Cost of the account data capture software is the main reason small businesses not embraced it in their accounting departments. The total cost of owning a sophisticated accounting capture may range from few hundred thousand to a million dollars. The cost includes but not limited to following:
1. Licensing Fee for the software (User based or CPU based access)
2. Hardware upgrade to install the software
3. Training for your employees
4. Software support and maintenance
Now in this situation, how a small business can find a better solution within budget!
The answer is to use an offshore outsource vendor to process all their accounts payable and accounts receivable data. They can use their existing infrastructure to send the data to offshore location securely through Internet to be processed by the offshore vendor. For more details on how the process works read
Cybelink Secure BPO
Each small business have their unique way of managing their accounts payable and account receivable departments, using an offshore provider will not change the overall operations of these departments. Only change is instead of small business personnel offshore vendor is responsible for converting all the account data from the scanned images to the accounting software or ERP system.
After receiving the scanned images, following are the typical tasks performed by the offshore vendor.
1. Use automated and manual process to extract all the data like invoice number, invoice date, and check number from the images.
2. Hardware upgrade to install the software
3. Enter extracted data to small business accounts software
4. Perform other accounting operations like Invoice preparing, Bill payment, and Check Printing in the small business account software.
5. Export the work from the accounting software to a file.
6. Send the file to the small business to import it into their accounting software for verification.
Once small businesses receive the finished files from the offshore vendor, they can import it into their accounting or ERP systems for verification and further processing it.
Small businesses can achieve several benefits from using offshoring accounts payable and accounts receivable services; cost of processing their paper documents will decrease by 50% to 60%. The cost saving does not come free, small businesses needs to overcome issues like
offshore security and
offshore outsourcing cultural issues issues. But by carefully managing their offshore vendors small businesses can gain the cost reduction and operational efficiency in their accounts payable and account receivable operations.
