Almost every business handles paperwork—from invoices, to forms, to even contracts. As your business continues to grow, paperwork starts to pile up, slowing down the flow of business information and productivity. As a result, this creates storage and retrieval issues, as well as increases costs and ineffective collaboration between workers. These are challenges that any business can face, especially in areas like human resources, accounting, or any other paper-reliant department. The solution is simple – eliminate business inefficiencies in your organization today by implementing an easy to use digital storage method. Small business document management can provide countless benefits.
An electronic document management system can provide companies of any size with the tools designed to increase efficiency, leaving your business a step ahead in the competitive market. With all of your business-critical documents in one central location, the entire company gains immediate benefits.
Three Reasons Why Every Small Business Needs Document Management Solutions:
1. Increase Productivity
Focus more on the business and less on the paperwork. Electronic document management systems provide a digital alternative to paper-based workflow, instantly boosting productivity. To start, it can give business owners a look into the daily processes of each department, providing decisions makers with information on where operations are struggling. Electronic document management also improves customer service by creating a filing system where records can be found instantly.
2. Business Continuity
There’s no telling what tomorrow will bring. That’s why having an effective backup and recovery strategy is essential to any business, regardless of size or industry. Hidden through multiple levels of robust security, an electronic document management system provides that safety net companies are looking for. It can keep years’ worth of information in an additional off-site location, which is automatically updated and secure from natural disaster or theft situations. Backups can also be performed frequently to ensure all new information is secure for a worry-free recovery process.
3. Effective Collaboration
Document sharing and collaboration is made simple with electronic document management. Electronic document management systems ensure that every document gets to where it needs to be and that the wrong people don’t see it. Users can track who has viewed or modified records through a live audit trail. Users can also access business documents from any mobile device, creating stress-free retrieval and providing the option to work out of office while still collaborating with colleagues, customers or partners.
Electronic document management makes it easy for businesses to store and access files from a single, centralized location. Implementing an electronic document management system will not only save paper, time, and money, but it enables users to focus on the work that really matters.
Choose RJ Young for Document Management Software
Regardless of industry, any office can benefit from implementing document management solutions into their organization.
To learn more about how RJ Young can help increase your office’s security and efficiency, fill out a contact form or give us a call at 800-347-1955.
Document management to minimize impacts of business disasters.
Businesses continuity planning increases in importance as businesses of all sizes must recover from disasters more quickly today that in the past to meet customer demands. With the average 3 drawer filing cabinet holding 18,000 sheets of paper, significant amounts of critical business information is in jeopardy when digital document storage and back-up systems are not in place.
What is a disaster?
Businesses should be aware that many hazards they face today could results in a disaster to operations and information. Disasters born out of natural occurring events like tornadoes, floods and hurricanes spring to mind for most people. But consider the impact of widespread illness or pandemics, human-caused events such as acts of violence by people and acts of terrorism and technology-related failures or system malfunctions.
What documents are critical to digital storage & back-up?
Critical documents may be described as those vital to your organization’s survival and to the continuation of business operations.
- Sensitive to downtime
- Fulfill legal or financial compliance
- Key to maintaining market share and reputation
- Safeguard an irreplaceable asset
Examples of such documents are invoices, contracts, customer records, patient data, audit documentation, research reports, intellectual property and more. Conducting an analysis to identify critical business functions can help identify the critical business documents.
What are consequences of losing document information?
- Lost Revenue
- Delayed Revenue
- Increased Expenses (recreating documents, overtime, outsourcing, etc.)
- Regulatory Fines
- Decrease in Customer Satisfaction
- Loss of Customers
- Loss of New Business
What is document management?
Document management systems allow businesses to scan, store and manage document information digitally so that the information is accessible from any device anywhere.
Business owners — and homeowners alike — are advised to purchase insurance against the possibility of loss or damage of physical property as the result of fire, flooding, a tornado, a hurricane, or other act of Mother Nature and even liability insurance to provide protection from potential legal threats. However, most do not insure the most business crucial part of their business — their data.
In addition to insuring physical property and liability risks, it pays to take the necessary steps required to ensure the safety of — and ready access to — financial information, customer information and other data necessary to running your business through effective data back up systems.
