In our latest series of blogs, we explain how SigningHub can be used across a company and how different lines of business can transform their document workflows. We started with the sales department, next is finance.
Invoices, budget approval, forecasts and customer contracts - these documents all require sign-off before money can leave a business. Finance is one of the most paper-heavy departments and a large number of documents pass through every day.
Every document requires thorough review, approval and transfer back to the appropriate person before being archived for future reference, accounting and audit purposes.
The approval process can take considerable time and an average workflow involves numerous people to reach the point of final sign-off. A common issue is documents remaining with one department for days before moving to the next and it can often be difficult to keep track of progress.
SigningHub’s digital workflow shows who still has to sign the document as well as the ability to send alerts to each signer. Archiving in an online library then follows, saving on space and resources.
Furthermore, with complex proposals and contracts often spanning numerous pages, there is the risk that even the most seasoned of financial professionals could skim a document and sign something without properly reading every clause. Signature and ‘personal initials’ fields can be inserted next to critical sections to provide evidence that all required parties have read and understood before digitally signing.
Compliance is also a key concern as documents are often of a sensitive nature. SigningHub advanced long-term digital signatures coupled with support for the PDF/A archive format ensures documents cannot be tampered with and will be readable many years into the future – regardless of any changes in software formats. This is of great importance when large sums of expenditure are involved. This format also provides the option of long-term verification evidence being embedded into the document which includes trusted timestamps to prove time of signing and signer’s e-identity validation information.
Reducing costs is of course a key responsibility of the finance department and adopting an e-signature solution saves on financial resources. The increase in efficiency allows projects to begin sooner and prevents common costs associated with delays and approval issues.
Remember, not every solution provides the same level of security and there are many e-signatures with varying levels of legality. Choose the right type for your finance department with our handy eBook.