Transaction Processing

Learn about Transaction Processing

What is Transaction Processing?

Businesses have to balance between maximizing productivity and efficiency, fulfilling customer needs and reducing risk. Transaction processing includes Payment processing, accounts payable, accounts receivable and the related activities. Organizations need to prioritize customer satisfaction by focusing on delivering high standards of customer service. Better transaction processing will enable such aspect.

Transaction processing refers to processing the data into a meaningful information or a record

Types of Transaction Processing

Payment processing (Accounts payable) it includes collection of vendor invoices & reimbursement claims, sorting, indexing, storing, scanning, approval and then making final disbursement. Processing happens at agreed intervals thereby avoiding duplication & disturbance and managing finances efficiently. This process also helps in reducing floating costs, timely payment and ensuring compliances.

Sales invoice processing (Accounts receivable) it includes invoice preparation as per the agreed contract, recording of revenue, preparing periodic statements, debit notes & credit notes, adjusting receipts and preparing accounts receivable reports. This process helps in minimizing delinquencies, increased cash flow & recoveries and better visibility.

Why Transaction Processing?

Outsourcing non-functional areas in business paves way to focus more on customers. Outsourcing transaction processing can help streamline business processes by saving more time to work on company’s core competencies and client satisfaction. Added advantages of transaction process outsourcing includes increased focus on core business objectives, trained manpower and update technology, better transaction / exception reports for decision making, and adequate quality checks before reports were released.

To enhance productivity and focus on business growth and customers, it is best to leverage services to experienced and competent data processing service provider.

What do we do?

In Oremus, we provide: