to allow remote access and data management from anywhere. Tally’s Prime 5.0 simplifies complex company operations and allows businesses to focus on growth and efficiency.

TallyPrime Key Features of Connected GST

User-Friendly Interface

1. Tally Prime 5.0 has redesigned its UI to make it more user-friendly and straightforward.
2. The new straightforward interface allows users to execute their tasks quickly and efficiently.
3. The simple design reduces the learning time and allows users to save time and boost business productivity for a beginner and an experienced user.
4. Enhanced Data Security
5. Multitasking Capabilities
6. Payments Management In Tally
7. Instant Notification with Bell Icon
8. TallyPrime 5.0, Tally introduces better tracking of MSME (Micro, Small, and Medium Enterprises) outstanding bills.

GSTR-1 and GSTR-3B

1. Preparation and Filing
2. Prepare and file your GSTR-1 and GSTR-3B returns directly from TallyPrime.
3. Upload invoices and data effortlessly to the GSTN portal.
4. Automatic error detection and correction before filing.
5. GST compliance by means of integrated features that facilitate reporting and filing. Users are kept informed and in compliance with current regulations by acquiring real-time updates and alerts. The latest version, TallyPrime 5.0, features Connected GST for direct filing, enhanced user experience with improved navigation, efficient payment management, and instant notifications.
6. GSTR-1: You can file GSTR-1 using your preferred mode, such as Electronic Verification Code (EVC) or Digital Signature Certificate (DSC).

Effortless GSTR-2A and GSTR-2B

1. Downloads and Auto-Reconciliation
2. Download GSTR-2A and GSTR-2B statements within a single click.
3. Experience the power of intelligent auto-reconciliation of GSTR-2A and GSTR-2B data with your invoices.

ITC at-risk Insights

1. Get accurate insights in ITC at-risks using TallyPrime smart analysis of GSTR-2A and GSTR-2B reports.
2. Plan your cash flow effectively by understanding and addressing ITC risks.

Error-Free Data Transmission to GST Portal and Real-time Status Updates

1. Enjoy secured data transmission to and from the GSTN portal.
2. Built-in validation checks minimize errors, ensuring accurate filings.
3. Receive notifications on your return filing status, pending tasks, and upcoming deadlines.

Invoice Furnishing Facility (IFF) Management

1. File IFF returns directly from TallyPrime with minimal effort.
2. Automatically organize and report relevant B2B invoices for IFF.

More Features of TallyPrime

1. Easily create bulk ledgers in TallyPrime by importing GSTNs and using the Fetch GSTN feature.
2. Automate TDS calculation and reporting for hassle-free compliance
3. Enhanced report readability with stripe view’s alternating shades, making data interpretation clearer and more intuitive.
4. Stay updated with real-time alerts for GSTR uploads and notifications in the bell icon.