Today, data back up systems are simple, automatic and cost-effective for small and medium size businesses (SEE BLOG POST “LOST DOLLARS.”). Whereas, the cost of not having a back up system in place can be astounding or even devastating:
- 94% of companies suffering from catastrophic data loss do not survive. 43% never reopen and 51% close within 2 years. (University of Texas)
- 70% of small companies (fewer than 100 employees) that experience major data loss go out of business within a year. (DTI/Price Waterhouse Coopers)
- 30% of all businesses that have a major fire go out of business within a year and 70% fail within 5 years. (Home Office Computing Magazine)
The stats are scary, but really unnecessary given the accessibility of back up systems to businesses of all sizes. Don’t be in the 94% of businesses that would not survive—investments in reliable data back up systems are some of the most critical and frequently used “insurance policies” you could acquire as a business owner.
Brantley Pearce – Director of IT Services
Brantley leads a team of IT professionals whose primary goal is to help organizations use their IT resources in a way that helps them proactively maintain their network and allows them to be more productive. He joined RJ Young in 2005 but has been in the IT industry for almost a decade. Brantley is originally from Houston, Texas and works out of our Nashville, TN office. In his spare time he volunteers for multiple organizations. Brantley is married and has two daughters.
Tax season is upon us and companies and individuals alike are sharing in the preparation of filing taxes including finding and organizing supporting documentation for deductions and expenses. For some, the task of retrieving documents can be a task easily accomplished. For most, this can be a time consuming, almost insurmountable, event.
According to the IRS¹, there are five tips you should follow for individuals:
1. Normally, tax records should be kept for three years.
2. Some documents — such as records relating to a home purchase or sale, stock transactions, IRA and business or rental property — should be kept longer.
3. In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, however, you should keep any and all documents that may have an impact on your federal tax return.
4. Records you should keep include bills, credit card and other receipts, invoices, mileage logs, canceled, imaged or substitute checks, proofs of payment, and any other records to support deductions or credits you claim on your return.
5. For more information on what kinds of records to keep, see IRS Publication 552, Recordkeeping for Individuals, which is available on the IRS website at http://www.irs.gov or by calling 800-TAX-FORM (800-829-3676).
This list sounds easier than done and for individuals but imagine what it is like for businesses. Studies show that professionals spend more than 18 minutes locating each document². Now multiply times the number of documents could equal more than 21% lost in an organization’s productivity³!
By leveraging a document management system, filing taxes can be a less time consuming and stressful time of the year. Not only can you easily file supporting documentation, but it can be easily retrieved, backed up, and securely stored—with a mouse click or two.
RJ Young can show you how to make finding documents a little easier and tax time—less taxing.
Mark Turner – Director of Software Services
Mark is responsible for the software sales and implementation teams. He has worked for RJ Young since 2013. Combined he has over 16 years of experience in the industry where 9 years were in IT and 7 years were in software. Mark works out of our Nashville, TN office and is originally from Montgomery, Alabama. In his spare time he volunteers for the United Way and enjoys kayaking, photography and craft beer.
In today’s business world, companies are asking themselves how they might cut costs while improving efficiency to increase the bottom line. What most companies are not looking at would be the time and expense it takes to truly manage information.
When we think of document management, we immediately think about converting paper documents to digital documents. However, that is only part of the challenge because information comes in a variety of flavors. Email, file servers, cloud solutions, Enterprise Resource Planning (ERP) systems, and Customer Relationship Management (CRM) systems, to name a few, all contain vital pieces of information needed to run a business but are also part of the problem. According to Gartner, employees spend an average of 18 minutes to locate each business document¹, resulting in a loss of 21.3% of organization’s total productivity². Couple the loss of productivity with other factors such as increased server farms for storage, risk of outdated versions of documents, data loss, and security breaches, it begs the question of how might we fix this problem.
So how do I know a document management solution is right for my business? Ask yourself these 5 questions:
- Do you have to search multiple systems to find information (i.e. email, filing cabinet, “My Documents,” ERP)?
- Do you have latest document version conflicts (i.e. not sure the last email attachment had the updates)?
- Has someone inadvertently deleted or made changes to your files?
- Have you lost a file due to misplacement or hard drive crash?
- Have you recreated a lost document?
A document management system (DMS) can enhance collaboration and increase the speed of decision making by simplifying the ability to search, retrieve, and archive information. By utilizing a DMS, companies are improving efficiency by 30%³ and realizing a 400% ROI in just 5 years*.
I ask you, can you afford to NOT explore a document management system for your business?
¹Gartner, ²IDC, ³AIIM, *IDC