Invoice data entry is the process of transcribing all the elements in a paper invoice into an editable digital record. These elements can include things like vendor names, invoice number date of transactions, amount of transactions, date of payment, and other elements.
As we can see, the process can be repetitive, time-consuming, and stressful, but at the same time, accurate supervision of invoices is often essential to ensure proper management of cash flow in a business. This is where outsourcing and automating the invoice data entry process can help businesses to save time and resources, so these enterprises can use their valuable time in core business activities to grow the business.
While the actual process may vary, converting an invoice into a digital, storable format by a professional service involves the following steps:
- Preparing the invoice documents that need to be transcribed
- Scanning the invoices (in professional data entry services, the scanning process is performed by a high-speed scanner)
- Using an OCR (Optical Character Recognition) software to recognize the elements in a scanned invoice
- Important data is located by considering keywords and other elements
- A human data input operator manually verifies and perform corrections on questionable elements on the invoice
- In advanced AI-based systems, corrected invoices can be used to train the software (machine learning) for future transcriptions
- When all errors have been corrected, the data is transported into a database for storage
Benefits In Outsourcing Invoice Data Entry
There are many businesses that refrain from outsourcing data entry services. While reasons might vary, there are two main considerations these businesses typically have:
Information in an invoice is typically sensitive
Invoices contain sensitive business-related data, and it is understandable that many companies simply don’t like to share this information with a third-party vendor, especially a brand new vendor you haven’t worked with before.
Lack of control
It is quite obvious that businesses will have less control over an outsource service when compared to in-house employees. We can’t simply monitor and control the data entry service 24/7.
However, there are also many benefits of outsourced invoice data entry that will outweigh these concerns, namely:
Saves time and resources
This benefit of outsourcing your invoice data entry is fairly obvious. Establishing an in-house team to process your invoice and setting up the necessary systems to support this data entry activity can be expensive and time-consuming.
By outsourcing your invoice data entry to a third-party vendor that has its own infrastructure, you can save time, money, and effort while still getting an accurate data representation of your invoices.
Accuracy of invoice data
Invoices often carry sensitive and crucial information for businesses related to cash-flow, as well as stock outflow. Thus, this information must be accurately maintained for proper inventory management and accounting purposes. Thus, converting invoices into a digital format would require a certain amount of diligence but also expertise.
Outsourcing invoice data entry with the right service provider would guarantee accurate invoice data since not only the outsourcing service has a dedicated team with adequate expertise to input the data exclusively, but also the adequate infrastructure (OCR software, automated scanning, etc.) to ensure an accurate data input process.
In short, would you prefer experts to handle the invoice data entry? Or would you choose to do it yourself even if data entry isn’t the focus of your business?
It’s quite reasonable
to think that entrusting your invoice to a third-party vendor would compromise your security, as discussed above. However, if your business isn’t properly equipped with sufficient cybersecurity infrastructure, it doesn’t necessarily mean your data is safe even if it’s stored in your own database.
Your outsourcing partner, on the other hand, may invest in more advanced and proven cybersecurity infrastructures and might be better-equipped in protecting your data. A proper data input service provider would also ensure proper security best practices to ensure your information is properly secured throughout the process from data input to storage and transfer.
Streamlines the focus of your business
Simply put, outsourcing your data input means it’s one less thing for you to worry about. Instead, you can stay more focused on how to grow and expand your business. At the same time, outsourcing to expert data entry services would also ensure faster invoice information, and you can readily use the data anytime you might need them in your business’s strategy.
A proper data entry service would make sure your invoice information is available to the business in almost real-time, ensuring a more efficient accounting and inventory management, which in turn will allow a more cost-effective and profitable business.
How To Choose The Right Invoice Data Entry Service?
How can you find the right company to take care of your invoice data entry service for you? Here are some important factors to consider:
Experience and expertise
While there are plenty of data entry services to choose from, it’s important to make sure whether they have enough experience in processing invoices and whether they have the manpower skilled enough to process your invoice. Data entry processing and entry companies like Oworkers have handled data entry services since 2013 and can manage data outsourcing operations in more than 20 languages with previous clients including Xerox, Walmart, and PWC, among others.
Make sure to pick an established agency with good clientele on board, as well as a team of data entry experts who are also mandated to perform data entry best practices to ensure on-time and accurate delivery.
The ideal data entry service provider would make sure that the captured invoice data is accurate and error-free.
Cybersecurity best practices
A professional data entry service provider should offer cybersecurity best practices in converting your invoice, including high-end encryption, SSL certificates, information security measures, and so on.
An efficient outsource invoice data entry service will get the job done within the agreed time and with minimal need for revisions.
When picking an invoice data entry service provider, it’s very important to check the service’s experience and ensure the data entry service has handled comparable projects to your own in the past. Oworkers has handled data entry services since 2013 and can manage data outsourcing operations in more than 20 languages.