Tally provides all the features and capabilities of financial accounting. Tally allows creating all types of financial statements which is provided by financial accounting.
Financial accounting is focused on providing accounting reports and analysis to other areas of the business. Financial accountants are responsible for the creation and issuing of the company's financial statements, providing accurate and timely information to management and ensuring that all regulatory reporting requirements are met. In financial accounting, the goal is to consistently provide the valuable, accurate and reliable information.
The financial statements summarizes the business's activities for the year and are used by shareholders, banks, employee, and the general public to evaluate the financial worth of the company. The statements are audited by independent accountants to validate the information and provide assurance to readers.
The financial statements are comprised of five documents; balance sheet, income statement; cash flow and owners or shareholders equity and notes. Notes to the financial statement are written explanations of items in the financial statements.
The balance sheet is a summary of all the assets and liabilities at year's end. An income statement is a critical component in financial accounting. It provides a clear list of all the sales for the year, the expenses and the net profit or loss of the firm. This statement provides insight into the sales performance for the year and the overall profitability of the firm.
In tally, it is very easy to create all types of accounts related to financial characters, events and parties. Easily transactions can be recorded using voucher entry and it allows creating Balance Sheet, Profit & Loss a/c, Stock Summary and all types of reports which need in Business.
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