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5 Common Challenges Faced by A/R Teams That Can Be Overcome Through Automation

Gaviti

Too Much Time Spent on Manual Repetitive Collection Tasks Many businesses still rely on manual processes to manage their accounts receivable and get things done, even though these tasks can be automated. Data Errors Microsoft Excel represents companies’ first attempt at accounts receivable automation and going paperless.

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Accounting Tasks Spreadsheet [Free Templates and Checklists]

Jetpack Workflow

A simple way to do that is with spreadsheets, using Google Sheets or Microsoft Excel. Reconcile Cash and Receipts At the end of each day, reconcile all cash payments and payment receipts received in the general ledger to get a good idea of each client’s cash balance.

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Automated Billing Software Increases Billing Speed & Efficiency

Billing Platform

Think Microsoft Excel. While Excel is certainly more efficient and accurate than paper ledgers, it’s a stretch to say it delivers automation. Simplify collections In a perfect world, payments would be received on time, but as you know that’s not always the case. Is software and automation synonymous?

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Expense Reconciliation: Step-by-Step Guide

Nanonets

By comparing and reconciling expenses against various financial documents, businesses can detect and correct any discrepancies or errors, ensuring that their financial statements reflect the true state of their finances.   Spreadsheet Reconciliation Spreadsheet software like Microsoft Excel is often used for expense reconciliation.

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How Can You Independently Track Multiple Income Streams?

Invoicera

Even if some streams generate revenue at different intervals, collectively, they contribute to a more regular and reliable cash influx, aiding in smoother financial operations. Regular Reconciliation and Review Schedule regular check-ins to reconcile your income data.

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The Best Staff Accountant Job Description Template

Future Firm

Bank Account Reconciliation : Staff accountants maintain accurate bank account records by diligently reconciling financial records with bank statements, promptly detecting and addressing discrepancies. Advanced skills in Microsoft Excel for data analysis and financial modeling are highly valued.

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Controller's Code: The Secret Formula to a Successful Career in Finance

Cloud Accounting Podcast

You're really focused on cash and making sure cash, and credit cards are gonna be reconciled. But what if late in the middle of the night, somebody from my billing team realizes that they're not gonna collect cash; they wanna reverse an entry, cancel a contract, book something in my deferred revenue account?