How BI Translates To More Effective Accounting Practices?

“Accounting is the language of business.”- Warren Buffett

The above quote by the business magnate speaks volumes about the importance of accounting practices. However, it is not easy to follow the best accounting practices in a fast-paced business world.

It is important to keep the financial records of your business organized to have a quick view of whether your business is running in loss or profit. You can also know about the amount that you owe or that your debtors owe to you.

Comprehending the meaning of the data presented in the financial reports is incredibly tough. In short-it is challenging to get quick information about creditors, debtors account payable, accounts received, and so on. The arrival of cost-effective tools powered by BI has made things easier for account professionals.

BI offering valuable business insights

Today, BI tools are assisting businesses to have more effective accounting practices in numerous ways. These tools are offering automated reporting, user-friendly dashboards, and various other useful components. All this makes it easy for entrepreneurs to get valuable business insights without wasting any time.

It has become easier to manage the bookkeeping tasks when a business scales up in course of time. The fact that many BI reporting tools offer you KPIs ( Key Performance Indicators) in reports has completely revolutionized the traditional accounting practices.

At a glance, you can have a view of net-profit margin, working capital, accounts payable turnover, debt to equity ratio, return on equity, and so on which helps you to get a quick understanding of the financial health of your business. You don’t have to rely on your accounting professionals to understand these KPIs because a BI tool will give you the same within no time.

So, if you are eager to make the most of the revolutionary BI technology, opt for a BI reporting tool for your business. Choose a BI tool that is available for a free trial. This will help you to evaluate whether the tool is appropriate for your business or not. EasyReports is one such BI tool that you can consider for your business. The tool helps in easy monitoring of vital metrics. It can be seamlessly integrated with Tally, NAV, SAP B1, and MIS.

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