Whether your business is large or small, chances are you’ve been faced with the decision to outsource at some point; And in the simplest terms, a business process outsourcing (BPO) acts as an external subcontractor that provides an end-to-end managed service for certain business processes. For example accounts payable.
Data capture plays an important role in every business. This is one of the first processes to be outsourced to accounting BPOs with the goal of reducing costs as much as possible while supporting a high volume of invoices.
Despite the fact that data mining is relatively easy to automate, many of these BPOs still have humans sitting at desks manually entering invoice data into spreadsheets, accounting systems, and other business software.
When considering BPO accounting services, you need to know the correct error rate SLA for your business. If it’s too low, your outsourced data entry team will create a huge workload for your accountants, who will need to validate manually captured data. Alternatively, if it’s too high, you may have delivery issues due to unrealistic expectations, or you could end up paying so much that you miss out on the cost savings you hired the BPO for in the first place.
Sometimes your best bet is to allow a small error rate in the SLA while adding additional automated checks on your end to make up for any inconsistencies.
Software as a Service (SaaS) solutions are cloud-based software that can unify business operations and communications across departments and continents. Streamlining your accounting operation with an automated cloud-based invoice data capture platform can:
• Cost savings
• Value generation
• Better exchange of information
• More actionable insights
While hiring a BPO center is all about outsourcing, transparency is a fully valid requirement in today’s business environment.
Just as you ask potential BPOs about their security measures to ensure they will keep your data confidential, you should also look at their technical infrastructure to ensure it can handle your document volumes and SLAs. Otherwise, you risk a failed implementation months later. When your accounting BPO uses automated data capture, they can be a valuable ally in your efforts to ensure continued growth for your business.
If your business works with large volumes of financial documents, the automation of operations can help increase the efficiency of your business.
An increasing number of accounting BPOs are realizing that it doesn’t make sense to outsource manual data processing, regardless of geographic location.
Instead, they are choosing automated cloud-based solutions that can relieve their typists’ minds and fingers from constantly moving information from one place to another.
Turn your accounts payable department into a profit center.
Information about your suppliers
Obtain a total vision of your suppliers and your supply cycle, with a dynamic workflow that facilitates the registration of new suppliers and decision-making.
Reduce cost per invoice.
Reduce manual data entry, eliminate redundant operations, and avoid costly human error with the help of automated data capture and validation.
Optimize workflow management
It enables accounts payable users to unify their workflow even across multiple ERP instances, allowing: anytime, anywhere access; a simpler training process and better adoption of the tool by users; support for the configuration of shared service centers; possibility to approve invoices even for non-ERP users
Optimize smartly.
Optimize invoice capture with minimal investment and disruption to your established accounts payable practices. ABBYY feeds data into your existing ERP system, workflow or business intelligence tools, making them more informative and useful.
A true multi-channel invoice automation solution
When it comes to invoices received in EDI format, things are never as simple as they seem. It is often necessary to handle exceptions. We make it easy, the multi-channel solution allows you to process invoices regardless of their format or channel (postal mail, email or EDI).
Convert EDI invoices into a human-readable format, so they can be treated in the same way as other standard invoices from your suppliers.
