What is Suvit, and How to use AI Powered tool for post accounting entries into tally
Accounting is one of those tasks that primarily relies on manual ethics. However, since the integration of AI has changed the world’s perspective, different tools have emerged. I am talking about Suvit, AI-powered accounting automation software that helps businesses automate repetitive tasks such as data entry, client follow-up, finance data curation, etc. Suvit provides such flexibility for accountants and financial professionals.
It allows them to focus on more value-added activities such as strategic planning, consulting, etc., rather than consuming time on those repetitive tasks. I mean to say that there are numerous benefits that an AI-powered tool offers for accounting, such as enhanced accuracy, improved fraud detection, predictive analysis and forecasting, data-driven insights, etc. So, among those AI tools, Suvit is the one that we are going to discuss here.
Suvit Unveiled: Harnessing AI Power for Seamless Post-Accounting Entries in Tally
Suvit Features, Capabilities, and Seamless Tally Integration
We have already explained that while doing accounting, we need to take assistance from data entry software, and among the different ones, Tally is the dominant one. But even though Tally is undoubtedly the best accounting software, somewhere AI integration is required. For this, Suvit developers thought of developing it so that now, using Suvit, people have numerous capabilities, as shown below.
Automated data entry and reconciliation
Suvit’s intelligent data extraction technology automatically captures and extracts data from sources like bank statements, invoices, and receipts and posts that extract into Tally so that accountants don’t need to manually post individual entries.
Real-time financial insights
Using AI-powered technology, Suvit has such capabilities that it can generate real-time financial reports and performance trackers. Or I can say it has a dashboard where you can see your business performance and visualisations that help in making informed decisions.
Seamless Tally integration
Tally and Suvit have such integrations that you can share data between Suvit and Tally easily. I mean, it ensures both software remain synchronised so that you get updated on whichever software you have made changes to.
Compliance and regulatory reporting
In accounting, we have numerous compliances, and manually keeping all those regulations in mind is difficult. But with Suvit’s AI integration, it automatically takes care of compliance and regulatory reporting and, on that basis, generates timely reports.
Advantages of Employing Suvit in Your Accounting Workflow
Getting to know the features and capabilities of Suvit, you got a few guesses about how this AI-driven software will help with your current accounting practice. But to explain it better, below we are sharing a few real-world benefits that people really feel after adapting Suvit to their accounting workflow.
- Suvit extracts transactions from different data sources and posts their accounting entries into Tally.
- With Suvit’s AI algorithm, you can analyse large volumes of financial data and anomalies that can be missed by manual work.
- Using its AI-oriented capabilities, it can detect fraud and errors so that businesses can accurately know their financial position.
- Suvit reads your financial data and, on that basis, forecasts future revenue, expenses, and other important trends.
- With streamlined workflow and collaboration, different departments of an organisation could increase efficiency.
class="wp-block-heading">Step-Step Guide: Integrating Suvit with Tally for Efficient Accounting
The wait is now over, as this section of the guide holds great importance. But before that, you should know that Suvit is paid software that charges from ₹250/month to ₹32,500/year, depending upon your requirements. You can read the pricing details here. Apart from the pricing, you will get a one-day demo and a 7-day free trial, for which you don’t need a credit card. But before switching to Suvit, you need to understand multiple things, so let’s understand everything one by one.
Installation and Setup: Suvit Integration with Tally
- Visit Suvit’s official website.
- Sign up there and create a new account.
- Now head to the download section and choose Suvit Connector Installer based on your OS.
- Afterwards, download and install the connector installer.
- Next, open Suvit Connector Installer and log in using your Suvit credentials.
- Now click on Connect Tally >> Select Tally Version >> Enter Tally Password >> Click on Connect.
- That’s it. You are ready to use Suvit.
Utilising Suvit: Streamlining Data Input and Processing
Suvit has multiple functionalities, including bank statement import, GST reconciliation, invoice processing, journal entry creation, expense management, data standardisation, etc. The best part about Suvit is that whatever you want to do, just tap on its option, and other than that, you should know how to execute it. For this below, we are sharing how to use Suvit for posting automated tally entries on bank statements. So that you get a quick start on using this capability and others.
Note: While importing bank statements into the Suvit Connector installer, make sure to map the same data fields into Tally as you have in the bank statement.
- Open the Suvit Connector Installer.
- Then look for the Import Bank Statement option.
- Click on that option so that Suvit’s AI can analyse the statement.
- Following that, Suvit will analyse your data and categorise it.
- Now do an edit to Suvit’s generated output (optional).
- Afterwards, click Generate Journal Entries to get the output.
- Preview the AI-generated entries and click on Send Entries to Tally.
- That’s it. In this way, you can do different accounting tasks using Suvit.
Real-World Success: Implementing Suvit in Accounting Workflows
There are a plethora of real-world examples we have, but there is one that truly touches everyone’s heart. This is an example of a mid-sized manufacturing company struggling with manual data entry and time-consuming processes. However, when they heard of Suvit and implemented it into their workflow, especially the automated bank statement import and invoice processing capabilities, it made a huge impact on their operations. Now, instead of paying more attention to those repetitive tasks, they are focusing on how to compete in the market, meaning they are strategizing to become the apex body in their industry.
To conclude, Suvit emerges as a powerful ally in the accounting realm, offering streamlined processes, reduced errors, and significant time savings. Its seamless integration with Tally exemplifies the future of accounting tools. Businesses are encouraged to embrace AI-driven solutions like Suvit to enhance productivity and stay ahead in the dynamic landscape of accounting technologies. Embracing innovation is the key to unlocking the full potential of your accounting endeavours.
Frequently asked questions
Q1. How can I use Suvit for free?
Ans. Suvit offers a free one-day software demo, so you can try that one.
Q2. Can we upload Excel to Tally?
Ans. While opening Tally, use the Alt+O key to enter the Import menu. Click on the Master option. Enter the name of the Excel sheet to upload. Press Enter.
Q3. What is a party ledger?
Ans. A party ledger is a statement that shows which parties you have done business with.
Q4. Can Tally data be merged?
Ans. Yes, it is possible. For this, you need to export the masters and transactions of the existing Tally and import them into the new one.
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