Let us suppose you own a startup or an enterprise.

Obviously, you want to keep a tab on your profits & losses, analyze the revenue growth, get timely payments, and clear dues and be independent of your accountants to know the financial health of your business.

Just a quick exercise: Open your accounting software once. Isn’t the system too complicated to understand? Most of you might be confused or trapped in number crunching. And lead nowhere.

So, what to do?

It is time to learn about digital Management Reporting Software and implement it to cater to your business accounting/finance needs.

In this blog let us understand-

• Why management reporting software?

• Benefits of management reporting software you cannot ignore!

• How to choose software for your business?

Why management reporting software?

Most of you might be from non-accounting backgrounds and struggling with numbers in your accounting software. Or poking your accountants every then and now to understand the different ratios behind the financial statements.

We can understand how difficult it is to manage different segments to run business and especially those where ‘it is all about money’- Accounting.

In this era of digitalization, abiding by the old traditional systems and spending hours to convert information into graphs, pie-charts and trends is just not right. You must save time, money, and resources by introducing Digital Management Reporting software in your business.

From actionable insights to comparative analysis, everything can be easily accessed in just a few clicks. Understand the financial health of your business on your own. Collaborate and communicate better for effective results. And what not!

Benefits of management reporting software you can’t ignore!

Let us understand in detail what major benefits comes with management reporting software:

Analytical reports in a single click

Your data from traditional accounting software (for ex. Tally) can be easily synced with modern management reporting software to get analytical reports in go. For informed and effective decisions, you can go beyond your intuition and rely on real-time data with modern systems.

Cost effective tool

You are still new with your business and trying day and night to compare monthly expenses and keep up with accounting sheets. With digital accounting systems, you can save time and money as you access and compare sales, profits, expenses, etc. With just one tool in-place (without additional training or team of experts)

Accessibility of user-specific data

Sharing the whole of your business's financial data with every employee might affect confidentiality and increase the probability of leakage. But with traditional software or basic versions, you must trust your luck and share complete data to take further action. On the contrary, management reporting software allows you to restrict data as per the roles of managers. You can give access to invoices to the sales manager, inventory related to the store manager, etc. short specific sharing of data.

Highly adoptable mobile app

You might be taking multiple trips to collect due payments and relying on your accountants to share every piece of information related to finances with you. With management reporting software, you can access data irrespective of location with a highly adaptable and super easy-to-use mobile app. You can even collaborate and make decisions from anywhere, anytime.

Real time tracking of transactions

When you have multiple customers and multiple transactions, it becomes challenging to track the status of payment- whether it is received partially or completely, or even not received. With management reporting software, owners can track payment status in real-time by automatically matching invoices with payment status.

Other benefits of leveraging management reporting software are-

Unlimited storage capacity: No matter how numerous or how big your accounting files are, you can expand storage capacity as your firm expands. You can store and readily retrieve data if your documents are in digital format and in a single system.

100% safe and secure: Your files are safely stored on the cloud and are regularly backed up to save information technology and record-keeping costs.

Time effective: Accountants and business owners now have more time to devote to a broader range of responsibilities and strategic decisions. These can help with financial planning and business advising, and data interpretation and analysis.

Super-easy to use: B2B apps with B2C experience let business users with lesser professional knowledge of accounting systems comprehend their financial situation.

Quicker data entry: Effective computational devices and specialized accounting systems enable quicker data entry and computation.

More precision: Precision in accounting calculations is crucial for better statistics and analysis. Digital software increases accuracy and decreases the margin of error.

How to choose management reporting software for your business?

When you search the internet, there may be many management reporting software. But not every software can be customized to your needs. So, here is the list of features you must look-

• Plugin to integrate your traditional accounting software and automatically sync up complex data into useful insights

• Clear, concise, and easy-to-understand reports for strategic business decisions

• Interactive dashboards for tracking the real-time financial health of your business and staying up to date with compliances

• Automate receivable and payable management for faster collections from customers and simplify payments to suppliers

• Minimize GST liabilities by offering dashboards for complete visibility of GST compliances and GST-based risk profiles of vendors

• Monthly profit and loss statements, balance sheets and important financial ratios to stay up to date, anytime, anywhere

• Built-in collaboration feature to keep your communication organized

• Statements are available in multiple formats (PDF, Excel) for easy sharing.

• A team of experts is available 24/7 to assist you with your queries.

Wrapping up

Traditionally, businesses relied on pen and paper to track daily expenses. But with the advent of digital reporting software, businesses can stay up to date with their expenses and account balancing 24/7. Not only are they able to see their sales figures in real-time; but they can also monitor expenses, plan future purchases, and create reliable, custom reports in less time than ever before.

Overall, management reporting software not only allows you to automatically generate reports that are understandable to non-accountants (and save hours of time), but the software itself is typically easier to use than traditional books and records.

Thanks to the infinite customization options and seamless user interface, choosing the right software for your business accounting needs has never been easier. Accounting can be an overly complex undertaking, but the best of these options will help simplify the process for you. Hopefully, you will find an option that works best for your unique needs in no time.