What if you accidentally enter 2091 instead of 2019?
Even the most dedicated staff make mistakes from time to time – and that’s fine, as long as you can spot them before any damage is done!
But if you make a mistake by posting an entry into your business accounting system against the wrong date – in particular, a date in the future such as 2091 instead of 2019 – you do need to be alerted to this, otherwise the value you are attempting to post could just be ignored by the system.
In fact, it turns out that many accounting systems don’t have the analytics functionality to prevent mis-posting by date and they won’t tell you its happened. What they will do is just ignore the posting in your current year reporting, meaning that your business data is incorrect. When this happens your financial results will likely be misleading which could cost you money in overpaid taxes; etc.
We tell you when you make a posting mistake!
We spotted just this problem recently whilst working on some routine reports for a client using Xero. They were completely unaware of the risk to their data accuracy and the fact that they were plagued by several such mis-postings. In other words, their accounts were incorrect!
After we pointed out the errors, they quickly corrected the mis-postings. Then, to ice the cake, we set up some push emails to alert the relevant team members as soon as a mis-posting occurred so they could correct the data.
Where else might this be costing you?
Of course, it’s not only when creating journals in the accounts that users type dates. What if you made a similar mistake entering the date a customer required delivery of their order, or when you expect to receive stock from a supplier? There are many places where this simple kind of error can cost your business both in terms of money and customer satisfaction.
Octelas, the one-stop shop for all your business reporting
Our Octelas product is all you need for immediate, self-service business reporting across all your business. We connect all your data sources – and spreadsheets – into a single database stored on your equipment or cloud server. We set up the reports you need and our data analysts will keep on looking after you to meet your reporting needs. With a fixed price installation agreed upfront and a simple monthly fee, you always know exactly where you stand with us.
To find out more, check us out at www.illuminis.co.uk and try out the product for yourself with no obligation by logging onto our demo site at https://www.illuminis.co.uk/demo/. You can call us on 01908 410480 and we will be very happy to tell you more about our software for SMEs.