5 reasons why Business Intelligence (BI) software is an accountant’s best friend

//5 reasons why Business Intelligence (BI) software is an accountant’s best friend

5 reasons why Business Intelligence (BI) software is an accountant’s best friend

5 reasons why Business Intelligence (BI) software is an accountant’s best friend

One of the toughest and vital tasks in an organization is to maintain the accounts. For an accountant, it is important to provide timely reports (read tally reports). So time is an important factor for him. If the accounting job is done manually, it might be tough for the accountant to provide timely reports most of the time. Moreover, it might not be error-free all the time as ‘to err is human’. An accountant needs a friend and a helping hand that can sort out his daily problems so that he/ she can get bandwidth to invest in something more productive. Generating customized or pre-defined reports as per the business needs automatically is where a BI (Business Intelligence) tool adds value immensely to an accountant. A BI tool can help retrieve the accurate information from different sources, collate them, analyse data into given dimensions and generate reports on the basis of requirements – hence,  it is indeed a best friend of an accountant.

An accountant loves a BI tool for the following reasons-

No manual interference, so an accountant can get error free results

While the BI tool helps in calculations and there’s no chance for the manual interference, error free results are usually generated, often using tally integration as in EasyReports. To generate an error free result is the responsibility of an accountant, but automation takes the responsibility and helps provide the accountant the much needed peace of mind.

Enhances productivity of the accounts team-

Manual job takes more time than a machine job, kills the valuable time and uses the effort of the accountants to generate a single report. Automation, on the other hand, helps save time and effort of the accountants that they can use to do some more productive work where their actual intervention is needed.

BI tools like EasyReports provide the accountants freedom to customize the reports

In order to analyze easily, accountants can always use a BI tool to define the parameters and customize the reports like Product and Customer Ranking report, Target vs Actual report, Pending Order report, etc.  than the predefined tally reports. In fact, the reports can also be presented in a pictorial (read charts and graphs) form for the ease of understanding and analyzing.

It makes KPI (Key Performance Indicators) generation an easy task

One of the toughest tasks for an accountant is to generate KPI or Key Performance Indicators on a weekly, monthly or bi-monthly basis. A BI (Business Intelligence) tool (e.g. – EasyReports) helps in providing accurate reports to help an accountant to track KPIs of different roles effectively. Moreover, auto-scheduling can also help the accountant provide timely reports whenever required as per the mentioned schedules. Tally integration can be helpful when used in combination with a functional BI tool and makes it easy to track KPIs real time.

Helps an accountant get closer to the objectives and goals

A BI tool can be configured to help the accounts team to understand the goals better and accordingly, plan their tasks. The day-to-day business process may drift an accountant from achieving the goals or objectives of the organization. Automation of the account related tasks can help the accounts team achieve the goals in a better way. For example, tally reports can be generated by auto-scheduling and that can help understand the goals of the organization that is using tally for keeping its credit/debit, inventory, sales, and other data.

BI tool can help an accountant learn formulas and shortcuts

One of the benefits of using a BI tool is that it can help the accountant learn new formulas and shortcuts in excel, and this can help him/her to generate accurate reports from tally data without any chance of mistakes.

Helps in generating more sales revenue

Accountants can always take help of the BI tool to analyze revenue and keep a check on the inventory. Hence it has a direct effect on maintaining the targeted top line of the company. It helps immensely the top management to check where the organization is lacking and take correspondingly corrective actions.

A good friend and a guide always helps another to assist and grow, and there’s no doubt that a BI tool is a true friend and an understanding guide that helps the accountant identify the areas that need attention and solves all the accounts-related issues instantly, thus generating better ROI (Return on Investment) for the company.

By | 2018-01-30T09:59:42+00:00 January 30th, 2018|Uncategorized|0 Comments

About the Author:

Ravi Kedia, founder and CEO of EasyReports BI, started his career as a Business Analyst and worked with companies like Tata Consultancy Services, ITC and Accenture. In the year 2009 he started EasyReports BI with a vision to make analytics affordable and easy to implement for SMEs.

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