Reporting Horror Stories: Manual Data Entry Woes

This post can originally be found on Massey Consulting's blog page.

We all strive for perfection, especially when it comes to our financials. Outdated and on-premises systems that at one time were life savers, now are growing liabilities for today’s modern businesses.

Outdated reporting systems can wreak havoc on your data accuracy, productivity, and your team’s sanity.

The Horror is Real

We hear about accounting teams spending countless hours on Excel spreadsheets. One company had to compile and work from a master Excel spreadsheet with no less than 56 tabs - one for each entity, spanning 3 alphabets wide.

We’ve seen productivity bottleneck to a halt as one company struggled to manage 300 financial statements per month.

The nightmares of cascading errors threading through a company’s data are very real.

They happen all the time and are almost always due to manual entry and re-entry on Excel spreadsheets, most often relied upon by companies managing their financials with on-premises systems.

While on-premises systems may work in theory, in practice they can cause productivity, accuracy, and data integrity breakdown:

  • Data on spreadsheets are prone to errors from heavy manual sorting, and data entry.  This kind of reporting only offers one snapshot in time. Reporting that relies heavily on Excel spreadsheets does not have the accuracy and real-time visibility of reporting done in the cloud.
  • Multi-entity companies require workarounds to manage all of the data between them, forcing accounting departments to spend endless hours clicking between entities, managing their transactions, then performing global consolidations manually each month.
  • Productivity grinds to a halt when your teams need to navigate tedious workarounds and endless checking and double-checking, wondering at night if they made a mistake.

Don’t let these horror stories happen to you…

Write Your Own Ending

Sage Intacct, a best-in-class cloud-based financial management solution streamlines, integrates and customizes your accounting processes for greater speed, accuracy, and productivity.

  • According to a recent case study on one Sage Intacct customer, Tandem HR, they saved 500 labor hours by eliminating their reporting workarounds.
  • Because it integrates with other popular solutions, like Nexonia, HRPyramid, and SalesForce, Sage Intacct significantly reduces manual entry and increases data accuracy.
  • Teams can use customizable reporting features to create and send current-to-the-minute data with deep drill-down capability to the source transaction, and options to add notes on journal entries for faster closings and cleaner audits.
  • Sage Intacct’s unique chart of accounts tagging system means faster organizing in the GL, and less manual entries.
  • One-click consolidations. Skip tedious manual consolidations, regardless of how many entities your company has.

If your company is still relying on Excel and manual entries for reporting, don’t wait until you encounter a data disaster. Re-write your story now!

We can help you find the right solution to make your financials work for you.

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