Consequences of wasted time & inefficiency in rebate accounting - Enable blog
Summary
Manually entered rebate data is prone to errors and, as your business grows and the number of deals you manage increases, you’ll find that spreadsheets slow down and calculations get more complex. When there’s a backlog of trading agreements waiting to be signed off manually, it’s not uncommon for emails or paper documents to be temporarily misplaced or completely lost on someone’s desk or filed away in a drawer. There is also a chance of the deal not getting approved on time if say the person goes away and doesn’t leave a handover with a team member or worse yet there can often be older versions of the same type of agreement floating around. If you are using spreadsheets to manage your rebates it can take a lot of time to manually track all of the data necessary to ensure financial compliance, not to mention the errors that can occur which aren’t just frustrating but can also be costly. Rebate accounting inefficiencies makes it harder to perform compliance audits, meaning fines and penalties can happen which can damage the reputation of the company but are easily avoidable.
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