In a globalized and digital world, it is estimated that 90% of invoices will be processed manually.
This makes company processes slow and see less results in a short time.
If your business handles large volumes of financial documents, automation of operations can help increase the efficiency of your business.
What is business process outsourcing?
Whether your business is large or small, chances are you’ve faced the decision to outsource at some point; And in simple terms, a business process outsourcing (BPO) acts as an external subcontractor that provides a managed end-to-end service for certain business processes. For example accounts payable.
Manual data capture
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 large volume of invoices.
Despite the fact that data mining is relatively easy to automate, many of these BPOs still have humans sitting at desks to manually enter invoice data into spreadsheets, accounting systems, and other commercial software.
When considering BPO accounting services, you should know the SLA with the correct error rate for your company. If it is too low, your outsourced data entry team will create a huge workload for your accountants, who will have to validate the manually captured data. Alternatively, if it’s too high, you may run into delivery due to unrealistic expectations, or you could end up paying so much that you lose the cost savings you hired the BPO for in the first place.
Sometimes your best bet is to allow a small error rate on the SLA while adding additional automatic checks on your part to compensate for any inconsistencies.
Automated data capture
Software as a service (SaaS) solutions consist of 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 produce the following: Cost savings Value generation Better information sharing. More Actionable Prospects While hiring a BPO center is all about outsourcing, transparency is a fully valid requirement in today’s business environment.
Just as you ask prospective BPOs about their security measures to ensure they will keep your data confidential, you should also analyze their technical infrastructure to ensure that it can handle your document volumes and SLAs. Otherwise, you run the risk of 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.
- output in known formats
- all size formats up to A0 +
- indexing, OCR
- barcode reading, zone reading
- Kofax, Quickscan, Abbyy Fine Reader
- remote access data storage
- scanner delivery including software
- document scanning solution design
- central document management solution
- file service, data boxes
- work flow
- time stamps
- automatic invoice processing
- extraction of electronic documents
- written and printed word processing
- Recognition Technologies ICR, OCR, OMR
- data validation against databases
- export data to the most common formats
- integration in information systems
- document archive in the to form
- remote access data storage
- rights of access
- event notification
- fast full-text parametric search
- digital file interconnection with existing IS, including file service
An increasing number of accounting BPOs are realizing that there is no point in outsourcing for manual data processing, regardless of geographic location. Instead, they’re choosing automated cloud-based solutions that can ease the minds and fingers of their typists by constantly moving information from one location to another.
BECOME YOUR ACCOUNTS PAYABLE DEPARTMENT
AT A BENEFIT CENTER
Information about your suppliers
Get a total view 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. Take full advantage of early payment discounts.
Optimize Workflow management
It enables accounts payable users to unify their workflow even across multiple ERP instances, allowing: access anytime, anywhere; a simpler training process and better adoption of the tool by users; support for configuring shared service centers; possibility of approving invoices even for non-ERP users.
Optimize invoice capture with minimal investment and alteration of your established accounts payable practices. ABBYY feeds your existing ERP system, workflow, or business intelligence tools with data, making them more informative and useful.
A TRUE MULTI-CHANNEL SOLUTION FOR INVOICE AUTOMATION
When it comes to invoices received in EDI format, things are never as simple as they seem. Exceptions often need to be handled. We make it easy, its 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, in this way they can be treated in the same way as the rest of your suppliers’ standard invoices.