Good Record-keeping Helps New Business Owners Avoid Tax-time Headaches
Run Your Own Company? Why You Should Be Using Document Data Capture Software
Terra Fields
If you run your own company, you should be using document data capture software. Below is information on what this is, as well as benefits you may find if you choose to use this software
Document Data Capture Software
Document data capture is scanning and then uploading documents to an electronic system, such as to a computer server. If any relevant data is found during the scanning, the documents can then be retrieved for your use. Document data capture software can be used with paper documents and digital documents. If you have digital documents, this software can handle a variety of formats, such as JPG, CAD, TIFF, or PDF. The software converts these documents to make them more readable and allows you to edit them and search for them faster.
There are two types of document data capture software. One type is basic: scanning and saving documents to a network or to a single computer. If you choose this type, the software does not have the ability to search the documents. This option will work well if you have a small company and do not have a lot of document flows or transactions to keep track of constantly.
The other type of document data capture software is advanced. This type can scan the documents but can also extract data from the documents. This is best for large companies that use a lot of documents and document types.
Benefits Of Using Document Data Capture Software
One major benefit of using document data capture software is it can save space. This is because all documents are digital, so you do not have to have a place to file printed documents.
Using this capture software is also much more secure. It would be easy for someone to steal a paper document or file folder, but it would be just about impossible for a person to steal information from the document data software. Also, when setting up the software, you can set permissions for people that use the software. This way someone without permission could not view any documents, make any changes to documents, or delete information. The capture software also tracks who opened certain documents, who made edits to documents, if documents were printed, or if the documents were shared with anyone.
Talk with a company that can provide you with document data capture software, and they can give you much more information about it, as well as tell you of more benefits.
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I have been a business owner for years, and I want to share some tips for success with new entrepreneurs out there who are struggling. I have had my share of business ups and downs, but there was one lesson that it took me way too long to learn: Good financial record-keeping year-long keeps tax time from being so stressful. During my first year in business, I kept most business expense receipts, but when tax time arrived, I found out that I needed to save much more than just those receipts. Thanks to technology, I was able to recover most of the documentation I needed, but it was a huge headache. I quickly invested in good record-keeping software and it made tax time much less stressful during the following years.