When business leaders fail to move in an opportunistic fashion, chances are they will not be able to realize the most efficient and profitable operations possible in their organizations. On the other side of that coin, though, firms that embrace new services, solutions and techniques to strengthen their performances will tend to be on the winning end of the market, especially in the fast-paced private and public sectors of the modern era.
Some of the most significant opportunities to improve are also the most simplistic and common, which might lead business decision-makers to overlook the prospect of making a major change. One example is data entry, which can quickly be streamlined, made more efficient and bolstered with respect to accuracy by switching away from traditional methods and toward automation solutions. Organizations that eliminate data entry will likely see high returns on investment in a short period of time.
The Times-Picayune recently reported that the the Orleans Parish Civil District Court Clerk Dale Atkins has tried to clear the air about an audit that revealed $340,000 in errors. For some background, the source explained that Louisiana's State Legislative Auditor's office conducted and released an audit of the court, while Clerk Atkins has now affirmed that the discrepancy with the funds was not related to foul play or lost taxpayer dollars.
Rather, the news provider stated that the Clerk has assured citizens that the issue was related to accounting and data entry, citing variance rather than theft or poor oversight. However, this begs the question, how is more than a quarter of a million dollars' worth of accounting errors not that big of a deal?
According to the Times-Picayune, the same office was called out for an $80,000 discrepancy in its funds in 2012, and this simply proves that a change must be made.
While this audit and investigation will likely continue to intensify, business leaders should recognize the importance of eliminating data entry at all times possible to avoid major accounting errors such as this one. By using automated data capture, document imaging, e-invoicing and other accounting-related software, the sky is the limit for improvements to both efficiency and accuracy in reporting, better positioning companies to avoid nightmare situations when an audit comes to pass.
From stronger employee engagement to streamlined accounting, automation is the way to go.