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The use of paper forms of documentation is rapidly dwindling. Increasing numbers of governments are realizing that going paperless saves both time and money. If a document is legally binding, it doesn’t need to be physically signed by the parties involved.
It was the COVID-19 epidemic that spurred the majority of companies to adopt paperless. Electronic document signing software has been embraced by businesses at an astronomical rate. The use of electronic document signing software makes it possible to digitally sign key documents such as contracts and invoices.
The use of best document signing software will only grow in the future. A snag in this adoption, however, is the need to select the appropriate electronic document signing software free.
There are a number of programs that allow you to type, draw, and digitally add to the papers, making this procedure difficult.
With so many options for the best electronic document signing software, it’s no wonder that the workplace is becoming digital. As part of the workplace’s digitalization, it encompasses technologies like corporate mobility, digital information management, and more.
As soon as you’ve landed on this page, we’ll walk you through the process of selecting the best document signing software for business.
The best document signing software for small businesses may be found in the list provided below.
➤ CEO — Borya Shakhnovich
➤ Mobile App: iOS | Android
➤ Location — Brookline, Massachusetts
To sign and submit papers electronically, there is no better program than this one. Automating and optimising operations, gaining access to payments, and keeping track of paperwork are all made easier with its support.
Reusable templates in this program make mailing papers a breeze and a time saver. SignNow’s workflows let you bundle documents and transmit them to specific people depending on their roles. After signing a document, SignNow allows you to choose from a variety of options for how the document will be handled.
➤ CEO — Ryan Pegram
➤ Mobile App: None, web-based only
➤ Location — Thornton, Colorado
WeSignature is a current example of best document signing software for business that allows users to digitally sign papers. This app has been used by a large number of professionals for both personal and professional reasons.
Individuals and businesses may sign a wide range of online documents using this easy, fast, and painless program. The WeSignature software allows you to sign documents, fill out paperwork, and follow up with the recipients on a regular basis once you’ve adopted the program.
For years, it’s been the greatest tool for electronically document signing in the industry. Once you start utilizing WeSignature, you’ll be amazed at how quickly your documents will be delivered. With the use of this technology, enterprises may send out a large number of papers simultaneously.
➤ CEO — Will Cannon
➤ Mobile App: None, web-based only
➤ Location —340 S Lemon Ave Ste 1760 Walnut, CA 91789
Signaturely is another popular best document signing software. Many individuals choose it when they want a quick and easy approach to get their documents officially signed. The ease with which it may be used makes Signaturely a standout. Online document signing is made simple with our user-friendly and speedy platform.
Signaturely is unique in that it focuses on removing features rather than adding new ones. It focuses on streamlining the signing process by eliminating any stages that aren’t absolutely essential.
➤ CEO —Dan Springer
➤ Mobile App: iOS | Android
➤ Location — San Francisco, CA
DocuSign, with its electronic document signing capabilities, is also a preferred platform. One of the key reasons why the firm has been able to maintain its position as a market leader is because of its simplicity of use.
DocuSign makes it simple to upload documents, add a signature box, and email signed documents to recipients. Teams may easily sustain momentum when sending and receiving critical papers as a result of this.
If you use Google Docs or any other spreadsheet for business, you can easily create electronic signatures using DocuSign and your Google Drive account.
You may use DocuSign to electronically sign papers that can be readily integrated with a wide range of products since it is simple to use and straightforward to understand.
➤ CEO — Joseph Walla
➤ Mobile App: None, web-based only
➤ Location — San Francisco, CA
Document signing software like HelloSign is highly regarded for the unique capabilities it offers. It excels in the areas of personalization, client service, and pricing flexibility. Embedding and branding the signature alternatives in the papers is also made possible by the API.
It also offers a wide range of extensions and integrations that are compatible with all major online signing rules. It is the greatest electronic document signing software owned by Dropbox, and it has excellent connectivity with many other products, like Google Suite, Gmail, and more.
