The Bengaluru-based company, founded in 1986, said it is in a mode of expansion and rediscovery as it prepares to serve the new generation of Small businesses through connected services.
“We are working with banks to make commercial banking and reconciliation much easier with Tally,” said Tejas Goenka, CEO, Tally Solutions.
Goenka said banks are looking at this feature as a tool through which they can get more customers. Companies using Tally could shift their core banking services to those banks that are connected to Tally as it is one of the most popular ones. accounting software services in the country, he said.
With the country’s small business community going digital, Tally Solutions found an opportunity to add more services to its platform. The company had applied for a small finance bank license, but the Reserve Bank of India rejected the application in June.
Now it intends to focus on building a distribution network in financial services.
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The company launched its account aggregation services in October last year, after obtaining the NBFC-AA license for its subsidiary Tally Edge. While Tally Solutions has been among the most popular accounting services used by small businesses, after the imposition of the Goods and Services Tax (GST) and digitization of tax returns, the use cases for the platform have multiplied.
“We had about a million paid businesses on Tally before GST was introduced, now we have 2.5 million paid businesses,” Goenka said.
The goal has been set to boost the base of paid users by 50% in the next three years.
Paying users get facilities like connected services and GST Returns.
The idea behind Tally Solutions is to build a system that allows users to not only record their transactions but also file their returns through the same portal. With the GST Suvidha provider license, the company wants more users to use its services to file GST returns.
“Our clients already use us for Electronic billing“Now, with API (application programming interface) integrations with the GST network, we hope to make day-to-day compliance operations and even tax filing significantly easier for businesses,” Goenka said.
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