Tally is an accounts and inventory management software which is having many other features too.
With the latest version of this software Tally9 you can

1. do all basic accounting functions,

2. Manage your store and items,

3. do the job costing,

4. manage payroll,

5. get many mis reports which are useful for day today functions,

6. file your tax returns like prepare balance sheet, profit and loss statement, VAT forms, TDS, returns, Service tax returns, e-TDS filing, Excise forms, FBT reports and forms,

7. maintain budgets, scenarios,

8. calculate interest on pending amount

9. manage data over different locations and synchronize it and many more other features.