Automatic generation of accounting entries: no more excuses to miss out

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Essential for maintaining accurate company accounts, entering accounting transactions can be a real challenge for finance departments. This is especially true for those still using a manual approach with Excel spreadsheets to complete this tedious process.

Fortunately, there are now ways to save you valuable time in this area! By switching from a manual tool to automating the generation of accounting entries, you will gain in accuracy and productivity.

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The limitations of the manual process

While treasurers are gradually abandoning Excel spreadsheets for managing their work in favor of automation techniques, they still remain for entering accounting transactions. However, beyond being repetitive and time-consuming, these spreadsheets have limitations in their use:

• They are prone to data entry errors: amounts, duplicates, etc
• They are not easily readable because they generally contain a very large number of entries. This poor visibility increases the risk of non-compliance: between wasting excessive time rechecking each line or taking the risk of leaving an error, the choice is usually quickly made.
• They are not scalable and are configured for standard scenarios. If a change occurs (service provider, ERP), the spreadsheet must be duplicated, and the modification is made in a new sheet. This results in an accumulation of copies, limiting your ability to search and organize your data easily.

By automating the generation of your accounting entries, you will manage large volumes of accounting entries while overcoming these limitations.

Improve your operational efficiency through automation

The automation of accounting entry generation is carried out in stages. The automation software first retrieves the data source (a bank statement, for example) and integrates it into the system. The essential data is then automatically extracted and processed according to a pre-defined schema. These schemas, of course, must be configured according to a specific framework that meets the structure and needs of each company.

Such a tool offers numerous advantages:

• Firstly, it saves time since the parts are counted automatically
• The risk of errors is eliminated, so the entries are more reliable
• The processes are standardized and the actions are traceable for greater security

With pre-configured schemes, scenarios that can be modified on the fly and unlimited lookup tables, the NEOFI Journal Entry offers all these conveniences, plus ease of configuration.

Automate the generation of accounting entries with NEOFI

The NEOFI accounting entry generation solution offers optimal visibility into entries, as well as ease of use and configuration. The solution's features provide numerous advantages:

• Accounting processes are displayed in standardized workflows that always follow the same auditable patterns at any time.
• An ability to integrate any incoming data, regardless of its source, format, or protocol.
• A library of pre-configured fields on which to base interpretation rules (companies, currencies, accounts, rates, flows, budget codes, lookup tables, etc.). This library can be enriched at any time with new custom fields.
• Connectors that allow data to be securely distributed to any ERP on the market.
• An integrated alert system to be informed and react in real time.

With the time saved, you can focus on your high-value tasks that require your full attention.

Access the replay of our demo of the automatic accounting entry generation solution!

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