5 Essential Positives of Electronic Signatures for Small Business Management
With technology taking over almost every sphere of the commercial world, the latest arena to become digitized is the art of organizing paperwork. Electronic signatures or e-signatures as they are also called have become absolutely essential to help businesses maintain an edge over the competition. Moving documents to cyber space has changed how companies conduct business operations and provide services to their customers. As the owner of a small enterprise, you may find that adopting software like, for example, DocVerify can help streamline normal day-to-day tasks and speed up the administrative processes of your company.
Have you been wondering if now is a good time to switch to e-signatures and digital documents instead of storing bulky files, folders, and papers? Let’s give you a few practical reasons how that can benefit your enterprise.
1 – You Speed Up Business Operations
You’re probably aware of the positives of sharing documents using online platforms and the advantages of maintaining records on the cloud. In an era where time is more valuable then monetary currency, take those file sharing procedures forward. When you need to enter into contracts with business partners, you can simply send them the documents via email or document sharing just as this feature on Nolo outlines. You will no longer have to wait for the paperwork to reach your partners so they can sign them and send them back. Eliminate the hassles of tracking mail and unavoidable delays in starting projects with electronic signatures. Above all, you can contact all your stakeholders and get approvals in shorter time spans.
With the click of a button, your partners and vendors can e-sign documents to enter into contracts and send them to you for saving on the cloud in pdf form. Each time you need to check the documents, you can open them online within seconds and access the files for reference. All of these positives help you focus on strategic business activities that can help raise production and revenues.
2 – You Provide More Efficient Services
Check out this blog on Adobe that explains how in addition to speeding up business operations, you’ll provide more efficient services to your customers. Whether it is taking and processing orders, shipping, billing, invoicing or collecting payments online, you can use digital signatures and multi-step verification systems to help make quicker deliveries and receive payments. Not only do you prevent the risk of data breaches and credit card frauds, but you can also raise sales and earn larger profits.
3 – You Economize on Business Operations
Given that small startups are looking to economize wherever possible, electronic signatures help you make substantial savings. You save on the rent for office premises for storing physical files and desks where employees can work. You may even be able to get by with a smaller but well-trained staff or even, virtual assistants. By opting to work using digital documents, you eliminate the expense on paper and stationery along with the cost of shipping documents. Go ahead and discuss deals using video conferencing without the need to meet partners at geographical locations. And, when you’re ready to enter into agreements, rely on e-signatures for legally binding contracts. The interesting factor is that multiple partners based in different locations can sign documents without having to be physically present.
However, according to the regulations laid down by the Electronic Signature in Global and National Commerce Act (ESIGN) and state adoption of the Uniform Electronic Transactions Act (UETA), certain kinds of contracts may need actual ink signatures so it is advisable that you check with your legal team. Such contracts may include product recalls, adoption papers, last wills, and real estate foreclosures, among others.
4 – You Eliminate Geographical Constraints for Conducting Business
Electronic signatures allow you to conduct business economically not just on a national level but with offshore clients also. As long as the laws and regulations in the foreign countries permit digital contracts, you can streamline procedures and add efficiency to your dealings. The only requirement here is a secure internet connection and you’re sorted. Further, you can examine and sign documents when on the go instead of restricting administrative tasks to the office premises or work hours. Using any electronic devices such as Android and iPhones, tablets, laptops, or desktops, you can access online folders and continue working.
5 – You Keep Documents Safe
With paper documents, you run the risk of their getting lost, stolen, or damaged because of negligence or accidents. The possibility of fraud and forgeries is another possibility you’ll want to prevent. However, platforms offering you the facility of digital documents and electronic signatures have several security features that make them more acceptable in court than traditional paperwork and wet ink signatures. Here’s why:
- You’ll make use of additional authentication options such as bank-level encryption and biometric signature capture to verify the identity of the signer.
- You’ll prevent errors arising from incorrectly signed documents and missing information because the signer failed to fill all the required fields.
- You’ll maintain the right sequence of the papers.
- You’ll keep track of the identity of the people who have viewed the documents and signed the papers.
- You’ll automatically send reminders when partners don’t sign within a time frame.
- You’ll receive alerts when recipients view and sign documents. You can then save the pdf to secure folders.
Like this article on Small Biz Trends informs you, electronic signatures can now be performed using a range of formats such as clicking on an “I Agree” button, typing your name in the designated section, or copy-pasting a scanned version of an inked signature. Go ahead and choose the format you like best and introduce your company to the positives of working on the cloud.
Signing and entering into contracts and deals using digital media is the next step for running a more secure, streamlined, and efficient company. Find and download the right online applications and watch your sales and revenues improve.