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Reduce Errors by Automating Financial Data Inputting Processes

Inputting data manually can be one hell of a task: it’s an hours-long process on Excel that is tiring on the eyes and mind. As happens in such situations, you become more prone to making errors – and who can blame you? With hundreds or thousands of inputs, you’re bound to press a wrong number on your keyboard at some point, or place the right numbers in the wrong cell. Thankfully, through automated financial data inputting, you can drastically reduce the chances of human error

 

Our Real-Life Case Study

Last week, we explored how one of our clients was looking for software that saved them time when sourcing the data for their Fund NAV, something which our financial data processing automation software, AUTOMAN, managed to decrease from up to five hours to just four seconds.

This is already a huge benefit for them as it means their team has more time to spend on the company’s financial statements, as well as other tasks that require brainpower. But another thing that completely changed the game for this client is the fact that it also reduces errors.

“It’s human to make errors, but it requires superhuman capabilities to find them sometimes,” the client told us. “In fact, prior to using this software, we’d spend a huge amount of time trying to identify these errors among the thousands of entries.

 

Errors in Financial Data Inputting are Worse Than You Think

We all know that errors in data can give incorrect results and lead to the wrong conclusions. This can have devastating effects on your overall reconciliation, which is why all reputable managers push their teams to double or triple check their data to ensure everything is accurate.

The issue with this is that it once again costs you time and money, while still not being 100% fool proof. After all, humans are prone to making mistakes and facing an Excel sheet with thousands of numbers is bound to get to you.

But what if we told you that the same software that could save you up to 100% of the time spent on the inputting task could also dramatically reduce your chance of making errors?

 

How Automated Financial Data Inputting Through AUTOMAN Reduces Chances of Errors

Our financial data processing software, AUTOMAN, can collect data from multiple sources, turning a manual task that takes hours into one that can be done seamlessly within seconds. This, however, also means that the software is copying and pasting the data, resulting in zero interpretation, zero incorrect input, and zero chances of failure.

It does all this through its encoded algorithm, which can be customised to your specific needs to

  • download data from your sources by scheduled task
  • save them in the format you require, and 
  • display them in your preferred way

This means that the only time an error could be introduced into this task is at the programming stage rather than every time something is inputted into the Excel sheet – and that’s something which we monitor for and triple check to ensure it doesn’t happen.

All this continues to improve your game and increase the quality of your data, while giving you more time to focus on the things that truly require a human being’s input.

So, what are you waiting for? Get in touch with us to find out how AUTOMAN could help revolutionise your process!