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The digitized document revolution comes with inherent concerns about properly securing all this information. Companies need to incorporate the highest levels of document-management security.
With the advent of 5G technology and Industry 4.0 putting more pressure on businesses to fast-track their digital transformations, the demand for document-management solutions has exploded. The worldwide market for document-management software is projected to reach $10.17 billion by 2025. Along with this revolution comes inherent concerns about properly securing all this information. Documents often contain sensitive and private information that, if compromised, could be detrimental to individuals, businesses or governments. That is why companies need to incorporate the highest levels of document-management security.
Related: Keep Your Information Moving At The Speed Of Your Business
With the continued release of new vulnerabilities regularly and the ease at which a digital document can be compromised — compared to a physical piece of paper — ensuring the security of those documents has become more important than ever to keep private information from being exposed.
It is common to read the news and learn about a new security breach. Impacting small and large companies, nearly 2000 data breaches occurred in the first half of 2022 alone. To many companies, their data is among their most valuable assets, so it must be protected.
Ransomeware, a form of malware designed to encrypt files and deny users access to them until a demand ransom is paid, is one clear threat. Phishing attacks, where hackers try to get account credentials (username and password), represent an ongoing and ever-evolving danger. Hackers typically lay low for a time, then eventually start logging in as that user so as not to draw suspicions. Then they download documents that the user can access or, if sophisticated enough, attack network administrator privileges.
Just who is trying to hack into systems to get documents? Anyone who can find value in the type of data a company possesses. Hackers typically don’t know the type of data a company possesses until they get their hands on corporate documents or know enough about a company to recognize the types of information that might be available, such as financials or employee personally identifiable information (PII). It’s really any documents that they can use for profit.
Numerous outsourced document-management vendors exist in the marketplace today, and not all are created equal when it comes to offering the highest levels of security. Below are four necessary security features to look for from a document-management partner:
Related: How To Develop Security Policy For Your Company
In addition to wanting the best technology solutions to help facilitate the digitization of documents, companies should also make security a top priority. Whether you have a Chief Security Officer, Chief Technology Officer, Head of IT or are working with a third-party service provider, there are several best practices that companies themselves should implement to ensure they’re doing their part to secure their digital documents:
To obtain the highest levels of security for digital documents, collaboration on strategy should involve all stakeholders — including document-management providers, IT, security and operations.
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The addition of Microsoft Loop is likely to be the most important change that Microsoft has made to its Microsoft 365 platform.
Microsoft Loop, based on Microsoft’s Fluid Framework, will let users collaborate in previously impossible ways. Some of these new capabilities are already available in Microsoft Teams, but Microsoft will soon make Loop available across all Microsoft 365 applications. Loop is now in private preview, and public release is on the horizon.
Microsoft Loop’s capabilities are far different from other collaborative features available today. To understand and fully appreciate what Loop brings to the table, it’s helpful to look at the basic building blocks that make up Microsoft Loop and how they connect with Microsoft 365.
Microsoft Loop consists of three high-level structural elements: Loop components, Loop pages and Loop workspaces.
Of the three, Loop components are arguably the most important. A Loop component is essentially just a Loop-enabled document object. To put this into perspective for a Microsoft 365 user, imagine a Microsoft Word document. Although Word is primarily for writing and editing basic text, it supports numerous design elements. With the addition of Loop components, Word supports several component types with real-time editing across the Microsoft 365 suite. These live-editing components include paragraphs of text with a bulleted list, tables, checklists and numbered lists.
Loop differentiates itself from its legacy Microsoft Office 365 counterpart because these elements are collaborative across the productivity suite.
Consider a user who adds a paragraph to a Microsoft Word document but isn’t sure whether it’s accurate. Rather than emailing the entire document to someone who could edit and approve the addition, that user could copy the Loop component into Outlook and email it to a supervisor or message it to them in Microsoft Teams. The recipient opens the message containing the paragraph and makes a change from within Outlook or Teams. That change immediately shows up in the original Word document. Other Loop components behave similarly across Microsoft 365 applications.
A Loop page is a document that includes one or more Loop components. As it stands right now, the Microsoft Loop app acts as a blank canvas on which you can add loop components. Some users could work within this interface, but the value of Microsoft Loop is that users can keep the components within the apps and files they need without having to seek them out.
It may be helpful to think of Loop workspaces as being somewhat of a next-generation OneNote and essentially serves as a File Explorer for Microsoft 365. OneNote allows users to create notebooks that group similar information. Users can then create sections within the notebook and pages within each section. These pages are free form and can accommodate various types of content. These might include embedded files, handwritten text, recordings or countless other Loop elements.
Loop workspaces is an application designed to help users keep their Loop pages organized. A user could, for example, group related Loop pages together for a project, and that workspace could serve as the central hub for a team to access all project resources.
Loop workspaces does not limit users to working solely with Loop pages. Like OneNote, users can add a variety of other content types, such as a Word document alongside some Loop pages.
Microsoft Loop has enormous potential to change how collaboration works in an enterprise setting. Organizations that have adopted a hybrid work model with some users in the office while others work remotely could especially benefit from this technology. This is because Microsoft Loop is location agnostic. Remote users and users working on site can all collaborate on the same documents simultaneously if they have a connection to the internet and a valid set of Microsoft 365 credentials.
It’s fair to note that real-time document collaboration is nothing new. At the height of the pandemic, many organizations added Google Docs and other Google Workspace services to their workflows because they allow users in remote locations to collaborate on a document in real time. What makes Microsoft Loop different, however, is that Loop does not tie the collaborative process to a specific document. Collaboration happens at the Loop component level rather than the individual file level. This means that users can edit the data using whichever Loop-enabled application makes the most sense for them at any given moment. One user might edit a table in Word, while another user looking at the table in Teams would see the change in real time.
There is another aspect of Microsoft Loop that is far more profound. Loop will provide enterprise users with a single source for all their Microsoft 365 work, data and files. Consider how many copies of a single document could exist within an organization. There may only be one copy of the document saved on a SharePoint site, but that doesn’t account for the original Word document that is saved on — potentially — multiple laptop hard drives. How many versions of that document have been emailed back and forth between users? Because of each user’s changes, all those document copies are probably slightly different from one another. Loop makes it so that even if someone were to open an old document copy, the data within the document is always up to date — assuming that it is based on Loop components.
While Loop represents a compelling collaborative framework in its own right, one step that Microsoft has taken is sure to make Loop a game changer for some organizations. Microsoft has made Loop extensible, so private developers and third-party vendors can create new Loop-enabled data types.
From an enterprise IT department’s perspective, this means that users will eventually be able to create Loop pages containing both Microsoft 365 data and data from the line-of-business applications that they use in their daily workflows. Because all this data is Loop-enabled, it will always be up to date, reflecting real-time changes. It may even become possible to establish relationships between these varying types of data, such as a real-time Excel chart linked to data from a sales app.
While these third-party plugins and integrations are hardly market-ready, the potential of this technology could be wide-spanning across numerous business-critical processes.
Part of: Introduction to Microsoft Loop
Microsoft plans to release Loop this year as the long-awaited information-sharing tool across 365 apps. The software reduces the time spent searching for vital data.
As most organizations now have hybrid workers, virtual collaboration is a priority. Here’s how integrating Microsoft Teams with Loop components can enable effective collaboration.
Microsoft’s announcement of Loop came with various questions — in particular, how the new product compares to legacy products, like SharePoint. Here, find out how the two differ.
While Microsoft Loop is not yet generally available, Microsoft has released details about how Loop can connect users and projects across the Microsoft 365 service.
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DUBLIN–(BUSINESS WIRE)–The “Quality Management Software Market Size, Share & Trends Analysis Report by Solution (Complaint Handling, Document Control), by Deployment, by Enterprise Size, by End-use, by Region, and Segment Forecasts, 2022-2030” report has been added to ResearchAndMarkets.com’s offering.
The global quality management software market is estimated to reach USD 20.66 billion by 2030, registering a CAGR of 10.4%
The rising developments in QMS functions, as well as the increasing integration of artificial intelligence and machine learning technologies, are the factors anticipated to drive the market demand. The market is expected to gain traction owing to the increasing penetration of the Internet of Things (IoT), Industrial Internet of Things (IIoT), and smart devices.
The outbreak of COVID-19 is likely to impact businesses drastically, due to the stifling innovation, suppressing profitability, and drying up cash flow and financial reserves. IT and software development industries have also been facing challenges because of this unforeseen outbreak.
However, the impact on the software industry, including QMS solutions, has been relatively low. The manufacturing and transport & logistics industries are expected to experience a significant negative impact in the aftermath of the pandemic.
The suspension of production along with the trade of various goods and services is expected to affect the QMS market in the short term. Supply chain disruptions and the introduction of new regulations had a profound impact on the market growth. However, industries such as healthcare in addition to IT & telecom are likely to witness growth opportunities.
Effective and efficient change management has become more critical in the life sciences industry as the global need for access to medicinal products and medicines has increased exponentially. QMS vendors are instrumental in providing solutions with customized features to meet the increasing needs of the healthcare industry.
QMS software offers various functionalities, including out-of-specification test results, handling of non-conformances, calibration, ensuring compliance as well as a centralized system that ensures connection to organizations’ ERP and CRM systems. All these functionalities, coupled with benefits such as reduction of operational costs and business process optimization, are estimated to propel the adoption of QMS across a wide range of industries.
The QMS market is also anticipated to witness significant growth owing to the rising demand for the effective management of organizational processes and the need for meeting consumer expectations in a highly competitive market.
In addition, the rapidly increasing technological advancements in the IT & telecom sector and growing automation of the transportation & logistics industry are also contributing to the market demand.
