We recently commissioned a research study with Paradoxes Inc., to better understand the impact of manual data entry for retailers, restaurants, non-profits and accounting firms. We are sharing the findings in a three-part Executive Summary. The first installment in this series is available now. You can request your own copy below.
Here are a few highlights:
Three-quarters of businesses 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.
Of the businesses that reported they outsource their accounting, more than half (56%) utilize offshore firms. The average monthly cost to outsource can run as high as $10,000, with varying expenses based on firm size and industry.
Overall, all firms analyzed combine to spend approximately $17 billion annually on outsourcing to reconcile and integrate ecommerce transaction data into standard bookkeeping journal entries and accounting software.
View the additional insights.
We’ve prepared an Executive Summary that offers a glimpse into the findings and includes charts and graphs that illustrate the key data points. The Executive Summary is available for free, using the form below.
Fill out this form to receive the Executive Summary via email: