If you’re like a lot of accounting practices, you probably spend more time on entering data than you’d like. Manual data entry is a repetitive, time-consuming task that can consume even your most experienced employees, especially in smaller firms with limited resources. And entering data manually opens you up to errors, which are costly in the time it takes to identify and fix them, the possibility of penalties and fines, and the loss of client confidence.
Today’s technology allows accounting practices to ditch manual data entry with automation. There is a wide range of apps and platforms that enable everything from photographing or scanning documents to automatically consolidating information from multiple disparate sources. And automation can make it easier to spot anomalies and take action – both for your organization and for your clients. Here are some of the benefits you’ll gain by automating your data entry.
Whether you’re recording transactions in a paper ledger or entering them into a spreadsheet, manual data entry increases the possibility of errors. And having to manually consolidate information from multiple sources can also lead to mistakes. Automation reduces the probability of human error during data entry.
Cost and time savings are two of the biggest reasons to adopt automation. It can save you and your staff hours of time spent keying in data. Tasks can be streamlined and staff redeployed to activities that have more impact on your profitability. And automation makes it much easier to process and analyze large amounts of data, making it easier to spot trends and identify opportunities for improvement.
Automation enables you to go mobile with your data entry. Buying lunch for a client? Many cloud-based accounting solutions allow you to take a picture of the receipt and submit it right away. The information will be read and assigned to the correct ledger – no need to try the keep up with the receipt until you get back to the office, or find it at tax time.
Having to spend large parts of the day on repetitive, low-level tasks can lower job satisfaction. Automation allows your staff to transition out of work that takes little or no expertise and upgrade their skills – leading to more engaged employees with greater growth potential.
One of the greatest benefits of automation is the time it frees up for you and your employees. By eliminating unproductive work, automation allows you to shift your focus to more strategic and profitable tasks, including expanding your client offering and becoming a trusted adviser.
If the thought of going to automated data entry seems overwhelming, remember that it’s ok to start small. Pick one function that would benefit and implement automation there. Be sure to develop a plan, both for introducing automation to your staff and for rolling it out to your clients. Don’t be afraid to take the first step. The time and money you’ll save, and the opportunities you’ll gain, will make it worth the effort.
If it’s time to ditch manual data entry, MicroAccounting can help. We offer cloud-based accounting solutions like Sage Intacct along with document management options. Call us today at 855.876.3773 or email us at email@example.com to find out more.