Save as much as 80% on your Retention costs
Typically the retention period for Financial Records is ten (10) years as mandated by the Bureau of Internal Revenue (BIR).
Most business have not realized the actual cost of compliance, but a lot can be saved by going digital.
Yes 80% savings even with the cost of scanning included in year one (1).
Why do you need to scan them?
In order to effectively store off-site, businesses need to have ready access to the documents.
The only way to do this is to scan, index records for search and store them inside a Document Management System.
Otherwise the cost of retrieval from Records Management providers goes up.
Other Benefits of Going Digital
When documents are scanned and stored inside a Document Management System (DMS) all access is controlled by authentication.
Every single interaction with a record is logged by the system.
Audit work becomes easy when going digital. Audits is as easy as googling records.
If there is a need to retrieve actual documents, box barcodes are included in the indices for easier pull outs from storage providers.
Scanning and digitization work can be outsourced at lower rates than maintaining internal staff.
This means more time for other important work and functions.
Once the documents are scanned, there is really no need to access them until destruction.