INVOICES PROCESSING SERVICES

Invoices data processing services : Retyping or OCR/AI extracted data validation

Processing invoices in 25+ languages with strong accuracy, awesome scalability at a very low cost

Our Invoice Proccesing Company helps finance department of fortune companies & RPA/OCR/IDP/AI oriented companies to retype or validate invoices data.

INVOICES PROCESSING SERVICES

Even with new type of financial documents like E-invoices , 70 % of enterprises today still receive papers invoices, even with AP automation processes using OCR, IDP, RPA or AI, the processing of invoices remains a huge challenge.  Get the right data from invoices to your financial back office quickly and without errors is still a complicated task especially with invoices / receipts of different layouts. Technologies still need scalable human workforce and for that reason we propose a mix of technologies & human resource validation for your invoices processing.

AUTOMATED PART ( 80 % )

Our invoice processing company partners with the best AI / OCR / IDP/ RPA software. Depending on your processes we will use the best invoice processing solution (without any markups) which is the best fit for your organization.

HUMAN PART ( 20 % )

Our own delivery centers has hundred of experienced flexible human resources to do the retyping  / validation to guarantee a 99,95 % accuracy rate

YOUR ADVANTAGES USING OUR SERVICES FOR INVOICES PROCESSING

COST SAVINGS

REDUCE YOUR COST DRASTICALLY 

Automation + offshore delivery centers offer by far the best combination for cost reduction you can dream of up to 80 % savings

STAY SECURED

  • GDPR compliance
  • ISO 27001 framework
  • Top data security protocols

STAY AGILE

  • 24 X 7 coverage 
  • Big Ramp up /down in less than 24 hours
  • Use us only for the validation process or the all processes 
  • Very flexible commitment 

ALL LANGUAGES

  • We do data processing of invoices in more than 25 languages 

INDUSTRIES & CLIENTS WE SERVE

Some big names who trust us for their data projects

BILLING
OPTIONS & PRICING

BILLING OPTIONS

By unit (invoice, field)
or by hour with guaranteed productivity.

 

BILLING PRICES

Largely depends on the volume, language and number of fields per invoice.
Exemples : 0,045 EUR per invoice for Post OCR validation,
0,075 EUR per retyped invoice with double entry process

 

So, you’ve decided to outsource your invoice processing and other portions of your business? 

We can safely say that you’ve made a wonderful choice, and with outsourcing invoice processing services to a company, you can expect benefits like the ability to allow your employees to focus on core business activities, better service quality to your customers, and ultimately, lower operational costs, among others.

The thing is, while outsourcing invoice processing to a company is undoubtedly a great way to accomplish your invoice processing tasks and ensure smooth day-to-day operations, choosing the right outsourcing provider is often easier said than done.

Not all companies offering invoice processing services are the right fit for your business and your business processes, and if you choose the wrong service provider, it can be counterproductive instead of bringing benefits to your business.

In this guide, we will discuss how you can effectively find outsourcing services for the task of processing your invoices to ensure you are outsourcing your business process to a company with adequate resources and necessary expertise.

Without further ado, let us begin from the basics.

Outsourcing: The Concept

Outsourcing, by definition, is a practice of hiring a third party (individual or company) outside the business to perform a business task (or tasks) that is previously performed in-house by the business’s own employees.

Why do companies outsource?

While there can be various reasons why companies outsource a portion of their businesses, the basic reason is so that the company can stop spending their own time and resources on a certain task. This allows the company to:

  • Lower their overhead by outsourcing to companies willing to perform the work at a lower cost (i.e., outsourcing to third-world workers with lower labor costs)
  • Freeing up their employees from performing the task (especially repetitive and time-consuming tasks), so they can use their time to perform other, more important tasks.
  • Outsource the work to more capable workers, especially for tasks that require a certain expertise or experience level for which building an in-house team will be challenging and/or expensive.

Specific to invoice processing, companies use outsourcing to allow their team to focus on the core aspects of the business and move the important but less critical invoice processing tasks outside the company. 

In the next section, we will break down the various benefits your business can potentially get by outsourcing your invoice processing to a specialized company.

Potential Benefits of Invoice Processing Services

  1. Improved Cost-Efficiency

By choosing the right service provider, companies may also cust labor costs, including overhead and salaries, by outsourcing invoice processing.

For example, if your business is located in the US and you decided to outsource invoice processing to a service provider offering AP specialists, you can get the job done at a fraction of your in-house cost due to the wages difference between the US and these countries.

  1. Improved Efficiency and Accuracy

Not only can you get the invoice processing job done at a lower cost, but you can also get the job done at a better quality and accuracy. So, low cost in outsourcing does not mean lower quality.

By outsourcing to a credible invoice outsourcing company like Oworkers, they’ll bring years of experience and expertise in invoice processing services, so they can perform the job better and more efficiently with their worker’s understanding of the field.

Ultimately, this will result in improved efficiency and productivity of not only your invoice processing workflow but the whole bottom-line of your company.

