As the heart of financial operations, accounting software Tally (8 million users in India) plays a pivotal role in maintaining accurate financial records and enabling informed decision-making. Thus the market demands Tally integration to propel their business towards enhancing employee productivity, eliminating time-consuming manual efforts, and deriving real-time insights.
This integration empowers businesses to effortlessly extract data such as invoices, bills, and inventory from Tally and integrate it with ERPs, CRM, and e-commerce platforms. Furthermore, it facilitates the smooth transfer of payments and collections data from various sources such as payment gateways, online businesses, and connected banking platforms back into Tally.
In this blog, we delve into the compelling reasons behind the demand for Tally integration, particularly with the Connected Banking platform.
Why Integrate Tally with the Connected Banking Platform?
Connected banking is a unified solution that connects accounting tools and bank accounts, to automate payouts, collections, and reconciliation. This eliminates manual efforts and errors and helps businesses stay in control of their cash flow.
The Tally synchronisation with Connected Banking:
Entries of payments to vendors and employees and collections from customers in e-statements can be automatically reconciled with the book of accounts. This helps us identify all the unaccounted entries in e-statements easily too. Using tally synchronisation, the journal entries created for all of the above can be synced in Tally automatically.
This integration leverages Tally’s robust accounting capabilities and Connected Banking’s innovative services, resulting in a synergy that significantly elevates financial management for businesses.
Features and benefits of tally integration with OPEN
Before we dive into the specifics, let’s acquaint ourselves with OPEN. It’s a financial platform designed to empower business payments using connected banking. To grasp the full scope of OPEN’s offerings, visit the OPEN website.
Tally Integration unveiled:
When Tally and OPEN join forces, an array of remarkable features comes to life. Real-time data Tally synchronization takes center stage, enabling automatic Journal Voucher (JV) creation for every transaction in Tally.
Reconciliation becomes a breeze with a single click, propelling businesses toward quicker Bank Reconciliation Statements (BRS). Most importantly, this integration ensures an accurate and up-to-date book of accounts, reflecting the latest financial information at all times.
In the fast-paced business world, delayed information can translate into missed opportunities. Tally integration with OPEN erases this concern by facilitating real-time data synchronization.
Bills and invoices created on Tally can be auto-synced on OPEN. This enables accountants to make payments and collections easily on OPEN. Also, these transactions once completed, can be updated on Tally automatically and instantly.
BRS at Your Fingertips:
Traditional Bank Reconciliation Statements (BRS) often demand hours of manual effort. With Tally + OPEN integration, BRS becomes as simple as a click. Accurate matching of transactions in e-statement with entries in Tally, effortless identification of unaccounted entries – free up your time for more strategic tasks.
Accurate Book of Accounts:
Manual data entry can lead to errors, creating discrepancies that impact decision-making. Tally + OPEN integration safeguards against this. With every transaction recorded automatically, your book of accounts remains accurate and dependable, eliminating the risk of mismatched figures.
How does the Tally integration work with OPEN?
Get a demo of how OPEN seamlessly integrates with Tally in the video below.
By embracing this integration, businesses gain a competitive edge, freeing valuable time and resources to focus on strategic growth initiatives.
What is OPEN apart from this tally integration?
It connects multiple current accounts of different banks (SBI, Axis Bank, ICICI Bank, Yes Bank, and 15 more) to its fully-functional accounting tool as well as pulls and pushes data from/to leading accounting tools such as Tally, ZOHO Books. Apart from that, you can:
- Create and process AP and AR with ease
- Pay multiple vendors and employees at one go
- Collect payments 30% faster with payment link-embedded invoices
- Reconcile in less than 5 mins
- File GSTR 1 on the go
Apart from automating payouts, collections, and reconciliation, OPEN has also expertise on
- Spend management: Track business and employee expenses with receipt collection and approvals
- Payroll: Monitor employee reimbursements, leaves, and pay from the OPEN platform directly
- E-invoicing: Easily create invoices and let OPEN generate e-invoices and IRN
- GST filing: OPEN will calculate GST for inward and outward supplies with GSTR1 ready to file. Additionally, it can fetch GSTR 2A for verification and submit GSTR 3B
Ready to experience the transformative power of Tally integration with the Connected Banking platform?