Getting information into the accounting records can be done in a variety of ways.
Things have moved on over the years with the advent of IT. In the “good old days” this was often laborious and time consuming and prone to error. Nowadays it can be as simple as uploading an electronic invoice and all the information is extracted and automatically passed through to the accounting records, with none or very little human intervention.
Unfortunately, old habits can die hard, and there is often resistance to changes of methodology too.
It is worth looking at all areas of the record keeping to identify possible areas of improvement. Take reimbursed staff expenses as an example. Where a business owner is intransigent and will not move to dedicated expenses software, and still insists on recording them on a spreadsheet, how is this data input into the accounting software? Surely someone is not typing them line by line into the software? Hopefully not! It might be that the spreadsheet is in a suitable format, or can, with a few adjustments by made into and saved in a suitable format so that it can be imported in bulk into the software? (CSV import).
Once in there, rather than coding 300 lines individually, is there a feature such as Cash Coding in Xero so that many lines can be coded at once, or could bank rules be created so that it is automatically coded based on the description?
There are so many areas where increased efficiencies and/or time savings can be found to boost productivity.
Please give us a call now to discuss this further.
