Highway toll companies generate a huge amount of data each and every day. Not surprisingly then, it takes a great deal of manpower to deal with this huge amount of information. To further complicate matters, when it comes to US tax reporting, these paper-based invoices are virtually useless. Why? For easier tax reporting, the government recommends XML conversion (including Word to XML and Excel to XML) of invoices.
Importance of Accuracy
As mentioned, for tax reporting reasons, it is extremely important that these invoices be converted into a digital format in an accurate fashion. The United States government requires that organizations show all financial information in a transparent and honest manner; XML conversion provides this solution. More specifically, XML invoicing makes record keeping easier and also decreases the need for extra storage space.
What is XML data?
XML, short for eXtensible Markup Language, is composed of cross platform syntax that allows data to be shared between different pieces of software, operating systems, applications and more. In other words, with digital conversion services, you can also implement data conversion. Additionally, information within XML files is extremely flexible, versatile and accessible, and XML files are capable of financial and statistical reporting capabilities.
XML Conversion: Reduce Costs and Increase Efficiency
With a more efficient plan for processing large amounts of data, less time and resources are expended on the project. Companies can reduce overhead considerably by cutting down on the manpower needed to process paper-based invoices. By utilizing XML conversion, businesses can tighten up their processes and better allocate capital to the areas that promote company growth and expansion, thereby increasing profits. Employees can be re-assigned to tasks that increase return on investment now that their time is freed up from processing large amounts of data. XML conversion also reduces the need for storage space which also saves organizations money as well.
Outsource XML Conversion Services?
All that said, the initial process of converting these invoices to an XML version can be extremely time consuming. As it will take a great amount of time and manpower to convert these invoices into an XML format, perhaps it makes complete sense to consider outsourcing XML conversion services. There is a good chance that it may be more cost effective to outsource this task. Calculate the manpower needed to complete the process and compare it to the cost of outsourcing the service. You may discover that outsourcing is the smartest option and the one that makes the most sense. Once completed, future invoice processing will be much more smooth and seamless.
– Data Czar @ DEO
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