Quality Management Software Market Report Highlights
Competitive Landscape
Market Dynamics
Market driver analysis
Market challenge analysis
Industry Analysis
Vendor Selection Criteria
Regulatory Framework
Vendor Ecosystem
For more information about this report visit https://www.researchandmarkets.com/r/ulapjg
ResearchAndMarkets.com
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by Ryan Lasker | Updated Aug. 5, 2022 – First published on May 18, 2022
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I don’t think organization maven Marie Kondo was talking about business records here, but it certainly applies: “To put things in order means to put your past in order, too.”
Business records prove business transactions and activities. Growing a successful business requires organization on all levels, including your business records.
An effective records management system doesn’t take much time to maintain and streamlines bookkeeping, tax preparation, and financial audits.
Follow these tips to create a record-keeping system that keeps your blood pressure down during tax filing season.
All business transactions should be documented, whether on paper or electronically. As your business grows, so does the pile of paper and files your business needs to store.
First, go paperless so all your records are easily accessible. Then, implement a digital document management system that organizes your business documents. Then add a document control system that outlines how often to review and update documents.
Record-keeping isn’t just about putting a smile on your tax preparer’s face. It’s also to comply with document retention mandates.
IRS and Department of Labor (DOL) record retention mandates vary between two and six years, depending on the document. Regardless, maintain all business records for at least seven years.
Some business records, like a nonprofit’s tax-exempt certificates or a business tax ID, never become irrelevant, so always keep them close at hand.
IRS record retention rules apply to records that helped you calculate or justify business income, tax deductions, or tax credits. The DOL requires that you keep any documents that help you do payroll.
The IRS can audit your business’s financial records up to seven years in the past and even further back when you don’t file a tax return or are suspected of fraud. Most CPAs tell you to keep all business documents for at least seven years after they’re no longer relevant.
The most common business records include:
States can further specify document retention rules, so check your state treasury department’s website for more detailed information.
Let software lead in creating small business accounting records, like customer invoices and payroll tax forms.
Most accounting software can generate customer invoices. The software should also automatically help you with the bookkeeping basics, like recording accounts receivable when you bill a customer.
Most accounting software can generate customer invoices. Image source: Author
Your payroll software should take care of creating payroll tax records, such as:
Payroll software generates and files these forms with the appropriate authority, be it the IRS, Social Security Administration (SSA), or both. You can easily search for these forms in your payroll software whenever you need them.
Bookkeeping 101 teaches us to have documentation for all business transactions. Master the accounting basics by making record-keeping part of your small business bookkeeping.
Bank reconciliations help small businesses catch errors and understand their financial position. It’s also the ideal time to make sure you have records for all business transactions.
During your monthly bank reconciliation, match every transaction in your accounting software to a record. As you comb through your business transactions, make sure you have a matching invoice, receipt, or contract.
If your software allows it, store your business records in your accounting software. Intuit QuickBooks Online lets users attach documents to each transaction, so anyone who opens your books can view the associated record.
Attach records directly to business transactions in your accounting software. Image source: Author
We live in a time where data breaches and natural disasters are rampant. Take time to back up and secure your records to avoid catastrophe.
Records stored on paper or on a hard drive should be backed up to at least one other location. Digitize all documents to preserve information that could be lost, stolen, or destroyed.
Storing records on cloud-based software lowers the risk of losing them, but it raises the risk of theft. Your business records include sensitive information, like employee Social Security numbers (SSNs).
When storing business records online, secure your account with a unique and strong password, and enable two-factor authentication.
If you ever doubt whether a business record is worth keeping, save it. Ask a tax professional or attorney when you’re unsure if a record is important.
The IRS usually audits less than 1% of individual and corporate returns submitted, so don’t live in fear of an IRS audit. But if your business is chosen, they’ll require proof for all income, deductions, and credits you report on your taxes.
Without the proper documentation, you may face an increased tax liability and a negligence penalty equal to 20% of your underpayment.
When records are lost or stolen, your first reaction should be to inform anyone whose sensitive information may be at risk. For example, if payroll records have gone missing, inform your employees that their SSN might have been exposed.
If your records are unrecoverable, you should do your best to reconstruct all records that justify business tax deductions. Contact your vendors and financial institutions, who should have copies of your business documents.
If the IRS audits your company, you’re still responsible for proving business expenses claimed on your taxes.
It may seem logical to keep records for as long as you have the storage, but you may delete records that haven’t been relevant to your business for more than seven years.
By downsizing your pile of records, you’re making it easier to search for and review documents you actually need. Consult a legal professional before erasing swaths of business documents.
Accounting can be a challenge for a small business, but an organized record management system can make it easier. When you follow these best practices, you’re setting yourself up for a smooth tax season.
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Ryan Lasker is an SMB accounting expert writing for The Ascent and The Motley Fool.
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