Tally® ERP is a popular finance and accounting solution used by many team members in many businesses. It provides modules to support inventory management, purchasing, sales professionals, accountants, finance managers and other expense and revenue related functions responsible for taxes, statutory reporting etc.
The McKinsey consulting firm reports that organizations with fast and efficient decision-making processes are twice as likely to report financial returns of at least 20% as a result of recent decisions.
‘Taking your Tally ERP solution beyond data entry and standard reporting allows your finance and accounting professionals to gain insight and achieve results.’
When a business wishes to support its team members and provide more value and more effective financial decision-making, it should consider adding integrated analytics to its Tally environment. Augmented Analytics, designed specifically to support business users with no data science skills, provides an opportunity for businesses and business professionals to mitigate risk and to improve revenue and results.
In this article, we discuss a few of the ways in which integrated augmented analytics can work within the Tally ERP environment to provide valuable insight and support innovation, problem solving and business agility.
By adding integrated augmented analytics and pre-built reports to support professionals in their efforts, the business can gain insight into sales in a way that is not possible with standard reporting. Businesses can establish key performance indicators (KPIs) to drive results, and identify trends for a particular sales region, individual, product line, customer segment or regional or channel-specific marketing initiative.
Payable and Receivables
Augmented Analytics can provide insight into payables and receivables, segmented by creditors and debtors, by product or product line revenue, by service offering, etc. Businesses can track wholesale and partner collections and spot trends in overdue invoices. Where the business has established a threshold for payable and receivable completion, managers can stay abreast of issues and identify the root cause of problems that will affect their metrics.
The cost center dashboard is a key report that displays balances and progress by cost center groups and accounts and by ledger relevance and association. The ledger provides classic and detailed views of entries and balances and allows for drill down to the individual voucher level to examine and analyze entries. Meeting budgetary goals and objectives and monitoring and managing cost centers allows finance managers to identify and understand where and how a particular cost center is exceeding or falling short of expectations and address those issues to stay on track.
‘When a business wishes to support its team members and provide more value and more effective financial decision-making, it should consider adding integrated analytics to its Tally environment.’
These are just a few examples of how businesses can gain insight and provide actionable reporting to improve results. Taking your Tally ERP solution beyond data entry and standard reporting allows your finance and accounting professionals to :
- Perform financial statement analysis and understand the current financial position of the business.
- Review income statements and compare results to expected performance to inform annual reporting and stay on track
- Provide forecasts to estimate the financial impact of proposed initiatives and projects and ensure positive return on investment (ROI)
- Monitor budgets, resources and deliverables and report on performance
- Dive into cash flow and profit margins to determine the root cause of shortfalls or identify opportunities for growth
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.