For small business owners, accounting involves a systematic approach to keeping track of financial transactions at an organizational level. This can be possible only by maintaining accurate bookkeeping and keeping track of financial records across sales, expenses, assets, and liabilities. As much as it is important, small business accounting is a daunting task. Most small businesses rely on ERP solutions like Tally for their accounting-related operations.
Although Tally is a very popular accounting software, it does have its limitations. By integrating it with a business intelligence solution like Business Finance Manager (BFM), you can expand its capabilities including easy access to your finances through the Tally mobile app.
As a small business owner, we are sure you understand the necessity of having complete visibility into your financial health and cash flow. This is not possible by an ERP solution alone.
Importance of accounting for small businesses
For a business to remain competitive and ensure sustainability, you should have smart insights into your balance sheet, income statements, and cash flows. All of this is difficult to manage on Excel, which most SMEs tend to use to manage their accounts, generate invoices, and monitor their expenses.
A study by SMB Group revealed that nearly 51% of small businesses don’t use any accounting software, of which 30% rely on spreadsheets. Due to the way accounting and finances are handled, small businesses run into a variety of problems starting from invoice errors and missing documents to following tax regulations. Therefore, it should come as a little surprise that one in five businesses tend to fail within their first year of operations. The major reason behind their fall is mismanagement of cash flows.
To ensure that you are always on top of your finances, it is essential to use a solution like the Tally mobile app that empowers you with easy access to your financial data anytime and anywhere.
Utilizing the Tally mobile app to simplify small business accounting
Accessing Tally through the mobile app gives you the freedom to manage your accounts on the go. You can use your smartphone or any other device to access your financial reports, generate invoices, track expenses, and manage inventory. Using Zikzuk’s Tally mobile app, you can integrate your data on Tally ERP 9 software and manage your finances including bookkeeping right from your mobile devices.
Below we have listed some of the key advantages of using the Tally mobile app.
Cash flow management
As a business leader, you don’t have to dig through your accounting data on Tally to understand the financial health of your business. You can very conveniently manage cash flow through your smartphone, tracking your expenses and making sure they don’t overrun your income.
Generate invoices in minutes
Typically, businesses have to go back to their desktop or laptop to feed in the details, generate an invoice, mail it to the customer, and get the sales confirmation. With the Tally mobile app, you can expedite this process. As soon as the deal is closed, you can create an invoice right from your mobile and share it with your customer through an email or Whatsapp.
Sync with Tally software
The Tally mobile app integrates seamlessly with your Tally ERP 9 software. This not just allows you to access your financial information from Tally, but also make entries from your mobile, which will be reflected in the software. The integration is aimed at keeping your accounting data up-to-date and accurate.
Use insightful reports
You can generate several reports to get a 360-degree view of your business. Besides giving you insights into your cash flow, the Tally mobile app also gives you visibility into your purchase orders, inventory, and expenses. These reports ultimately guide you in making informed business decisions.
Ensure full compliance
Tally can help you in auditing and maintaining compliance checks so that you don’t run into any unpleasant regulatory issues. You can also manage your GST liabilities through the Tally mobile app, where you can share tax information for GST filings instantly.
Conclusion
While finance and accounting form the backbone of any business, it is tremendously crucial for SMEs given the scope of mismanagement. Keeping track of expenses to optimize cash flow and being up to date on the financial status is non-negotiable. While Tally is an accounting software of choice it doesn’t give businesses the agility they need.
ZikZuk identified this challenge and introduced its business intelligence platform BFM to integrate with the ERP software to build the Tally mobile app. With BFM, you get an accounting superpower with abilities like automated payment reminders, an x-ray view of your cash flow and so on.