BENGALURU: Homegrown accounting software major Tally has announced the launch of TallyPrime 5.0. With this new release and other upcoming product initiatives, the company aims to expand its current user base of over 2.5 million by 50% over the next three years, targeting a compound annual growth rate (CAGR) of 30-40%.
The latest version, featuring ‘Connected GST,’ will serve as a consolidated interface for all online GST operations, eliminating the need to visit the GST portal. Addressing the increasing demand in the Middle East and Bangladesh, TallyPrime 5.0 adds advanced multilingual capabilities, including Arabic and Bangla language interfaces with phonetic support.
The new solution includes several features such as a direct connection to the GST portal, enabling fast data upload/download, GSTR-1 return filing, and new reconciliation flexibilities, including GSTR-1 and GSTR-3B reconciliation features unique to Tally. It also offers Input Tax Credit (ITC) risk identification and ledger creation, supporting end-to-end ‘bookkeeping to return filing’ for an integrated experience.
Tejas Goenka, Managing Director of 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."
In FY23, Tally Solutions' revenue stood at ₹578.2 crore, up from ₹483.2 crore in the previous fiscal year. The company employs nearly 1,000 people, with about 450 focused solely on product development.
Recently, in an interaction with TNIE, Goenka mentioned that the company is expanding into the Middle East and Africa, among other regions. “The bulk of our business comes from India—about 90%—and in the coming years, we will be seeing 30-40% growth. We are bringing out new products and expanding the reach of our partners,” he said.