If you work in the financial industry, you know how important document retention is. Many financial regulations require retaining documents for the past five years or more in order to meet compliance. Having a document management solution isn’t legally necessary but is extremely useful. There are two important components of document management that are beneficial to the finance industry:
- Optical Character Recognition will automate manual data entry, transforming a tedious and expensive job to a more productive and efficient. In an organization that is form-based, OCR will recognize specific areas on the standardized forms which will allow for easy cataloging and more efficient.
- Electronic Signatures will work well with many document creating/editing software programs.The fast signature process will improve workflow and save time.
A document management solution has more benefits than just going green. Handling, searching, and organizing documents is time consuming and more apt for error than a paperless solution. Paper documents are susceptible to theft, manipulation or being lost due to easy access, natural disasters and other threats to security. Going paperless will allow organizations to reach a higher security standard and improve business processes.
Implementing a document management system doesn’t have to be frustrating or overwhelming. Rather than stress yourself out, focus on digitizing all documents moving forward and slowly begin digitally archiving your file cabinets. Be sure that all employees are consistent and trained properly to use the new systems. Your document management system will:
- Meet compliance regulations while being preserved in a secure, unchangeable format.
- You’ll find it easier to audit any time/dates, users or changes to information all with one system.
- Your retention plan will be easier to maintain as documents will have automatic time/date stamps.
- All information is backed up and secured, allowing specific users to have access.
If you would like more information regarding document management, please contact Biel’s Document Management, today. We have helped hundreds of organizations to an easier way of streamlining document intensive office routines. We can provide solutions for payment processing, expense reporting, and other areas of the accounting department.