Company management may find themselves being prosecuted by the regulators for negligence and other related crimes in case the company data is lost due to flood, fire, theft or misplacement of files. Further, the trust bestowed in such a management by the shareholders may be eroded since they will be viewed as careless and insensitive. In addition, both internal and external auditors may not be able to perform their duties of ensuring compliance with the process in absence of the records. Further, in case the sales were been done through a credit arrangement, it may be difficult to give the correct bills without proper records. More so, in case of reconciliation related challenges, it may be difficult to prove the case without any records to support the claim. In totality, the loss can be, massive and can cause the security agencies investigating including the taxman to interpret such a loss as a deliberate cover-up by the management of any fraudulent activities that may have been going on besides tax evasion.
To save their professional careers, company managers need to ensure that the company records are always preserved electronically by buying own scanners or hiring the services of companies like document scanning Columbia SC, that specializes in document scanning services. There are many gains associated with documents scanning like the improvement of space that ordinarily is occupied by file document cabinets that are bulky. However, by scanning the documents can be conveniently kept in company servers or from outsourced companies that preserve data for paid-up clients. The additional gain to these approaches is that the freed space can be used to perform other tasks that may generate additional revenue for the company. Documents legibility is affected as time goes due to physical deterioration. Therefore there is need to scan the documents to protect that integrity aspect. Because of the sensitivity and importance of data preservation, there is need to observe data security which can be easily done through, encryption, password protection, you can also do some cloud storage, give limited access to specific users in a way that the documents movement can be tracked. When documents are scanned, it becomes easy and possible for employees working in different departments or geographical location to not only share such documents but access them simultaneously. This has the effect of improving staff collaboration. When documents are scanned and stored in the prescribed manner, the audit compliance is addressed thus reducing any difficulties that may arise from the audit queries. More so, by properly indexing, documents retrieval time is significantly reduced Finally, when documents are scanned and kept properly, it is easier to retrieve them and prepare correct invoice statements for the customers which lead to prompt payment of any outstanding receivables. This goes a long way in offering better customer service to all clients leading to satisfaction and consequently loyalty.