eBridge Solutions Blog

Turning Regulatory Compliance Into A Business Advantage

No one wants to hear from their boss, CPA or attorney that they need to adhere to industry, state or even federal regulations or risk penalties. It's more red tape. More aggravation. And, let's face it, more work.

But, there are times when making an investment to tighten up your compliance gaps can actually improve the overall efficiency of your business. Especially when it comes to managing your records.

A document management and retention policy that follows best practices in your industry and meets regulatory requirements (HIPAA, SOX, GLB, The Patriot Act and more) has many benefits that translate beyond just compliance, including:

• Avoiding legal landmines. If you are ever called to court, having copies (date and time stamped, even) of important records could be enough to keep you from paying big fines or - worst-case scenario - going to jail.
• Improving customer service. Access to electronic documents, enables you and your staff can quickly and easily answer customer questions. No more digging for files or copies of invoices.
• Increasing employee morale. Not having to dig for files will make your employees MUCH happier. So will clean desks and being able to work from home occasionally.
• Lowering overall cost of doing business. By converting paper documents to digital files as part of your record retention strategy, you'll be able to reduce the need for paper, toner and other office supplies. You can also cut back on postage, couriers and overnight delivery services and reduce or eliminate on and off-site storage.
• Reducing security risk. Digital documents can be password protected and encrypted. It's much harder for files to end up in the dumpster behind your office if they aren't in paper format.
• Creating a disaster-recovery backup. Digital documents stored in the cloud can be accessed any time, anywhere. So, if your office burns to the ground or is inaccessible for a period of time, you can still conduct business. Not so if your file cabinets are six feet under water.
• Reducing need for in-house IT, servers and support. If your digital documents are entrusted to a professional hosted document management provider, you simplify the work for your IT staff, and eliminate the expense of servers or technical support. Someone else will do that for you.

By going paperless, you'll be meeting more of your regulatory requirements AND you'll realize some additional benefits that will make your business run more efficiently and cost-effectively. In this economy, being more nimble and streamlined could be the business advantage you need to be more successful than your competition.

Five mistakes you can avoid with web-based document management

Everyone is talking about document management these days. And while you may know that it is a way to store paper and electronic documents together, you might not have considered how document management – especially web-based like eBridge Solutions' – can make your day-to-day tasks easier.

Let’s look at five mistakes you can be sure to avoid if you add an online document management system to your technology toolbox.

1. Losing a document that can be re-created. Have you ever lost an electronic document that was on your computer? Whether it became corrupt or I accidentally saved over it, I’ve lost a file or two – and usually at a critical time. By storing documents in a web-based document management system, you’re eliminating the risk of human error or computer failure. Any paper document that you scan into the system is captured permanently, so even if your computer hard drive fails, you’ll be able to access your records.

2. Losing a document that cannot be re-created. This is bad. Especially if that document you need is needed for a lawsuit or to meet industry record retention guidelines. If your company gets into a lawsuit, there’s a good chance that there will be some kind of discovery process, where you will be asked to produce all relevant documents relating to the issues in question. In recent years, courts have allowed plaintiffs to make major demands on companies with so-called “fishing expeditions.” And it’s not just Fortune 100 companies that have this problem.

It’s extremely important that corporate documents be readily and speedily retrievable. That’s a good reason why all your paper documents should be in electronic form and in searchable format, whether searchable PDF or TIF. The way to do this is by setting up procedures for identifying important documents and converting them into searchable electronic format, using scanners and software like eBridge Solutions’ web-based document management system, which will help you convert, identify and save the documents.

3. Misfiling a document. There is nothing more frustrating than filing a document in the wrong file folder. Especially when a customer is on the phone asking you a question about their contract, but you can’t find it. Anywhere. With a document management system, you should be able to do a keyword search of every typewritten document in your online file cabinet, so even if you accidentally mis-label a document, you can still find it. (And best of all, correct the mis-label.)

“I am so much more organized than ever before. If I am looking for something all I have to do is type it in and there it is. It’s so much easier than searching through file cabinets or on my co-workers desks for the files I need,” explained Angie Lehmann, accounting specialist at BTD Manufacturing, who began using eBridge Solutions in 2007.

4. Not having the most recent copy of a document. Sometimes, just one word makes all the difference in the world. You want to be sure you have the final version of a contract or sales agreement in your possession. Document management systems should use audit trails with date and time stamping to show when a document was added and by whom. So, you can always tell which version was the final document.

5. Unauthorized access to confidential records. For example, if you are a human resource professional and you have salary information stored in file cabinets in your office, there is the possibility that someone could break into them (or just pull the drawer open, if you don’t lock your cabinets at all times) and see how much Susie in Accounting is making. Or, if you work in a medical office and you store confidential information about your patients (social security number, birth date and credit card number), a disgruntled employee could have a field day with what they find in your chart room. With document management, you can restrict what documents users can and cannot see in your electronic file cabinet.

Not only can it help your business save you time, money and space, but an online document management system can help your employees avoid making mistakes – some costlier than others – in the office.

If you haven't seen eBridge Solutions' document management system in action, sign up for one of our online webinars or watch our online video.

Five reasons bail bond agents need document management

If you are like most bail bondsmen, paper is an important part of your day. Keeping track of bail applications, indemnity agreements, receipts and more is key to getting paid and staying in compliance with state and Federal regulations.

Document management, or document imaging, is the practice of digitizing, indexing and archiving both paper and electronic documents for easy storage and retrieval. Bail bondsmen across the nation are turning to this technology to keep track of documents they are used to storing in paper files and folders. Is this something that would work in your agency? Let’s look at five reasons why you should consider document management.

