Manual transaction is generally regarded as a time-suck, at the least.
At its worst, it can be a source of huge errors. Automation is one way to reduce the time and errors associated with manual transaction entry.
In this article, we will cover transaction entry for SunSystems and NetSuite and how to automate them.
What is Transaction Entry?
When it comes to an organisation’s financial operations, there has to be a series of accounting entries.
An accounting entry is the official recording of all transactions in the company’s books of accounts, including debits and credits, which are recorded in a general ledger. In other words, this is a formal record of a business transaction.
Transaction entry is simply a basic account entry for an event in business. Every event in business, whether it’s a sale or an acquisition, requires the creation of a transaction entry.
Examples are the recording of an invoice to a customer, an invoice from a supplier, the receipt of cash, and the purchase of a fixed asset.
Transaction entry is on a cash basis and accrual basis.
How to Simplify Transaction Entry
So how can you simplify your transaction entry process?
One way is to automate it.
Automation can take many forms, but in the context of simplifying transaction entry, it usually means using software to speed up and simplify the process.
As an industry-leading standalone financial management system, SunSystems is designed to let you access data easily, streamline accounting operations, and improve decision making.
On the other hand, NetSuite is a cloud-native enterprise resource planning (ERP) system that delivers a comprehensive set of business applications, including financial management software.
Both SunSystems and NetSuite are suited for automating a number of transaction entry tasks while pruning the time needed to process manual tasks. But how you use each of the tools to automate transaction entry differs as they have quite different features.
SunSystems, for instance, allows you to create any transaction type and you define it with a journal type. Sun also has robust integration capabilities with which you can bring over data from a front of house system, so the data does not need to be entered twice. This could be by batch file or API integration.
NetSuite has pre-configured types which expands to pretty much any transaction -journals, purchase invoices, sales invoices, bank receipts, bank payments, to name a few. NetSuite also has in-built workflows for approval which result in a transaction entry on approval.
With these powerful solutions, there are basically no limitations to what you can do.
To reduce the finance department’s dependent on hand-operated workflows, approvals, and processes, both NetSuite and SunSystems provide the option to electronically import all or some of your transactions from a spreadsheet or from another system such as your banking system.
Also, post as the result of a process flow, automatic accruals, automatic reversals, calculating depreciation, cost allocations, intercompany postings, account reconciliations, and inventory re-ordering are some of the advantages that both tools provide which all are necessary for streamlining your transaction entry.
This saves time and helps ensure accuracy by eliminating mistakes usually associated with manual data entry.
And with functionality for maintaining up-to-date accounts receivable, accounts payable, inventory and payroll records, you get real-time financial information whenever you need it.
In a nutshell, SunSystems and NetSuite offer the tools to automate virtually every aspect of account entry. The time you save from these tasks will be better spent on more important tasks, such as analysing the company’s financial performance.
So if you want to simplify your transaction entry process, talk to our team or book a call directly into our sales team calendar today.