  1. Access to Skilled Experts

Hiring and training employees to meet the requirements of your invoice volume and complexities can be difficult, time-consuming, and expensive. Providers like Oworkers take care of the resourcing needs with their pool of highly skilled experts that are experienced in handling complex and/or high-volume invoice processing situations. You can get access to this expertise and capabilities by working with the best invoice outsourcing company.

  1. Lower Upfront Investment

Outsourcing your business processes allows your company to eliminate the need for upfront investment in infrastructure (i.e., required software solutions), as well the often expensive costs of vetting, hiring, and training new staff discussed above.

  1. More Satisfied Suppliers and Clients

By improving the accuracy of invoice processing and decreasing the time it takes for the suppliers and clients to receive payments, you’ll improve your company’s ability to deliver its values and build lasting relationships.

  1. Taking Advantage of Time Zone Differences

Another key advantage of outsourcing your invoice processing to a professional company, or any business process in general, is the fact that you can take advantage of the time zone differential between your country and the location of the workers you are outsourcing to.

For example, you can let them get important tasks done while it’s night in your location and have the tasks being delivered first thing in the morning. When managed well, this can allow 24/7 invoice processing and operations for your business.

  1. Focus on Critical Operations

For most businesses, while invoice processing service is important, it’s not considered a critical process for the business. 

Thus, by outsourcing your invoice processing services, it would free your team’s time, resources, and energy so they can focus on more core areas of your business and deliver more value to your customers.

Challenges In Invoice Processing

In order to be able to choose the right invoice processing outsourcing company for the invoice processing task, it’s crucial to first understand the common challenges in invoice processing, so you can evaluate different invoice processing service providers in their abilities to solve these challenges:

  1. A repetitive and manual process with too much paperwork

Many invoice processing companies still rely on using manual processes, especially paper-based and email-based processes, in their invoice processing, and these manual processes are not only time-consuming to perform but also often risky.

Employees may input the wrong information into the database, and documents may not be collected in time, among other similar issues.

Since, for most companies, invoice processing services are not a core operation, all of these issues can add up and may disrupt the organization’s overall productivity.

  1. Mismanagement causing late payments

Issues in invoice processing service may cause late payments, which can hurt the company’s reputation and can also be financially costly in the form of penalties.

Employees responsible for handling invoices and accounts payables are often stuck on time-consuming and repetitive tasks, which can lead to lost invoices, misrouted emails, and other issues that can contribute to late payments.

  1. Multiple disconnected apps and systems

Many organizations still rely on too many standalone systems in processing their invoices: one for suppliers to submit invoices, another for keeping database, another for confirming payment, and so on, and all of these disconnected apps can complicate the user experience of your team, leading to errors and late processings.

On the other hand, investing in a single all-in-one solution or building adequate infrastructure to ensure a streamlined workflow can be expensive and difficult, so it may not be a preferred solution.

  1. Scalability issues

If you are a relatively small company handling only one or two suppliers to handle, then invoice processing may not be too much of an issue. 

However, as your business grows, your accounts payable staff may be bombarded with numerous emails and calls from different suppliers, and you may need to hire and train new employees to meet the increased invoice volume. 

Scalability can be a major issue and will exponentially grow as your business grows.

  1. Poor visibility

Implementing a comprehensive invoice processing workflow that is both transparent and accountable is difficult, and so many companies still rely on an archaic, paper-based, and email-based invoice processing system, and it’s very challenging to keep track of where things stand in this manual system.

Without enough visibility, it’s going to be difficult for businesses to manage their cash flow and payments-related risks. 

Factors To Consider When Choosing an Outsourcing Invoice Proccesing Service Provider

In order to make the most of outsourcing the invoice processing workflow, you’ll have to choose the right outsourcing provider that can tackle the challenges above and meet your unique needs as a company.

Here are some of the most important factors to consider when choosing an invoice processing service provider for your invoice processing:

1. Different Types of Invoice Proccesing Services

There are actually several different types of invoice processing services based on two key factors: distance and relationship.

Invoice processing service types based on distance

  • Onsite: the invoice processing service provider sends a worker (or workers) to work in your office. This is an ideal model to choose if the task to be outsourced requires more control and supervision.
  • Onshore: the invoice processing service provider offers professionals from the same country as the company outsourcing the work.
  • Nearshore: the invoice processing service provider offers professionals from different but nearby countries (i.e., neighboring countries) as the company outsourcing the work. Typically the outsourced professionals share the same time zone with the company.
  • Offshore: the invoice processing company offers professionals from different countries with different time zones.
  • Multisource: a company may outsource its business processes to multiple service providers offering workers from different locations so the company can enjoy the different benefits of each model, as illustrated above.