➤ CEO — Shantanu Narayen
➤ Mobile App: iOS | Android
➤ Location —San Jose, CA
With Adobe Sign, you can manage your processes from any place and on any device because of its feature-rich software. Using this program to sign papers is a common practice because of the ease with which it creates an electronic signature in word format.
In addition to its focus on worldwide compliance, Adobe Sign is noted for its extensive interaction with third-party applications. For both electronic and digital signatures, it has a wide range of options.
➤ CEO — Mikita Mikado
➤ Mobile App: iOS | Android
➤ Location — San Francisco, California
Electronic document signing software like this one is well-known for its user-friendliness and simplicity of use. A free document signing software for business that aids in document management is provided by this service. There is also an automatic workflow, audit history, as well as a drag and drop connection included.
Additional interfaces include CRM, file storage, and payment options for PandaDoc users. The contract management software PandaDoc is worth a try for those searching for an efficient solution.
➤ CEO — Martin Holmstrom
➤ Mobile App: None, web-based only
➤ Location — Portland, Oregon
Electronic document signing software free that is utilised by a large number of companies. Many hours may be saved by using this service, which is also consistent with e-signature requirements.
In addition to document monitoring, configurable workflows, and automated reminders, this tool offers a free plan.
➤ CEO — Sunil Patro
➤ Mobile App: iOS | Android
➤ Location —Brookline, Massachusetts
This is another excellent electronically best document signing software for business. It’s one of the greatest apps for personal usage of electronic signatures. You may begin uploading papers, preparing them for signatures, and submitting them immediately after signing up for a free trial.
SignEasy is compatible with a broad range of third-party apps and can be easily integrated into your existing workflows. You don’t have to worry about opening, signing, and sending documents using Gmail. Finally, you may take use of a variety of features, like automated reminders, tracking, and signature sequences, among others.
➤ CEO — Julian Zehetmayr
➤ Mobile App: None, web-based only
➤ Location — Wien, Wien
If you need legally enforceable electronic signatures but don’t want to spend a lot of money, Eversign is a perfect option for you. For a low monthly subscription, you can send a large number of documents without incurring additional charges.
Audit trails, contract management, and app connections are all included in Eversign’s basic features. If a company is trying to expand its user base, or if it wants additional incentives like in-person signing, there is no additional cost.
➤ CEO — Daryl Bernstein, Cary Dunn, and Jonathan Siegel
➤ Mobile App: None, web-based only
➤ Location — Fort Lauderdale, FL
Electronic signatures are quick, simple, and secure using RightSignature. It’s one of the greatest solutions for mobile electronic signature software since no apps need to be downloaded or installed. With RightSignature, you can drag and drop form fields into PDFs, much like other document electronic signature providers.
Multiple papers may be submitted simultaneously, as well as templates created and shared with others. Documents may be sent out and signatures requested in a certain order.
Custom branding, team stats, and the option to request signer attachments are included in the higher-level plan. While RightSignature’s connectors and partner options are attractive, the company falls short of interacting with a more diverse technology stack.
➤ CEO — Mahender Bist
➤ Mobile App: None, web-based only
➤ Location — Cupertino, California
Even if the price of eSign Genie appears to be a bargain, it’s actually a high-quality digital signature service. eSign Genie, despite its modest price, is packed with features that make the e-signing process easier and more convenient for both signers and corporations. Connecting to eSign Genie is as simple as establishing a network connection and using the form signing tools.
As opposed to alternatives like PandaDoc or GetAccept, eSign Genie can help you collect electronic signatures at a fraction of the expense. The pay-as-you-go option for infrequent clients is one of the most interesting parts of the business. Additionally, the Professional plan allows for the signing of documents in person and assigning signers, both of which are generally reserved for more expensive e-signature programs.
➤ CEO — Geert-Jan Persoon
➤ Mobile App: None, web-based only
➤ Location — Amsterdam, Noord-Holland
For senders that need to distribute several documents each month, SignRequest looks to provide a lot of functionality and customization choices.
A post-signature landing page and the option to change the document signing sequence are all included in the Professional plan when generating documents for multiple signers. For small business owners that don’t need to send a lot of paperwork each month, this platform has everything you’ll need to get your docs out there.
SignRequest’s document management features make it easy to keep track of what paperwork is still pending and what paperwork has been completed.
With the ability to create templates, collect signer attachments, and even select the authentication mechanism your signatures may utilise to authenticate themselves, SignRequest is a best document signing software for business or anybody looking for a quick and easy way to sign.
➤ CEO — Ron Cogburn
➤ Mobile App: None, web-based only
➤ Location — 2701 E. Grauwyler Road Irving, TX 75061, USA
You may use it with a wide variety of business apps thanks to its cloud-based best document signing software for business, it may help speed up internal and external sign offs, decrease the need for paper procedures and boost team efficiency.
DrySign is compatible with Google Drive, Dropbox, OneDrive, and Salesforce. At the same time, it may be used on desktops, laptops, and mobile devices.
This approach conforms with a number of electronic signing requirements, including the ESIGN Act and the UETA. Smart tracking, audit trails, and multi-factor authentication are provided in DrySign in order to help enterprises lower the risk associated with their transactions.
Thanks to the platform’s dashboard, all documents and activities may be viewed at once. It is possible to request multiple signatures, establish automated notifications, view changes in real time, alter document fields and upload bulk files, and many more options are available.
➤ CEO —Vasiliy Ivanov
➤ Mobile App: None, web-based only
➤ Location — Bronx, New York
Using KeepSolid Sign, users may electronically sign a variety of documents, including contracts, transactions, and other types of agreements. This product may be set up in the cloud or on-premises.
It is possible to sync documents across several devices, such as PCs, tablets, and smartphones, using KeepSolid Sign. AES-256 encryption is used to safeguard the data in the system. The firm also offers mobile apps for iOS and Android devices.
It is possible for users to sign and annotate files even while they are not connected to the internet, and the edits are then kept. An activity dashboard supplied by the service allows users to keep tabs on the progress of a particular document.
➤ CEO — Samir Smajic
➤ Mobile App: iOS | Android
➤ Location — 2261 Market St #4358, San Francisco, CA 94114, USA
When it comes to sales teams of all kinds, GetAccept’s cloud-based document signing software. Papers like as contracts, agreements, personnel files, and personal documents may all be signed electronically using this system. Sales professionals can give personalized support to their customers thanks to GetAccept, which automates the sales documentation process.
With GetAccept, sales proposals may be accompanied by video presentations. A document analytics tool lets users see when a document is accessed and keeps track of how many times it has been viewed. For those who are interested, they may also observe which parts of the document were the most popular with the receiver.
Customer relationship management and marketing automation systems are compatible with GetAccept’s integrations. Contracts and other papers can be saved for future reference. Signatures may be renewed at any moment, and they can be imported at any time. GetAccept includes a live chat option as well.
➤ CEO — Matthew Moynahan
➤ Mobile App: None, web-based only
➤ Location — 121 W Wacker Drive, Suite 2050, Chicago, IL, 60601, United States
Onespan Sign is another best document signing software that are legally binding. Your bank account or insurance policy application may have been signed via OneSpan Sign without your knowledge. OneSpan’s customers can completely white-label the e-signature process so that their brand is always in the limelight, from beginning to end, resulting in high completion rates.
While OneSpan’s e-signature technology has been employed by some of the world’s most security-conscious enterprises (such as IBM and NASA), the company is recognized for its focus on security and compliance.
According to Gartner, OneSpan Sign is also a leading provider of electronic documents signature software for businesses of all sizes.
Fair pricing and willingness to go the additional mile for clients of all sizes are hallmarks of OneSpan’s business model.
➤ CEO — Stephen Curry
➤ Mobile App: None, web-based only
➤ Location — Singapore
Over the past few years, CocoSign has emerged as an extremely renowned online electronic document signature software. It is one of best document signing software for business for sending, signing, saving, and accessing documents online.
It is capable of automating business processes by closing deals quickly, safely, and legally.
CocoSign enables users to choose a free trial for understanding how the platform should work and how useful it can be. It is easily the best place for online signatures as it improves businesses by automating significant parts of business deals. It is empowered with multiple applications, integrations, APIs, and industry-specific solutions.
CocoSign allows you to get signatures digitally without facing problems in managing paperwork. It provides a user-friendly, digital, and integrated experience for creating e-signatures.
In addition, it also offers cross-platform functionality and can be accessed anywhere. People use it because it is safe, legally compliant, and efficient.
➤ CEO — Jessica Kelly
➤ Mobile App: None, web-based only
➤ Location — 700 N Valley St Suite B Anaheim, CA 92801
DigiSigner is a cloud-based electronic document signing software and one of the best PandaDoc alternative that focuses on speed, affordability, and convenience of use.
Using the service, businesses and people can sign contracts and agreements from any location in the world, regardless of their location.
DigiSigner is compatible with a wide range of devices, including laptops, tablets, smartphones, and more.
All main e-signature laws, such as ESIGN, UETA, and European eIDAS, are met by DigiSigner.
DigiSigner’s signatures are legally binding and can be used in a court of law.
➤ CEO — Jay Jumper
➤ Mobile App: None, web-based only
➤ Location —Chattanooga, TN
A next best document signing software is SIGNiX, which makes it easy for partners in highly regulated industries like real estate, wealth management, and healthcare to use digital signature and online notarization software together.
There are no costs or risks to using the patented SIGNiX FLEX API.
It allows partners to offer military-grade cryptography, enhanced privacy, and permanent legal evidence of a true digital signature without having to deal with paper-based processes.
➤ CEO — Viktor Wrede
➤ Mobile App: None, web-based only
➤ Location — Stockholm, Stockholm County
Scrive was founded in 2010, and since then it has grown to become one of the most popular document signing software in the Nordic region.
Over 6,000 satisfied users in 40+ countries have already adopted Scrive’s electronic signature and ID-based solutions to streamline their onboarding and agreement procedures.
Scrive is a reliable digitalization partner that aids companies of all sizes in undergoing digital transitions, even those in highly regulated sectors.
Enhancing the quality of data, security, compliance, and the customer experience all fall under this category. Scrive is a Swedish company owned by Vitruvian Partners with headquarters in Stockholm. To put it simply, it employs over 200 people.
➤ CEO — Gal Thompson
➤ Mobile App: None, web-based only
➤ Location —800 W. El Camino Real, Suite 180 Mountain View CA 94040
A cloud-based service called Secured Signing Software is used to manage electronic signatures. It serves clients across a wide range of industries, from banking and education to construction and real estate.
With this best document signing software, users may digitally sign documents, invite others to fill out their paperwork, and design and distribute customised forms.
Secured Signing facilitates mass invitation distribution. In order to aid businesses, reminders can be set up and more document fields can be added.
Users are able to implement approval workflows and digitally sign Word documents with this solution. The recipient may be able to make changes to the text before signing.
Secured Signing can be used in tandem with popular platforms like Salesforce, Realme, and Microsoft Dynamics 365. Customers can verify their identification with an SMS code and digitally sign documents in a face-to-face transaction.
Users may check how long it will take to sign a form, download and save signed copies of forms, and more from the dashboard.
Secured Signing offers its services on a monthly subscription basis or on an as-needed basis.
Numerous channels for contacting customer care are made available, including a ticketing system, a knowledge base, a toll-free number, and an email address.
➤ CEO — Chris Byers
➤ Mobile App: iOS | Android
➤ Location — Fishers, IN
If you’re looking for an alternative to DocuSign, go no further than Formstack Sign, the top-rated document signing software that’s integrated into the Formstack data management system.
Formstack Sign’s signature automation features and user-friendliness make it ideal for a wide variety of online form uses, including but not limited to online surveys and job applications.
Ade Olonoh, the company’s founder, laid the groundwork for FormSpring on February 28, 2006. There was an earlier platform called FormSpring, which was a precursor to FormStack.
Its original intent was to serve the higher education and marketing sectors as a web-based form maker and workflow management system.
