Tag: Augmented Analytics

3 Reasons to Integrate Augmented Analytics for Tally ERP to Leverage Analytical Trends!

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.

Designed for Business Users of Tally ERP

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.

Integrated with Tally Functionality for Easy Access and Intuitive Use

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.

Flexible, Pre-Built Reporting for Clear Results

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.

What Insights Can My Business Gain from Integrated Tally Mobile 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.

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.

Sales

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.

Cost Centers

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.

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.

When Considering Tally ERP Mobile Access, Add Augmented Analytics to Complete the Picture!

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.

‘Providing mobile access to Tally ERP allows users to leverage a familiar software solution to perform tasks and combines that access with new, value-added tools for augmented analytics.’

Tech research and analysis firm, Gartner predicts that, ‘Through 2024, 50% of organizations will adopt modern data quality solutions to better support their digital business initiatives,’ and that prediction applies to all types of industries and vertical business sectors, including finance and accounting.

For Tally^® ERP users, the need to access enterprise tools via mobile device is crucial. But, perhaps even more crucial is the need to improve data quality solutions by adding integrated augmented analytics that are accessible to users from anywhere. When a team member is performing a task, checking or monitoring progress or trying to solve a problem, it is useful to have analytical tools that can provide insight into the reasons for success or the reasons for poor results.

Adding integrated mobile analytics to the Tally ERP solution provides numerous benefits. When your business is ready to adopt these all-important tools, be sure to look for a solution that will provide the following features and capabilities:

• • • Users can access all companies in a Tally ‘instance’ to see data for a specific company or for multiple companies.
    • Includes out-of-the-box numerous dashboards, KPIs and report formats for all users.
    • Users can track trends and perform analytics.
    • Mobile users can view recent transactions.
    • All mobile Tally users can share reports in PDF, XLS and via WhatsApp, Email and other options.
    • Accessible data includes products, inventory, ledgers, vouchers, etc.
    • Provides the ability to perform a full company extract
    • Offers near real-time access to Tally data and rapid application loading for smooth, seamless use.
    • Provides seamless search options and text searches throughout the mobile app.
    • Offers cost-effective, simple registration and user access.
    • Integrates with enterprise applications including ERP, CRM, Excel and Google analytics data as well as other data sources.
    • Is accessible as a ready-to-use software as a service (SaaS) app with no on-premises installation, development or training required.
    • Provides proven, dependable support for users.
    • Offers augmented analytics components including self-serve data prep, smart data visualization and assisted predictive modeling.

As with any software or technology acquisition, the key to success is meeting business and user expectations and providing tools that are easy-to-use and cost-effective. Providing mobile access to Tally ERP allows users to leverage a familiar software solution to perform tasks and combines that access with new, value-added tools for augmented analytics in an environment that is easy for every user and accessible on any mobile device.

‘Adding integrated mobile analytics to the Tally ERP solution provides numerous benefits. When your business is ready to adopt these all-important tools, be sure to look for a solution that will provide adequate features and capabilities.’

For more access options and information on desktop and web versions of SmartenApps and the available reports, see our article, entitled, ‘The Value Of Tally ERP Web-Based Accounting Analytics.’ 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.

Leverage Integrated Analytics Reporting in Tally ERP!

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.’

‘There is no doubt that the amount of information contained in accounting and finance systems can be daunting but analysis of this data in an easy-to-use reporting environment can reap numerous rewards without reducing productivity or frustrating users.’

For accounting firms serving a client base or accountants within a business who are tasked with managing expenses, there is no doubt that a basic accounting system is mandatory. But, in today’s competitive environment, the do-more-with-less approach is rampant and accountants, finance professionals, inventory managers, purchasing managers and other finance-related professionals find it increasingly difficult to manage the data and monitor it in a way that provides value to clients and colleagues.

New roles include a value-based approach where the team is expected to provide insight, reduce expenses, spot trends, make recommendations and do it all in a fact-based environment where missteps will be mitigated and competitive advantage is key.

