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May 31, 2017

Hidden Risks in your File Cabinets

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Written by SumnerOne

 

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A recent survey by Concur revealed that sixty percent of small and medium businesses still keep important files in a filing cabinet. If that’s you, we need to talk. Your staff may absolutely rock the filing system you have, but it’s putting your business at risk.

·       That same survey showed a 42 percent error rate on paper-based invoice reconciliation. That can put your revenue at risk.

·       A 2015 Towers Watson study shows that 47 of HR departments still use paper, while a National Small Business poll shows that nearly half of small businesses keep the records for employees for up to seven years after termination.  As an employer, those paper files can put your compliance status at risk.

·       A recent Nationwide survey revealed that nearly two-thirds of small businesses don’t have a disaster recovery plan. Other studies have found that 25% of small businesses don’t re-open after a disaster. Paper can be packed up, but it can’t be backed up. Losing your records would put your entire company at risk.

 

Find out how electronic document management can help reduce the risks hiding in your file cabinet. Putting in version controls, automated workflows and backup procedures can give you peace of mind and improve collaboration, innovation and efficiency.