What Type of Data Entry Services Can You Outsource?

Any business generates huge volumes of data, and since time immemorial it has been processed to the full satisfaction of the owners. But there is a subtle shift in this scenario today. In the past, data entry and processing had always been a manual function that necessitated hours upon hours of intense calculations involving a lot of man-hours. Now, it is a matter of how quickly and accurately you can enter data into a system and generate reports speedily using the latest state of the art software and hardware.

Data Entry Services

But do you really need to go through this process in-house? From a broad perspective, the answer will be an emphatic NO. If data entry is not your primary line of activity, you are actually wasting precious resources. You can avoid huge investments to set up necessary technologically advanced systems that are required for data processing. This savings in costs can be channelized to offer your clients better products at competitive prices as well as invest in new product launches that will have a positive impact on your bottom line. Further, you can better utilize qualified personnel to carry out core activities that have a direct effect on business growth and development, sales and profitability. For this to happen, you should opt to outsource data entry services.

But before looking around for a reputed data entry outsourcing company that matches your business goals and objectives, you should have a clear conception of the types of services you’d want to outsource. This varies between industries. An example will clarify this point. For the insurance sector, apart from a few core activities, the bulk of back-office functions are outsourced. For the health industry, the emphasis will be on bills and invoice processing as well as insurance claims of patients. The degree of accuracy required also varies and the extent desired should form the basis of any contract. Hence, decide on the services and take it forward from there.

Here are a few types of data entry services that you can generally outsource. The list is merely indicative and by no means exhaustive in nature .

  • Bills and Invoice processing – This is good for all businesses. But you will do well to supplement this with ancillary accounting functions. Link Accounts Payable and Accounts Receivable to bills and invoice processing and you’ll have a ready information package to ensure smooth flow of working capital.
  • Bulk data entry – This will include both printed and handwritten data and will be put into formats that will facilitate easy report generation. Most outsourcing companies especially if they are offshore will enter incremental data uploaded by you at the end of the day and have the reports ready in the morning of the next day, taking advantage of the time differentials.
  • Credit card processing – Almost all outsourced agencies have fail-safe security and encryption systems in place for data safety. You can, therefore, entrust credit card processing to data management services and be sure that your clients’ confidential information will be well protected.
  • Database creation – At the root of smooth functioning of your business is a well-structured database from which you can repeatedly draw data and reports to take crucial business decisions. Outsourced agencies will take all your raw data, enter it in a systematic form, maintain updates and present it to you in whatever form you require.
  • Data cleansing – This is also called data scrubbing and is one function that you should definitely outsource. It involves modifying and removing from your database all incorrect wrongly entered data and those that have been duplicated. These might have crept in at some point of time but once the outsourced company has cleansed your database, you can depend on them to maintain it accurately.

There are limitless types of data that you can outsource. These companies have achieved a high degree of sophistication and credibility and have optimized their operations by adopting the latest technological innovations in their systems. Further, they use Virtual Private Network (VPN) and File Transfer Protocol (FTP) for file exchange and this is a guarantee of data security for you. Spin off your data entry functions and focus on what you are best at – devising strategies for business growth and development.

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What to Expect When Getting Your Work Done by an Accounts Outsourcing Company?

There are many advantages of outsourcing accounting services. With an outsourced accounting company, you’ll obtain real-time data, collaborative accounting, along with the liberty to focus on your business whilst a different company manages the accounting on your behalf.

An increasing number of small businesses are drifting off from in-house divisions and shifting toward employing an accounts outsourcing company.

However, precisely what can you anticipate when you finally make that transition? How will the switch-over from in-house accounting to outsourced accounting transform your business?

Accounts Outsourcing Company

Here are the things you can count on when working with an accounts outsourcing company:

Good Money & Time Savings:

You can forget the hiring, interviewing, engaging, and training fresh staff. No longer decline in efficiency all through the complete hiring procedure. Absolutely no more forfeited income at the time of the transition as a result of a new-hire accounting miscalculation.

However, as soon as that staff member has been totally trained, he or she nevertheless costing you roughly 40% more than their basic pay for a number of predetermined expenditures. Whenever using an outsourced accounting firm, you get rid of employing, training, basic pay, as well as turnover expenses. Not forgetting hours upon hours of your time and effort. Precious time you should be investing in innovating, not coping with accountants.

Superior Utilization of Your Data:

A lot many business owners are changing over to outsourcing accounts mainly because there’s an actual requirement, more so at this point than in the past, to increase the power of their data.

To completely maximize data, it’s essential to consider accounts outsourcing companies which have the know-how, straight focus, and technological innovation to appropriately examine the statistics. With an accounts outsourcing company, small businesses are able to find out more from their data and utilize it to enhance procedures.

While in-house handle transactions, a business outsourcing company will assist you to have an understanding of the statistics powering your business. They can assist you fully grasp your P&L documents, evaluate your accounting intelligence dash panel designed to help you outline and gauge business objectives, and improve business continuity by removing the chance of misplaced data with the disappearance of a staff member.

High-end Security and Safety:

A lot, if not all, outsourced companies make use of properly secured servers in the cloud (shielding against physical data theft, and to improve business continuity and disaster recuperation) to save your accounts information.

The cloud is amongst the safest places to save your data, which is the reason a number of business owners are changing over to cloud accounting. With the cloud, your information continues to be well protected 100% of the time, regardless of other things.

Assured data and financial stability are the life-blood of accounts outsourcing companies. They totally and thoroughly depend on it. The technological innovation and devices are in place for revolutionary protection with these companies.

Given that you realize what to look forward to, it’s time to make the change! Cogneesol is prepared to lend a hand. Have a discussion with us today at +1 646-688-2821.