Manual recordkeeping and document processing using pen and paper have been a staple of day-to-day operations for centuries. However, modern businesses that focus on progressive growth understand that relying on paper document processing can hinder their efforts to build their bottom line.
That doesn’t necessarily mean that paper will go the way of manual typewriters or other outdated tools, but rather that the way business handles paper needs to evolve to mitigate the security and compliance risks of paper documents, compliance violations, and time-consuming audits. Not only can these outcomes result in lost revenue, but they can also lead to severe reputational damage that may take years to recover.
That’s why companies are reducing the vulnerabilities that come with paper-based processes and adopting advanced document scanning services.
The Business Documents Putting You at Risk — And How to Take Back Control
Every business runs on documentation that can put their company at risk if information gets lost, stolen, or improperly handled, making digitization and outsourcing sustainable solutions to proactively minimize issues that come from poor information control.
Here are some of the more common business document types that should be prioritized for digital scanning and online management:
Invoices, POs & Shipping: High Volume, Low Protection
Accounts payable (AP) teams have traditionally been driven by paper documents, including purchase orders, shipping slips, and – perhaps most imperatively – invoices. These documents need to be tightly controlled to protect the company’s financial position, but their sheer volume can make proper management challenging.
As an example, problems can start as soon as an invoice is received. Typically, an AP team member will manually enter the invoice information into the company’s ERP system. At this point, there is already a risk of compliance or fraud issues due to incorrect keying. It can take several days or weeks for the problem to be identified and rectified, delaying payments to your suppliers and potentially triggering late payment fees and damaged relationships.
Even if there is no keying error, forwarding paper successfully through the approval chain can take weeks, provided that the document isn’t lost or misplaced in the interim.
Document scanning mitigates all these risks. With Optical Character Recognition (OCR) technology, the data is accurately captured and immediately stored in a secure cloud. The digitized invoice is then forwarded on for approval, accessible by stakeholders who can approve the invoice for payment.
Approving invoices digitally can potentially be completed on the same day, resulting in faster payments and potentially qualifying for early payment discounts. Your suppliers may also offer you better credit terms if your payment history is favourable.
All of these factors help deliver accounts payable automation benefits and immediate invoice scanning ROI, which is why invoices should be scanned and processed before any other documents.
Work Orders & Project Files: Operational Vulnerabilities That Slow You Down
When customers send you work orders, project files, and other critical documents, you need to balance safe storage with easy accessibility to fulfill the job. Relying solely on paper processing can lead to production delays due to information bottlenecks or misplaced documents.
Automated document indexing allows you to tag and organize digital information using specific metadata or keywords. This structured indexing technique enables users to easily search and retrieve the documents they need, regardless of the size or complexity of their digital archives.
Faster information retrieval helps your team confirm information within seconds, allowing projects to proceed with minimal disruption on the production floor. This is particularly beneficial for teams relying on manufacturing document solutions.
HR Employee Records: Compliance Gaps You Can’t Afford
Human resource professionals have unique needs when it comes to information storage and retrieval. They must ensure that their data conforms to various regulatory bodies while managing a wide range of sensitive documents, including resumes, employment contracts, medical records, tax information, and other confidential materials.
Security breaches due to document mismanagement can put a company in serious legal trouble, which is why an organized HR filing system built on document scanning is the most effective solution for HR teams. This secure, cloud-based solution provides HR professionals with fast access to critical information that can be easily updated as needed.
Contracts & Legal Docs: Unsecured and Inefficient on Paper
Law firms, paralegals, and corporate legal departments also deal with sensitive documents, including contracts, briefs, and submissions. Proper document management is crucial for avoiding contract disputes, missed deadlines, and litigation exposure, as well as ensuring that operations are as seamless and efficient as possible.
Thanks to legal document scanning solutions, legal teams can create searchable, accurate, and easily accessible digital documents that adhere to relevant regulations and ethical obligations, while maintaining security and client confidentiality, both of which are paramount to maintaining a solid reputation in the legal community.
Tax and Financial Records: Audits Demand Confidence, Not Clutter
Providing mountains of tax and financial records under the watchful eye of a Revenue Canada representative during an audit is stressful at the best of times. Should your records ever come into question, your financial team can make the situation much easier by storing and retrieving your documents in a digital form.
Additionally, scanned documents have a near-zero error rate, instilling confidence in your corporate stakeholders and board members during financial reviews that the information they’re using is as accurate as possible.
For many organizations, outsourcing document management is the most reliable way to mitigate risk while driving sustainable profits.
Start Transforming Your Operations by Booking Your Free Digital Document Scanning Demonstration from Ash Conversions Today!
For over 40 years, the business experts at Ash Conversions have assisted companies with business solutions that use advanced technology to help them reach their business goals.
Our specialized professionals will take your team through the entire process, answer all their questions, and ensure they are fully trained on our secure, cloud-based file retrieval system. We also offer fast and friendly aftercare support, ensuring that when you need assistance, you’ll receive it promptly.For more information on how your company can benefit from a customized document scanning solution from Ash Conversions, schedule your document scanning demo by calling us at 1-800-719-9621 or by clicking the button below.
