Some small business owners believe they do not need, or cannot afford, business analytics. Nothing could be further from the truth! If your business is currently using Tally Prime or Tally ERP, you can leverage your existing accounting and financial modules to create an augmented analytical environment that is suitable for every team member.
If you are a Tally ERP or a Tally Prime user, you know the value of the comprehensive financial management solution for managing accounting, inventory, purchasing, sales, finances, taxes, etc. But, what if you could take your Tally solution to the next level with integrated analytics that will allow your business professionals to add value to clients and colleagues by analyzing data across the Tally modules to discover trends, patterns, and data insight and forecast and predict results.
As a Tally® ERP user, your business already knows the value of this solution. The Tally solution provides businesses with tools to manage all critical aspects of your business, including accounting, sales and purchase, inventory, manufacturing, taxation, payroll, MIS reporting, etc. As your enterprise grows, and markets become more competitive, it is important to add capabilities that will allow you to be more competitive and help you understand what is happening in your business, what processes, products and activities are helping you to achieve your goals and where you need to adapt.
By integrating augmented analytics into your Tally solution, your team members can leverage analytical tools in an easy-to-use, out-of-the-box environment to produce reports and share data that will offer insight into your business results and strategies.
‘…team members can be creative and innovative in their recommended solutions and, more importantly, can discover the reasons for success or shortfalls.’
By some estimates, the financial analytics market has the potential to reach nearly ten and half million US dollars by 2023. The growth of this market is evidence that businesses are embracing the need for analytics. But when it comes to small and medium sized businesses, the budget for data scientists, analysts and complex analytical solutions is slim to none.
In this article, we discuss three ways that integrated augmented analytics can add to the existing value of the Tally ERP solution and help business users achieve results and gain insight for decision-making and recommendations.
While Tally ERP provides its own reporting capability, adding flexible analytics reports for sales and purchasing, banking and cash analytics, payables and receivables, inventory management, taxes, cost center and ledger analysis, account statements and drill-down capabilities allows the user to gather data and analyze it across modules and to discover the root cause of an issue, or identify a product, pricing, supplier or other opportunity to leverage in the market. Small and medium sized businesses are often short on resources and users have little time to learn new software or play with report formats to get what they want. By providing a set of built-in reports, business users can be more productive and get the information they need AND they can share that information.
Nearly every team member in a small or medium sized business has multiple roles and is often on the road or working remotely. Integrated augmented analytics that is accessible in near real-time via mobile or web access allows the user to make the best use of their time and to perform tasks and analyze data from anywhere.
Many best-of-breed solutions are designed to support a specific need within the organization. Accounting systems are designed for accounting professionals, inventory systems are typically designed as part of an ERP system and support the needs of inventory managers. Tally ERP has modules that are designed for sales, accounting, finance, inventory and other roles. By integrating augmented analytics within this environment, every professional (no matter their role) can use the solution in a way that is best suited for their needs. An additional advantage is the ability to perform simple queries across modules and data so a sales manager might spot a problem with an ad campaign scheduled to promote a product for which there is little inventory, or a purchasing manager might create a report to reveal where bulk orders for multiple business units might result in lower pricing. In truth, while every professional has a specific role, many responsibilities and tasks cross over from one department to another and, with the ability to perform searches and analytics that incorporate data from across the enterprise, team members can be creative and innovative in their recommended solutions and, more importantly, can discover the reasons for success or shortfalls.
‘By integrating augmented analytics into your Tally solution, your team members can leverage analytical tools in an easy-to-use, out-of-the-box 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.
Original Post : 3 Advantages of Tally Mobile Analytics for SMEs!
Gartner predicted that, ‘a scarcity of data scientists will no longer hinder the adoption of data science and machine learning in organizations.’ If businesses wish to fulfil this prediction, managers must choose self-serve tools that will allow for analytics and fact-based decision making without hiring a team of professional data scientists AND they must leverage the tools already in place to enable user adoption of analytics.
But how?
‘To enable analytics in the Tally ERP environment, the enterprise must carefully consider the ease-of-use of the solution, whether it requires training, how accessible the solution is and whether the business user can accomplish tasks easily.’
In this article, we discuss the use of Tally ERP and how your business users’ favorite business application can be used to engender analytics and more accurate decisions.
‘Discover how your business users’ favorite business application can be used to engender analytics and more accurate decisions.’
With easy-to-use tools and the ability to leverage the familiar Tally ERP solution, users do not have to choose between day-to-day tasks and analytics. They can do both, in the office or in a mobile environment. Because team members often resist change and new responsibilities, the enterprise must carefully consider the ease-of-use of the solution, whether it requires training, how accessible the solution is and whether the business user can accomplish tasks easily without having to deal with data in a silo environment. Integrated access and easy tools are key!
