Company management may find themselves being prosecuted by the regulators for negligence and other related crimes in case the company data is lost due to flood, fire, theft or misplacement of files. Further, the trust bestowed in such a management by the shareholders may be eroded since they will be viewed as careless and insensitive. In addition, both internal and external auditors may not be able to perform their duties of ensuring compliance with the process in absence of the records. Further, in case the sales were been done through a credit arrangement, it may be difficult to give the correct bills without proper records. More so, in case of reconciliation related challenges, it may be difficult to prove the case without any records to support the claim. In totality, the loss can be, massive and can cause the security agencies investigating including the taxman to interpret such a loss as a deliberate cover-up by the management of any fraudulent activities that may have been going on besides tax evasion.
Sighting the many challenges that can arise including ending the professional careers of the people responsible, no one can underscore the need to preserve documents and records through document scanning which helps in electronic preservation. A company may buy its own scanners or hire the document scanning services from companies that specialize in the service like document scanning Columbia SC. There are so many advantages for document scanning like one when documents are scanned, the bulky files cabinets are removed and hence more space can be availed that can be used to do other things that can generate more revenue. The scanned documents can conveniently be stored in a server within the company or from contracted outsources. Since documents legibility may be put into question due to old age, it is imperative to scan the papers and preserve them in electronic format thus protecting them from physical deterioration. Moreover, through documents scanning, data security can be enhanced through encryption, password protection, giving limited access to specific users , storage through the cloud and even tracking of the documents movement is a possibility. Instantaneous access to documents by staff across all locations of the company branches is possible when such documents are scanned and saved in an electronic format. This approach saves times and enable improve staff collaboration while performing there independent tasks. It is imperative to make sure documents can be accessed easily when required by properly indexing them in a way that ensures the audit compliance is observed. In conclusion, scanned documents lead to efficient service delivery like giving of timely and correct invoice statements to clients which helps them to, make prompt payment thus reducing on any outstanding bills and enhance the customer service which leads to customer loyalty.