Is invoice management demanding much time from your accounting department? Are you constantly facing issues of delayed payments and struggling to clear an ever-increasing invoice processing backlog? If yes, it is time for you to find efficient business process outsourcing companies with smart invoice processing tools.
Invoice data entry work is considered a tiresome process that consumes a lot of time and demat continuous effort. It is required to be completed with high accuracy and precision. Invoice processing data entry solutions can help you to streamline your invoice processing workflow. Often when companies grow, they need to dedicate more time and effort to manage invoices. It pushes them towards outsourced invoice processing services more.
Invoice processing outsourcing services are specially designed to carry out the processing of all incoming invoices in a company for timely approvals and fast payment.
Challenging Invoice Data Entry Process and Operations
Data entry for invoice processing involves digitally entering the information available on the invoice. The entered data is converted into a standardized format uniformly.
- The diversity of the sources of documents and data storage is challenging. Extracting relevant information from different documents requires substantial effort. Even you require a skilled team to utilize OCR or automated tools to solve the problem of standardization fully.
- Another major challenge of invoice processing is receiving it in paper form and the manual data entry process via an in-house. Such challenges can be solved through automated invoice and accounts payable processing.
- The solution to inefficiencies of paper documentation is solved through data digitization. Once an invoice is received, it is scanned and converted to the scanned image into a searchable document. You will have searchable electronic documents that make it easier to find and identify information at the reduced time in invoice processing.
- Build an easily searchable and extractable database. Different fields like supplier code, item type, and quantity are extracted to match the purchase order for accuracy. This helps to avoid errors and validates the data. It can be solved by combining manual intervention with the latest technology.
Say Yes to Outsourcing Invoice Processing Data Entry Solutions
Companies prefer to outsource Invoice Processing Data Entry Solutions to enjoy the following benefits:
- Cut Down Operating Costs
There can be three costs incurred in invoice management – direct costs levied to physically processing invoices, printing and mailing costs, and indirect costs like hiring employees for data entry. You can opt for an automated invoice processing solution with an outsourcing partner to manage your entire process at reduced costs, speed and high data accuracy. Outsourcing your invoice processing to a skilled and well-equipped analytical team can reduce costs significantly and leads to better invoice management.
- Shorter Cycle Times
Outsourcing your invoice processing data entry vendors also results in faster payment cycles. BPO service providers help you to receive, and process invoices from multiple sources like physical copies, scanned documents, or digital invoices quickly. Your outsourcing partner takes charge of document conversion and standardization of all the formats. With the help of intelligent automation, the missing fields can be found in real-time.
- Streamline Your Approval Process
Your outsourcing partner can streamline your approval process easily, leading to swifter approval and shorter payment cycles. Invoice approval is one of the biggest hurdles in the invoice management process. Invoices need to be approved and signed by multiple approvers. Invoices can disappear under piles of paper and lead to conflict. Automation outsourcing helps companies review invoices and send an auto-generated notification for multi-level approval.
- Higher Accuracy
Witness higher accuracy by opting for trusted invoice processing data entry outsourcing companies. An in-house manual invoice processing brings inevitable errors in data entry and processing that can lead to invoice backlog and delayed payments. Avoid errors with the automation of data entry for processing invoices. Standardization and centralization of all your invoicing datasets make it easy to analyze expenditure and payments.
Outsource Invoice Processing Data Entry Solutions and Your Accounts Payable Entirely
Time reduction and data accuracy are the two biggest resources that account payable needs. Companies find it challenging to complete error-prone and redundant processes if it is handled manually in-house. Companies prefer outsourcing to data entry service providers to streamline the Accounts Payable and invoice processing with an efficient partner leveraging a mix of automation and human intervention to ensure speed and accuracy.
ARDEM Invoice Manager (AIM) at ARDEM provides you with customizable invoice processing solutions. It is a cloud-based network with a complete solution for accounts payable and invoice processing.
