The accounting industry has been going through a lot of changes in recent times and this trend is set to continue. One of the major factors driving the change in the industry is the advances in technology. Accountants can now avail of many solutions and tools, such as; accounting software, like Xero, and receipt processing apps among many other options.
One of the most useful tools to become available to accountants in recent years is data entry automation solutions. There are many benefits of implementing a solution like this into your practice. Here is a list of 5 of those benefits:
Data entry solutions are proven to save a significant amount of time for an accountant when typing up data from bank statements for bank reconciliations. The magnitude of time saved depends on the scale of the project. The bigger the project, the more effective the software is. Turn around times will be slashed, which will help when working towards a deadline. This means you will have more time to work on other tasks that may be more worthy of your time.
There are plenty of data entry solutions, some cheaper than others. But at the end of the day, data entry solutions will save you money. It is cheaper to let the software complete the data entry than getting an employee to type it up for however many hours it may take. Cloud based data extraction solutions are also available to accountants now, many of which are cheaper than the desktop solutions. StatementRec is an example of a cloud based data entry solution.
Eliminate Human Error
Data entry solutions recognize the relevant transactional data in scanned bank statements and online/PDF statements with Optical Character Recognition (OCR). Optical Character Recognition, is a very advanced technology and is incredibly accurate. This technology is very capable of recognising clearly formatted text on a bank statement. This is a far more reliable method of data entry in comparison to a human entering each transaction individually for hours.
Make it Effortless
By incorporating a data entry solution to a practice, manual data entry is effectively eliminated. Making it an effortless exercise for employees to input relevant data to a system. When it comes to the time for bank reconciliation’s and project deadlines, they can breath a sigh of relief and laugh with a colleague about when they used to have to type up the data!
The accounting and bookkeeping industry is changing and it is important that practices act and change with the industry, to prevent being left behind. Data entry solutions are being implemented more and more into practices, improving their overall productivity and efficiency. Firms that fail to avail of this type of software risk wasting time and money on tasks which don’t exist in other firms any more. It is always a better plan to prevent something from happening than trying to resolve it once it already has.
There is no doubt about the benefits that a data entry automation solution offers to an accounting or bookkeeping practice. But don’t just take my word for it, try it out for yourself, you won’t regret it.