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The Use Of Electronic Document Management Software To Achieve Profitability

November 10, 2012 by: 0

The Use of Electronic Document Management Software to Achieve Profitability.

The continued use of the internet to conduct business and the fast paced word of marketing, e-payments and e-transactions has paved the way for the use of different software, apps and outsourcing financial analysis to online accounting firms in a bid to accurately manage sensitive business documents as well as store e-documents for referencing and tax purposes. E- documents can be processed both manually and digitally with the use of specialized software which would be discussed in details as we progress.

Methods of Processing Electronic Documents

There are three basic methods business owners and tech savvy entrepreneurs can employ to accurately process their business electronic data in different ways to fit a desired structure. These processed data can then be produced in different file formats for storage and submission purposes.

Personal Sorting Method: The personal sorting process is carried out by the business owner and this involves the use of excel spreadsheets and workspaces to painstakingly arrange financial documents such as payment invoices, cheques and receipts in a coherent form. Personal sorting is usual done in situations where confidentiality is important or when the security of personal details such as credit card numbers and bank statements must be kept in-house.

Online Software: Numerous online apps can now be used to carry out multiple functions such as storing electronic data, organising electronic documents in order of importance as well as for sending timely reminders to business owners, reminding them to pay for a transaction, clear a ticket or work on tax details. This online software are affordable and can be used with smart devices on the go, thereby increasing the effectiveness while running your business and providing space for multi-tasking. Examples of software applications which can be used include; Mobipocket etc.

Outsourcing: There are instances where the day to day running of a business constrains an entrepreneur’s abilities to adequately carry out electronic document management.

The perfect solution to this problem lies in outsourcing electronic data to reputable data processing firms for speedy and accurate management. These firms employ the use of manual labour and electronic tools to perfectly carry out document data entry and processing according to your specifications. This speedy delivery helps you maintain your electronic documents while sticking to your business schedule and it is also easily affordable.

The Benefits of Electronic Document Management

The benefits of electronic management can be divided into two sections to cover the benefits of electronic management software and its benefits for your business organisation.

The use of software in data entry and document management provides you with an accurate tool which should be used for processing bulk data/projects without the possibility of making errors which would definitely lead to profitability. Software use also helps you save time when compared with more traditional methods of analyzing electronic documents. The problems of meeting deadlines, storing transaction details etc. then become a thing of the past.

The benefits of electronic document management for entrepreneurs include; managing both business and personal finances, creating detailed records of transactions which can be used to compile your fiscal year and accurately documenting your online income for taxation purposes. These benefits can keep your business on the right track to success but more importantly, it keeps your business at the right side of the law.

The Problems Involved with Electronic Document Management

The advent of online transactions and the storing of sensitive information on cloud platforms has lead to increase of hackers and security breaches worldwide. These security issues mean that storing sensitive documents electronically has serious implications that can affect your business. Managing electronic data and storing these documents leads to problems such as;

Information theft: Cases of a client’s personal details been stolen from electronic documents, e-payment processing portals/gateways have routinely be reported and if this occurs due to your documentation practices, your business may have to face the possibility of some legal actions been taken against it.

Credit Card Insecurity: Some entrepreneurs routinely use credit cards to purchase items on different merchant websites for their business. This means that electronic documents such as invoices detailing the transaction being done will be sent back to the buyer with the possibility of the receipt having sensitive details such as the credit card number used on it which raises its own security concerns.

The security problems associated with these processes can be reduced if business owners restrict the use of online electronic document management systems to carry out data entry/ tasks that do not involve sensitive personal details. Heeding this caution is sure to benefit you as your business takes on electronic management.

 

 
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