1. You can save money. With a document management system, you can reduce the amount of paper you buy and virtually eliminate postage, photocopies, fax machines, couriers and off-site storage. You can also decrease your paper consumption costs because you can directly e-mail or fax documents to other agencies instead of printing and mailing cumbersome paper files. Using this tool, you and your employees will quickly become more efficient and productive – giving them more time to focus on other tasks – which will save, if not make you, money.

2. You can save time. With document management, you can have instant access to files. Scan documents once and never print them again. No filing or searching for folders. View documents without leaving your desk. While you are out in the field, you can easily access original files through any web-based document management system. One bail bond company tracks clients in their document management system using indexes like:

• Client Name
• Power Number
• Bond Number
• Bond Execution Date
• Bond Discharge Date

Being able to search documents using any combination of those index values plus keyword searching makes it virtually impossible to lose a file.

And, if you have multiple offices, you won’t need multiple copies of documents. Storing them in a central location will let employees retrieve them from anywhere – even simultaneously.

3. You can free up space in your office (or off-site) by eliminating old files and filing cabinets. Electronic files are legally accepted as the original. Shred cumbersome paper files, save space and turn filing cabinet areas into productive work areas.

4. You can create a disaster-recovery plan. Meaning natural disaster and man-made disaster – like a lawsuit. Floods, fire, hurricanes, earthquakes, vandalism and theft place paper files in jeopardy each day. With a document management system, you can rest assured that your company is still in business when disaster strikes. The more you scan, the less you have to lose! 

5. You can increase compliance. In Florida, for example, each licensed agent must maintain records of bail bonds in his or her office that were executed or countersigned by him or her.  The agent must keep this information for three years after the liability of the surety has been terminated. “Though we are only required to keep our documents for three years by law, we want to be able to store them indefinitely in case we need to refer to them in the future,” explained Jeremy Swan of Moncrief Bail Bonds in Orlando, Florida.

A bail bond company’s records are open to examination, inspection, and photographic reproduction by the regulating authority and at any time, the department may require the agent to furnish to it, in such manner or form as it requires, any information concerning the bail bond business of that agent. Web-based document management systems allow the bail bondsman to grant temporary access to auditors or authorities to review records stored online – making everyone’s job easier in the long run.

A document management system is also the perfect place to store employee information, including licenses, certificates and fingerprint cards.

Bail bond companies everywhere will be surprised at how affordable and easy document management systems can be. “Not only are document management systems a great way for businesses to organize their paper and electronic files, but they are also great at eliminating unnecessary expenses – like postage, couriers and off-site storage,” explained Leslie Haywood, CEO of eBridge Solutions in Tampa. “We are seeing businesses of every size in every industry making the switch.”

Should your business be next?

Want to learn more about eBridge Solutions' document management?

Sign up for one of our weekly online demonstrations by visiting our webinars page.

Celebrate your independence from paper with document management

I meant to write this yesterday, but the fireworks started going off and I had to run out and watch. There is so much to celebrate this year if you've started your journey toward the paperless office.

First, congratulate yourself (or your office manager) for taking the first step toward getting better organized and going green.

Second, try to remember the last time you had to get up from your desk to find anything -- unless you really wanted to. That's something to celebrate.

Third, be thankful that when your auditor called and said he was coming out, you were able to give him a secure login to your online file cabinet where your tax records are located, and he never had to step into the office.

Fourth, look around your office. Where are the file cabinets? Where are the messy desks? You've 'prettied' things up while making everyone's lives much easier.

Fifth, cheers to you for trimming your monthly expenses. You've cut down to a case of paper every quarter. You've stopped needing as many office supplies. You've canceled your off-site storage facility.

So many things to be thankful for! And, if you haven't started your journey to the paperless office, you should contact eBridge Solutions for a demo today! By next year, you'll be able to celebrate your independence from paper as well!

Document Management Systems Make Moving A Breeze

eBridge Solutions is a web-based document management company as you know (or should if you read this blog regularly!). And, we are virtually paperless - marketing is the exception. I bring this up, because we moved all of eBridge this weekend and it took hours, perhaps days, less than a normal office move, because we don't have any file cabinets or paper.

In one weekend, the movers and our team moved an entire 5,000 square foot office. Would you be able to do that? If you had to leave your office today for another, how long would it take you to get your files organized, packed and moved? By scanning and storing your paperwork in a document management system like eBridge's, it wouldn't take long at all.

I also bring up the move because eBridge Solutions' new office looks just FABULOUS! Our new server room is TWICE as big as the last one - giving us plenty of room for growth. So, if you aren't participating in our referral program (refer a prospect and receive a $100 American Express gift card if they become a client) and know of anyone moving now or in the future, they would be good candidates for starting the paperless process. Visit www.eBridgeSolutions.com today for complete details.

January is National Get Organized Month

January 11th was National Clean Off Your Desk Day. I didn't know there was such a day, but had been considering starting one. I thought it would make an interesting marketing promotion. I wanted people to send in pictures of the messiest desks in their office and the messiest would receive a year's worth of free document management from eBridge Solutions for their company.

I haven't run that by my boss yet, but it will have to be NEXT year's contest now!

But January being National Get Organized Month does make for a great blog on how eBridge Solutions' web-based document management system can help you clean up your desk, file cabinets and overall office space.

Some clients scan every piece of paper that comes in the door. (Even Christmas cards as I found out at a recent tradeshow.) Some people scan documents once they have finished the project or month associated with them. Scanning and then safely disposing of documents is the perfect way to organize and de-clutter your office. A side benefit will be that you can access those newly organized documents from any computer with Internet access.

So, look at your desk, your file cabinets and your office. Are you a good candidate for eBridge Solutions' 2011 Messiest Desk Contest? Visit www.eBridgeSolutions.com and see for yourself.