The Importance of Good Data Entry and Management
One of the most overlooked, but most crucial, aspects of keeping track of your company's finances is data entry and management. It's easy to underestimate it because it seems like it's "just" typing numbers into a computer system, but in reality, it's a critical part of any business endeavor. One missed entry or typo can create chaos not only in your organization, but sometimes, in those you deal with as well.
Everyone has heard stories about how bad data entry and management resulted in things like $1 million bills for $10 worth of services. The problem is compounded when there is no easy way to correct such errors, or the company that generated the bill just doesn't want to listen. Then, it can easily become a matter for the courts.
Even though these stories make the news, they are not the only issue that can affect accounts receivable management. For your company, overlooking the need to bill someone can be far worse. Then, you can lose a surprising amount of money if the issue isn't spotted within a set amount of time. As you can see, it's important to ensure that all data is entered not only correctly, but on a timely basis and with no omissions.
Managing your data is the other key aspect of data entry and management. Your data needs to be kept secure, not only from hackers and other bad actors, but from natural disasters. A good data security plan is essential for keeping out the criminal element. For natural disaster protection, you should have copies of all of your data stored offsite. This can be in a separate physical location, in the cloud, or even in both places. With backups, you can be sure that your business can pick up as fast as possible after a disaster.