Organizations in the finance industry require invoice data entry services or an able receipt data entry outsourcing company to assist them with their online transactions, accounting, or banking related tasks. Although there are a few criteria to look out for when choosing the right data entry outsourcing company specializing in these services.
It mainly depends on the methods used by a leading or best data entry service provider and the facilities they are able to provide you that could benefit your company.
To perform data entry, there are many means by which it could be done, the major ones being –
OCR (Optical Character Recognition)
OCR technology or software interprets machine printed text on scanned images. It can identify invoice data and also has the ability to learn on its own. A manual correction that occurs as part of OCR technology’s output will enable it to learn and prepare itself for future scenarios of such type.
Manual Data Entry
If organizations have a low quantity of invoices to be processed, then they can do invoices data entry in-house although it is time-consuming but less costly.
Outsourcing
This method is effective if you lack the time, resources or processing experts and also if you have voluminous amounts of invoices to be processed. By outsourcing to a data entry outsourcing company, it will help you focus more on your core business aspects and save your resources. Your invoices will be processed in the highest quality, free of errors and at economical costs.
Consider these important factors when choosing a receipt data entry outsourcing company:
Bulk Quantity of Invoices
Outsource your bulk quantity of invoices to a leading and efficient receipt data entry outsourcing company as they can process it quickly as soon as they receive the files.
Invoice Formats
Generally, invoices are received in three popular formats such as hardcopy, email attachment (commonly PDF) or electronic (EDI, XML, etc.)
- Electronic formats are more popular as they are easy, quick and affordable to process. It also helps in the quick issuance of payment.
- Hardcopy or paper-based documents can be processed either by manual entry or through OCR scanning. Depending on the quantity you can either do it in-house or choose the best data entry service provider’s support. PDF also similar to hardcopy or paper documents can be processed either by manual keying or OCR tech. For a more streamlined process, there is software that can make it more effortless.
- Electronic Data Interchange (EDI), is used to transfer data between organizations on a system-to-system basis. This can facilitate even faster processing times.
Data Type and Volume to be Processed
Invoices have many types of data in it. Processing them depends on clients or the relevancy of data to be processed. Specific invoice information processing is easier with manual keying, but if all of the invoice data has to be processed, OCR tech is the solution to go for. When you outsource invoice data entry services, it will only require a fraction of the time compared to your in-house processing. When done so, you can focus more on your core business aspects, save time and resources as well.
Resources
Carrying out in-house invoice data entry services is exhaustive on your resources – be it your employees, money or time. Factors such as company strength, invoice volume, project complexity, and technology investments can always increase your operational costs or make your budget go higher.
To conclude, it is always wise to choose the best data entry service provider for your bulk invoice processing. You can reduce payment penalties and processing errors and thereby achieve more efficiency and productivity for your organization.
