The method of managing an organization’s documents and their life cycle in such a way that documents can be created, reviewed, shared, organized, stored and destroyed efficiently is called document management. Paper document are the essential information center to take any decision successfully. One cannot take useful decision without proper management of paper document due to lack of information. Any business either big or small must always deal with accounts payable and accounts receivable processing to handle their invoices and bill payments.
There are several new and promising technologies like online bill payment, electronic invoicing, P-card that promises to remove the paper based processing from the accounting department. some companies offer data capture solutions specifically developed to convert all the paper based invoices, checks, bills, and other documents into data which is to be sent to the accounting or ERP systems. By using software for accounting data capture, they have increased the efficiency of their accounting departments and achieved significant productivity gain in processing their accounts payable and accounts receivable data. Paper document scanning will also help in effective paper document management in small companies. Mostly companies offering high quality service are preferred for scanning. Scanning prevents record loss and provides secure about digital documents, easy retrieval, high portability, reduce storage space and improve productivity.
Currently companies are streamlining their work flows by converting paper documents to digital. Through digital document company can decrease stress of staff as well increase the productivity. Some companies use a vendor that provides document management as a service, whereby documents are picked up and taken to an off site facility for processing. Devising, implementing and managing a document management system is challenging. The following aspects should be take into consideration when crafting a document management plan: creation, storage, retrieval, filing, security, archival, retention, distribution, work flow, and disaster recovery. These are the some of the methods through which companies manage their paper documents.