5 ways outsourcing data entry can help your company
Outsourcing data entry has always been a go-to strategy for cutting costs for most companies....
Every company needs a payroll and accounting clerk. Depending on the size of the company, a lot of payroll and accounting data entry work is often needed. Usually, Payroll and Accounting clerks have a lot of other tasks to manage. Since data entry is usually very time consuming, it might stall their work. Therefore, many companies choose to outsource payroll and accounting data entry fully or partially.
Read more about outsourcing data entry
Payroll and Accounting Data Entry Tasks
Payroll clerks usually deal with tasks such as employee management, collecting timekeeping information, calculating payroll based on hours worked, leaves, overtime, etc. In addition, they also manage and calculate tasks and deductions, staff bonuses, verify information, investigate discrepancies, update and maintain the information, etc. A payroll clerk will also need to perform a lot of data entry work. For instance, a payroll clerk would need to enter timekeeping information, schedules, hours worked in the system. They would also need to calculate payroll information based on the information they have entered. In addition, they need to enter the calculated data into a report.
If a company has a big number of employees, it would be impossible for one single person to manage all these tasks. Therefore, the companies would need to allocate a lot of resources to the Finance and Accounting department. However, if a company outsources part of these tasks, let's say, the entry-level ones, the processes will be finished faster. To add, the cost of maintaining a Finance and Accounting department would subsequently be lower.
On the other side, an accounting clerk has just as many tasks to perform. Among those tasks are spreadsheet management, invoice processing; accounts payable files and records maintaining, invoice uploading, etc. The above-mentioned tasks all require data entry.
Why outsource payroll and accounting data entry?
Firstly, a popular reason why companies outsource is to cut costs. This applies not only to outsourcing payroll and accounting data entry tasks but to every outsourced process. In-house costs do not include only employee costs and employee benefits but also costs related to technology and software.
Secondly, companies outsource for specialized support. By outsourcing the process, companies are delegating the tasks to a team with more expertise. This scenario is ideal for startups because it is a better option than managing it themselves or hiring an expensive team. Moreover, outsourcing expands the pool of talent and expertise to global dimensions.
Thirdly, recruitment and training are two reasons that are also of great importance. Not only do they translate to additional costs, but to more wasted time as well. And if a team member doesn't pass the test period or, for some reason, decides to leave, the recruitment and training process needs to start again.
Fourthly, outsourcing helps reduce risks of fraud. This is related to several aspects. One of them is working with expert and specialists and the other is having a quality team. A good outsourcing partner will also employ a quality assurance team to lend a pair of extra eyes and avoid any mistakes. In addition, fraud can be avoided because the extra control ensures that no illegal moves are made by employees.
Fifthly, small companies and startups that are growing usually decide to outsource payroll and accounting data entry or management since it helps them increase control, allocate resources to activities that help grow their business.
Lastly, an important reason is being in control and having more visibility. An outsourcing partner can generate detailed reports to help stakeholders have more visibility over the financial situation.
Outsourcing the full process
A Finance and Accounting department is made up of the following processes: accounts payable, accounts receivable, payroll, reporting, and quality. It is not only big sized companies that outsource payroll and accounting data entry. Startups do that too because it helps to minimize costs. Instead of allocating a lot of budget to maintaining a full financial department, companies can outsource the processes to experts. This helps to be in control, ensure quality as well as to avoid risks. Outsourcing the full process includes customer service, following up, data entry, back office, accounting, financial control, payroll, etc.
We Are Fiber
We Are Fiber is specialized in smart-sourcing, helping companies focus on their core business while our experts manage knowledge and routine processes. Companies that outsource payroll management to We Are Fiber benefit from a team of specialized resources to optimize their accounting and payroll activities. We create tailor-made solutions for our clients and we ensure maximum data protection and security.
The resources that are entrusted the client activities undergo a careful process of selection, screening, interviews, and training. What helps us ensure a high level of quality is our quality assurance system. We Are Fiber has a two-level quality team that monitors and checks the work.
Contact us here if you also want to benefit from our expertise and know-how in the industry.
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