If your finance team is obsessed with risk management, it is definitely none of their faults. Your finance team is producing more paperwork than any of your other teams. It consumes a tremendous amount of resource time and effort to manage all the documents it receives from clients, sends to clients and the ones that are generated internally.

But avoiding risk is the priority!

Managing and controlling risk to these information sensitive documents become business critical. Vulnerability to all these documents is very high if they are not digitized as a physical hack could lead to a massive destruction.

Risk management of financial documents has always remained the hottest topic in the boardroom meetings. Let us understand what best technology can do for your finance department:

Adaption of a Document Management solution and its likes promises better risk mitigation:

Protection of documents

Document Management solutions protect the data in a better way than a locked up paper filing. The paper filing is exposed to risks like fire, floods and the like. Having all your documents digitized and stacked in a management tool even if they are training documents bring security against hacks rather then put them on systems and remote desktops. The documents stored in the management tools can be accessed easily and promptly without exposing them to any risk.

Time savior

Paperwork is way too time-consuming and neither does it promotes longevity.  It is difficult to create, manage and distribute the paper documents safely. Paper archives take so long to retrieve and have been identified as a major cause of project inception and deliveries. Let us take the example of SAP purchase orders that are way too time-consuming to maintain and process. The automation of these purchase orders allows filling at multiple SAP Leonard ERP locations and linking it to the final order

Filling up communication gaps

Every financial business processes have documentation at every stage and they are spread across multiple departments. Maintaining the documentation this way ensures, no data is missed whether it is from the procurement team or sales team. Communication Gap is a big risk that can run havoc with the entire financial setup.

Grabbing opportunities

Having all the documents indexed and organized makes it easy for the finance team to grab opportunities like lowest bid or highest paying clients at once. No longer do they need to shuffle through stacks of files to take out data based on which they can let the operations team go ahead.

Save the reputation

You may belong to any business sector, your financial dealings are vital for your market reputation. If your financial documents are not maintained well or distributed over safe communication channels, it may prove detrimental to the organizational image. This may jeopardize your position in the market and a financial dealing once went wrong starts creating a ripple effect in the market.

Ease of legal compliance

Maintaining and managing the documents in a secure and accessible manner is often a part of compliance audits. With documentation management tools finance department does not necessarily need to set up a separate team to verify organization and management of documents. In absence of such tools, finance team needs to spend hours together to organize these documents and stay complaint about the audits.

To wrap

With the varieties and volumes of documentation that the Finance department deals with, having a document management tool is a savior for the efficiency of the team. Bidding goodbye to the time-consuming process of creating, managing and distribution of documents is the smartest decision you take in the year 2018.
With intelligent yet intuitive tools available for your team, it is time you scale up your document management.

Author's Bio: 

David Neeble is a financial analyst and accounting expert. He has in-depth knowledge about setting up small businesses as well as creating profitable investments.