Automating your invoice processes helps reduce costs and lower cycle time. Different vendors mean different formats, outsourcing implements 3 or 4-way validation processes to ensure the high accuracy for data entry. Volumes will not fluctuate the data quality when your business moves toward scalability with invoice processing outsourcing.
Best Invoice Processing Solutions with ARDEM
Companies looking for a one-stop outsourcing solution for all your payment processes rely on ARDEM’s Accounts Payable Processing solutions and the ARDEM Utility Manager for utility bill management.
ARDEM provides an invoice processing solution that can manage all the paper invoice documents coming through an accounts payable department – vendor invoices, freight bills, time reports which are often modular in design and can help cut costs and improve efficiency whilst also boosting control. All paper and electronic formats can be processed through complex workflow processes. ARDEM is managed by experienced professionals aided with high-end Invoice processing data entry skills, which ultimately eliminates paper from accounts payable. This invoice data entry provider’s solution should integrate seamlessly with back end finance solutions such as Oracle E-Business, PeopleSoft, JD Edwards, SAP, Coda, etc.
- The ARDEM Invoice Manager (AIM) can lower your invoice processing costs by an immediate 30%, saving you both time and capital.
- AIM reduces your cycle times by up to 65% or more. It allows you to mail or forward all of your paper-based invoices directly to ARDEM. It gets sorted, scanned, and uploaded as images to our cloud network.
How it Works
When invoices enter the accounts payable department, they can either be scanned into the invoice processing solution or, if they are in an electronic format, the data is transferred. Optical Character Recognition (OCR) technologies can sometimes be used to automatically read the data on the invoice. However, this requires quite a fair amount of manual clean up after the process- usually requiring more time for the entire process.
ARDEM’s double key + compare quality check entry method is the most accurate way to have data entry services accomplished. This manual data entry can be carried out using a range of indexing tools and a series of programmatic validations to make this a quick and accurate process.
Invoice management platforms are often integrated with the financial system to share the invoice data and avoid duplicate data entry. For any invoices that arrive without purchase orders (POs), the coding and authorization modules can be used to automate the coding and approval. The coding module allows either the procurer or the accounts payable department to code the lines of the invoice online. This reduces the issues of invalid or inappropriate codes being used and speeds up the process by using intelligent defaults and validation rules.
Authorization modules automate the invoice approval process: email alerts are sent to procurers with a hyperlink to their in-tray where they can view a list of invoices to be authorized. They can then either accept or reject each invoice, with options to refer or forward to a colleague as well.
For invoices with purchase orders, matching and resolution modules allow any invoices that automatically match the receipts to be automatically posted to a client’s finance system.
If invoices arrive with no receipts, the invoice processing solution will prompt the procurers to receive the goods using similar functionality to the authorization modules. It also manages the approval process for discrepancies between orders/receipts and invoices and facilitates coding adjustments for authorized discrepancies.
Once invoices are approved, the invoice processing solution can post the details to the client’s finance system, the invoice image and associated details are then available for retrieval. Using ARDEM’s invoice processing services makes analysis a simple step and ensures your business processes are running as efficiently as possible.
Main Benefits Of Our Invoice Processing Solutions
- Reduced costs and volumes of data entry
- Reduced cost and time in coding and authorizing invoices
- Removal of duplicate invoices
- Improved supplier relations
- Increased productivity of the accounts payable department
- Improved control over key business processes – Improved level of service to internal departments
- Improved management information
- Elimination of the “paper chase” through accounting outsourcing.
ARDEM data entry services clients are located in New York, New Jersey, California, Texas, Colorado, Nevada, Arkansas, Oklahoma, Illinois, Massachusetts, Florida, Ohio, Missouri, Wisconsin, Virginia, Maryland, Kentucky, other states, and Canada. ARDEM document scanning service clients are found in New York, New Jersey, Virginia, Maryland, Washington D.C. and Connecticut.
ARDEM provides Business Process Outsourcing and Business Process Automation Services to established companies to help them improve operational Efficiency and Reduce Costs. For more information, please reach out to us at email@example.com or call us at 908-359-2600.