An Insight to Data Entry Outsourcing Requirements of Different Industries

Past couple of years were patchy for data entry firms when data entry outsourcing to freelancers had increased significantly. However, when the efficiency reduced, cost to company inflated (in proofreading as well as revising again) and quality of services lowered, the requirement of specialist data entry outsourcing companies rose with a reassurance to resolve the low output problems of businesses, which will continue to increase in the forthcoming years.

Data Entry Outsourcing

Furthermore, the transition in the direction of more specialists, focused requirement of online and offline data entry services had compelled the businesses modify their infrastructure, enhance competencies of data entry staff by means of consistent training and exposure to professional data entry requirements, append value-added benefits to clients, and taking the responsibility of data or perhaps information protection and privacy at its maximum level.

Until not too long ago, data entry was regarded as straightforward keying in of accessible data from a single source to an electronic format. However, with the introduction of a large number of new businesses, development of modern technology and diverse data entry demands has lead to an increased requirement of extensive and advanced data entry services.

How data entry services has transformed over the years in comparison to conventional data entry opportunities?

Data Entry for Healthcare & Medical Sector:

  • Patient data
  • Medical records
  • Health insurance billing forms entry
  • Claims data entry , medical reports entry and so on

For this kind of data entry, professional expertise in the healthcare field, with 11,000 kph and fantastic accuracy is required.

Data Entry for Accounts, Tax & Financial Sector:

  • Accounts data entry
  • Payroll data entry
  • Finance records entry
  • Bills data entry
  • Account payable and receivable data entry

This kind of activity requires significant control over alphanumeric data entry in addition to the maximum degree of precision on 10 key data entry.

Academic Sector Data Entry :

  • Data entry of text books
  • Research documents data entry
  • Entering of recorded digital lectures
  • Lectures data entry
  • Data entry of scanned docs
  • University question & answer sheets entering

These are huge and voluminous demands wherein the maximum amount of persistence, quite organized data entry centers to fulfill immediate workload of data entry projects and less turnaround time is mandatory.

Data entry services is an extensive niche wherein legal, advertising, journalism, print and publications, retailers and eCommerce are the forthcoming sectors in search of the competent teams of specialists and businesses that are in a position to assist in their requirement of superior output by rendering quick, precise and economical data entry services.

Cogneesol, a world-class outsourcing company offers all kinds of data entry services to the clients across the globe. We have worked with multiple industries at quite economical costs. We also offer a free trial to everyone interested in our services, with no obligations. Contact Cogneesol today +1 646-688-2821.

Understanding the difference between Accounts Payable and Accounts Receivable

Before going into the difference between Accounts Payable (AP) and Accounts Receivable (AR) it will be relevant to look at what these accounting heads actually reflect.

Accounts Payable and Accounts Receivable

  • Accounts Payable – It is actually the amount that a company has to pay its vendors and suppliers for goods and services received. It is therefore treated as a liability in the books of accounts. Once payment is made, the liability is converted to expenses. Since the goods have been taken on credit for a certain period a track has to be kept of the contracted due date of payment. Large companies have thousands of such payable items and this is one reason why they prefer to outsource Accounts Payable Services. Missing a payment deadline by oversight or poor monitoring can tarnish the market reputation of the company.

  • Accounts Receivable – As the name suggests, it is amounts to be received by the company against goods and services given on credit and is therefore treated as an asset in the books of accounts. After a payment is received it is treated as an income. The company has to closely monitor the inflow of funds as payment defaults will put a stress on the cash flow and working capital requirements. This is also why firms prefer to outsource Accounts Receivable Services to specialist agencies that have the capability to recover even stubborn and long outstanding debts.

How do accounts payable and accounts receivable have a direct bearing on the health of a company?

AR is broken up by the average number of days to collect payment and DSO (Daily Sales Outstanding) is a ratio of AR to Average Sales per day.

AP is analyzed by the average time to make payment for an invoice and DPO (Daily Payment Outstanding) is a ratio of AP to the daily average of purchases or cost of goods sold per day.

Uninterrupted inflow of working capital can therefore be guaranteed by lowering DSO or hiking DPO. This is possible by outsourcing Accounts Payable Services and Accounts Receivable Services to firms that can maximize receipts and payments and keep DSO at a healthy 45 days.

What do these services have to offer-

  • Accounts Payable Services – The components of these services consist primarily of data capture that includes document storage and indexing and audit and reconciliation of invoices, electronic invoice and data processing, and incorporating mechanisms that eliminate the possibility of duplicate payments. Finally, payments too are monitored to ensure accuracy and to minimize floating costs of customers.

  • Accounts Receivable Services – By outsourcing this aspect a company stands to benefit in a number of ways. First, there is a steady recovery of receivables and cash flow and reduction of any stubborn or sticky debts. Highly experienced recovery teams help to recoup even old debts. Clients get consolidated reports and are therefore constantly in the loop on the financial position of the firm. Finally the state of the level of receivables collected and outstanding can be accessed any time from a common browser.

Hence, these are key factors in optimizing a stable financial position of a company and are therefore best outsourced.