Data Tips – When More Is Less

With today’s OCR technology, software integrations, automation and bank feeds we are using data differently. Today, more is less.

No longer do we look to consolidate or minimize. I remember when we used ‘generic’ vendors in vendors lists so you didn’t have every gas station in the area in the vendor list.

A frequent question today, is “What should I do about all these names coming thru my bank feed? I recommend accepting and adding them to your contacts and creating a bank rule. Why? More data can mean less work and greater efficiency.

Bank Feeds such as those in Xero and QuickBooks pull in data directly from your bank. Document Management Systems (DMS) like HubDoc convert invoices and receipts to data. Bill.com will route for approval and payment. These software provide you with vendor name, invoice/check numbers, transaction date, and amount. Data you don’t have to manually enter.

Here are a few tips to help you leverage more data:

Data Fields

To prevent integration errors, make sure to use fields for their designated purpose. Be precise. First Name is for First Name, not Company. Email is for email addresses and should be a correctly formatted email address.

When integrating software or validating data, incomplete or incorrectly formatted data will often generate errors. When the address or email field are not used properly they cannot be used by shipping integrations or Bill Pay programs such as Bill.com.  Taking the time to complete all the data fields fully and accurately when setting up new customers or vendors will allow you to leverage the data in multiple ways and with different integrations.

Names

‘Names’ that come thru Bank Feeds may be very different than what’s in your list. Taking the time to pair these up using tools such as Bank Rules will increase efficiencies and save processing time. OCR technology may interpret names differently than how you have it setup. Run with it. Editing or changing the name is not recommended as the OCR will likely translate it the same way each time. Computers are nothing if not consistent.

 

 

Duplicates

These software have the ability to check for duplicates. One feature in HubDoc I enjoy is being notified that the Invoice number has already been posted BEFORE it posts to the accounting system.

If you do have to enter some data manually, enter the whole number. Don’t shorten it. Be consistent with numbering across multiple software as much as possible. Problems with duplicate transactions can occur when technologies scan the whole number and you shorten yours, duplication checking will miss it. Computers are precise and the two numbers are not the same.

Setup

Take the time when adding new vendors, customers and employees to complete all data fields and you will get the greatest return on leveraging this data across platforms. With well setup lists and well-designed workflows, data entry can be greatly reduced.

You can leverage the power of HubDoc to achieve consistent coding and save time by Configuring your integrations and using the ‘Save configuration’ and ‘Autosync’ features.

 

 

 

 

 

Cut your time on bill approval and payments by 50% with Bill.com.

More data today, means less time on data entry for you and more time to focus on growing your business.

Please note: I reserve the right to delete comments that are offensive or off-topic.

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