Customers of Formstack who don’t have programming or software talents can nevertheless take use of the integration of more than 50 web applications including customer relationship management (CRM), email marketing (email marketing), payment processing, and document management.
➤ CEO — Shamsh Hadi
➤ Mobile App: iOS | Android
➤ Location — Phoenix, AZ
ZorroSign may be used to manage document-based transactions like payroll and employee onboarding. It’s a digital transaction management and electronic document signing software that runs in the cloud.
For document and signature forgeries based on Blockchain technology, ZorroSign employs a patented forensics tool.
A better and more secure alternative to DocuSign for signing legal, medical, and government documents is available here. In comparison to other document signing software, ZorroSign prioritises protecting the environment.
➤ CEO —Boris Shakhnovich
➤ Mobile App: iOS | Android
➤ Location — Brookline, Massachusetts
PDFFiller is the most convenient online document signing software for creating, editing, signing, and managing PDF files.
Since its implementation in 2008, it has facilitated the transition to paperless operations for many businesses and individuals.
PDFFiller is also included in the airSlate Business Cloud, a convenient package that provides access to many helpful tools.
Using the best document signing software for business to electronically sign papers in the future will save both time and money, making it a need in the near future. Using online document signing software, businesses may keep track of their activities and even set reminders.
Using online best document signing software makes it possible to enhance your journey and provide a helpful signing experience. Take your time, learn more about the applications we’ve already listed, and make an informed selection before committing to one of them.
By using electronic document signing software, individuals can legally bind themselves to a digital agreement. Desktop solutions allow you to edit and sign documents on your own laptop, computer, or mobile device, whereas cloud-based solutions allow multiple users to sign from different locations.
Your acceptance, approval, or obligation to the terms set forth in a contract or instrument signified by your signature or mark. A signature is typically the act of physically placing one’s own handprint on a document. However, handwritten documents are not always required for legal validity.
This provides you with evidence that the other party intended to engage into the contract with you and be bound by the responsibilities that are stipulated in the contract.
YES! When signed with the best document signing software, agreements and other documents become legally binding. When all the conditions for an agreement to be valid and enforceable are met, it is legally binding. The offer, an acceptance, consideration, mutual responsibility, and competence are all necessary parts of a legally binding agreement.
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People often confuse document management vs content management systems. In this article, we’ll explore both DMS and CMS, what the similarities are and how their differences dictate which platform is the best for your business.
Document management and content management are closely related. On the surface, they appear to be the same thing, but when you begin to analyze document management vs content management, you begin to see the differences.
If your business is looking to implement a document management system (DMS) or a content management system (CMS), you may be left wondering which one is right for you.
The best document management software and content management systems can come with a hefty price tag, so it’s best to learn what you’re investing your money in and which platform will best serve your needs.
We’re here to help ease confusion and answer some common questions, which will put you in a better position to select which type of software you need to use.
Document management software is specifically designed to hold business documents that multiple users can organize, create, edit and access. A content management system applies to several content types like text, video and images, all of which are published publicly through a website.
Technically yes, you can use a CMS to create and store text-based documents. However, we wouldn’t advise using a CMS for document management as it doesn’t provide the same organization and creation tools as dedicated document management software.
Microsoft SharePoint is a document management system that also includes some traditional CMS features. For example, you can create private web pages and share content with other users in your business.
To help you learn more about document management systems and content management systems, we’re going to explore each platform separately, then look at some of the core differences and similarities.
A document management system is a piece of software that allows companies to manage documents throughout their business. See it as somewhat of a digital filing cabinet, where a range of documents exist and various users are able to access them.
However, unlike a physical filing cabinet, which is only capable of holding documents, an electronic document management system offers much more.
For example, certain document management software allows you to send out internal communications that help keep everyone up to date on critical business processes. You can also collaborate on documents, access older versions and allow multiple users to edit them.
The most common types of document management systems are on-premise and cloud-based. On-premise document management software gives you total control over your internal servers and allows you to establish security for your documents.
