Accountants can spend over 10 hours a week performing manual data entry tasks – this adds up to more than 500 hours yearly. Whether they’re recording journal entries in accounting software, coding transactions, or performing multi-entity expense management duties – a large portion of their time is often spent on repetitive manual work.
Using automation tools for data entry can make life easier for accountants. In fact, over 45% of accountants say they intend to automate data entry and 65% will automate workflow processes in the next five years. Although automation can save accountants countless hours of work, it can be difficult to vet and decide which software tool is right for their business.
The Problems with Manual Data Entry
Data is the lifeblood of any business, as companies use it to make critical decisions. However, processing and handling data can be tedious and repetitive. In fact, over 63% of accountants consider manual data entry to be time-consuming.
Let’s say you’re the owner of a hotel franchise. It’s the beginning of the month and you realize your hotels are in need of new towels and linens. You send out a bulk order for 500 new bedsheets and 3000 new towels that will be evenly distributed between five hotels. However, you first have to manually split the invoice across each location. Then you have to categorize it by entity. Next, your accountant has to manually create journal entries in each business’ ledger. Before you know it, you’ve just spent hours performing repetitive data entry duties.
Manual data entry can be time consuming and tedious for accountants. However, accounting automation technology can reduce time spent on redundant tasks and significantly boost productivity levels. Docyt can help.
How Docyt Automates Data Entry
Business owners and their accountants who spend less time on mundane bookkeeping can refocus their energy towards more strategic work. That’s where Docyt comes in. Unlike most traditional accounting software programs – Docyt’s AI builds knowledge about your business every time it’s being used. Docyt even helps business owners automate their multi-entity accounting.
Let’s revisit our prior example, but this time you have Docyt. You decided to place an order for 500 bedsheets and 3000 new towels for your five hotel locations. Instead of manually splitting costs and recording individual journal entries for each hotel location, Docyt does the heavy lifting for you. Docyt automatically splits the costs across businesses, creates journal entries, and settles all expenses. Docyt even helps you transfer funds from one business to another. In fact, once you train Docyt to categorize a transaction type, it will remember how to do so and complete future transactions accurately and independently.
Docyt will alert you via email and in-product messaging when you need to take an action such as uploading a receipt, categorizing a transaction, or connecting your bank account. If you’re looking to save time and make life simpler – Docyt will help manage all of your business expenses.
Docyt is Custom-Built for Multi-Entity Accounting
Docyt is a unique multi-functional accounting tool that automates manual data entry. Easily pay bills, reimburse expenses, capture receipts, and track revenue all within Docyt’s centralized accounting platform. Docyt continuously updates your financials with transactions generated from these workflows – providing you with up-to-date data when you need to make important decisions for your business.
If you’re looking for a tool to automate your manual data entry tasks, Docyt can help. Schedule a free consultation today.