In that regard, technology plays a critical role in improving tax, accounting and financial reporting by saving us from our own errors.
The most common accounting and tax mistakes are the result of staff error and improper use of technology. According to a survey of accounting and tax leaders by Bloomberg BNA, “It’s easy for organizations to write off the occasionally erroneous spreadsheet cell or employee turnover as inevitable costs of doing business. Realistically, each of the mistakes represents a preventable drain on corporate resources and a [potential] liability to a firm’s reputation.”
Don’t feel bad, computers aren’t perfect either. After all, they’re made by humans. But computers don’t have to rely on limited human memory to get the job done.
To reduce errors, accountants and HR professionals should take advantage of the proven benefits found in solutions like Microsoft Dynamics GP. It’s designed from the ground up to assist businesses in tax compliance through reduced errors and best practices. Built-in rules prevent users from making mistakes that can be incredibly costly.
With a strong focus on ease-of-use, GP makes it easier for non-expert users to generate meaningful, detailed reports. The well-designed user experience makes work easier and safer for accounting professionals in any industry.
Read the full article at Financial Executives International.