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.
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…
Embedded finance solution from Wallester
Wallester is an opportunity to get virtual and physical cards on individual conditions. Find more about at here https://wallester.com/. Solutions allow you to use unlimited payment options and connect additional options with a consistently high level of security. What do they offer to their clients? Several card options to suit all tastes:
- VISA prepaid card. Wallester complice-team study requests and wishes before proposing a card option. No more dependence on the bank account, absolute freedom, and almost unlimited payment options. Dispose of your finances without limits, on your own terms
- Debit card is the most popular payment instrument in the world. Wallester VISA debit card includes all possible functions that are necessary for financial operations
- Credit card – reliable financial support in times of instability and ambiguity. Competent planning of expenses and receipts for individuals and legal entities
- Virtual card is another small step towards digital money. Leave the plastic at home. You’ll only need your phone or smartwatch to purchase and pay for any corporate service or products.
And there’s another offer that might interest young entrepreneurs. The White label card is a unique opportunity to create your own design payment project. You receive from us ordinary white cards designed specifically for your needs. Logos, slogans, and symbols are up to your choice. Make your company unique and your employees special. In addition, we accompany the white cards with a personalized server portal. This allows you to set up a control and analysis system of all financial movements on the cards. With Wallester, any requirement to the means of payment becomes possible.