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Jun 02
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What is accounts payables process?

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The accounts payable process involves managing a company’s financial obligations to its creditors and vendors that includes the following steps: 

  1. Invoice Capture, Organising, and Reviewing: AP process starts with invoice capturing and separating invoices for proper organizing. The Accounts Payable team monitors the email inbox regularly to avoid invoice processing delays. The team needs to code the invoice based on their type (PO or non-PO). To avoid risks associated with data accuracy, companies automate their invoice processing. 
  1. Matching: PO-based invoices are reviewed and matched to the POs (purchase orders). The AP team verifies if the number of products or services mentioned, costs, discounts, etc., are correct in the invoice. 
  1. Invoice Approval and Recording: Next, invoices are sent for approval. The team tracks the approval process to ensure prompt approval. After invoice approval, invoices are recorded in the company’s accounting system with accurate data. BPO (business process outsourcing) companies help businesses to automate the Accounts payable processes for timely invoice approval.  
  1. Payment Authorization and Execution: Once the invoices are ready for payment after approval, the AP team needs the authorization to remit the payment. Following payment authorization, the invoice is paid and the vendor is informed. Now the invoice is closed in the system. 

When companies outsource accounts payable, BPO companies take a closer look at their internal processes to understand what can be done to improve the Accounts payable efficiency in the company. They weigh out vendor relationship management. Then, start working to streamline the end-to-end Accounts payable process. 

Jun 02
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How do you audit accounts payable?

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An accounts payable (AP) audit is an independent review of a company’s accounts payable records. The Accounts payable audit is aimed at checking if the payments are accurate, properly authorized, and made on time and if transactions are recorded properly. Companies consider an experienced business process outsourcing (BPO) service provider to maintain their AP processes. 

Four Stages of Accounts Payable Audit 

  1. Planning for an Accounts Payable Audit 

Start by scheduling the Accounts Payable audit. The meeting is scheduled to discuss standard operating procedures (SOPs). The company and the auditor establish the goals and parameters to create a precise Accounts Payable audit plan. 

  1. Record Examination – Fieldwork for AAccounts Payable Audit Procedure  

The fieldwork phase is when auditors dive deep into Accounts Payable records and documentation. Auditors spend several days or weeks to determine if the transaction records are correct using a cut-off test’ depending on company size. They look over the company’s financials – Balance sheet, general ledger, purchase orders, vendor or supplier invoices, and other documents.  

  1. Accounts Payable Audit Reporting 

After completing the fieldwork, auditors put the findings into a final audit report that compiles and analyzes the research. Auditors provide feedback. They highlight guidelines and any immediate issues and concerns. 

  1. Accounts Payable Audit Follow-up Review 

An Accounts Payable audit report is not the end of the process. Based on the report, there will be a follow-up to determine that the company has resolved the highlighted concerns and achieved satisfactory results. 

Accounts Payable audit not only confirms whether the company is following proper processes, but it also helps to know how it can run the business more efficiently. By partnering with a trusted accounts payable outsourcing partner, companies can transform AP processes and resolve concerns highlighted in the audit report to drive efficiency.

Jun 02
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How can my Accounts Payable Department save money? 

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A company’s accounts payable (AP) department can save money in several ways as defined below: 

  1. Negotiating Payment Terms with Vendors: The Accounts Payable department can negotiate with vendors and suppliers for longer payment terms. It enables the company to save money in their accounts by delaying payment.  
  1. Early Payment Discounts: Accounts payable departments can receive discounts offered by vendors for early payments. It allows companies to save on the cost of goods or services. It requires adequate cash flow in the company. Accounts payable outsourcing can help companies in effective cash flow management.  
  1. Automation: Companies can automate their payment processes for accurate data with minimal human effort. Errors prolong invoice processing. Automation can reduce error-related costs. Reputed business process outsourcing companies, like ARDEM, can provide 99.7% accuracy using the latest technologies for invoice capture, data entry, validations, processing, etc. 
  1. Outsourcing Trained Teams: Companies can outsource their Accounts payable department with ARDEM to avoid the costs of recruiting and training the staff. Scale up an Accounts payable team of skilled personnel quickly and conveniently.  
  1. Reduced Processing Costs: Corporations, which shift to automation from manual Accounts payable can benefit from cost-effective invoice processing. Manual invoice processing can cost around $12-$13 per invoice. An automated Accounts payable system can reduce the cost per invoice significantly. 

Thus, companies can outsource accounts payable with experienced BPO (Business Process Outsourcing) service providers to leverage their latest technologies and business process automation. 

Nov 19
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How Do I Go About Planning My Data Capture Project?

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ARDEM connects and consults on your project goals. Along with project requirements we put together a highly skilled team to solve your data capture issues and assignments. The aim is to focus on in-house data entry technologies based on the defined tasks in the most efficient manner and deliver the most accurate data to you. We are also open to explore various new software and methods if the project demands so.

We take details of your current data capture process, if any. We understand your outsourcing goals in terms of outsourcing, the requirement improvements and current resources being used. It is important to nail down clear end goals in terms of business growth requirement, cost, streamlining of processes or all. If your projects demands so, we create the data entry process from scratch and work through the workflow test and pilot production and final data production stages.

