![]() It is almost always more efficient and cost-effective for a business to take steps toward preventing data entry mistakes than it is to go back and fix those errors after the fact. The old adage about an ounce of prevention being worth a pound of cure holds true in the world of accounts payable. Sign up to watch the Duplicate Payments Webinar presented by Mary Schaeffer Below, we’ve outlined how to avoid document input mistakes through managing your employees, as well as how to make data input faster and more efficient through process management. While errors are inevitable, you can minimize their occurrence and their effects on your business by implementing some simple business practices. With your company planning strategies around your data, it’s more important than ever to reduce human error in data entry. Inaccurate data can take time and resources to correct, and if left uncorrected can lead to lost profits, lost business and even lawsuits. “Anything you do to prevent or guard against duplicate payments will also guard against fraud,” she cites as one key example.Īlthough most employees make these data entry mistakes in good faith, their errors can still result in severe consequences for your company. Schaeffer endorses zeroing in on eliminating duplicate payments as a strong security measure that helps boost accounts payable security across the board. Not only are duplicated invoices an embarrassment for businesses, they can also be time-consuming and expensive to correct. “ Companies are getting about 25% of all invoices sent twice,” noted AP Now founder Mary Schaeffer in the 2022 webinar on duplicate payments she hosted with MHC. Maintaining strong vendor relationships is a huge part of keeping your operations running smoothly.ĭuplicate payments are another major pitfall of accounting errors, and a surprisingly common one. Even worse in the long run, those penalties damage your organization’s working relationship with valued vendors. ![]() That includes late payments and missed payments, both of which can trigger penalties and fees from your suppliers. Much of the recent boom in data entry automation has been powered by advancements in two key technologies:ĭata entry mistakes in accounting carry a number of unique and potentially costly risks for an organization. Automated Data Entry in 2023Īutomated data entry technology has seen major advancements in recent years, as more processes that once required time-consuming and error-prone manual approaches have begun to fall under the scope of automation. ![]() For most organizations, though, the benefits of automation far outweigh the drawbacks. And some businesses may simply not have the funds on hand to make the initial investment in an automated solution. For organizations dealing with highly sensitive information, sticking to a manual data entry and storage system might be a guard against cyberattacks and data theft. ![]() For a very small business that doesn’t deal with a high volume of invoices or transactions, entering data by hand may simply be the easiest and most cost effective option. There are several reasons why a business might choose to stick to outdated manual data entry methods even in the modern era. In the manufacturing sector, automation is advancing rapidly, but around 10% of businesses have yet to make the move to digitization, while 30% lack an ERP solution. For example, a 2022 study found that nearly 40% of healthcare employers still relied on manual data entry, with similar numbers reporting that they often have difficulty manually locating the data they need when they need it. Manual Data Entry in 2023Įven with advancements in automated data entry becoming widely available, there are a number of industries where the old methods are still in regular use. Before we get into data entry advice, let’s assess the current state of data entry. Even with the broad applications of operational automation, however, many data entry positions are still held by humans. Advancements in technology and the shift to remote work during the pandemic have changed the way many businesses approach data entry. A lot has changed since we last explored this topic in 2017.
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