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Major Accounting Software Packages
4.1 Tally Prime (India's Market Leader)
Tally Solutions Pvt. Ltd., Bangalore, founded 1986 by Bharat Goenka. India's most widely used accounting software, particularly among SMEs (Small and Medium Enterprises).
Key features of Tally Prime:
- GST compliance: Auto-generation of GSTR-1, GSTR-3B, GSTR-9 (annual return)
- Multi-company and multi-currency accounting
- Inventory management — stock valuation (FIFO, Weighted Average), reorder levels
- Payroll — salary processing, PF/ESI deductions, Form 16 generation
- TDS and TCS automatic calculation and compliance
- Bank reconciliation statement generation
- Multi-branch synchronisation — data from different locations merged centrally
- Data security — password-based user access levels (full access, data entry only, view only)
4.2 SAP (Systems, Applications & Products)
Founded in 1972 in Walldorf, Germany by five former IBM employees. SAP is the world's largest ERP vendor.
SAP modules relevant to accounting:
- FI (Financial Accounting): General ledger, accounts payable/receivable, asset accounting, bank accounting
- CO (Controlling): Cost centre accounting, profit centre accounting, product costing
- MM (Materials Management): Purchase order, goods receipt, vendor invoice verification
- HR (Human Resources): Payroll, time management
- SD (Sales & Distribution): Sales orders, billing, revenue recognition
SAP is used by large Indian PSUs (ONGC, BHEL, Indian Railways — IR's SAP-based project called AIMS), major banks, and government departments.