Automatic voice recognition software normally reduces the manual transcription needs. But Automatic voice recognition technology is not still matured to produce accurate transcription for non-American accents, or with people speaking quickly or multiple speakers audio files.  If you have more than one voice it is almost impossible to get a good transcript. Add to that any background noise or a weak recording and you can pretty much forget it.

So, after automatic transcription, you have to massage this transcription into the final form. Some of the massages are

Correct incorrectly transcribed words/phrases.
Correct punctuation/sentence breaks.
Define paragraph breaks.

For automatic transcription, you can also refer

http://audacity.sourceforge.net/

In this scenario, better to go for manual transcription. For accurate and cost-effective manual transcription, please refer:
http://synergytranscriptionservices.com/Transcription-Services.aspx