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Digital Document Storage
- 1. Digital Document Storage Why you should be looking at it! Presenter: Ed Closs Expert Club Software
- 2. Lets take a quick look at the past
- 3. Welcome to State of the Art Information Storage in 3000 B.C. Hard to Erase, Heavy to Carry, Hard to Store
- 4. Progress as of 500 B.C. Lighter Easier to Store Easier to Transport But at $20 a sheet today's money-EXPENSIVE!
- 5. But it took until 1200 A.D. For The European’s to join the Paper Chase! Paper was invented approximately 200 B.C. in China, and brought to Korea and spread by Monks and the rise of Buddism.
- 6. And Today…….
- 7. After 900 Years of Technology………… Look familiar?
- 8. Questions to ask yourself? What does it cost to own this space? What does it cost to retrieve a document from this space? Or Place a File in this space? What happens if this room gets damaged from: Most Private Clubs store Documents in Rooms not designed for Proper Storage Flood Fire Smoke Vandalism Theft
- 10. When this could be you. Why isn’t it?
- 11. Digital Document Storage You have to challenge your comfort zone To move towards And change the way you think about paper Its easier than you think! And the benefits are well worth it
- 12. Process: Can be done incrementally Start in one area and expand Use current hardware first, test the waters Set up systems Get everyone on-board! Don’t forget, paperless is also GREEN!
- 13. Benefits: Digital documents are more accessible than paper documents. Once converted to an electronic document on the network, it’s just a click away For any personnel needing to access that data. Documents are now backed up and less likely to get damaged, burnt, lost, or wet in the advent of catastrophic events Freeing of physical space More efficient use of time, no more looking through files The ROI process for Private Clubs still reliant upon paper documents is often subject to multiple transmissions for data involved in the exact same case.
- 14. Paper from Copies Copiers Toner Printer Supplies File Cabinets Other Cost Benefits Example: The cost to maintain a five-drawer file cabinet is $880 per year. The cost to support 1 inch of paper documents is $11 per year. Three percent of all documents are mis-filed, even with the best records management system. The cost to retrieve a single page document is $20. The cost to locate a mis-filed document is $120. Approximately 2,700,000 documents can be stored on an 80GB hard drive which costs about $125. This is equivalent to 270 four-drawer file cabinets.
- 15. http://www.thepaperlessproject.com/what-are-the-facts-about-paper/ • A typical employee spends 30% – 40% of his time looking for information locked in e-mail, documents, shared hard disks and filing cabinets. • The average document is copied 9 to 11 times. • Filing costs average $20 per document. • When an employee leaves a company 70% of his knowledge walks out the door with him. • We are approaching 4 trillion documents being stored by businesses and government agencies. • Each four-drawer file cabinet holds an average of 10,000 to 12,000 documents, takes up to 9 square feet of floor space, and costs $1,500 per year. • Every 12 filing cabinets require an additional employee to maintain. • 18 minutes is the average search time for a document. • Each misfiled document costs $125. • Each lost document costs $350 to $700. • More than 70% of today’s businesses would fail within 3 weeks if they suffered a catastrophic loss of paper-based records due to fire or flood. • Paper in the average business grows by 22% a year, meaning your paper will double in 3.3 years. • 67% of data loss is directly related to user blunders, making them 30 times more menacing than viruses and the leading cause of data loss. • At any given time, between 3 and 5 percent of an organization’s files are lost or misplaced. • U.S. managers spend an average of 4 weeks a year searching for or waiting on misfiled, mislabeled, untracked, or ‘lost’ papers” • Large organizations lose a document every 12 seconds. Paper productivity costs
- 16. Do you Know What Document Storage Policy You should be Following? Let me give you an idea
- 17. These charts may be used as a guideline for most records retention Items Retention Period Accident reports and claims (settled cases) 7 yrs Accounts payable ledgers and schedules 7 yrs Audit reports of accountants Permanently Bank reconciliations 1 yr. Capital stock and bond records Permanently Cash books Permanently Chart of accounts Permanently Checks (cancelled, but see exception below) 7 yrs Checks (cancelled, for important payments, i.e. taxes, purchases of property, special contracts, etc. (checks should be filed with the papers pertaining to the underlying transaction) Permanently Contracts and leases (expired) 7 yrs Contracts and leases still in effect Permanently Correspondence general 3 yrs. Correspondence (legal and important matters only) Permanently Deeds, mortgages, and bills of sale Permanently Duplicate deposit slips 1 yr. Employee personnel records (after termination) 3 yrs. Employment applications 3 yrs. Expense analyses and Expense distribution schedules 7 yrs Financial statements (end-of-year trial balances) Permanently General Ledgers (end-of-year trial balances) Permanently Insurance policies (expired) 3 yrs. Insurance records, current accident reports, claims, policies, etc Permanently Inventories of products, materials, and supplies 7 yrs Invoices to customers 7 yrs Invoices from vendors 7 yrs Journals Permanently Minute books of directors and stockholders, including bylaws and charter Permanently Notes receivable ledgers and schedules 7 yrs Payroll records and summaries 7 yrs Petty cash vouchers 3 yrs. Physical inventory tags 7 yrs Plant cost ledgers Permanently Property appraisals by outside appraisers Permanently Property records-including costs, depreciation reserves, depreciation schedules, blueprints and plans 7 yrs Purchase orders 1 yr. Receiving sheets 1 yr.
