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Currently, most businesses use specialized software to solve accounting tasks. However, besides improving this specialized software, businesses should not ignore the standardization of accounting data. Effectively standardizing accounting data will help businesses perform accounting work according to the correct process, minimizing errors, saving time and costs.

1. What is standardizing accounting data?

Standardizing data is the practice of reviewing, checking, comparing and correcting the accounting work being done. Standardizing accounting data will help the work comply with the set accounting process, minimize accounting errors, thereby maximizing work efficiency.

2. Steps to standardize accounting data

To standardize accounting data, businesses need to perform the following steps:

Step 1: Training staff

The first step in the process of standardizing accounting data is to ensure professional quality for staff. Today’s accountants often work under the guidance as well as depend on specialized software, while the knowledge of data standardization is not strong. Therefore, in order to standardize accounting data successfully, the first thing that businesses need to prioritize is professional training for staff.

Step 2: Reviewing the compliance with the process of accounting work

The fact that the staff does not have solid specialized knowledge will easily make them perform accounting work not in accordance with the process, prone to errors leading to serious consequences. Therefore, businesses need to regularly check and review the compliance with the process in the work of the staff.

Step 3: Ensuring regular inspection and review of financial statements

This stage requires the company’s chief accountant to have the ability to self-assess and examine financial statements to detect and correct errors in a timely manner. Although the reliability of this self-inspection and assessment is not high, at least it partly helps businesses control the situation and avoid unnecessary errors.

Another option that can also be considered is to use outsourced accounting and financial services. Hiring a service with a lot of experience and expertise will help businesses find problems early so that they can promptly offer solutions.

Step 4: Preparing a unified problem-solving process

Businesses need to prepare a unified process to solve arising problems.

When the work arises problems such as not having enough information and data about the job, inconsistency in the allocation of personnel, omission of work or inappropriate work progress, etc., departments in the company need to go through internal meetings to agree on the process and document it into writing.

Unifying the process will help businesses solve these problems more easily.

Step 5: Updating and upgrading accounting data software

Besides focusing on improving the process as well as improving the quality of the staff, it is also important to make technological improvements when businesses standardize accounting data.

Implementing software improvements not only ensures that the work needs are met, but also needs to be met in terms of resources and implementation budget. Effective implementation of accounting data software improvements is when businesses do not need to use too much cost but still bring high efficiency.

On the other hand, the increasingly improved technology inadvertently puts a lot of pressure on the accounting department, especially the accountants. To solve this problem, instead of relying more on specialized accounting software, accountants need to:

– Continuously improve self-knowledge about technology

– Focus on learning and improving understanding of software solutions

– Master digital solutions

Having a solid knowledge of these accounting software not only helps accountants deal with daily accounting errors such as: data entered incorrectly, inconsistency, time-consuming data entry process, etc., but can also help them better apply the software to more specialized jobs. Businesses will also not need to be too dependent on software companies when they already have a team of skilled employees who know how to do the job.

To effectively standardize accounting data, it is important to understand the nature and process of standardization. A business, when implementing standardization of accounting data, not only ensures professional accounting skills and information technology systems, but also has to understand how to apply technology to the process of standardizing accounting data. If you have any questions in the process of standardizing accounting data, please contact VNC via Website – Hotline (+84) 902 595 171 – (+84) 28 6670 3100 for direct and quickest advice. Best regards.