Strategies for Streamlining and Eliminating Manual Journal Entries
Description:
Controlling the frequency and use of manual journal entries continues to be a challenge for most companies. However, with a focused initiative to utilize process design and technology to simplify this area, companies can make significant headway in minimizing the number of entries being generated by the company.
During this Peercast, one of our member companies will share the results of their efforts in this area and what results they have experienced thus far.
Peercast Poll Results
Poll Title: Reducing the Utilization of Manual Journal Entries
Background: Controlling the frequency and use of manual journal entries continues to be a challenge for most companies. However, with a focused initiative to utilize process design and technology to simplify this area, companies can make significant headway in minimizing the number of entries being generated by the company. This poll looks at when companies have last attempted to reduce manual entries and what has been most effective in doing so.
Poll Question: When was the last time your company made a formal attempt to reduce manual journal entries?
| Currently underway | 79% | |
| Within the last 2 years | 21% | |
| Within the last 3-5 years | 0% | |
| More than 5 years ago | 0% | |
| Not aware of having done this | 0% |
Poll Question: What has had the most significant impact on reducing the number of manual journal entries?
| Implementing a threshold or increasing existing thresholds | 23% | |
| Implementing technology to automate journal entries | 54% | |
| Targeted training to reduce errors that lead to manual journal entries | 8% | |
| Moving certain journal entries to a less frequent cycle, i.e. from monthly to quarterly | 0% | |
| Limiting which employees can create manual journal entries | 0% | |
| Other (Please Comment) | 15% | |
| Not Applicable |