There are many finance-related roles within a business. Whether you are an accountant or a finance manager or controller, or you manage inventory, purchasing, sales or other critical areas of the business, it is likely that you are responsible for a budget and for mitigating expenses and improving revenue. Tally® ERP users understand the software solution and use it daily to enter data and to produce standard reports.
‘With augmented analytics, and the ability to spot and understand trends, results and issues, your team members can take their knowledge of the domain, industry and role and add to it with clear data.’
But what if you, as a business professional could improve results, improve visibility for your own role and add more value simply by adopting and adding integrated augmented analytics to your Tally® ERP environment?
A recent survey revealed that more than 60% of accounting and finance professionals and firms predict that analytics will play a key role in their responsibilities. Adding this capability to your day-to-day process can help your business, your team and your career prospects!
In this article, we discuss three benefits of Tally® Mobile Analytics and how these benefits can support accounting and finance professionals in their daily endeavors.
Three Ways Accounting and Finance Professionals Can Benefit from Integrating Augmented Analytics with Tally® ERP
Value-Added, Integrated Reporting
Tally® ERP includes standard reporting targeted to each of its modules and related disciplines. Leveraging business intelligence and BI tools and augmented analytics capabilities, the expanded reporting available within the integrated augmented analytics environment provides pre-built reports and flexibility to dig deeper into results and understand trends, patterns and details. Reports include Payables and Receivables, Cost Center, Inventory, Sales and Purchasing, Bank and Cash Reports, Tax Reporting, Ledgers, Account Statements and Overview Reports.
Metrics and Fact-Based Decision-Making
Every team member in a business is expected to perform at a higher level today. Organizations want specificity, clarity and decisions and suggestions made from a basis of fact, not opinion or guessing. Accountants, finance and business analysts, inventory managers, purchasing managers and other finance-related roles are not exempt from this expectation. Anywhere the business takes in or spends money is going to affect the bottom line. With integrated analytics, Tally® ERP users can dig in and look for problems, find the root cause, find and advance opportunities for considerations, etc. Sales and purchasing reports allow team members to explore data on a monthly, quarterly and yearly basis and review key performance indicators (KPIs) by customer or sales register. Payables and receivables analysis includes analysis by creditor and debtor, by product, service or even components, so team members can spot trends and analyze overdue collections, etc. Inventory analytics provides details on shortages, overages, key data for stock management, supplier issues, shipping and distribution. KPIs and analytics can cross modules and identify factors affecting the business in other business units.
Increased Productivity and Contribution
Accounting and finance positions are often seen as ‘bean counters’ or, at best, responsible for statutory reporting but not to be consulted on matters of strategy or operational efficiency, etc. With augmented analytics, and the ability to spot and understand trends, results and issues, your team members can take their knowledge of the domain, industry and role and add to it with clear data that will point them to effective suggestions and recommendations and help them to see and interpret the business, adding value to senior management and to their respective teams. This proactive approach will improve business results and allow team members to operate with more agility and effectiveness.
‘What if you, as a business professional could improve results, improve visibility for your own role and add more value simply by adopting and adding integrated augmented analytics to your Tally® ERP environment?’
Find out how the addition of SmartenApps For Tally® will support your accounting-related analytical initiative and bring your team and your business to the next level. Users can Download And Register for SmartenApps for Tally® and use Tally® data to analyze, explore and clarify.