Find out how the addition of SmartenApps for Tally will support analytical initiatives and provide benefits to your users and your enterprise. Users can Download And Register for SmartenApps for Tally and use Tally data to analyze, explore and clarify and to provide insight to clients, colleagues, management and team members.
Original Post : How Can Tally ERP Users Leverage Their Favorite App to Perform Analytics?
Rutgers Business School and the American Institute of CPAs (AICPA) recently announced the formation of the Rutgers AICPA Data Analytics Research Initiative for further integration of data analytics into the audit process and advancement in the public accounting profession. As research firms, technology analysts and industry leaders embrace the concept of analytics in accounting and finance, it is prudent to consider the impact on enterprise solutions and software.
‘If a business wishes to embrace the analytical trends for this industry, it must provide easy-to-use tools that are cost-effective and allow for swift integration, implementation and user adoption.’
If organizations are to increase the return on investment (ROI) for these existing solutions and, at the same time, embrace the analytical trend, these businesses must find a way to provide the right tools to business professionals – and those tools had better not be designed for IT or data scientists or there will be no hope of getting users to adopt new techniques and leverage analytics in their day-to-day environment.
In this article, we discuss three advantages of integrating analytics with Tally ERP to stay abreast of industry trends.
The accounting, inventory, purchasing, sales and other finance-related modules in the Tally solution are popular with users and are used on a daily basis for data entry, simple reporting and completion of workflow tasks. Adding augmented analytics to the functionality and features provides support for new business goals so management, IT and analysts can enable business users with analytics and add value to clients and to the organization without requiring business users to take data science training or to have advanced technology skills. Business users can leverage their domain and professional expertise to find and analyze data and test theories, solve problems and gain insight to be shared with the organization and clients. If a business intends to follow the trends of financial and accounting analytics, it must ensure that any new tools are designed for the average business users and will allow them to follow existing workflow and business processes.
Any new augmented analytics solution must be easily integrated with Tally ERP in order to be cost-effective and to avoid delays in implementation and user adoption. Mobile access is fundamental to success, as many team members today are on the road, working remotely or accessing data from client locations or other office locations. Providing integrated functionality allows business users to work within the Tally ERP solution, using familiar tools and views while, at the same time, leveraging new, sophisticated analytical functionality that will improve their performance and value to the organization.
Tally ERP does provide reporting capability but, if the organization is going to advance to true analytics and ask its business professionals to get on board, it must provide simple, easy-to-use reporting capability that will offer powerful results. Reports should include overview reports with top and bottom analysis, contribution analysis, KPI analysis, and sales and purchasing reports for monthly, quarterly and annual trends, top customers, detailed sales registers, etc., as well as bank and cash reports so users can compare historical and current results. Payable and receivable reports should allow for reporting by creditor, debtor, product, service and overdue collections trends. Inventory reporting and analysis should encompass overstock, understock, suppliers, products, shipping and distribution. Other reports should include taxes with estimated obligations, cost center analysis and balances by account and group, ledger entries and balances with drill-down to voucher level, account statements for statutory review and submission, etc.
‘If organizations wish to embrace analytical trends, they must find a way to provide the right tools…and those tools had better not be designed for IT or data scientists or there will be no hope of getting users to adopt new techniques.’
If a business wishes to stay ahead of the competition and embrace the analytical trends for this industry, it must provide easy-to-use tools that are cost-effective and allow for swift integration, implementation and user adoption.
Find out how the addition of SmartenApps For Tally will support analytical initiatives and provide benefits to your users and your enterprise. Users can Download And Register for SmartenApps for Tally and use Tally data to analyze, explore and clarify and to provide insight to clients, colleagues, management and team members.
Original Post : Stay Abreast of Trends with Tally ERP Integrated Analytics!
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.
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.
No matter the task or job, every team member needs the right tools to be successful. Accountants, finance professionals, purchasing managers, inventory professionals and other team members responsible for expenses and revenue need the right tools to do their jobs and, in this day of remote work and dispersed teams, that need is greater than ever. The answer to that need is, of course, founded on technology.
The Rochester Institute of Technology (RIT) states that, ‘Accounting analytics can help an organization answer financial questions by looking at all the data gathered by a company (e.g., transactional data, financial data, investment analysis, etc.) and analyzing this information to gain significant insights, predict future outcomes, or even ascertain risk.’
The Accounting Research Center and Continuous Auditing & Reporting Lab at Rutgers University stated that, “The audit profession is leveraging technology and electronic information to expand the auditor’s ability to access and analyze vast amounts of information.”
