Incomplete Documentation
Here’s an illustration of inadequate documentation within a standard transaction entry process. With comprehensive documentation and precise instructions, entering a comparable transaction might require only five minutes. However, incomplete documentation could extend to an hour or beyond, consequently inflating the expenses associated with bookkeeping services.
Transaction entry workflow
Transaction entry workflow
Approximate time required for processing.
A transaction is received and reviewed for proper classification.
Additional information or clarification is often required if the transaction is not standard, such as fuel expense…
In many cases, additional information or clarification is necessary in handwritten invoices, timesheet information, etc.
Five minutes
The transaction source document needs to be scanned and saved.
Five minutes
An email must be written requesting more details that need to be sent with the transaction source document.
Five minutes
A ticket must be issued in CRM software to track a replay for the initial email request.
Four minutes
In case of no reply to the initial email request, a follow-up email needs to be sent.
Five minutes
The first email replay often does not provide complete information that allows a bookkeeper to correctly classify and enter a transaction. In this case, a second email for additional information needs to be sent.
Five minutes
A ticket needs to be issued in CRM software that will track a replay for the second email request.
Four minutes
In case of no reply to the second email request, a follow-up email needs to be sent.
Five minutes
Hopefully, a second email replay from an authorized person will clarify the transaction.
It will be classified appropriately and entered upon a clear understanding of the transaction details.
The transaction source document with notes of the details (emails clarifying the transaction) will be attached as supporting documents. The original paperwork received needs to be filed.
Ten minutes
Total time for the above example of transaction workflow
48 minutes