Customer checks are high risk documents.
You are in a spot because you are required to keep them, or reasonable copies for long periods of time. funny thing is these checks are seldom accessed after the deposit goes to the bank, but you still have to keep copies, and they need to be kept safe. Photocopies aren’t a good solution – why expose your locally stored trigger data to be breached and waste the supplies and the space to store them? Storing checks onsite is bad on many levels. Who’s going to guard them 24/7?
Even a modest-sized company may receive 15,000 checks a year, which could take 7-8 file boxes to contain. You take a five year purge cycle and that would mean you might have 35 – 40 bankers boxes of copied checks alone lying around . You would do that for files that you are almost never asked to produce a copy of?
Here’s a great idea. Why not use Electronic Document Management and forego all of the worry, wasted space, wasted labor, and wasted supplies? Imagine that at the click of a button your electronic documents are safely and quickly encrypted and sent to the equivalent of a digital vault, waiting patiently if 4 years later you may need to quickly acquire a digital copy? Oh ya, that simple service exists now for a fraction of what you pay to keep all your paper documents now. Have any questions?
This is part 2 of a 3 part series called “Is a document management solution in your future?”
See part 3 here: