3 SIMPLE STEPS TO AUTOMATE YOUR DATA ENTRY PROCESS
In the life of an accountant, manual data entry is a time killer. We could talk about Artificial Intelligence (AI) as a solution to run the books. But in reality, it’s easier said than done. Regardless of AI or Machine learning, data still has to be fed into the system.
The solution lies with Automation.
Automation can take care of payments, bills, invoices, receipts, purchase orders and more. We just have to feed code in order to get the data into the ledger.
But, hold on! Computing logic could help us do just that.
Here are 3 simple steps you can significantly lessen the strain of manual data entry
1. Electronic Payments
My number one advice – make and take all payments electronically.
With technology allowing you to send an invoice over the email with a link to pay the invoice immediately, it becomes a walk in the park to move all your payments to an electronic platform.
Using a payments solution, such as PayPal, you should be able to set this up to be linked with your accounting software and ultimately your ledger.
Also, once the payment is electronic, it becomes very easy to track down payments and keep track of all payments and receipts. There is absolutely no way that clients can deny receipt of invoice, or claim immunity in any way.
2. Use your smartphone
Your mobile devices can help you capture high-resolution pictures on your phone. Capture whatever data you wish to enter and with the use of third party or in-house applications, you can upload receipts and bills straight to your ledger, from wherever you are.
With the help of this mobile application, usually an extension connected to a full-fledged solution, you should be able to send every detail to your ledger.. And just like that, your data entry nightmare is dead.
3. Automate reconciliation
With the help of AI, statements, invoices and bills can be read and relevant details extracted automatically. The ability to automatically reconcile allows you to fee up a lot of time for your accountants, as they would only have to screen the data for veracity, once it’s been processed by AI and Automation.
This kind of automation could reduce weeks of manual data entry, and simplify the entire process.
So, what’s the bottom line?
Just like everything else in the world, accounting is also fast transforming. Ignoring this, may spell sure-failure. At the end of the day, saving time and money, is the ultimate goal of any enterprise, including yours.
So, yes, a combination of Automation, AI and the perfect accounting software will most definitely positively effect bottom-line for you and your clients.
Automation offers you the time and space to take care of the things that are really important – your clients and your team. With the paperwork taken care of, it frees up more time for you and your practice. All mundane activities are taken care of with a state-of-the-art accounting software solution.
So, what are you waiting for?