Welcome to the Manual Journal Entry Process Excellence webinar series. In this 1st part, we are focusing on journal entry automation possibilities. We aim to:
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Identify – what parts of manual journal entry can be automated.
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Explore successful journal entry automation examples from some of the largest companies in the Nordics.
Watch the webinar:
What are the repetitive manual tasks within the journal entry process?
Managing journals from your ERP system and Excel results in many repetitive manual tasks, which in turn makes the process prone to data entry errors. The tasks that claim the most unnecessary time and are capable of being streamlined with intelligent automation are:
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Journal creation in spreadsheets (as opposed to pre-defined templates)
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Manually uploading and posting journals to the ERP system
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Manual journal reversals
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Manually redoing recurring journals
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Complex journals like provisions, allocations and accruals
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Printing journals along with supporting evidence for approvals and archiving them in binders
All of these tasks drain valuable time and energy from your team that could be spent on more value-adding activities. In addition, the data entry errors require even more time and hassle to go back and correct after the fact. Bear in mind that what these repetitive tasks are costing you may not be immediately apparent if the costs are hiding behind salaries. Consider how much time is spent on each journal entry and how much of your department’s budget is spent on salaries for this time.
