Ludhiana, September 20, 2024 (News Team): With the continued vision to empower the backbone of the Indian economy – the fast-growing MSME sector; Tally Solutions today announced the global launch of the all-new TallyPrime 5.0, elevating its suite of Connected Services. A leading technology company providing business management software, Tally brings a new paradigm in connected services with API-driven tax filing. The launch is in line with the company’s vision to enhance business operations for the mid-mass segment both in India and globally.
Punjab has a strong foundation of nearly 1.6 lakh MSMEs that play a pivotal role in driving the state’s economic growth, employing over 29 lakh people. Ludhiana, the state’s largest and most populous city, has emerged as a key industrial hub in North India. Known for its bicycle, textile, and hosiery manufacturing, Ludhiana is home to a majority of the state's MSMEs, contributing to an output value of ₹1,71,047 crore. Ludhiana's recent designation as a smart city sets the stage for significant growth in production, exports, and job creation. Tally Solutions is actively supporting Punjab's MSMEs by providing tools and support for digital adoption and innovation. Through solutions that boost operational efficiency, Tally helps businesses thrive in a competitive market.
The latest version with ‘Connected GST’ will serve as a consolidated interface for all online GST operations, without having to visit the GST portal. This release further strengthens Tally’s connected experience which includes e-invoicing and e-way bill generation capability, WhatsApp integration, etc. Additionally, addressing the increasing demand in the Middle East and Bangladesh, TallyPrime 5.0 adds advanced multi-lingual capabilities that will extend to Arabic and Bangla language interfaces with phonetic support.
The new solution encapsulates an array of unique features including a direct connect* to the GST portal which enables fast data upload/download, GSTR1 return filing, new recon flexibilities, including GSTR-1 recon and GSTR-3B recon features unique to Tally, Input Tax Credit (ITC) at risk identification and ledger creation. The feature also supports end-to-end ‘bookkeeping to return filing’, bringing an integrated experience.
With this new launch and other product pipeline initiatives, Tally is aiming to expand its current user base of 2.5 million+ by 50% over the next 3 years, while eyeing a CAGR growth of 30-40%. Sharing his views, Mr. Balaji S, General Manager – North, 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, safeguarding their ITC. We have planned a strong go-to-market approach for the state to ensure maximum businesses benefit from the launch. Our teams and partners are actively connecting with entrepreneurs, chartered accountants, and tax professionals to familiarize them with the product and resolve their queries.”
MSMEs are seeking effective tech solutions for their operations, and TallyPrime 5.0 provides a simple, secure, and reliable solution. It enhances business management with new features and builds on existing ones like e-invoice generation, user-friendly dashboards, WhatsApp integration, and Excel imports. This new launch is in line with Tally’s mission to connect businesses with their ecosystem and elevate user experience. The latest release is free for all active TSS subscribers.