As an accountant one has to do so much more than just number crunching and data feeding.
We understand that accountants are important entity of the business that develops financial strategies, give strategic advice, comply with tax regulations, monitor expenses for the client or top management, suggest ways to boost revenue in their business and the list goes on.
All of those mentioned above could be possible because of the data and information they have to look at the scenario and understand the best possible way.
However, accounting is a constantly changing industry and with so many subcategories, one can not thrive by limiting to static accounting skills.
To grow, be innovative, and be an exceptional accountant, one must learn and develop skills simultaneously.
How to speed up data entry in tally?
To speed up the data entry process, tally provides some shortcuts which you can use to save your time and some tips from our side too!
1. Start using hotkeys
There are some shortcuts/hotkeys which can be used for specific purposes. This saves you 3-4 clicks and time both.
- If you want to create a new ledger then use: A+L+C
- If you want to create a new stock item then use: I+I+C
- View list of accountants: D+L
2. Use Online Calculator
You must calculate the final amount after all the voucher entry, to get this final calculated amount in desired field, use: ALT+C
If you want to see final amount in calculator area only, then use: Ctrl+N
3. Repeat Narrations
We use narrations to understand why the entry is done, right? So, if you are doing entries in the same type of voucher then use: Ctrl+R (To repeat narration from the last entry)
If you want to repeat the narration of first ledger then use: ALT + R
4. Avoid Unwanted Features
Tally provides so many features, some of them are activated by default such as Budget, Cost Center and many more. Turn off these features so that you don’t need to spend time on them.
5. Remove all the Unwanted Fields
Alias, mailing details, tax registration details and many other things show up when you create any ledger or stock item.
If you don’t want to use these fields then turn remove them by pressing F12. So you can avoid these unwanted fields and that can speed up your data entry in tally.
These are some basic things which can help you save time and speed up your process of data entry in tally.
But we’ve noticed some challenges with data entry in tally after talking to some data entry specialists and some accountants.
What are the challenges/issues?
1. Chances of Error:
Accounting professionals are employed for their excellent accuracy and knowledge in data entry, validation, and query checking. However, any repetitive task is at risk of error. A variety of factors can contribute to a data entry error. These errors could be the result of repetitive tasks, human negligence, unreadable handwriting, missing documents, or even a simple typing error.
Errors like these can cause a huge loss, incorrect reports, forecasts, or depending on severity may be a legal lawsuit.
2. Time-consuming:
Most Precise accounting professionals making data entries into tally are not immune to the amount of time that data entry consumes. Hours spent on ledger examinations, reviewing stacks of receipts, etc.
These challenges stifle growth. Educated employees cannot use their prime expertise as they have to invest their time of work on this kind of task that needs no skills.
Companies could increase their earning potential by utilizing their real potential to perform complex duties or tasks if these experts are being utilized.
The inability to handle the influx of work and a sudden increase in workload in a work environment is a major concern when it comes to entering data. For example, when the Income-tax return file or any deadline of the tax filing date is near and if the team is small, they will have to face an increase of pressure and late night work duties, ultimately resulting in dissatisfaction which will lead to a higher number of errors in data entry.
3. Wastage of paper:
Invoices or receipts are still printed and sent to clients, and the same has been observed in the accounting industry across the globe.
The invoices/receipts are being punched into the accounting software system using manual data entry techniques.
One more issue with hard copy invoices or receipts is that they can get misplaced, and damaged which leads to additional time consumption.
How much can tools affect your day to day accounting?
- CA/ Tax consultants use multiple accounting methods and tools to finish the needed task adequately.
- There are many tools available in the market for this purpose like Tally, Zoho Books, Busy, Marg, etc.
- Tally is the tool of choice for the majority of MSMEs.
- Tally became one of the most popular choices in the accounting community almost immediately after its release due to its straightforward approach and dynamic structure.
- Different types of business modules might need different variations in accounting tools too.
- Tally supported customizable options for many things which helped the users to perform their tasks and generate necessary reports on inventory, cash flow, taxation, etc.
What could be the alternative?
Automation is the alternative for this kind of repetitive task.
It can help human beings in performing tasks that require no brain and just a loop of tasks on repeat mode.
Suvit is an accounting automation tool to help account professionals and accountants to ease their workload and perform tasks like data entry into the Tally Faster.
Automation Technology of Suvit can perform almost any task related to Tally Data entry like Bank / Receipt, Sale Purchase entry, etc. At least 10 times faster than humans.
It can automatically scan invoices, Bank Statements, and Payment Receipts and also can sync the data into the relevant ledger of Tally Automatically.
Using Accounting Automation Software like Suvit, the Accounting industry can change the way they work on a daily basis. Most of their time is consumed by tasks like data entry.
So using Suvit Accounting firms can save 90% of their time and can focus on more important tasks or grow their business by serving more clients.
Benefits Of Using Suvit:
1. Data Entries into Tally in 3 easy steps with Suvit:
Make sure that Suvit is connected to Tally and the Internet.
Step 1:
Upload your excel sheets according to the modules available of Banking, Sales or Purchase
Step 2:
Fill out the necessary information and click on Save Mapping.
Final Step:
Click on Send Transactions to Tally for successful data transfer from excel to tally.
You will be notified once your entries are pushed into Tally.
2. Error-Free:
As Suvit is automated software data can be pushed into Tally with 100% Accuracy. This is the most significant and most important advantage of using Suvit.
3. Faster:
Suvit can perform data entry tasks at least 10 times faster than humans. It saves a lot of time for the accounting person/firm.
Suvit can push 25 line long bank statement entries in 50 seconds.
4. Less Expensive:
Purchasing Suvit could cost as low as buying a set of pens and paper.
Once the tool is adapted the usage of the computer system will also be less which ultimately leads to less electricity consumption.
Features like a shared client folder enable clients and accountants to get invoices, receipts, or bank statements in soft copy.
Which ultimately saves paper.
Conclusion:
Accounting professionals are often restricted by the challenges of manual data entry. The chances of error, time consumption, and inability to handle surplus puts companies in danger. Thankfully technological advances have provided a much-needed Tally data entry automation.
If you are an accountant or data entry specialist and want to ease up your manual accounting process then we recommend you to try automation accounting.
If you are thinking about trying to automate your accounting process then give it a try!
Suvit is offering a 7-day free trial, Signup Here!
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