Different kinds of Invoice Data Entry Services

1. Different kinds of Invoice Data Entry Services As the name suggests, Invoice Data Entry Service is basically the entry of details of an invoice into an accounting system. These accounting systems could be a physical ledger or it can be an excel sheet in the computer, both comes under the invoice data entry service. The entries consist of all the inward and outward entries i.e., payment made and received, amounts debited or credited and so on. The entries made in small or medium scale industries could be quite easy but majority of problems occur when it comes to making invoice entries in a global corporation or an MNC where there are hundreds of entries per day which needs to be done with utmost precision. There was a time when physical entries and paper work was a huge part of the invoice entry but over the period of time the paper use was slowly diminished. The organizations started resorting to the digital paper trails or paperwork that would not only minimize the wastage and time but would also help in keeping the crucial information safe and secure online. Managing digital entry is far more reliable since you can easily track the information you need in the matter of minutes. Even though industries have adapted digital invoice data entry methods, there are some cases where paper entry is still done and continued. Hence, there are different ways of invoice data entry – manual data entry, template-based OCR solutions and smart automated OCR solutions. All are equally important in their own special ways. Manual Invoice Data Entry Manual invoice data entry process includes just a few steps wherein invoices/bills are received, the accounting software is then opened and then the PO number is entered into the accounting software along with the vendor names and other details. Here the paper invoices get finally replaced as the PDF invoices and the invoice data entry expert copy pastes every single detail without typing them every single day. Its no doubt that manual invoice data entry is a tiresome process but some of the common problems that occur are details like late payment, lost early payment with vendors and other issues faced with vendors on the payments part. Invoice Data Entry through OCR OCR or Optical Character Recognition is a technology that helps you to transform and convert different documents like scanned invoices or bills into PDF files or images into editable and changeable data. It is a kind of an automated invoice data entry process which decreases the chance of errors made and is one of the most widely implemented types of invoice data entry methods. With the introduction of OCR data entry, the time required to feed in the data reduced exponentially. There are two kinds or variants of OCR – automated type and template-based type. As the name goes, automated OCR simple includes accurate and efficient data entry process while template-based variant requires a bit of manual effort while feeding in the data. Structured & Semi-structured Data Entry Documents with structured data has information properly bifurcated like positioned clearly and labelled as required. The perfect example of such data entry is the multiple-choice question exams where the correct answers need to be marked black using the pencil. However, invoices are semi- structured documents wherein they have a basic structure but with different content and layouts. The basic structure includes the invoice number, date, vendor name and total amount column while the other variables include discounts or late fee penalties etc. For such invoices an automated smart OCR invoice data entry input does the job.

2. With so many different kinds of invoice data entry available in the market, it’s really up to the business as to which kind of entry suits the most. It’s not necessary that automated OCR inputs are the best resort. Keeping in mind your business, even manual data entry might suffice. Even though you have so many options in the market, it really gets difficult which is the best to choose. So, contact Uniquesdata today and outsource the flawless and reliable invoice data entry services for your business. http://uniquesdata.com/invoicedataentryservices.html