If there is one thing that new and experienced accounting professionals have in common, it’s that mistakes are bound to happen. Sometimes, it’s because a company will prioritize its investments into new strategies and tools rather than on team-building and efficiency. It’s always important to remain as accurate and pointed as possible when dealing with an organization’s financial records.
Common Data Entry Errors and Mistakes
Data entry may appear to be a simple job on paper. However, there may be some common data entry errors and mistakes that are happening within your company on a daily basis. In order to continue to facilitate growth and value, your accounting department cannot be prone to errors. Indevia’s Advanced Data Entry Support solutions offer a way to catch data entry errors and resolve them while supporting your bookkeepers every step of the way.
Let’s take a quick look at some of the most common data entry mistakes that can add an undue burden on your accounting department over time.
Formatting data correctly is one of the most tedious and menial tasks a bookkeeper has to go through. Unfortunately, it is essential that inputted data and results are as accurate as possible. Advanced technologies can do a great job assisting accountants in formatting data correctly, but mistakes can still be made. This is one of the most common types of errors that occur all the time, so it’s important to keep an especially watchful eye out for this problem.
It can be hard to determine how many staff members are needed in a given department when your business is first getting off the ground. Over time, a pileup of work tasks could lead to your accounting division being too short-staffed to keep running effectively. Data entry is one of the many facets of accounting that your staff will have to add to their to-do list every day, and it can really start to add up. You might want to hire more staff to your accounting team to combat this issue before it becomes too much. If you cannot afford another full-time employee, consider the pros and cons of data entry outsourcing to see if that is a viable direction for your franchise.
Depending on the type of data being entered, transcription errors may be more likely to occur. This typically happens with words rather than numbers, but it is a common mistake all the same. Any accountant or data entry agent with too many projects on their hands is bound to rush some of the smaller, more monotonous tasks like data entry. One wrong keystroke can cause a transcription error that will record important data inaccurately for the rest of the company’s history. This can change values or entire contexts of data when transcribed poorly.
No Data Validation
There is no secret that high-quality data leads to better analytics, more accurate reporting, and more useful predictions about the future of the company. That is why the importance of data validation cannot go unsaid. Any type of business would fare better with better data that can be verified, validated, and cosigned by trusted sources. In order to best monitor the progress of your financial health, you need a system that will check, double-check, and verify all of the data that’s being entered.
Lack of Automated Error Reporting Tools
Imagine how many issues and errors could have been prevented if you caught an accounting mistake right as it happened. Instead of suffering for it much later, you can invest in automated accounting solutions that are set up to alert you whenever a bookkeeping mistake has been made. Indevia’s Advanced Data Entry Support system provides customizable, automatic, and cutting-edge error reporting services that will greatly decrease your margin of error while helping you make the best financial decisions for your future.
Assure High-Quality Data and Reduce Accounting Errors with Indevia Today
From basic to complex matters of data entry, mistakes are bound to be made. Using our advanced support systems, you can take the weight of data entry issues off of your shoulders and let our automated solution take over. This will free you up to focus on centering your employees, their ideas, and the overall operations of your business. While some of these issues cannot be avoided, you can get growing issues out of your mind and solve mistakes before they turn into real-world problems. Learn more about Indevia’s automated accounting solutions and get started with Indevia by contacting us today!