Tally is an accounting software that allows users to create and manage company accounts, including cash books, purchase and sales registers, balance sheets, and more. It also offers inventory management. To get started, users create a company profile by entering details like the company name, address, and whether it will use inventory tracking. Key functions in Tally include making contra entries (F4), payments (F5), receipts (F6), journal entries (F7), sales (F8), and purchases (F9).