Your financial audit has started for the fiscal year. The CA is asking for a list of documents. Your staff is running around the office to look out for them. Some are in the files, and some are in the heap of papers on your table, some others are tucked in your drawers below stationery items. The document search is on - one after other as the CA tries to read into your Profit and Loss Account. Does this sound familiar?? The Good news is you have company. Many SME’s are in a similar situation most of the time.
In today’s business scenario, Document Management regarding accounting plays a significant role. As per the Income-Tax Act, business owners are required to maintain documents for six years while specific provisions require maintaining documents for 10 to 16 years. Before the implementation of document management in electronic form, businesses would prepare documents in paper form which were subjected to higher risk.
- Storing paper documents included the cost of physical storage. Accounting departments used to spend large amounts of money each year on storage for invoices and various other files.
- On-site storage such as filing cabinets and boxes took a lot of room in an office, adding to the clutter.
- Photocopying, faxing, printing, filing added up to the time taken which concluded that the storage of data in paper form was time-consuming and this added to the list of its disadvantages:
- Human Error is high when dealing with the vast amount of paper documents.
- Too much paper causes clutter and clutter increase the occurrence of lost or misplaced files, invoices, and documents.
- Storing physical documents are subjected to the risk of damage and loss. Fire, flood and natural disasters can destroy documents.
- Let’s not forget mice love papers too!! And if your offices did not go through pest control, you can tell your CA; the data was chewed away!! J
Well, now you can manage your data at the click of a button and enjoy the energy of a spacious office! Welcome to the era of Document Management in Electronic Form that has its own advantages which include:
- Easy to implement and Manage
- Increased Productivity
- Eliminates Human Error
- Reduces Costs
- Improves Vendor Relationships
- Maintain Regulatory Compliance
- Reduces the risk of damage and loss.
Tez ERP Document Management Feature that allows you to store copies of the document in electronic form with each transaction. You can easily locate any records when you require from your PC or Mobile phone. Relax! A file stored two years ago could be on your table in 2 minutes and guess what? At a price as low as 1 cup of coffee per day. We invite you for a free coffee with a seven day Free Trial offer. Get in touch with us at +91 77138 771 771. For more information visit us at www.tezerp.com