7 tips to improve your file quality for your clients using Autoreview by Xenett
Did you know that inaccurate data has a direct impact on the bottom line of 88% of companies, and that the average company loses 12 percent of its revenue due to the inaccuracies within the data?
That’s a pretty staggering number, considering this can be avoided. We all have times where we are training someone new or times that are rushed … and well, mistakes happen. To err is to be human. So, how can we help our clients and our reputations without having multiple people reviewing the same data – and even having them possibly miss the errors? Yes, there is an app for that.
Autoreview by Xenett is my solution to this quandary. Using their artificial intelligence and my knowledge of the client’s files, I can set up custom reports to catch what we may miss. What I found during a recent survey is that Autoreview can catch the top seven common issues that we may experience in our clients’ files. Here they are.
- Assets. How many times have you found an asset categorized as an expense in error, or even expenses categorized as an asset? Autoreview has customized reports you can set up to automatically pull a report or list of those items that are over the set dollar amount that you specify to review to ensure they are in the correct category. Reversed, another report will recognise all those that have been categorized as an asset in error – let’s say one large bill with multiple items all under the dollar limit you set. This gives you a chance to review the details to see if you agree that they belong there.
- Tax codes. Those of us in states or provinces with multiple tax codes know exactly what I am referring to. You can set up a custom report that pulls all items, and sort by either account or tax code for quick viewing. This allows you to them make a correction where necessary. Hint: One account I pull is the shareholders/owners draw accounts. I find that this can often have the wrong tax code attached.
- Inventory. While I don’t deal with inventory, this is one of the top five common errors. You could easily create a custom report that will allow for a search of specific words or inventory part numbers that may accidentally be coded to a cost of goods sold account directly instead of within the inventory account.
- Clearing accounts. We use clearing accounts frequently. However, unless you reconcile the accounts, these can be easily overlooked. Setting a report that will pull all clearing accounts for a quick peek to ensure the balance is 0 is the best and quickest way to catch these.
- Parent accounts. How about the items that are pushed through to the parent account? I know this is a pain for me. The receipt capture software may not pull the sub-accounts properly, or may just be easily missed by a newer team member. There is a report automatically created that will monitor this and provide a listing of any entries posted to the parent accounts for a quick correction.
- Duplicate entries. This is a thorn in everyone’s side. There is a standard report already set to advise you of possible duplicate entries. And, as a bonus, you can see which of the transaction has already cleared for quick investigation.
- Unused supplier/customer/general ledger (GL) accounts. Who among us does not like to keep clean lists, but who has the time to clean them up? I know this is on my list every year, but more often that not, bets pushed off. There is an automatic report to let you know the last date a transaction was posted to that supplier/customer/GL account. And, to top it off, you can select right in Autoreview up to 30 to deactivate at once. Just in case you inactivated something in error, you can reactivate it; however, you may not inactivate the main accounts in the COA that you can not deactivate within your main accounting software.
These are just a few of the problems that Autoreview by Xenett can solve for you, while making you look amazing to your client. Keep watching these monthly blogs for more of my favourite tips and tricks on clean data.