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

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An essential task for the proper keeping of company accounts, entering accounting entries can be a real point of difficulty for financial departments. This is especially true for those who still use a manual approach with Excel spreadsheets to accomplish this tedious process.

Fortunately, today there are ways to save you precious time in this area! By moving from a manual tool to automating the generation of accounting entries, you will gain in precision and productivity.

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The limits of the manual process

If Excel tables are gradually being abandoned by treasurers in the management of their work, in favor of automation techniques, they still exist to enter accounting entries. However, beyond the fact that they are repetitive and time-consuming, these spreadsheets have limits in their use:

• They are subject to entry errors: amount, duplicates, etc.
• They are not easily readable because they generally include a very large number of writings. 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 generally quickly made.
• They are not scalable and are configured for standard scenarios. If a change occurs (service provider, ERP) the spreadsheet must therefore be duplicated and the modification is made in a new sheet. You accumulate copies, which limits your possibilities to carry out research and organize yourself simply.

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

Improve your operational efficiency with automation

The automation of the generation of accounting entries is carried out in stages. The automation software will first retrieve the data source (a bank statement for example) to integrate it into the system. The essential data is then extracted automatically and then processed according to a previously configured schema. The diagrams must, of course, be configured according to a specific framework which meets the structure and needs of each company.

Such a tool has many advantages:

• First of all, it saves time since the parts are counted automatically
• The risk of errors is eliminated, entries are therefore more reliable
• Processes are standardized and actions are traceable for greater security

With pre-configured diagrams, scenarios that can be modified over time and unlimited correspondence tables, the NEOFI Journal Entry offers all these amenities, plus ease of configuration.

Automate the generation of accounting entries with NEOFI

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

• Accounting processes are displayed in standardized workflows that always follow the same auditable patterns at all times.
• 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, correspondence tables, etc.). This library can be enriched at any time with new personalized 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 concentrate on your high value-added tasks which need all your attention.

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

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