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 sales, now we'll discuss how eSignatures can benefit the finance department.
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 multiple people to reach the final sign-off point. 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.
Improving document approval workflows in the finance department with eSignatures
SigningHub’s digital workflow shows who still has to sign the document, as well as providing 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 a risk that even the most seasoned 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.
Ensuring financial department compliance with eSignatures
Compliance is a key concern for financial departments as documents are often of a sensitive nature. SigningHub's 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 functionality is specifically important when large sums of expenditure are involved. It 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.
Cutting costs over traditional paper-based document approval workflows
Of course, reducing costs is a key responsibility of the finance department and adopting an eSignature 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 eSignatures with varying levels of legality. Choose the right type for your finance department with our handy eBook.