The cloud-based option means your documents exist on a third-party company’s servers. Cloud solutions make it easier to access documents on multiple devices, as well as collaborate on documents with others.
Among other things, good document management software enables you to create and store document types such as invoices, employee contracts, spreadsheets, training materials and almost any other business document you can imagine.
The very best also have tools that offer scanning capabilities so you can transfer paper documents to your electronic DMS. Scanning tools include optical character recognition, which lets you edit paper documents that you have migrated to electronic documents.
If you would like more information on what a DMS can do, check out our document management basics article. We also have a document management best practices guide, that outlines how to choose a DMS and make the most of its features.
A content management system is a space that allows you to upload various types of content such as text, images and video. Through various software options, a content management system lets you easily publish content publicly on the web without needing to know how to code it from scratch.
Whether you’re a blogger or a large online publication, you’ll need a content management system in order to create, schedule and publish content. A leading CMS, like WordPress, also offers templates for your website, and gives you the ability to create a unique design.
Most content management systems let you add multiple users to one centralized content stream. You can give users permission to create, edit and publish content. Other users, such as editors, can also access content and edit where appropriate.
After your website goes live, you can access your content management system and create new web pages within your website. You can also modify content even after you publish it online, and all of this can be done without the need for a web developer. This makes it simple for even inexperienced CMS users.
Now that you have a better understanding of what a DMS and a CMS are, let’s take a closer look at some of the core differences and similarities.
A DMS tends to handle what’s called structured data; it’s a space that allows you to easily categorize, search and share data within one centralized platform.
By contrast, a CMS is a place for unstructured data, where content does not have a defined data model and isn’t organized in a defined manner.
Structured data includes easily searchable data, such as names, addresses, charts, documents and PDF files; whereas unstructured data involves data that’s not easy to search, for example video files and audio files.
The platforms share similarities in that they offer a centralized space to upload, create, retrieve and share content. That’s really where the common ground ends, as the type of content created and shared is vastly different.
By now, you should be able to ascertain which platform is the best for your business. If you’re still unsure, here are some things to consider.
Two other terms you’re likely to come across are enterprise content management (ECM) and enterprise document management (EDM). Despite the different terms, not much separates an enterprise content management system from a standard CMS, and the same is true with a DMS. The main difference is scalability.
ECM software allows you to add and manage more users, while also giving them the ability to access content and documents from multiple devices in different locations.
Due to the size of each platform, it’s common to see more tools for automation that allow you to provide fluid updates on business processes and content. This makes enterprise-level management systems ideal for large businesses.
While the foundations of a DMS and CMS are similar, you can clearly see that each software type is built for different purposes. Both of them will certainly help you manage content and work with others on different content and document types; a defined objective will help choose which platform you need.
Which DMS do you use? What’s your favorite CMS? Do you utilize enterprise content management? How do you keep track of your business’ digital assets? Is there something you wish we explained in the article? Let us know in the comments. Thanks for reading.
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by Elizabeth Gonzalez | Updated Aug. 5, 2022 – First published on May 18, 2022
Image source: Getty Images
Back in the day, records management was all about wrangling reams of company paperwork into some kind of sensible filing system. Today, most of those physical files have been replaced by electronic records that practically take care of themselves.
And that can be a real problem, according to the Association for Intelligent Information Management (AIIM).
AIIM reports that technology is allowing businesses to collect data faster than they can manage it. The result is serious legal and operational risks.
For example, say your small business accepts credit cards. The way you collect and store that information affects everything from payment card industry (PCI) security to state sales tax to your federal tax return. Without a comprehensive record-keeping strategy, you can create massive administrative headaches down the road — and even run afoul of the law.
This article walks you through the steps to create a records management system that drives efficiency and ensures compliance.
A business record is a document or other evidence of a commercial activity. Business records can be a data point such as a timecard swipe or a paper document filed in a locked cabinet.
When you think of records that way, it’s easy to see how every new technology you introduce in your business creates new data. And every record presents a specific value and risk to your business.
Consider these different record types and the potential value and risk of the information they provide:
These are the questions a document management system needs to address.
