Digitizing Documents: Benefits and Software

Are you looking for a way to store, manage and share your documents online? 

With the rise of cloud computing, converting your physical documents into digital data i.e. digitizing documents has become easier than ever before. 

Not only does it save money, but it also helps organize and streamline your business operations. 

In this article, we’ll discuss

• benefits of digitizing documents
• tips on getting started
• and the best tools available to help with document conversion

Through this guide, you will have a better understanding of how to make the transition from paper-based records to digital documents in an efficient manner.

Benefits of digitizing documents:

Many companies pride themselves on doing business the “old-fashioned way”. Typically, what that means is that they prefer face-to-face interactions and handshake deals. 

Even if it’s not the most efficient way to do things, this method can still encourage strong relationships with customers and vendors.

However, doing things the old-fashioned way can hurt your business. For instance, insisting on using paper documentation in your financial office could cost you more than you realize.

Printing and filling out paper forms cost businesses roughly $120 billion yearly in the United States. That’s due to the cost of equipment as well as the supplies. 

Even beyond that, the inefficiencies of using paper can cost even more. Time spent hunting down hard copies of contracts, invoices and other documentation could be used on other tasks that directly impact a company’s success. 

These are two reasons digitizing your financial documents can be a tremendous boon for your organization.

Not only do digital documents make searching for specific items much faster and easier, but they also bring a host of other benefits.

For example, it’s easier to recover data in a disaster. It’s also easier to protect and secure sensitive information through encryption and other security measures.

With process automation doing much of the grunt work when filling out forms, employees can spend more time interacting with customers.

Keeping digital documents in a centralized repository also gives your office more flexibility to allow employees to work from virtually anywhere.

Some old-fashioned techniques of doing business will likely always stay in style. However, just because something is old doesn’t automatically make it better. 

You are looking at the accompanying resource for more ideas about digitizing your financial office.

Ready to get started with digitizing your documents? 

Here are five tips that will help you along the way:

1. Identify Your Goals:

Before beginning the document conversion process, take some time to understand why you’re making the switch and what you hope to achieve. This will help guide your decision-making when it comes time to select a software solution.

2. Analyze Your Workflow:

Think about how data is currently being shared and stored within your organization and look for any opportunities where automation could provide a more efficient workflow.

3. Make Use of Existing Tools:

If you already have existing tools for digital file management or collaboration, consider using those resources to streamline the transition from paper-based records to digital data.

4. Test Solutions:

To ensure that everything runs smoothly during the document conversion process, test out different options before committing to one solution.

5. Train Employees:

Once you have decided on a workflow, make sure all employees understand how it works and can use it effectively and efficiently so that they can take advantage of automated processes in their day-to-day operations.

When it comes to making the switch from paper-based records to digital data, there are several tools available that can make the transition easier. 

Best software for document conversion: 

Here are a few of the best software for document conversion: 

1. Adobe Acrobat Pro:

Allows you to easily convert PDF files into other formats like Word, Excel, and PowerPoint. 

2. Nitro Pro:

 A powerful PDF editing and conversion tool that allows for the easy sharing of documents across different platforms. 

3. Solid Documents:

Offers an intuitive drag-and-drop interface that makes it easy to convert files into various formats without any manual intervention. 

4. DocuSign:

This allows users to securely sign documents electronically and quickly send them back without complications. 

5. Scanner Pro:

 Makes use of mobile devices’ built-in cameras to scan physical documents and store them as digital files quickly.

6. SmallPDF:

This cloud-based service offers a fast and easy way to compress large files before sending them via email or other digital platforms.

7. Zamzar:

This free online file converter can handle over 1200 different types of documents and video formats, making it incredibly versatile. 

Conclusion:

Digitizing documents can be a great way to streamline processes and improve workflow. 

Many tools and services can help you transition from paper-based records to digital data quickly and efficiently.

Choose the right tool for you, test it out beforehand, and make sure to train employees properly on how to use it so that they can take advantage of automated processes in their day-to-day operations.

Do you have a tool for digitizing documents that you would like to share? Let us know in the comments below and we’ll be happy to check it out!

Infographic created by Donnelley Financial Solutions, a regulatory compliance software company