Three-Quarters of Businesses Are Forced to Manage Manual Accounting Tasks Due to Data Errors and Inconsistencies Across Ecommerce Platforms, Losing 5-7 Full Days of Work Each Month

Three-Quarters of Businesses Are Forced to Manage Manual Accounting Tasks Due to Data Errors and Inconsistencies Across Ecommerce Platforms, Losing 5-7 Full Days of Work Each Month
CANNANNEW REPORT

New Research from Bookkeep Reveals Retailers, Restaurants, and Accounting Firms Spend Approximately $17 Billion Per Year to Outsource Their Bookkeeping NEW YORK–(BUSINESS WIRE)–With the proliferation of new payment and sales apps, the lack of data standards, and the ongoing labor shortage, the accounting industry is at a tipping point. Three-quarters of businesses in a new quantitative analysis report that ecommerce platforms have created additional manual bookkeeping work, with firms estimating that these extra processing steps cost them 5-7 staff days per month. Due in part to this extra strain, one-third of all firms reported that they now outsource their bookkeeping. These findings come from new research by Bookkeep, the smarter accounting automation platform, which commissioned marketing strategist Paradoxes, Inc. to survey nearly 700 US businesses across small, midmarket, major, and enterprise-sized sectors. It is the first report of a three-part analysis on the impacts of ecommerce transactions on accounting practices, operations, and firm financials. The survey focused on companies deploying ecommerce solutions in the retail, restaurant, nonprofit, and accounting industries, and revealed that ecommerce platforms are challenging standard accounting processes. Forty-five percent of businesses must manually adjust ecommerce payment data every month and a nearly equal percentage have to run manual reports for each ecommerce platform. Two out of five survey respondents said they are required every month to manually reorganize or recalculate sales costs, taxes, or other items, and manually re-enter corrected totals as journal entries into their accounting platforms. Businesses across size classifications are frustrated with data inconsistencies and variations in reporting cycles across ecommerce platforms and lack confidence that ecommerce integrations will input data accurately into their accounting systems. “The new reality of accounting requires additional hours of manual work – up to 60 hours each month, according to our survey – to capture and process data…

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Source : Three-Quarters of Businesses Are Forced to Manage Manual Accounting Tasks Due to Data Errors and Inconsistencies Across Ecommerce Platforms, Losing 5-7 Full Days of Work Each Month

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