Tally Solutions was co-founded in 1986 by Shyam Sunder Goenka and his son Bharat Goenka[2] after the family's cotton business was destroyed by fire.[3][4] It began as Peutronics Financial Accountant, an accounting software application.[5][3] The company was incorporated in 1991 and was renamed Tally Solutions in 1999.[6][7][8]

Shyam Sundar Goenka was running a company that supplied raw materials and machine parts to plants and textile mills in southern and eastern India. Unable to find software that could manage his books of accounts, he asked his son, Bharat Goenka, 23, a Maths graduate[7] to create a software application that would handle financial accounts for his business.[9] The first version of the accounting software was launched as an MS-DOS application. It had only basic accounting functions, and was named Peutronics Financial Accountant.[citation needed]