Automated Invoice Data Entry Services – A Modern Finance Revolution

1. Automated Invoice Data Entry Services – A Modern Finance Revolution Every business has an accounts department which keeps a track on the inward and outward finances. The revenue department is the backbone of any business. It’s only because of this department that the business functions smoothly. The invoice processing, payments made to vendors and payments received from clients needs to be streamlined. Now when it comes to measuring the performance of the accounts department, it all narrows down to one thing – Time. How much time does it take to process an invoice and what are the costs included? Usually, an average organization’s accounts department costs approximate ₹150 to process bills and almost 40% of all the invoices are usually paid after the due date, hence you again have to recalculate and add the penalty on it. With so many processes in hand, the biggest challenge has always been a document intensive process. Huge organizations receive large number of invoices on day to day basis from different vendors, clients and other contractual work on different kinds of invoice formats which becomes really difficult to keep a track on. Out of this pile, 70% of the invoices are received as a hard copy making the invoice data entry work even more hectic since they don’t have any soft copy format. With so many things to keep in mind, processing invoice documents is quite expensive, time consuming and risky process. Due diligence and accuracy are quite important while processing such invoices so that it ensures no losses or setbacks in daily work of the organization. In times like these, the best thing to practice is automated invoice update or in other words, updating invoices through Optical Character Recognition (OCR) which converts images or scanned documents into text. While older concepts of entering data manually or managing paperwork remain ineffective, the use of OCR automation can deliver turnkey results with 99% accuracy. - Increased efficiency and speed One invoice data entry expert can process 50-100 invoices per day whereas, with the aid of OCR the data entry expert can process 100-200 invoices per day with maximum accuracy and speed. - Minimal costs It costs a lot to process each and every single payment and invoice, adapting to OCR invoice processing the cost is decreased exponentially. Hence, with minimum costs and maximum yields, the business is sure to make the most of out of invoice data entry service using OCR. - Early bird discounts Many vendors offer discounts of up to 10-20% if the payments are processed early or within a stipulated time period. With OCR, you can keep a track on invoices that needs to be processed before to ensure maximum discount hence, more savings for your business. - Less manpower The use of OCR for invoice data entry services also smoothens the process and includes only a few experts to make the payments since these are done through automated processing. Hence, less manpower means less salary paid and maximum time management which again assures more savings for your business. Hence, after years and centuries of managing invoices through traditional method, its time for us to adapt to the automated processes which not only saves time in this fast paced world but also saves resources like paper and ensures maximum accuracy. At Unqiuesdata, we have a dedicated team of

2. invoice data entry experts who are skilled enough to handle all kinds of invoices and ensure timely deliveries and adhere to timelines. Give us a call for more information or write to us and outsource invoice data entry services for faster, leaner and better results. http://uniquesdata.com/invoicedataentryservices.html