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Before the advent of automation and the change in digital behaviour, accounting transactions were a cumbersome task. Maintaining multiple books to record various aspects of business and then comparing them manually to check the mathematical accuracy was way more tedious than it sounds. Not only did it make the accountants’ work dreary but also resulted in human errors affecting the profitability and expansion of a business organisation. It was high time that both accountants and business owners worked collaterally in solving their business woes and adopted a technology that would help them focus on more relevant aspects of a business.

With the adoption of technology in businesses whether small or large, processes have become much easier, simpler and accurate. Adoption of technology has played an important role in reducing the unnecessary manual tasks in a business setup, irrespective of the size or the profitability in the recent past. Accounting activities from passing a ledger to creating a balance sheet to managing inventory, businesses want software applications and technology which decrease manual labour, time consumed and increase accuracy, reliability and productivity. With the adoption of updated technology, businesses can focus on increasing profitability and scalability which would ultimately result in them becoming key market players. Here are some of the most useful and crucial technology trends that have changed the way accountancy was practised in the business world!

Integrated Accounting

The dynamic and ever-changing business environment demands organisations to ensure timely periodic reporting. With the market changing at almost every step, it is crucial for accountants to generate financial reports to their business owners with more efficiency, accuracy and timeliness. Smart and fast decision-making is one of the most crucial aspects of running a business successfully. Integrated accounting provides up-to-date visibility into cash flow, which enables business owners to make decisions faster and helps their businesses continue to prosper. Understanding the importance of quick decision-making, Tally provides real-time reports such as balance sheet, profit and loss statement, inventory, cash flow projection and other insights critical for businesses, with the click of a button.

Seamless GST Compliance

Introduction of GST changed the landscape of taxation in India. From accountants to entrepreneurs, everyone running a company wanted a GST ready accounting software for their business. An efficient GST ready accounting software is the one, which can not only take care of your invoicing needs, which may involve dealing with multiple items with multiple tax rates but also ensure a hassle-free compliance experience. By adopting a business software which gives you accurate data even at a transactional level, the last-minute hassle of checking the tax returns and spending hours in the office just before the deadline approaches will be eliminated. In fact, just filing your GST returns isn’t enough, for accountants, it is important to sync your books of accounts with the returns. Accountants must also be able to manage advance receipts, reverse charge scenarios, branch transfers, bill of supply, export invoices, input tax credit and other adjustments through their business software. Business software like Tally ensure that your GST returns are in sync with your books of accounts, and reflect the same data as used for filing returns in the GST portal, thus proving to be the right GST return software for you.

Smart Inventory Management

A smart inventory management system helps businesses to manage all their logistics, operations, and inventory from one place.  With efficient and effective inventory management software, business can not only collect and report accurate data but also drive increased efficiency at a lesser cost. From stock tracking and management, sales and purchase order management to intelligent reports and analytics, a smart inventory management system will further lead to the expansion of any business. Tally has several user-friendly features which make it a convenient tool to manage stock, such as stock summary, stock query, movement analysis and ageing analysis – which enables any business to stay on top of their stock numbers at any point in time.

Enhanced Data Privacy and Security

With the exchange of such huge data which is crucial for every business, it is important that there is complete security while it is being accessed. Any kind of data breach could result in a major downfall for the profitability of the business. Accountants and even business owners must ensure that the technology adopted by them for their business expansion offers a comprehensive security framework for authentication, authorisation, integrity, and confidentiality of user data. An ERP is inherently designed to store integral organizational data, which makes it critical to include this software in any examination of your network integrity. Maintaining data security in your ERP solution is an important component of any cybersecurity strategy. Tally’s multi-level security system ensures that no data during the exchange process is leaked at any given point. Customer data synchronization between two Tally.ERP 9 systems are controlled by synchronisation configuration. This configuration specifies, the systems that will participate in data exchange, the data that will be exchanged, and the role of each participating system. Tally.NET stores encrypted data only to facilitate synchronization, making it a secure system for all entities which interact with it.

 

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Pratibha Devasenapathy

Author: Pratibha Devasenapathy

A newbie in the world of finance writing with a passion to learn something new each day. Pratibha has shown exponential enthusiasm to understand the world of MSME and financing and has been writing blogs to spread knowledge and understanding of digital marketing and social media. With a vast experience of 6 years in digital content writing, she draws attention towards the importance of digital medium through her words.