March 26, 2025
1) What Are Financial Reports?
Financial reports are formal records detailing a company’s financial activities and position over a specific period. They offer a structured overview of financial performance, aiding stakeholders in making informed decisions. In this blog, we will discuss the top 5 essential financial reports in Tally and BI tool and how it could be beneficial for the Businesses.
2) Why Financial Reports are Crucial for Businesses?
Financial reports help businesses track profits, expenses and cash flow, making smart decisions easier. They ensure companies follow rules, plan better and avoid financial risks. Investors and stakeholders trust businesses with clear financial reports. With accurate reports, businesses can grow faster and stay ahead in the market!
3) Top 5 Financial Reports in Tally
I) Financial Reports in Tally– Balance Sheet: A snapshot of a company’s financial position at a specific point in time, clearly outlining its assets, liabilities, and equity.
Tally Navigation: Go to Gateway of Tally > Reports: Balance Sheet
II) Financial Reports in Tally– Profit & Loss A/c: A report summarizing revenues, expenses, and profits/losses over a specific period.
Tally Navigation: Go to Gateway of Tally > Reports: Profit & Loss A/c
III) Financial Reports in Tally– Cash Flow: A report showing the inflow and outflow of cash and cash equivalents during a period, categorized into operating, investing and financing activities.
Tally Navigation: Go to Gateway of Tally > Display More Reports > Cash Flow
IV) Financial Reports in Tally– Funds Flow: A report showing the movement of funds within a business over a period, highlighting sources and uses of funds.
Tally Navigation: Go to Gateway of Tally > Display More Reports > Fund Flow
V) Financial Reports in Tally– Receivables and Payables: These are detailed reports that track the amounts owed to the business (receivables) by customers and the amounts the business owes to suppliers or vendors (payables). Receivables represent outstanding invoices or credit sales, while payables represent unpaid bills or credit purchases.
For Receivables Tally Navigation: Go to Gateway of Tally > Display More Reports > Statement of Accounts > Outstanding > Receivables
For Payables Tally Navigation: Go to Gateway of Tally > Display More Reports > Statement of Accounts > Outstanding > Payables
4) What Does EasyReports Offer for Financial Reports?
EasyReports is a reporting and MIS automation tool for Tally, SAP B1, NAV, BC and other ERPs. It enhances your reporting capabilities and offers various standard and customizable reports around different areas of your business, like Financial Reports, Sales Analysis, Inventory Management, Production Reports and more. With EasyReports, businesses can automate data extraction and get meaningful insights without manual effort.
What EasyReports Offers for the financial reports in BI:
I) Financial Reports in BI– Financial Statements
- Financial statements generated as per your formats and requirements – prepared in a excel output template which is downloadable
- Auto Mapping of 80-90 % of the ledgers to reporting heads based on pre-defined rules with facility to have custom mapping for both Balance Sheet and P&L as well as Indirect Cash Flow Statement ‘ give transition words on this
- Mapping at ledger level or group level
II) Financial Reports in BI– Budget Analysis
- Easy to use utility to maintain budget data. Option to upload monthly or quarterly or yearly
- Variation analysis with actuals
III) Financial Reports in BI– Cash Flow / Fund Flow Management
- Keep a track on Upcoming Vendor payment and Customer receipts for better Fund Management
- Configure recurring payments and receipts to get near to realistic Fund Flow
- Track Cash payment and receipts
IV) Financial Reports in BI– Working Capital Management
- Track Customer Receivables and Supplier Payables to better manage working capital. Easy identification of overdue payments and receipts
- Customer with increasing payment days
- Customers with over utilized credit limits
5) How Can You Benefit from This?
Using EasyReports businesses can:
- Save time with automated reporting.
- Improve financial accuracy and decision-making.
- Get insights for better cash flow management.
- Customize reports as per business needs.
With the power of BI, businesses can gain a clearer insight of their financial reports to drive growth and smarter decisions.
These are the above-mentioned top 5 financial reports for businesses in Tally & BI tool. Financial reports in Tally are essential for business growth. If you want to enhance your financial reporting from Tally, try BI tools today. You can also check out another blog article on How to prepare Financial Statements from Trial Balance in Tally.
Disclaimer: This blog article is for educational purposes only. Tally is a product of Tally Solutions Pvt. Ltd. and we do not claim any affiliation.
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