Every business is familiar with the tedious task of paying bills for goods and services and information management. Any business set up, big or small, must respond to invoices for rent, utilities, goods and services in order to function without interruptions. Invoices are paper documents that every company deals with on a daily basis.Â As the business grows, invoices also start piling up and managing these forms becomes a hectic task.Â However, this problem can be resolved with invoice data entry provided by a reputable data entry company.
What Is Invoice Data Entry?
Invoice data entry is the process of converting all the elements in an invoice such as vendor name, date of transaction, proposed date of payment, amount, invoice number etc into a storable, editable, digital format. Automation of invoices helps enterprises to save time and resources, which in turn can be devoted to core activities of the business. Data processing of invoices helps companies to run smoothly and save costs at the same time. In short, it is an efficiency boosting solution for every enterprise. The process of converting an invoice into digital format involves the following steps:
- Prepare the documents that need to be automated
- Invoices are scanned on a high speed scanner
- The scanned invoices are recognized by OCR software
- Important data is located using keywords and other layout elements
- Questionable fields are displayed to a data processing operator for manual verification and correction
- In advanced systems, correct fields can be used to train the templates automatically so that data is captured accurately
- After correcting all the errors, the data is transported to the accounting softwareâ€™s database
Benefits of Invoice Data Entry
The major advantage of invoice data processing is that it reduces manual labour that is error prone.Â It is useful for any organization that receives a huge volume of paper invoices. All of the invoices can be automated and kept safe in electronic devices.Â From this system, the documents can be shared or accessed at the click of a button. The digital data can be encrypted and password protected to ensure security of data and prevent it from falling into the wrong hands.
Invoice data entry can be beneficial for a wide range of industries such as healthcare, real estate, manufacturing, retail, financial, banking etc. It also has other benefits like:
- Makes information available instantly
- Enables better decision making
- Leverage data and remove errors
- Serves as a proof for all the payments done
A premium data entry company uses high quality invoice processing solutions that have the following outstanding features:
- Powerful classification technology than can capture most invoice data with minimal custom configuration and training.
- Flexible software that can also capture industry-specific data like Bill of Lading, and fuel surcharges on trucking invoices.
- Unique ability to use existing text from MS Office to PDF, creating a unique solution for extracting data from electronic documents without OCR.
Benefits of Partnering with a Reliable Data Entry Company
- Superior quality services and competitive pricing
- Excellent infrastructure and scanning/printing technology, and data entry software
- Multilevel QA process
- Dedicated project manager for each client
- Trained and experienced data entry staff and editors
- Customized solutions
State-of-the-art data security measures.