AFOVA New Letter 2 of Year 2021

Section 3 – Value Add / Special Tasks CV 2 No. 02 / 2021 Page 18 of 332 free and others on payment. The constraints imposed by the free software providers being highly restrictive, the M C chose to go in for the paid software. All roads led to “Tally Prime”, a digital accounting company that has 75 % market share, with a robust support base, a very wide knowledge base in the form a user communities and a user-friendly operating interface. After exploring the features of Tally Prime over a limited trial period, AFVOA now owns, a cloud based, single-user, perpetual license for its accounting requirements. It is pertinent to mention here that the Association also succeeded in achieving a saving of 33% in the acquisition of the base license and its associated tools. Next Steps What will it mean for AFVOA? 1. The accounts of the last Financial Year (2020-21) will be put through Tally Prime (Our enterprising Treasurer has already attempted it in the Trial Version, hence incorporating the same in our licensed version would just be “ बाएं हाथ का खेल ” for him now). 2. The transactions of the current financial year onwards will be directly accounted through Tally Prime as they happen. 3. With most of the Chartered Accountants possessing Tally with them, the external statutory audit can also be carried out online. In such a case, it is good enough to share the backend digital files by mail with the Auditor. The entire exercise will be paperless. 4. More importantly, prior knowledge of Double Entry Book Keeping or prior experience of handling books of accounts is not a pre-requisite for the post of the Treasurer any more. A quick orientation about the operating environment of Tally Prime through the online training videos would be good enough. Let us all wish our Treasurer Happy Accounting!