As an accountant one has to do so much more than just number crunching, Data feeding. Accountants are the important entity of the business that develops financial strategies, gives strategic advice, complies with tax regulations, monitors expenses for the client or top management suggests ways to boost revenue in their business and the list goes on.
All of the above-mentioned could be possible because of the data and information they have to look at the scenario and understand the best possible way.
However, accounting is a constantly changing industry and with so many subcategories, one can not thrive by limiting to static accounting skills. To grow, be innovative, and be an exceptional accountant, one must learn and develop skills simultaneously.
How important is the tool used for accounting?
- CA/ Tax consultants use multiple accounting methods and tools to finish the needed task adequately.
- There are many tools available in the market for the same purpose like Tally, Zoho Books, Busy, Marg, etc.
- Tally is the tool of choice for the majority of MSME.
- Tally became one of the most popular choices in the accounting community almost immediately after its release due to its straightforward approach and dynamic structure.
- Different types of business modules might need different variations in accounting tools too.
- Tally supported customizable options for many things which helped the users to perform their tasks and generate necessary reports on inventory, cash flow, taxation, etc.
The entire CA/Tax consultants industry is relying on conventional accounting software like Tally.
What are the challenges?
1. Chances of Error:
Accounting professionals are employed for their excellent accuracy and knowledge in data entry, validation, and query checking. However, any repetitive task is at risk of error. A variety of factors can contribute to a data entry error. These errors could be the result of repetitive tasks, human negligence, unreadable handwriting, missing documents, or even a simple typing error.
Errors like these can cause a huge loss, incorrect reports, forecasts, or depending on severity may be a legal lawsuit.
Most Precise accounting professionals making data entries into tally are not immune to the amount of time that data entry consumes. Hours spent on ledger examinations, review stacks of receipts, etc.
This challenges stifling growth. Educated employees cannot use their prime expertise as they had to waste their time of work on this kind of task that needs no skills.
Companies could increase their earning potential by utilizing their real potential to perform complex duties or tasks if these experts are being utilized.
Inability to handle the influx of work
A sudden increase in workload in a work environment is a major concern when it comes to entering data. For example, the Income-tax return file or any deadline of tax filing date is near. At that time if the team is small, they will have to face an increase of pressure, Late night work ultimately resulting in dissatisfaction which will lead to a higher number of errors in data entry.
3. Wastage of paper:
Still, invoices or receipts are printed and being sent to clients, and the same has been observed in the accounting industry across the globe.
The invoices/receipts are being punched into the accounting software system using manual data entry techniques.
One more issue with hard copy invoices or receipts is that they can get misplaced, damaged which leads to additional time consumption.
What could be the alternative?
Automation is the Alternative for this kind of Repetitive task.
It can help human beings in performing tasks that require no brain and just a loop of tasks on repeat mode.
TallyWiz is an automation tool to help accounting professionals and accountants to ease their workload and perform tasks like data entry into the Tally Faster.
Automation Technology of Tallywiz can perform almost any task related to Tally Data entry like Bank / Receipt, Sale Purchase entry, etc. At least 10 times faster than humans.
It can automatically scan invoices, Bank Statements, Payment Receipts, and also it can punch the data into the relevant ledger of Tally Automatically.
Using Automation tools like TallyWiz Accounting industry can change the way they work on a daily basis. Most of their time is being consumed by tasks like data entry.
So using TallyWiz Accounting firms can save 90% of their time and can focus on more important tasks or grow their business serving more clients.
As TallyWiz is automated software data can be pushed into tally with 100% Accuracy. This is the biggest and most important advantage of using TallyWiz.
TallyWiz can perform data entry tasks at least 10 times faster than humans. It saves a lot of time for the accounting person/firm.
It takes 40 to 50 seconds to enter one entry in Tally.
TallyWiz can push 1000 entries in less than 10 minutes.
4. Less Expensive:
Purchasing TallyWiz could cost as low as buying a set of pens and paper.
Once the tool is adapted the usage of the computer system will also be less which ultimately leads to less electricity consumption.
Features like a shared client folder enable clients and accountants to get the invoices, receipts, or bank statements in soft copy.
Which ultimately saves paper.
Accounting professionals are often restricted by the challenges of Manual data entry. The chances of error, time consumption, and inability to handle surplus puts companies in danger. Thankfully technological advances have provided a much-needed Tally data entry automation.
Try TallyWiz to know the way how to reduce redundant tasks and get the benefit of employee’s skills and resources to grow more.