“Accounting is the language of business.”-Warren Buffett The above quote by the successful entrepreneur speaks volumes about the importance of accounting in the business world. Every business regardless of its size needs accounting software for book-keeping, report generation, and so on. Entrepreneurs keep a tab on the financial health of their business with the help of such software. In the recent few years, increased competition has encouraged these entrepreneurs to leverage the power of technology. The desire is to gain valuable insights about their sales activity, working capital, net income, inventory status, and so on. Business intelligence is a technology that enables entrepreneurs to achieve their desired goal without a steep learning curve. The market is now flooded with tools powered by BI. Many of these tools are affordable and ideal for small and medium-sized companies. If you are an entrepreneur, it is time to understand that the integration of your accounting software with BI helps in gaining valuable business insights. To run a business, you must have volumes of data on your fingertips. You analyze them carefully to get meaningful information because decision-making must have zero room for guesswork. When you integrate BI with your accounting software, your analytical activities are improved. As a result, compiling and analyzing your business data becomes a cakewalk. Easy generation of comprehensive reports Since the integration of your accounting software with a BI tool allows easy data import, it becomes easy to generate comprehensive reports within no time. Be it the details of the financial transactions of the last six months or the purchase records; everything becomes apparent to you. Instead of generating a report with rows and columns of voluminous data, you get data represented in a visually-pleasing way. The presentation of data thus makes it easy for you to understand the information hidden within the same and gives you valuable business insights. Elimination of risk of any error in reports The integration of BI with your accounting software means the process of report generation becomes automated. Your business reports will be then high on accuracy. You can even generate customized reports as per your evolving business needs. Continuous monitoring of the inventory flow Most of the business owners have no clarity regarding the products or goods they have in their stock due to lack of inventory monitoring. Successful integration of your accounting software with BI means continuous monitoring of your inventory flow. You can know about least selling and highest-selling items to get an insight into the kind of products that you must keep in your inventory. Today, many businesses including start-ups are gradually adopting BI tools that are cost-effective and easy to install. However, it is essential to select the right BI vendor. You have to make sure that the BI tool that you are choosing will meet your desired goals. It should have a simple interface so that you don’t have to spend a fortune on employee training. There are now several BI tools that allow seamless integration with popular accounting software and ERPs.
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- How Integration Of Your Accounting Software With BI Helps In Gaining Valuable Insights?