Lean Accounting Series : Article 12 - When it is done right, it is done once. When it is done wrong, it is done twice!

Get it right, don't rectify

The base of accounting is the passing of entries. With automation taking over every aspect of business the volume of manual or journal entries has definitely reduced. However, there are some entries that must be passed in order to present accurate accounting. Since these entries are manually passed there is scope for errors and wrong entries being passed. Posting of wrong entries leads to increased effort and time in identifying errors and rectifying the same. Lean accounting ensures that errors are minimized by standardizing the process and entries.