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Any business venture can be categorized into two distinct compartments. The first is the operational aspects that have a direct bearing on growth and development and comprises of cutting-edge business decisions, diversification, new product launches and seizing new opportunities. The second consists of services that prop up the business, equally important but which does not really need any discretionary powers to process. These include accounting, data entry and processing and many other industry-specific factors. For example, in a manufacturing unit, the most important back-end job may be inventory management while for the insurance sector it will be claims and commission management.
Whatever may be the scenario, one thing is common between industries and that is, all businesses throw up huge quantities of data and processing them is always a daunting task. Processing data in-house acts as a drag on the smooth functioning of a company and consumes precious resources, both in terms of manpower and capital. How is this so? Processing data is a tedious and repetitive task without the need for any executive monitoring. Engaging highly paid personnel for data entry is a drain on finances. Similarly, data entry and processing requires huge investments in infrastructure for installing advanced software and hardware, capital that can be more fruitfully channelized towards competitive pricing and new product launches to stay ahead in the race.
The solution to this dilemma is not complicated. It is based on taking advantage of professional data entry services for quick business growth and development. More and more businesses are taking this route today for increasing efficiencies and profitability. However, at one time, there was a school of thought that had considered outsourcing data entry as extremely risky because information of the company's finances, its business plans and employees and customer personal data was leaving the secured confines of the business premises. But those doubts were soon put to rest when it was found that outsourced companies had stringent security measures in place for data protection – at times much more than what a company had in place. What then do data entry services have to offer that you should specifically focus on –
The accuracy of data entry – This should be your primary focus when you outsource data entry and processing. And outsourced services more than adequately fit the bill. The systems in place will match your requirements. In areas where you need 100% accuracy levels, data entry is monitored round the clock on a real-time basis. In areas where the levels required are almost 100% but not strictly so as in noncore business data, a dual key system is adopted. One entry is set off against another and any discrepancy is noticed immediately. With high data entry correctness, you can be sure that your business will always be a rock solid foundation.
Technologically advanced systems for data processing – Outsourced agencies use highly advanced data entry and processing technologies that have a direct bearing on speed and accuracy. Top of the line is the robotic process automation software (RPA) that processes data almost within human interference quickly and precisely.
The speed of data entry – Speed is the essence of any business and you will benefit immensely on this front if you avail data entry services. The main reason behind this is the time differential between countries. Upload your data at the close of business hours to an agency that is just starting the day. The data will be processed and uploaded and will be in your system when you resume work next morning. Get reports almost on a real-time basis and be in a position to take quick business judgments at all times.
Document Management – An integral part of data entry services is document management. Get all your files in order by having them sorted, organized and indexed in a systematic manner in electronic form so that you can quickly access them anytime. All crucial data will be at your fingertips to be used whenever necessary. The traditional method of getting files to your desk is no longer relevant in today's business environment.
Database creation and cleansing – These two are crucial for business growth and development. A well-structured database helps in easy retrieval of data. Outsourced agencies will convert raw data to a well-planned format with fields that will be specific to your business. So far as data cleansing is concerned, get a thorough check of existing database and have all data removed that have been wrongly entered or duplicated. The resultant database will be correct in all respects. Now that you have seen the many advantages of engaging data entry services for business growth, carry out a detailed due diligence exercise before you choose an agency.
One of the leaders in this field is Cogneesol. We offer top of the line data entry and processing service that is accurate, precise and guaranteed to meet the expectations of clients. For more information, visit www.cogneesol.com.
Are you aware that a typical company with under 1,000 professionals, processes around 130 invoices on a monthly basis? In addition to that, each invoice holds about 12 employees tied up in an exhaustive payment procedure.
Outdated, paper-based techniques of managing supplier invoices can slow down team's performance as well as squander valuable resources. And with more than one-half of all the supplier invoices constantly being obtained on loose paper slips, the chances for duplicate payments are quite high.
So how exactly does this differ in the way your company deals with invoices? If your business is a lot like the others in the US, your Accounts Payable processes demand a total overhaul.
At the Time When Spreadsheets Simply Won't Do:
A lot of finance personnel believe that for the reason that they make use of spreadsheets to record and track supplier invoices, they're utilizing an automated practice. That couldn't be farther from the reality. Spreadsheets result in mistakes at the time of data capturing, decentralized data storage as well as incapability to rapidly and precisely reporting of income. Microsoft Excel happens to be 30 years old and I don't recognize a lot of people who even now make use of floppy disks or perhaps fax machines from the very same era. As per the Economia, 58% of the accountants express that the occurrence of errors when using spreadsheets is either “fairly high” or else “very high”. So, why do so many financial agencies soldier on with a less-than-adequate practice?
Does This Procedure Seem Familiar?
* Your vendors usually forward invoices to your AP department by means of email or ordinary postal system
* Occasionally, they forward them straight to employees, complicating the procedure
* Invoices typically wander off in the shuffle or spend quite a while to get involved with the AP program
* The AP team must personally rekey in data, which uses up considerable and valuable time
* Invoices are likewise manually compared to current purchase orders
* Invoices get submitted or passed on around to a series of reviewers, which delays the process even more
If this is the case, you'll be thrilled to learn that it doesn't always need to be like this. With the appropriate technology available, it is possible to automate each one of these procedures and eliminate the outcomes of ineffective invoice processing servicesproblems like overdue payments and replicate invoices. It is an ideal decision to outsource invoice processing to a well-renowned accounting outsourcing company like Cogneesol Inc. When you outsource, your team will get a long time during their day to pay attention to the fundamental tasks as opposed to mind-numbing ones. They'll additionally be in a position to process far faster with enhanced transparency into outgoing spent. Call us at +1 646-688-2821 to know more about our invoice processing services and get started with a risk-free trial.