Read the news, peruse the paper, review blogs and you will usually find the word compliance within minutes. You know it is more than the latest buzzword, though. It's a serious subject with severe penalties for businesses not following regulations. With that in mind, here are five things to remember when retaining documents for compliance:Read More
Your Document Management Knowledge Center
Sometimes, the survival of your company is riding on whether or not you can produce a specific document or file. Or whether you’ve destroyed that document or file in a timely manner. And sometimes, it’s not up to you to decide when that is needed. The more complex your operations are, the more you must adhere to industry regulations. Without a clear audit trail in place for organizations such as the HHS, the SEC, or FINRA, your daily operations could come to a dead halt, and your company held liable and subject to penalties for non-compliance.Read More
If you like wasting time with inefficient processes and you welcome mismanaged mayhem, then a real document management system with powerful workflow software, records management and email integration is not for you.
You like things the way they are, no matter how broken down, beat up and tapped out your workflow engine is. We know what you’re thinking, more or less:
In today’s world, “working from home” is no longer synonymous with inactivity and loss of productivity. In fact, more than 34 million people in the U.S. telecommute at least one to four days a week and according to IT analytics firm Forrester Research, telecommuting ranks will expand to 63 million by 2016*. The vast majority of telecommuters report spending more time actually being productive versus commuting or combating daily office distractions.
The advantages of using document management software are numerous and well-known, but for many organizations it’s not so much the decision to adopt this type of web-based technology, but setting priorities for use once it’s been implemented and deployed.
As daunting as income tax season is for individuals every year, an equally pressing and year round concern for businesses is compliance with the Sarbanes-Oxley (SOX) Act. SOX legislation was enacted in 2002 in order to mandate accountancy regulations for publicly traded companies. The Bill was passed in response to several high profile corporate accounting scandals which cost investors billions of dollars and weakened public confidence in American securities markets.
The financial services industry has traditionally been a paper-heavy business. As it becomes more highly regulated however, businesses large and small are starting to implement document management software solutions to increase efficiency and security…without sacrificing profitability.
Financial institutions such as investment services firms, wealth management, insurance and credit institutions, CPAs and accounting firms, as well as mortgage and brokerage companies can leverage document management solutions in two major ways:
- To streamline workflow for increased efficiency
- To comply with regulatory requirements
Maintaining client privacy using paper files can be an administrative hassle and logistical nightmare. A secure, cost-effective, and practical alternative is capturing, processing, storing, and sharing client information electronically.
A comprehensive document management software package can easily and affordably accomplish all of these objectives. Document management software can help financial services professionals manage all of their confidential client paperwork, such as:
Non-governmental organizations are accelerating contractual document review and approvals four-fold, increasing compliance and controls with DocuVantage’s cross-ops solutions.Read More
Online document management has long been known to enable organizations to eliminate errors associated with lost documents, duplicate documents and document access. By storing your documents in a secure central repository you can minimize, if not totally eliminate, the mistakes that are caused by people handling paper, and even in some cases, electronic documents.
Unfortunately pure belief in their cause is not enough. Doing “good” in the world requires funding. And funding always comes with strings attached. There are always expectations to meet and expectations to manage. How well an NGO manages these expectations directly relates to their success as an organization.
You would think that an NGO would be measured purely on their ability to carry out their mission. Well in many ways they are. However, when you consider the strings attached with funding, most funding sources want reports, not just on successful efforts, but also on how and where the money was spent. Saving lives or improving living conditions for people, whether it’s for 1 person or 1 million people, seems like that should be sufficient. But it’s not.
This is where compliance and reporting come in. By keeping accurate records of every transaction, NGO’s can report on exactly how money was spent. This reporting enables them to comply with the commitments usually associated with funding. Sadly, this is the one area where most NGO’s fail. They can report, and they can be in compliance, but they are missing a very big opportunity.
With the right reporting in place, NGO’s can become very, very efficient. Why is this a big deal? Every dollar not wasted can be used for the furtherance of their mission.
It’s not just a reporting problem. Truly understanding how money is spent and how services are delivered enables NGO’s to improve their processes. Improved processes translate directly into improved services and faster delivery times. And when you are saving lives or caring for those less fortunate, this is a VERY BIG deal.
What happens in many NGO’s is that they are focused on their mission. Everything they do is time critical and urgent. This means they don’t have time to focus on something as boring sounding as process improvement. Yet, when process improvement is focused on, less money is spent on non-essential activities which frees up capital for the truly important work.
For example, many NGO’s send urgent documents using FedEx. They use FedEx because they can track it and it’s fast. Over time, the number of FedEx packages increases to the point where the FedEx delivery person is making multiple trips using a hand truck to cart off the packages. The cost of this is staggering. Yet, this is not an exaggeration. We’ve seen the packages.
If instead, they spent the time to figure out how they could send these documents electronically, or better yet, use electronic signature, they would save much needed capital. This is where the reporting comes in. Yes, it’s used for compliance. But its true benefits come when NGO’s analyze the reports with a goal towards improving their processes so they can serve more people.