Accounting or accountancy is the measurement, processing, and communication of financial information about economic entities such as businesses and corporations. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms.
The purpose of accounting is to accumulate and report on financial information about the performance, financial position, and cash flows of a business. This information is then used to reach decisions about how to manage the business, or invest in it, or lend money to it.
Tally: Tally is a software which is used for day to day accounting. It is like an app made for specific use like accounting. Payroll, manufacturing, Tax, etc. are the basic functions performed by Tally. It has different versions which are revised from time to time. Accounting software (Tally) is used for maintaining business accounts and personal accounts and it works on basic accounting principle. and work on tally is called tally accounting.