Document Management Solutions for Legal & Finance
There are few businesses where document management is more critical than in legal and financial practices. Client and customer records must be accurate and available immediately when needed. Organization is critical to locate specific information relevant to legal cases or customer financial accounts.
Massive volumes of paper documents are cumbersome and costly to store, and must be secure to protect confidentiality and ensure compliance with legal jurisdictions.
Challenges for Document Management
Legal and financial records must not only be available when and where needed, but many must also be stored for long periods for future reference or to meet the retention requirements of local, provincial, and national jurisdictions.
Legal Organization Challenges
Your Canadian legal firm or legal department has unique challenges that are tailor-made for document management.
Misplaced or lost legal documents can be a disaster in case preparation. There are a wide variety of documents that must be recorded and filed efficiently for referral and retrieval:
- Court and arrest records
- Contracts and other legal documents
- Timekeeping for case management
- Billing records
All your various paper documents present challenges to an efficient, productive, profitable legal firm:
- Many of these documents must be shared by staff members including paralegals and attorneys, yet must remain confidential and secure. Your attorneys and legal teams are part of a mobile workforce, conducting interviews, appearing in court, doing research, and more. Having ready access to your legal files is crucial to any efficient Canadian legal organization.
- Filing a variety of documents related to a case or client must be done in an orderly fashion. This ensures your ability to reference each item quickly and search for items with multiple selection criteria.
- It’s also a critical function of legal teams to meet certain deadlines imposed by the court or clients for filings, appearances, or other actions. Notes and calendars do not always suffice to manage appointments, schedule interviews, and cope with busy schedules.
- Storage is a problem in its own right. Storing legal documents to comply with retention and compliance policies means an ever-growing space and data retrieval issue. Storage must be physically and environmentally secure to ensure future access.
Printing is another major concern:
- Who has access to printing documents?
- Where can they be printed?
- How do you control edits to legal documents?
- Should you retain originals and all revisions?
Financial Organization Challenges
Financial services businesses in Canada also have many opportunities to benefit from document management:
- Information distribution – customers need financial information quickly. Locating and getting information to your clients is time-consuming and inefficient.
- Security – legal mandates for storing and securing financial records contributes to costly controls and storage requirements.
- Compliance – retaining records to meet audit requirements and retention policies adds to operational expense
- Efficiency – managing volumes of paper can seem like a never-ending challenge. Filing, copying, and retrieving paper documents is costly and wastes time that could be spent servicing clients. Document management streamlines your office and ensures standard practices.
- Customer service – with a paper-intensive business such as that of Canadian financial firms, there is a strategic advantage in making information available quickly and accurately to improve customer service.
- Flexibility – financial representatives are often on the road, working from mobile devices in customer-facing appointments. These employees need access to information quickly – from anywhere.
First Phase Data – Your Document Management Solution
Document management systems offer a complete range of solutions for Canadian legal and financial firms. With fast implementation and ease of use, your team can become more productive immediately, saving you time and money.
Scanning and storing documents electronically in the cloud offers many advantages to your legal and financial staff:
- Reduction in paper generated and printing expense
- Tailored cataloging of documents for quick reference and the speed of electronic indexing and searching
- Access to needed information anytime – anywhere
- Automated workflow can be implemented to route documents to the right person, at the designated time
- Secure storage – set your own controls regarding who has access to store, retrieve, edit, or print documents
- No more paper to manage – this alone saves time and eliminates the risk of damaged, lost, or misfiled items
- With document management, email financial information or contracts to your clients and customers directly from electronic storage
Document management systems are a perfect solution for fast, efficient, secure storage of legal and financial documents. These systems grow with your business to manage your office more efficiently and to improve customer service.
First Phase Data professionals are experts at analyzing the printing and document management needs of your Canadian legal or financial organization. We can evaluate the unique needs of your organization to provide the business solutions that are right for you. Contact us today.