Is Tally ERP 9 Beneficial for MBA Finance Students?
Tally ERP 9, a widely used accounting and financial management software, can be quite beneficial for MBA finance students for several reasons. This article will explore its practical applications and the skills it can help develop, as well as provide insights on alternative software like SAP Finance or Controlling that might be more aligned with future career opportunities.
Practical Exposure
One of the main benefits of Tally ERP 9 is the practical exposure it provides. It is used extensively in the industry for handling real-world financial processes, making it a valuable tool for students looking to gain hands-on experience before entering the job market. Familiarity with Tally ERP 9 can help students understand the nuances of financial management and accounting, which are essential skills in the field of finance.
Enhancing Accounting Skills
Tally ERP 9 offers a comprehensive approach to learning key accounting principles and practices, such as bookkeeping, inventory management, and financial reporting. By using this software, students can gain a deeper understanding of how these processes work, which can be beneficial for their academic and professional growth.
Data Management and Financial Reporting
One of the most valuable aspects of Tally ERP 9 is its ability to help students manage financial data effectively. This is crucial for making informed decisions in finance roles. Students can learn how to generate various financial statements and reports, which helps them analyze and interpret financial data. This skill is highly sought after in the job market and can be a significant advantage for MBA finance students.
Cost-Effectiveness and Industry-Relevant Skills
An additional benefit of Tally ERP 9 is its cost-effectiveness. Unlike other ERP solutions, Tally is often more affordable, making it an accessible software for students who want to practice independently. Proficiency in Tally can also enhance a student's employability, as many employers look for candidates who are skilled in popular accounting software. This can open up more job opportunities and potentially lead to higher salaries.
Integration with Other Tools
Understanding how to use Tally ERP 9 can also help students learn how to integrate accounting practices with other business functions. This is valuable experience in finance management, as it helps them understand the bigger picture of business processes. This integrative learning can be particularly beneficial for students who want to pursue careers in finance management.
Alternatives: SAP Finance or Controlling
While Tally ERP 9 is a valuable tool, it is important for MBA finance students to also consider alternative software like SAP Finance or Controlling. These software solutions are more integrated and provide a more comprehensive view of business processes, which can be crucial for their future careers.
For example, while Tally is a useful tool for basic functions like accounts, inventory, sales, and purchase management, it does not have advanced features such as CRM, post-sales service, RMA, cloud solutions, and more user-friendly interfaces. For students looking to scale up and gain an overall view of full business processes, SAP Finance or Controlling would be a better choice.
A company that spends between 1 to 10 lakhs on its software can only offer so much in terms of compensation. However, a company that spends 5 Cr to 100 Cr on ERP implementation is likely to pay highly skilled professionals well. Therefore, choosing the right ERP software can help students build a more valuable skill set and increase their career prospects.
Moreover, MBA finance students need to stay updated on the latest developments in technology and understand open-source ERPs for their future growth. SAP Finance or Controlling can provide them with the skills and knowledge needed to work in more advanced and complex business environments.
In summary, while Tally ERP 9 can provide valuable practical exposure and skills, it may be worthwhile for MBA finance students to explore other ERP solutions like SAP Finance or Controlling to enhance their career prospects and gain more comprehensive business management skills.