Nov 19
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What is the Accuracy & Quality of Data Capture?

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ARDEM operates at a 99.97% or higher accuracy of data for our clients. To achieve the highest accuracy, ARDEM Data Capture platform use double key data entry along with data quality checks, validation routines, and data verification checks to assure the highest accuracy of data possible. We work in three shift basis with maintenance of continuity so that workflow and quality is unaffected.

Nov 19
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What Business Processes Can I Outsource With Data Capture Services?

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You can outsource Business Processes (often referred to as Back-Office Processes) related to Data Processing and Data Management in Accounting, Marketing, Sales, Manufacturing and Human Resources. Any, information that is available in digital format and is actionable based on a rule structure can be outsourced.

The processing and management of any information that first needs to be digitized to make it actionable can be outsourced. Examples, of tasks that can be outsourced are- Accounts Payable Processing, Energy and Payment data processing from Utility Bills, collection and analyses of Market Survey data, processing and fulfillment of customer orders, processing of freight bills of lading, and on and on.

Within HR & Production we also capture data from specification sheets, inventory, disbursements, resumes and other databases that need to be created.

ARDEM helps you collect data in handwritten, machine typed, digital, paper, and various other formats. All data is collected, organized, reported on & captured as specified by you. With a mix of ARDEM Data Capture and ARDEM Data Entry platform, we ensure that all data is delivered with the highest data accuracy.

Information is being collected and processed in every business process and each functional area- Accounting, Marketing, Sales, Production, Human Resource, for business insights.

  • In Marketing customer data is being collected, market surveys are being conducted.
  • In Sales, orders are coming from customers and are being entered into the system.
  • Accounting requires incoming invoices to be entered into the system.
  • Production data from specification sheets and inventory, disbursements are being recorded.
  • Human Resource data is being collected from resumes and databases are being created.

Various input methods such as Surveys, Rebates, Claims, Application Forms, Mailing lists, Invoices, Sales Orders need data to be captured or transcribed from the incoming source format into the enterprise system. Data may also need to be collected and compiled with data mining and data indexing services. With a mix of ARDEM Data Capture and ARDEM Data Entry platform, we ensure that all data is delivered with the highest data accuracy. ARDEM is a data entry company that has consistently delivered highest quality data, every time.

Nov 19
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The Data I’m Dealing With is Confidential – How Do You Protect It?

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With ARDEM, you can be assured of highest levels of security and privacy.

We take protecting your data very seriously. We comply with ISO 27001 data security standards and address data security at the employee, physical and network levels. We also utilize VPNs and SSL for data transmissions, PGP and at rest data encryptions, to keep your data secure. We are also a HIPAA compliant facility for the protection of your data and offer ePHI, PII and Business Associate agreements further protection of your data at ARDEM.

Data Security is addressed at the physical location level, the people level and at the network level. We take our role as a temporary repository of your data seriously. Complying with ISO27001 data security standards we address data security at the employee, physical and the network levels. Utilizing VPNs and SSL for data transmissions, PGP and at rest data encryptions, we keep your data secure. HIPAA Privacy Policy for protection of your data is in place for ePHI and PII and Business Associate agreements further protect your data at ARDEM.

Nov 19
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How Do I Select the Right Data Capture Outsourcing Company?

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Evaluate a company’s PEOPLE, PROCESSES AND TECHNOLOGY – these are the three pillars of any strong and successful outsourcing company.

Communication is key to a successful outsourcing partnership. This is why at ARDEM we keep you informed of the progress on your assignment, and of any issues which may occur in the data capture delivery process which could impact your business. The data capture service company which can bring the best people, the most robust processes and the latest technologies to assure the highest accuracy of data is a good choice for a data capture outsourcing company.

Not all data capture companies are created equal, you can select the right outsourcing company by following key parameters like:

  • Data Accuracy Guarantee
  • Their Data Entry Processes
  • Quality Control Processes
  • How they handle workload volume fluctuations
  • How they train their people.
Nov 19
Love0

How Can I Grow My Business With Data Capture Services?

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Data Capture is generally the first step in any business processes. Outsourcing your data capture services allows you to concentrate on your core activities to further enhance your business. An experienced data capture outsourcing partner can not only handle data capture tasks to reduces costs, improve quality and accuracy, but also improves your productivity by becoming a significant partner to further business expansions.

Jun 22
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Do you have the Adequate Technology & Infrastructure to Support my Legal Process?

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Our headquarters, in New Jersey, host the in-house cloud-based network that enables us to provide our clients with advanced cloud computing solutions inclusive of cloud collaboration platforms like ARDEM Collaboration, as well as cloud-based BPaaS solutions for data processing, document conversion, survey processing, and more.

Our operations are spread across the United States, South America, India, and the Philippines, where our teams work in 3 round-the-clock shifts to keep your data moving. Our hybrid approach combined with our high-performance teams ensures that your data continues to be processed and delivered, come what may.