For users of the Tally^® ERP Solution, the availability of integrated augmented analytics and reporting provides true benefits. The integration of analytics across all modules allows team members to analyze and report on data to solve problems, identify opportunities and make recommendations that will advance the interests of the business using a desktop or a mobile app approach.

Available Reports Include:

OVERVIEW

Overview of key business parameters, e.g., Sales, Purchase, Payable & Receivable, Income & Expense, Cash & Bank and Duties and Taxes, and monthly trends. Also includes Top and Bottom Analysis, Contribution Analysis, and KPI analysis of these key indicators.

SALES & PURCHASE

Explore sales to date, and monthly, quarterly and yearly KPI and trends. Analyze monthly sales, top customers and detailed sales register.

BANK & CASH

Reveal trends and patterns in banking and cash results over a period of time. Users can compare results from previous time periods.

PAYABLE & RECEIVABLE

Breakdown payables and receivables by creditors and debtors as well as by products, services and components. Look for trends for overdue collections.

INVENTORY

Analyze inventory for shortages and overages. Explore overstock, understock, suppliers, products and shipping and distribution.

TAXES

Examine previous taxes, tax due summary, estimate tax obligations, analyze taxes for future periods.

COST CENTER

Analyze cost center balances and movements by cost center groups, cost center accounts as well as their association with ledgers.

LEDGER

Analyze ledger entries and balances in details with drill-down to individual voucher level.

DRILL DOWN

Pre-built drill-down views to balances at higher level groups, and drill down in hierarchy to ledger and transaction level.

ACCOUNTS STATEMENTS

Ideal for accountants for statutory submission purposes, and to review balance sheet statement, trial balances, profit and loss statements and more.

REPORTS

Various interactive reports with drill-down to slice and dice data by vendor, product, service, cost, sales person, location, customer, inventory, purchasing, costs, etc.

When these reports and tools are combined with the skill and knowledge of an accounting or a finance professional, the results can be profound. There is no doubt that the amount of information contained in accounting and finance systems can be daunting but analysis of this data in an easy-to-use reporting environment can reap numerous rewards without reducing productivity or frustrating users.

‘The integration of analytics across all modules allows team members to analyze and report on data to solve problems, identify opportunities and make recommendations.’

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.

4 Ways in Which Integrated Augmented Analytics Builds on Tally ERP Success!

If your business is using Tally^® ERP, your users are already familiar with the benefits and features of the solution. Tally includes business management functionality for banking, payroll management, purchasing, sales, accounting, taxes, manufacturing and inventory and allows team members and professionals to enter and manage data and to provide reports to colleagues and clients.

‘With easy-to-use features designed for business users, integrating augmented analytics with Tally ERP allows team members to do their jobs and to add value without significant investment of time and effort to learn the solution.’

In today’s competitive environment, every business is looking for ways to optimize resources and to provide proven processes and metrics that manage and monitor results and help the organization make decisions at every level. To that end, more than 65% of global enterprises increased spending on analytics within the past two years and that trend shows no signs of slowing. Analytics ensures fact-based decision-making and speeds the process of problem solving, making the enterprise more agile.

This approach can be used to improve the value of the Tally ERP installation within the organization and leverage the return on investment (ROI). In this article we discuss four (4) ways in which integrated Augmented Analytics can take your Tally users and results to the next level.

Comprehensive View of Your Data

Many business users adopt and leverage a module or a set of features that they find the most useful for their common tasks. But if your team members are not seeing the big picture or if they are not able to dive into data across modules to understand the ‘why’ of results or to gain insight into what is working and what should change, they cannot combine their domain or professional knowledge with the data contained within the Tally ERP solution to make better recommendations and suggestions and to monitor and adapt. With features like visualization, dynamic charts and graphs, modern business intelligence (BI) and key performance indicators (KPIs), users can achieve a clear picture and go beyond data entry and simple reporting to analyze and gain insight into what is really going on in the business.

Ease-of-Use for Business Users

While organizations may be well aware of the benefits of analytics and may wish to democratize data and improve data literacy, it can often be challenging to get users to adopt analytics because there is a perception that the user must have analytical skills, or must learn and use difficult software or algorithms. With easy-to-use features designed for business users, the augmented analytics approach allows team members to do their jobs and to add value without significant investment of time and effort to learn the solution.

