Companies have large volumes of documents that should be efficiently indexed, stored and retrieved. Documentation can be in different formats like fax, forms, questionnaires, survey records, data sheet, invoices and others. Maintaining business records in paper format is risky because it could lead to loss of valuable documents and high financial costs as well as loss of reputation of the business. Many businesses have started digitizing their documents with the help of document scanning services to manage these documents efficiently and reduce the dependency on paper. It is the process of converting documents into digital form for easy handling. For digitization of documents, businesses face difficulties such as finding suitable competent manpower, slow and inefficient data entry staff, limited knowledge about technology and disaster recovery, excess time devoted to non- core manual tasks and so on. But with the advancements in technology, large volumes of documents can be digitized quickly and with more accuracy.
Businesses handle several types of data to stay compliant with various laws and regulations. Some of the records need to be kept track of in order to measure your growth.
- Accounts: This includes all data about income, expenses and equity. Tracking accounting records helps you see the financial status of the business, measure the company’s profitability, find out whether you have enough capital to cover your expense, and make the right business decisions. The government also requires you to keep financial documents that show both income and expenses. Taking inventory of all of your accounts can further help you identify the cash flow; and keeping a tab on your accounts helps you determine where financial resources are to be spent.
- Legal Documents: Legal documents vary from one business to another. If you have an incorporated company, you should keep track of your articles of incorporation. For sole proprietors and LLC, the legal documents are different. Keeping your legal documents safeguards your business from misunderstandings and legal conflicts. It also ensures accountability and transparency in case of any dispute.
- Bank Statements: Bank statements include a record of your savings and investments. Comparing bank records to your financial records helps you see mistakes in your books. If your bank statements do not match your accounting records, there might be some error. Keeping track of bank statements helps you to track your business growth and also makes filing for tax easier.
- Licenses and Permits: Businesses should have permits and licenses to carry out some of their activities. Keep all your permits and licenses up to date also to show that you follow regulations. A license or permit is important because in some states it’s a criminal offense to undertake sales without one.
- Insurance Records: General business liability insurance protects your business from losses. You may also need other policies, like auto or renter’s insurance. Having all insurance records up to date ensures protection against financial losses arising due to bodily injury, company-owned property or lawsuits. If a business owner doesn’t opt for business insurance, it would be difficult to carry on business operations after such a loss.
- Business Receipts: Keeping a copy of all the receipts generated is important because only then you can have a clear idea of the expenditure incurred. Receipts are also useful while filing your taxes.
- Business Loan Records: Schedule regular review of all loan activity, and set up a team to follow up dates with the lenders to know about the progress of the repayment, negotiate interest rates, and check if any loan activities are under the radar. Tracking the records of your business loans also helps with risk management.
All business records can be easily converted into digital format and stored in a database so that the data can be accessed and retrieved easily and it also ensures the safety of the data. Today, many business organizations prefer to hire reliable data entry services. These services bring many benefits including the following.
- Efficiency in processing huge volumes of documents
- Round-the-clock availability of skilled and experienced manpower
- Use of advanced technology and software that ensures accuracy with less errors
- Cost reduction as the company can save on hiring and training manpower, reduces business overheads
- Works according to the requirement of the company and thus provides flexibility
- Guarantees data confidentiality and security as the service provider ensures compliance with standard security and data confidentiality guidelines
In short, outsourcing to an experienced and professional data entry services provider will be cost-effective and ensure quick completion of the project. This also helps business organizations to achieve their ultimate goals with ease.