• I have this annoying feeling that I am doing things the same way my father would have done it years ago.
• I find myself emailing the same .pdfs of receipts or invoices multiple times (to my accountant).
• I am answering questions about the same types of transactions month after month.
• The period end financial statement process is painful. I have to send a packet of information, and I don’t even see financials for six weeks or better.
• Friday morning at 7 am comes too quick. It feels like Groundhog Day when I sit down to sign 65 checks for the bills that I have already reviewed once.
• My accountant keeps sending me excel spreadsheets to update with the same information on bills that I am sending in emails.
• Payroll is never right, every pay period we spend hours trying to fix mistakes and still end up with bad information.
So, all the above comments quantify a perfect example of “redundancy” when it comes to performing the back-office accounting for an organization, NOT just a franchisee.
If you are a business owner, and you can identify with any, or even all the above comments, the facts are that your accounting solution of choice is inefficient. What does that matter to you? In these examples, redundancy means that the accounting function is reviewing, or entering the same data multiple times. That can lead the errors. That also leads to spending too much time dealing with details that can be transmitted through technology. This time can be used to analyze your data and provide you with some insights, or better yet, get your financial statements back to you within a few days of period end and not a few mounts. Your accounting team is including extra “components” that are not necessary.
In today’s world of technology, why bother including redundant tasks that cause inefficiencies and error? Embrace the technology and build your workflows around it. Utilize best practices, and outsource what OTHERS are best at so you can do what you are best at.