Mobile, Secured Access

Whether your business is transitioning to a remote work environment or your team members are on the road visiting clients or working in other office locations, secured mobile access to the Tally ERP data and the integrated augmented analytics environment is crucial to productivity and collaboration. With near real-time access to key indicators, trend tracking and analysis, recent transactions, ledgers, vouchers, products, inventory and reporting, in a seamless search environment, business users can complete tasks, monitor and report on progress and stay in touch with what is happening.

Pre-Built, Flexible Reports

Taking the existing Tally ERP reporting environment beyond its capabilities to add pre-built analytical reports can help team members see and understand data in a flexible reporting environment with dashboards, overview reports, sales and purchasing reports, bank and cash, payables and receivables, inventory, taxes, cost center, ledger, drill down, account statements and other reports to simplify and clarify decisions.

‘In today’s competitive environment, every business is looking for ways to optimize resources and to provide proven processes and metrics that manage and monitor results and help the organization make decisions at every level.’

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.

Web Access to Accounting Analytics Reporting is Crucial to Business Success!

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.”

The recognition of this new reality and its importance is crucial to building a foundation of a fact-based, analytical approach to accounting, auditing, and other finance-related functions in businesses all around the world. In the past, the accounting function was often seen as a ‘bean counter’ function, producing simple, columnar reports and tracking expenses and revenue.

‘A rich array of built-in, web-based reporting access and, for every accounting and these reports can be used as a foundation for the new analytical environment and to encourage the use of that analysis to make decisions and recommendations.’

Today, access to data analytics is crucial to enterprise success and, if accounting and auditing professionals have that access in a simple, easy-to-use interface, it is more likely they will adopt and use these new tools.

Users of the Tally^® ERP Solution now have the ability to access and analyze data via web browser, and can leverage these integrated analytical tools in a simple environment with built-in reports that are easy to produce and easy to understand. This type of business user analytics can take the accounting function to another level by adding value and insight that can be used to advise clients and colleagues and by spotting trends, identifying and solving problems and capitalizing on opportunities.

In this article, we highlight the types and purpose of these analytical reports for reference and the value of these web-based reporting tools.

OVERVIEW

Overview of key business parameters, e.g., Sales, Purchase, Payable & Receivable, Income & Expense, Cash & Bank and Duties and Taxes, and monthly trends. Also includes Top and Bottom Analysis, Contribution Analysis, and KPI analysis of these key indicators.

SALES & PURCHASE

Explore sales to date, and monthly, quarterly and yearly KPI and trends. Analyze monthly sales, top customers and detailed sales register.

BANK & CASH

Reveal trends and patterns in banking and cash results over a period of time. Users can compare results from previous time periods.

PAYABLE & RECEIVABLE

Breakdown payables and receivables by creditors and debtors as well as by products, services and components. Look for trends for overdue collections.

INVENTORY

Analyze inventory for shortages and overages. Explore overstock, understock, suppliers, products and shipping and distribution.

TAXES

Examine previous taxes, tax due summary, estimate tax obligations, analyze taxes for future periods.

COST CENTER

Analyze cost center balances and movements by cost center groups, cost center accounts as well as their association with ledgers.

LEDGER

Analyze ledger entries and balances in details with drill-down to individual voucher level.

DRILL DOWN

Pre-built drill-down views to balances at higher level groups, and drill down in hierarchy to ledger and transaction level.

ACCOUNTS STATEMENTS

Ideal for accountants for statutory submission purposes, and to review balance sheet statement, trial balances, profit and loss statements and more.

REPORTS

Various interactive reports with drill-down to slice and dice data by vendor, product, service, cost, sales person, location, customer, inventory, purchasing, costs, etc.

As you can see, there is a rich array of built-in, web-based reporting access and, for every accounting and these reports can be used as a foundation for the new analytical environment and to encourage the use of that analysis to make decisions and recommendations.

‘Users of the Tally^® ERP Solution now have the ability to access and analyze data via web browser, and can leverage these integrated analytical tools in a simple environment with built-in reports.’

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.