| The main two types of accounting process i.e. | | | | OCR and ICR technologies into their product to |
| accounting payment and accounting receiving are | | | | capture the account data accurately from the |
| always same. It doesn’t matter to the size of | | | | scanned images. Thus there is a long way to go |
| the company. Since this process deals with cash | | | | to remove manual entry. |
| so it should be treated with extra care. Though in | | | | Remedy for Small business companies |
| this generation there are lot of modern gadgets | | | | These companies can outsource their data |
| like online bill payments, which save the | | | | securely through Internet to different offshore |
| company’s employees from long tiresome | | | | vendors for different account process. For more |
| paper work for making invoice but it could not | | | | details on read Cybelink Secure BPO |
| remove it totally. “Still today 80% invoice is | | | | Main advantage is we can use existing |
| done on papers” says the Aberdeen Group | | | | infrastructure to do all this. Even these companies |
| research report. This count is more for small | | | | donot have to change their way of management. |
| business. | | | | Only change is per scanned images will be |
| Features of Account Data Capture Software | | | | converted to accounting software or ERP system |
| Account Data Capture Software developed by | | | | After receiving the scanned images, some typical |
| different companies like Kofax , ReadSoft , | | | | tasks performed by theoffshore vendor which |
| AnyDoc and Abbyy converts all the paper based | | | | are listed below: |
| invoices, checks, bills, and other documents into | | | | 1. Using automated and manual process to extract |
| data to sent to the accounting or ERP systems. | | | | all the data |
| This software has really increased the efficiency | | | | 2. Hardware upgrade to install the software |
| of the accounts department of big companies. But | | | | 3. Insert this extracted data to small business |
| small company cannot use this software because | | | | accounts software |
| of its price and other problems which a large | | | | 4. Perform other accounting operations like |
| company can bear. | | | | Invoice preparing, Bill payment |
| Reason for which small businesses are not using | | | | 5. Export the work from the accounting software |
| automatic account data capture software | | | | to a file. |
| Beside Software cost other factors are: | | | | 6. Send the file to the small business to import it |
| 1. Software License fee (User based or CPU | | | | into their accounting software for verification. |
| based access) | | | | Small business companies can import the finished |
| 2. Hardware upgrade for proper interface | | | | files into their accounting or ERP systems for |
| 3. Employee training | | | | verification. Cost of the paper document reduces |
| 4. Maintenance and support of Software | | | | by 50% if offshore vendors are given for |
| You should have proper interface to run the | | | | accounting process. Small businesses need to |
| software. So you have to check your system by | | | | overcome issues like like offshore security and |
| the vendor. Moreover if scanning is done from | | | | offshore outsourcing cultural issues . Thus by |
| hand made documents on the scanned paper | | | | effective cost small companies can also get |
| then error may occur. Vendors still embraced | | | | valuable services. |