A couple of months ago, we introduced Syft Assist AI, our very own AI tool that helps you uncover critical insights into your data, gives you recommendations to improve your business outcomes, and allows you to access the information out loud in 170+ languages.
In the past week, we've given this AI tool the ability to drill down into transaction-level detail for several reports, making the information you receive more granular and informative.
Why transaction-level detail is amazing 🤩
At Syft Analytics, we've always been big fans of drilling down into transaction-level details. Why? Well, while there's a lot of valuable information to be gained from your account data, by uncovering the transactions that make up your totals, you're able to see exactly which transactions impacted these numbers the most. This means you can easily identify which products are selling like hotcakes, which customers account for most of your sales, and which expenses are dragging you under.
The specificity of this information then enables you to seize opportunities - such as increasing the number of hotcakes on your shelves - and preventing future problems from arising. So, you may decide to change suppliers to decrease your expenses, offer more varieties of pastries, or cut hotdogs off your menu... The answers lie in the data.
Unlocking transactional data with AI ✨
Certain reports now have transaction-level context fed in conjunction with the report results, which allows Syft to provide insights into why certain things have changed in your financials.
The following reports have this functionality:
Income vs. expenses graph
Profit & Loss graphs
Balance Sheet graphs
P&L statement
Balance Sheet
EBITDA
Working Capital report
12-month P&L and Balance Sheet
Cash Flow graph
Cash Balance graph
We've also updated the formatting of various outputs to reflect the respective currencies and percentages.
Closing thoughts 💭
As Syft Assist AI improves, it's becoming an engine that combines the power of live, transactional data in Syft with the intelligence of AI engines. Now, all that's left is for you or your accountant to examine these insights and take action on them to improve business outcomes and go from strength to strength.
Thank you to everyone who has tried Syft Assist AI so far and to everyone who has given us feedback. You make these updates possible. Keep visiting this blog for more updates!