Tally Solutions has announced the global launch of TallyPrime 5.0 to elevate its suite of Connected Services and enhance business operations for the mid-mass segment both in India and globally. With this new launch and other product pipeline initiatives, the company aims to expand its user base of over 25 lakhs by 50 per cent over the next 3 years while eyeing a CAGR growth of 30-40 per cent.

“We hope to reach about 35 lakh customers in about three years. There’s a lot of scope for growth as we expand in India and internationally. This will come from two broad areas - new customer acquisitions and increasing the value we bring to existing customers,” Tejas Goenka, the managing director of Tally Solutions, told businessline.

Goenka added the company is looking to expand to the Middle East, Southeast Asia, and Africa. It has a presence across key markets like Kenya, Indonesia, the UAE, and Saudi Arabia.

“India is a large market and there is scope to do more. While it will remain big, we are keen to continue expanding and investing outside. We have been in the UAE for almost 20 years. In the last few years, especially with the onset of indirect tax in the Middle East, we started seeing larger opportunities in other regions like Oman, Bahrain, Qatar, and Kuwait,” he said.

The MD added that the company looks at countries with a large SME base, where its product can be competitively different, and, from an operational perspective, areas that are easier to operate in.

As a technology company providing business management software (BMS), Tally brings a new paradigm in connected services with API-driven tax filing. The latest version with ‘Connected GST’ will serve as a consolidated interface for all online GST operations, without having to visit the GST portal. Tally’s connected experience also includes e-invoicing and e-way bill generation capability, WhatsApp integration.

Additionally, addressing the increasing demand in the Middle East and Bangladesh, TallyPrime 5.0 adds advanced multi-lingual capabilities extending to Arabic and Bangla language interfaces with phonetic support.

The new solution offers features including a direct connection 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. It also supports end-to-end ‘bookkeeping to return filing’.

Goenka also stated that Tally continuously innovates its technology to help simplify business operations for MSMEs. The latest release will simplify GST filing and make it hassle-free for Indian businesses while giving them real-time status of their suppliers’ GST, and safeguarding their ITC.

Currently, very few businesses use API-based filing. Tally is focused on consolidating MSMEs’ end-to-end GST filing journey, enabling them to save 60-70 per cent of their time.

“Taxation is a cumbersome process. At Tally itself, we took about 1.5 days to file our GSTR1. This has now come down to two hours, which saves time for our taxation team. Similarly with customers, we have seen that number vary from 50-60% to 200-300% in some cases. If they took an hour and a half earlier, they now take 5 - 10 minutes for their compliance,” Goenka explained.

TallyPrime 5.0 is said to enhance business management with new features while building on existing ones, such as e-invoice generation, user-friendly dashboards, WhatsApp integration, and Excel imports.

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