Outsourcing invoice processing service types based on distance

Outsourcing invoice processing service providers can also be differentiated by the level of responsibility and ownership shared between the service provider and the client (the company outsourcing its process):

  • Project-based: the outsourcing service provider assumes most responsibility for the task outsourced and will handle the tasks (or projects) based on the client’s requests and requirements.
  • Staff-augmentation: the client still assumes the majority of the responsibility. The task is still managed internally, while the service provider ‘only’ supplies the worker to perform the task.
  • Dedicated team: the client and the outsourcing service provider share the responsibility of the project almost equally. The client can request which aspects of the project the service provider is responsible for and vice versa.

It’s crucial to first identify your company’s invoice processing needs so you can choose the right type of outsourcing model according to your unique requirements.

2. Versatility and Scalability

When choosing an invoice processing company, it’s important not only to assess your company’s current condition but also how you envision the company to grow in the short and long term.

While you can switch invoice processing service providers as your business grow, changing to a new service provider can be challenging, time-consuming, and costly. Typically it’s more cost-effective to choose the right service provider the first time around.

Ideally, choose an outsourcing invoice processing service company that can follow your business as you grow. For example:

  • How easy and how fast will it be to add new professionals according to your needs?
  • How easy will it be to reduce the number of workers?
  • Will the invoice processing service provider be able to add new infrastructure as required by your project?
  • Can you outsource different tasks or projects as you go?

3. Service and Communication Standards

It’s also important to choose an outsourcing invoice processing service company that offers high-quality service and communication standards so they can support your business’s values. This is especially important when outsourcing invoice processing since your outsource workers may also interact with third parties (i.e., your suppliers.)

When evaluating different service providers, make sure to assess how well the service provider understood your company’s needs and values. Can they be able to effectively solve your invoice processing problems while also meeting your service excellence standards?

Always be specific with your requirements, and avoid using vague terms. If possible, also ask the tools/solutions they’ll use, especially if for tools used for communications with your internal team and third parties.

4. Outsourcing Location

If you decide to choose a nearshore or offshore invoice processing service, you may want to consider several factors when making your decision about the preferred outsourcing location:

  • Time-zone difference: while time-zone differences do have their benefits, they can also be a hindrance in communications and management.
  • Cultural barriers: pretty self-explanatory, cultural differences can be an issue when not managed properly
  • Immigration rules: if you are going to have onsite workers.
  • Service capability: based on the time-zone differences and other factors, whether the invoice processing company can cover 24/7 service capability?
  • Ease of communications: how practical will it be to conduct regular meetings (i.e., via video conferencing)

Although it may depend on your invoice processing volume and complexities, in most cases, invoice processing is not a very technically-demanding job, so you may get away with outsourcing the job to offshore countries that offer lower labor costs (i.e., India, South East Asia, Latin America). 

Again, evaluate your needs and requirements, as well as the available budget, and choose an appropriate outsourcing location accordingly.

5. Data Security and Privacy

In outsourcing your invoice processing tasks, it’s natural that you will share sensitive/regulated data with the invoice processing company.

This is why it’s very important to choose a credible and trustworthy outsourcing invoice processing service provider while also implementing proper security management and best practices.

Evaluate everything thoroughly before signing a contract with a invoice processing firm, and if necessary, hire a lawyer to protect your company. In outsourcing your invoice processing task, it’s typically better to make sure you hold all IP rights while the outsourcing service provider doesn’t assume ownership.

6. Technology and Infrastructure

Since many challenges surrounding invoice processing has to do with technology (i.e., whether invoices are processed in a centralized solution that offers visibility), make sure the chosen service provider has the right invoice processing technology solutions and infrastructure that can meet your requirements.

Don’t hesitate to ask the service provider candidates about the invoice processing solutions they’ll be using when handling your project, and make sure they are using solutions that are:

  • Easily accessible by your internal team so you can monitor progress
  • Meets latest industry standards
  • Proven to be secure
  • If the solution is going to be accessed by third parties, make sure it’s mobile-friendly

When evaluating different invoice processing providers regarding technology and infrastructure, also consider scalability and your plans for the future. Inquire the service provider whether they are planning to add more technology solutions in the near future, and also ask about their resource policy.

7. Costs

Even if lowering labor costs is not your priority when outsourcing the invoice processing workflow (which is common for companies that want to focus more on executing core business operations), it’s still important to choose a service provider that is cost-effective.

However, you shouldn’t select invoice processing companies solely based on cost alone, but rather you should weigh the balance between their price and the value they are offering.

Also, ask clearly about payment terms and whether rates are paid hourly, by the task, or other methods. Discuss everything related to finances carefully, and put it all in writing.

Wrapping Up

Choosing a credible and experienced invoice processing services for your invoice processing workflow can help your business to put more focus on critical day-to-day operations and lower the labor costs you’d otherwise need to spend when processing your invoice in-house.

Above, we have shared some basic principles and actionable tips on how to choose the right service provider for invoice processing according to your needs and requirements. Evaluate your needs first, then use the principles we’ve shared above to evaluate your choice. 

Don’t rush, give yourself enough time to evaluate every possible invoice processing company before committing.