You should be extremely cautious while handling the firm’s critical finance-related contracts. But inaccurate and misplaced paperwork damages the objective. Moreover, you can notice that how much tedious and manual contract signing leads to mental stress, thus fueling attrition rate within the finance department.
It is obvious that you don’t want this to happen. So, your organizations must consider digitizing financial contract signing procedure. It will free up your employees’ time so they can focus on more strategic tasks, i.e., keeping contracts touch-less in this pandemic.
Getting your accounting team members implement electronic signature software can provide a much-needed relief.
1. Processing Agreements on Time
Usually, processing financial documents needs approvals from various stakeholders. You are bound to face the delays in transferring the physical contracts from one signer to the other. Cloud-based eSignature systems come into the picture in order to save the day by speeding up paperwork workflows.
Documentation which used to take multiple days or weeks to complete now can be approved in a few minutes. Features like ready-to-use financial document template, pre-filled forms, and seamless integration with mobile applications and tools play a pivotal role in reducing the processing time.
2. Less Errors
Contracts can be complicated. You need to sign in so many areas. Such detailed instructions can be challenging to include in the physical contract, thus leading to incomplete filled forms. And any mistakes made in these financial contracts are a big no-no for the below reasons:
a. Costly delays in processing that would lead to unhappy stakeholders.
b. Result in strict fiscal consequences.
But luckily, electronic signatures highlight specific signing locations. Also, it guides the signer via every part of the document. What is more, you can make sure that online agreement isn’t submitted unless all the mandatory fields are filled appropriately.
3. Eliminates Fraud
With critical contracts, it is imperative that you have a robust approval workflow intact. The multi-person approval method in eSign software ensures all relevant stakeholders sign-off on paperwork before it is submitted for processing. The visibility and oversight level eliminates fraudulent activities.
4. No More Lost Contracts
Paperwork includes sensitive financial data. And storing them physically in file cabinets means additional time spent on heavy administrative work. Plus, what will happen when you need the file urgently for an audit? Switching to document management solutions, you can secure audit trail of each completed contract. With the help of a secure eSignature platform, you can handle, store, organize, and monitor each document easily.
5. Offers Granular Insight
Now there is no need to chase down the signers any further. Without depending on your memory, the solution empowers you to monitor when the financial document was issued precisely, who signed the contract, and when it was signed.
6. Go Paperless and Save Money
This is what each accounting department wishes- to save expenses. And embracing eSignature technology fast tracks this objective by eradicating administrative costs like printing, couriering, ink, and paper. So, what is more? The complete contract workflow becomes environment friendly.
Are you still wondering whether the finance/accounting teams require an electronic signature software solution? Then the answer is yes!
Where Can You Fast Track eSignatures?
In the era of working remotely and maintaining business continuity, you must invest in quick and contactless processing of accounting forms. And eSign solution is the key answer. Here are a few financial contracts which when approved electronically can simplify the pressure on the telecommuting workers, minimize errors, and so much more.
a. Receipts, invoices, POs
b. Expense reporting
c. Income statement
d. Timesheets and balance sheets
e. Audit sign-off
Digitize Paperwork with Electronic Signature
The accounting department puts in a lot of effort in order to generate and process several team-specific agreements. To make sure that the workers receive support in their daily endeavors, pick a robust eSignature application. It will enable your team to:
a. Reusing templates of the financial contracts which can be customized in order to fit certain use cases.
b. Configure the signing process so document signing occurs in order or at once.
c. Easy integration with your favourite accounting solutions so they can approve contracts without the need to open them from other tools.
d. Track exact status of documents and sent reminders to the signers whenever there is a delay in the approval process.
Contract signing cannot be any simpler and convenient than this. Hence, if you want to accelerate salary payment, cash flow, and more while having complete visibility into the document status, then switch to an automated eSignature software.