DocuVantage July Newsletter

Improving compliance in 3 easy Steps

If you're in an industry in which the government monitors the way you manage your business, you know the stress of making sure you maintain the right documents for the government required retention periods.  You may even spend a good part of each month monitoring your files to make sure your company meets its regulatory compliance obligations.  Here are some quick and easy steps to help make the process more simple and secure.

1. Transfer your paper copies into electronic copies.
   Storing your documents in a filing cabinet can put your company at risk.  It leaves you in danger of losing information due to misplacement, theft, fire, or natural disaster, and it takes up valuable space that could be used for revenue generating resources and activities.  By making electronic copies of your files, you have more flexibility over where and how information is stored.
2. Store your information in a secure data facility.
   If disaster were to strike your office, how certain are you that you could regain all of the documents and files necessary for your business to remain compliant, as well as the ability to keep the doors open?  If you were to make electronic versions of all your documents, you could use an online application to store the information in a secure data facility that is off-site, closely monitored and protected from catastrophe. 
3. Organize your information for easier search.
   When preparing for a compliance audit, how quickly can you find the files and documents you need?  Do you feel confident you'd be able to locate all the necessary information without taking your staff away from their work?  Try using an online application that allows you to upload documents from anywhere and file them not only by name, but by author, category, archive/department or any other indexing methods.  You may then search for documents as easily as you search on Google, find information in seconds instead of hours.

When looking for the best way to help your company stay compliant, protecting your information needs to be proactive, not reactive once you have been audited or fined. Be sure to do your research on software applications that can give you the organization and time-saving features you want and the security you need.

Time-Saving Tips for Processing Paperwork

Does your company process contracts or orders for vendors or customers?  If so, how many hands need to touch the document(s) as it moves through your organization?  For those of you spending much of your time forwarding attachments through e-mail or dropping files onto someone’s desk as part of a step in your business process workflow, here are some time-saving tips:

1. Be sure all parties understand the clearly defined steps in your business process.
   If the steps needed to be taken are not outlined and understood by all parties, it causes confusion and delays.  Be sure to document the process step-by-step and communicate that process to both internal and external members involved so expectations are clear and everyone understands his/her role in the process.
2. Set timelines for when tasks should be completed.
   By creating timelines for your workflow, you lessen the risk that the process will be held up along the way.  Be sure everyone in the process understands the amount of time he/she has to process their tasks and route to the next person in line.
3. Create electronic documents.
   Passing paper documents from person to person, using couriers or the postal service, can cost you days of time and money.  Instead, create electronic versions of all your paperwork so they can be routed and viewed instantly by everyone involved in the business process.
4. Store and access your information online.
   By posting your paperwork where it is accessible via the Internet, there is no delay in information processing if you are not at your computer or your desk.  Store your information in a secure location that allows members of your workflow to log in to review, collaborate and approve.
5. Implement an electronic signature process.
   When possible, institute an electronic approval process for your company; it can save time because important documents can be approved with the click of a button.  There’s no need to print out the document, sign it, scan it, post it back in an online application and route it to the next step in the workflow.  Cut down on time and increase the ease and speed of approvals by looking for an electronic signature process that will work for your business.

Improving the way you manage your paperwork doesn't just save you time, it can increase your productivity levels, and, therefore, increase your revenue.  Use these tips to help your business get organized and look for applications like DocuVantage OnDemand® that can help automate your process.  Your customers and vendors will thank you.

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