Committed to Drive Innovation for SMEs
DBS and Tally collaborated and launched a first-of-its kind banking platform that simplifies payment and accounting processes for SMEs.
Tally Solutions Private Limited is an undisputed leader and pioneer in the accounting and Enterprise Resource Planning (ERP) space. Its humble beginnings can be traced back to 1986 when its co-founder, the late Shri Shyam Sundar Goenka, wanted to automate the accounting operations for his textile-related business in Bangalore but found the existing accounting software complicated and difficult to use. His son, Bharat Goenka, MD & CEO of Tally Solutions, who had an interest in programming then, developed an accounting solution to solve the manual book-keeping problems that their factory was facing. The rest, as they say, is history. Today, Tally Solutions is credited for advancing India from manual to computerised book-keeping, working with a robust network of more than 28,000 partners and catering to the millions of users in over 100 countries, across various industries.
Sharing a similar vision as Tally to use digital technology and innovation to bring convenience to its SME customers is DBS. The bank and Tally are committed to reimagine banking to help SMEs enhance business efficiencies. The strategic partnership between the two, enabled SMEs to harness on the digital technologies and benefit from them, while aligning with the India government’s regulatory push towards the adoption of digital innovation, amid the fast-changing consumer patterns.
DBS and Tally collaborated and launched a first-of-its kind connected banking platform to enable a more convenient GST and electronic payment and accounting processes for SMEs, integrating DBS’ Net banking platform with Tally’s ERP software – DBS-Tally Connected Banking Solution.
With the integration, Tally users can now go digital with a single login without migrating from their preferred platform. SMEs get to enjoy a host of benefits, including Easy Tracking – payment status and transaction references can be tracked on a single dashboard in Tally; Instant Approval – the DBS Bank IDEAL mobile app offers approval on-the-go; and Automated Advice – vendors can be kept informed with automated transaction advising. SMEs are now also able to digitise their payment, accounting and reconciliation processes, easing their transition to the new tax regime and bringing substantial savings in terms of time and effort.
“We help SMEs with technology that connects them to their ecosystem. And DBS has enabled us to keep our users in sync with their banking – directly from within our product,” cited Bharat Goenka’s son, Tejas Goenka, who took over the third-generation business. As the Executive Director of Tally, Tejas leads the business development and operations arm of the company. “The goal of the partnership with DBS is to start integrating deeply with the banking partners of our customers to make their end-to-end payment, receipt, and reconciliation process simpler,” explains Tejas. “This is a long journey and with DBS the start has been fantastic! We really are building the future of ERP solutions for businesses along with them.”
Echoing this positive partnership are the solutions built around working capital and cash management needs for the B2B and B2C segments. DBS and Tally will also explore more ways to simplify processes, eliminating the need for reconciliation and syncing real time banking services with ERP. DBS and Tally are also reviewing the onboarding experience to integrate banking services onto the platform so that existing customers can sign up seamlessly and operate on the connected solution.
Indeed, opportunities abound for DBS and Tally Solutions to continue to leverage on advanced technology and uncover new digital breakthroughs to bring convenience to SMEs, so they can focus more on their business and live life to the fullest.
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