A person needs to be as tough as nails to manage the burden of organising a company’s crucial financial documentation. In a nutshell, that describes your entire accounting and finance department.
Nonetheless, nothing gets on their nerves more than careless, misplaced, or wrong paperwork. Indeed, you must have seen how the requirement for people to physically sign contracts on a regular basis causes mental stress and increases turnover within the teams.
What you want is not that!
As a result, it’s vital that your organization think about switching to digitally signed financial contracts.
That way, your team may concentrate on more important (and likely more pleasurable) strategic initiatives. If we want to avoid a future where COVID spreads, it is essential that no contracts be modified in the foreseeable future.
If your finance department isn’t already employing electronic signatures for financial services, you’re missing out.
Quick and Easy Processing
In the past, it wasn’t uncommon to have trouble getting everyone on the same page to sign off on financial papers. The signing process will take longer than necessary because the document must be physically delivered to each signer. Electronic signature solutions are a lifesaver since they speed up procedures that formerly required paper.
Documentation that used to be authorized in days or weeks can now be approved in minutes. Some examples of features that help speed up the processing of financial papers are document templates, pre-filled forms, and simple interaction with productivity tools and mobile apps.
Financial paperwork is often lengthy and complicated. Here are several papers that need your signature. Please mark these (but not those) boxes as completed. Including such detailed instructions in the physical document may be difficult, leading to misfiled forms due to omissions. Errors in monetary paperwork are also unacceptable for two other, more fundamental reasons:
- Results in serious financial problems.
- Results in unhappy stakeholders, postponed projects, etc., and higher costs due to processing delays.
Fortunately, electronic signature choices highlight the required fields for signature. Further, it may use a “walkthrough” feature to guide your signer through the full form. You can make form submission non-possible until all required fields are filled up.
Lower Fraud Risk
There must be a stringent process for signing off on financial documents. The approval of an invoice or purchase order should never be limited to just one person. WeSignature is a useful tool for keeping track of electronic record and signature disclosures.
With this simplified multi-party approval process, you can rest easy knowing that everyone who needs to have examined and approved the documents has done so. In the fight against fraud, stringent monitoring and oversight like this is vital.
Real-Time Paper Tracking
There is no longer any need to actively seek out signatures. You no longer have to rely on your memory to keep track of the issue, signing, and completion of all of your financial documents thanks to electronic signature solutions.
Eliminating paper waste from shredding and misplaced documents: Probably a lot of old paperwork (maybe containing sensitive financial data) has been gathering dust in a filing cabinet.
More paperwork would need to be done in order to shred it. What if you suddenly need it for something like an audit? By switching from paper to digital paperwork, you can guarantee an exhaustive audit trail of all finalized agreements.
Tools that are both secure and hosted in the cloud make it easy to manage and keep track of a complete archive of all relevant paperwork.
Going Paperless Saves Money
Accountants’ and bankers’ wildest dreams involve finding ways to cut costs. By replacing inefficient steps like printing, couriering, paper, and ink with a document signing software, you can save time and money while moving closer to your goal. To top it all off, your entire document processing company will have a smaller carbon footprint.
Maybe you haven’t decided whether or not an electronic signature system would be helpful for your company’s accounting and finance departments. Obviously, yeah; in fact, it’s truer now than it ever was. In the following paragraphs, we’ll go over the various ways in which the programme helps your team’s contract signing go more quickly and easily.