Nearly half of Image source: Author
business leaders are not actively engaged in information management. Source: AIIM.
The more technology you use, the more options you’ll have for amassing, storing, and sharing data. An effective electronic record keeping system helps you ensure you’re meeting legal requirements, protecting employee and customer data, and making the most of the data you collect to drive your company’s success.
Consider these benefits:
A records management system ensures your staff has ready access to the records they need when they need them. That can enhance productivity and help you control expenses. It also reduces administrative wheel spinning searching for documents or duplicating data.
Electronic records management software such as DocSend and eFileCabinet can help you manage documents efficiently and move closer to a paperless environment.
According to IBM’s 2019 Cost of a Data Breach, the odds of a business suffering a data breach were nearly one in three in 2019. Small businesses are not exempt; the report showed that small businesses suffer higher costs relative to their size.
An effective digital record management system ensures security levels for all digital records to protect your business from those risks.
Software such as DocSend can make digital records management easier and more secure. Image source: Author
Approaching business records strategically also helps your company capitalize on the data you collect every day to drive organizational results.
For example, job applications and offers are key human resources (HR) records you can use to shape talent management strategy. Digital touchpoints such as content downloads can be used for customer journey mapping and targeted marketing.
Records management allows your business to respond promptly and effectively to lawsuits and complaints. For example, if you fire an employee who files a discrimination and retaliation complaint, the EEOC may require you to produce hiring and pay records covering the entire department.
Knowing the legal significance of your business records and how long to retain them protects your business.
Regulatory authorities such as the Occupational Safety and Health Administration (OSHA), the U.S. Department of Labor (DOL), and the Equal Employment Opportunity Commission (EEOC) require businesses to store and secure company records for specific periods.
Payroll records must be retained for at least two to three years under federal laws, and accident records must be kept for at least five years. Businesses must know the minimum retention standards that apply to each record they create.
eFileCabinet is another great choice for storing and organizing your digital documents. Image source: Author
Following are the phases your business needs to consider when creating a records management system.
A record may be created manually, received, or generated automatically through a transaction. It could be collected by your customer relationship management (CRM) system, received through the mail, typed by an employee, or recorded, as with a Zoom meeting.
AIIM estimates that 60% of data coming into businesses is unstructured, leading to what the organization calls “information chaos.” To combat this, a records management strategy must ensure all records created by company systems are classified according to their value and risks to the business.
Proper record classification allows for efficient filing, retrieval, archiving, and destruction of documents.
Records may be classified under multiple categories. For example, a nondisclosure agreement might be tagged as having a digital signature certificate, as a confidential record, and as a personnel document. Examples of record classifications include:
The next phase in a records management system involves maintaining active records to allow security and access based on your classification system. This includes physical and electronic document storage.
For example, training materials and employee handbooks are often uploaded into an online library of employee resources for easy reference anytime. Employee health records may be stored in a locked cabinet for occasional reference only by a HR manager.
Customer data may be created and maintained by sales staff in a CRM. Some documents such as tax returns might be stored in both online records and secure paper files.
The goals of your maintenance plan are to avoid duplication, enforce version control, and allow efficient access by the right people.
Once records reach the end of their lifecycle, they should either be archived permanently, disposed of, or destroyed.
To create a disposition plan, you will need to identify the retention period for all of your company’s records and create a plan for pulling and disposing of them at the appropriate time.
Many businesses are lax about disposition because it is so easy today to amass and store data online. But obsolete data can overwhelm your records management system, interfere with version control, and impede operational efficiency.
If you’re leery of destroying files, you can simply archive them instead. The important thing is to remove them from active use and to uphold security protocols throughout the document’s lifecycle.
Chaos is costly in your personal life and your business life. With so much data being collected, created, and stored automatically today, creating efficient filing protocols is more important than ever.
With a solid records management plan, you can protect sensitive customer and employee data, access it efficiently, and use it to drive better decision-making.
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Elizabeth Gonzalez is a legal and regulatory expert writing for The Ascent and The Motley Fool.
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