It is really important to focus on the profits for any company to flourish. A lot of companies are now opting for paperless processes to enhance their profit intake. Going paperless can decrease costs you have on resources and set a reputation as a sustainable firm. However, getting a document signed from someone in another location can still pose time and travel costs for the company.
This is why more and more companies are opting for electronic signatures as their medium to get documents signed. This can decrease time costs by a huge margin resulting in more profits for the company. In 2012, companies that used electronic signatures for online transactions actually got $89 million throughout the world. Due to the increase in companies opting for such signatures, the number has increased to $754 million in online transactions.
Electronic signatures refer to any data in the electronic form that is signed electronically. This type of signature has legal standing since laws have been signed to protect companies who use an electronic signature. They are commonly used to show your approval or agreement with the contents of any contract or document. They are mostly used to reduce the time and costs that sending documents to a remote location can incur.
There are many benefits that are associated with esignatures. These can improve your annual profit intake by a huge margin. They include:
There are a lot of costs associated with paper documents that can include:
• The time it takes to send, sign, and return documents can cut into time costs for the company. People could be doing more productive things than traveling with documents.
• A single employee uses 10,000 sheets of paper per year. This means hundreds of thousands worth of costs for a big company. Paper costs any firm a lot of money which can take away from the profits.
• There are no costs attached to sending a client or customer a document if they reside in a remote location.
It is also easier to expand the business without having to physically expand your office. You can actually entertain any client from all over the world without having to move from your office. You can simply send them the documents through emails and even get multiple signatures on the same contract. This makes it easier to expand your business and reap more profits.
Paper documents can become misplaced or destroyed easily. Electronic signatures have virtually no storage costs. It is also easier to prevent fraud with esignatures since you can prevent changes after it has been signed. There are also other security measures you can use such as double authentication measures through SMS or email, as well as passwords and pins.
Electronic signatures offer companies a lot of benefits that enhance their profits. It is important to invest in e-signature technology that can boost your business model.