Inadequate formatting of the data
Your data sources were not designed to work together, as was previously noted. Your staff probably doesn’t give much thought to whether or not their expense report resembles the one submitted by their colleague or whether or not it follows the same formatting standards as a purchase order.
Do you receive a paper statement every month? That information will need to be entered by hand.
Maybe you use a more cutting-edge online banking service that sends you your statements as a PDF. Can PDFs be copied and pasted easily?
In and of itself, importing information from a receipt or card statement into your accounting software or spreadsheets is a time-consuming process. It’s another thing altogether to ensure that all of them use the same general ledger codes and spending accounts.
Strategies for a Swifter Reconciliation of Expenses
With the right investments in automation, digitalization, and decentralization, many inefficient financial procedures may be made significantly more efficient. All these concepts have a lot of words in them, but they’re actually fairly straightforward.
Automation
I have no doubt that you have automated some of your accounting processes already. Smart spreadsheets that replicate data between fields are one example, as are the sophisticated accounting automation technologies of today.
In any case, increased automation may be just what the doctor ordered if you find the reconciliation process particularly onerous.
The process of comparing documents to transaction logs is one that can be easily automated. Computers can scan thousands of records in a flash, and they never grow weary or sick of doing it.
While this labor is crucial to the company’s success, it offers little room for personal growth or improvement. As the program handles the tedious tasks, you’re free to focus on more important matters.
However, you’ll need one thing if you wish to automate more of this procedure…
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