Tally is a financial accounting software package designed by Tally Solutions mainly for small and medium businesses. It is very widely used in India, and sold in more than 100 countries worldwide. The latest version of the software is Tally 9.
Tally is a complete business accounting and inventory management software that provides various facilities like Govt. supported formats, multilingual operations, online functions and processing for small and medium businesses.
Tally Software is developed with a core proprietary engine with a SDK Wrapper. Most of Tally’s Interaction Forms and Reports are developed using Tally Definition Language TDL. Customization of Tally Application can be done using this TDL SDK.
Tally is especially suited towards Small and Medium Businesses, and isn’t that expensive. However, if you are just starting a business, you might not want to spend that money. So, here are some free and open source alternatives to Tally that provide most of the similar features.
PostBooks is an open source accounting and enterprise resource planning business system geared toward small to medium sized businesses. It is released under a CPAL license and is thus free software. PostBooks is maintained as an open source project on SourceForge.net but is based on the commercially licensed xTuple ERP system created by xTuple, a private software company based in Norfolk, VA.
xTuple PostBooks includes the following: Accounting, Sales, CRM, Purchasing, Product Definition, Inventory and Distribution, Light Manufacturing and OpenRPT open source report writer.
It is available for Microsoft Windows, Mac OS X, Linux & Mobile and is fully internationalized.
The latest version of PostBooks is 4.9.1.
GnuCash is a free and open source accounting software program that implements a double-entry bookkeeping system. It was initially aimed at developing capabilities similar to Intuit Inc.’s Quicken application, but also has features for small business accounting. Recent development has been focused on adapting to modern desktop support-library requirements.
GnuCash is part of the GNU Project, and runs on Microsoft Windows, Linux, OpenBSD, FreeBSD, Solaris, Mac OS X, and other Unix-like platforms.
Its features include Double-Entry Accounting, Stock/Bond/Mutual Fund Accounts, Small-Business Accounting, Reports, Graphs, QIF/OFX/HBCI Import, Transaction Matching, Scheduled Transactions, Financial Calculations among others.
The latest version of GnuCash is 2.6.12.
3) BS1 Accounting (Bonus)
BS1 Accounting is free accounting software that allows small businesses to manage finances for free, their accounts payable and receivable, general ledger, inventory and sales analysis. It has various modules including, Accounts Payable, Accounts Receivable, General Ledger, Inventory and Sales Analysis software.
BS1 Accounting supports multiple currency for import and export purposes. The GL tool in this free accounting software allows you to convert the revenues and expenses to domestic currency.
You can track the account payables and receivables for every currency, profit and loss, and exchange rate fluctuations. You will be able to view the total for the GL account and inventory in BS1 Accounting and observe the original source transactions.
The latest version of the software is BS1 Accounting 2016.