- 18. Requisitions 7 yrs Sales records 3 yrs. Savings bond registration records of employees 7 yrs Stock and bond certificate (cancelled) 1 yr Stockroom withdrawal forms 7 yrs Subsidiary ledgers 7 yrs Tax returns and worksheets, revenue agents’ reports and other documents Permanently Time books 7 yrs Voucher register and schedules 7 yrs Voucher for payments to vendors, employees, etc. (includes all allowances and reimbursement of employees, officers) 7 yrs IRS Practice and Procedure Sales and receivables Sales journals 7 yrs. Shipping tickets 3 yrs. Accounts receivable ledgers and trial balances 7 yrs. Invoices 7 yrs. Uncollectable accounts and write offs 7 yrs. Expired contracts and notes receivable 7 yrs. Purchases and payables Purchase journals 7 yrs. Bills of lading 3 yrs. Accounts payable ledgers and trial balances 7 yrs. Purchase orders 3 yrs. Paid bills and vouchers 7 yrs. Expired purchase contracts 7 yrs. Payroll Payroll journals 7 yrs. Time cards 7 yrs. Payroll reports (federal & state) 7 yrs. Assignments & garnishments 3 yrs. Forms W-4 7 yrs. Not Done Yet
- 19. Almost Finished Accounting Firms Tax files In office In Storage Present clients 3 yrs. Permanent Former clients 3 yrs. 7 yrs. Work paper files In office In Storage Auditor’s reports, compiled or reviewed reports Present clients Permanent Former clients 3 yrs 7 yrs Correspondence files 3 yrs 7 yrs IRS Practice and Procedure Individual Records Retention Period Tax return copies 6 yrs. after filing Medical bills 6 yrs. after payment Forms 1099 received 6 yrs. after receipt Keogh statements 6 yrs. after Keogh termination IRA records (deductible & nondeductible) 6 yrs. after IRA termination Loan records 6 yrs. after loan payoff Insurance policies 6 yrs. after expiration Major purchase receipts 6 yrs. after purchase Year-end brokerage statements 6 yrs. after securities deposit Certificates of deposit statements 6 yrs. after maturity Schedule K-1’s from partnerships or S corporations 6 yrs. after disposition of interest House records (cancelled checks for purchase, major improvements and maintenance) Permanent Birth and death certificates Permanent Medical records Permanent Wills Permanent Forms W-2 received Permanent Trust agreements Permanent Detailed list of financial assets held Permanent Alimony, custody of Prenuptial agreements Permanent Military papers Permanent Photos or videotape of valuables Permanent Note: Documents establishing basis of trade, business or investment assets, or taxpayer’s principal residence should be retained for six years beyond the date of the filing of the tax return for the year in which the asset was disposed.
- 20. Business Records General and financial Capital stock records Permanent Corporate records and minutes Permanent Property titles and mortgages Permanent Federal, state and local tax returns Permanent Fixed asset records and appraisals Permanent Accountant’s audit reports Permanent Interim and year-end financial statements and trial balances ` Permanent Monthly trial balances Permanent Cash Cash receipts and disbursements 7 yrs. Bank statements, cancelled checks, and deposit slips 7 yrs. Bank reconciliations 7 yrs. Petty cash vouchers 7 yrs Now I’m Done Guess what, Are you in compliance and how fast can you retrieve the necessary documents? all of this can be maintained automatically! Looks like a lot to track
- 21. And while were at it: What are your vendors doing? Don’t think their not looking at the advantages Emailed Invoices- Are you ready? How would you handle them, print? What if your software can attach a PDF to AP?
- 22. Look at this Scenario Currently: Open the envelope Separate by Department Get Department Head Approval Get Chairman Approval Input into AP System Attach to Check Get the Check Signed Mail File Invoice Discard in 7 Years Proposed: Open emailed Invoice Enter into AP System with attached Document Send off for All Digital Approvals Authorize ACH payment upon all Approvals This is not the future-this is available now!
- 23. With digital documents, nothing to file, authorizations occur off location if necessary, smooth operational flow! Who needs to see the Invoices? Management, Department Heads, Chairpersons How many people are needed to retrieve? At what time cost? How great is it when the chef has direct access to invoices without the need of going to the office? Or Maintenance Or Superintendent Or General Manager Or Purchasing Agent Or Food and Beverage Director Etc, etc, etc… And since the information can be retrieved from the screen, no printing or copying necessary.
- 24. This just covers invoices, extend the possibilities to member files. Files are accessed through security settings to keep inquisitive eyes at bay. Let’s membership Chair people, and management staff have access without interfering with each other. Also allows for digital check lists to complete new application process. Files are still legible 20 years out. No going through file cabinets to search. Look at your Club Software, why stop here? Files should be linked to Club Management Software to increase efficiencies. Look up the purchase in accounting, click to see the actual invoice paid on the screen! Look up Member Information in accounting, click to look at contract agreements for membership status. Digital Catering and Dining, Events, BEO’s; all accessed by necessary personnel at a click. Efficient staff and better use of time to improve member services which is what it’s all about!
- 25. Online Reservations are here as well! With Mobile! POS and Floor plan Ever hear of Open Table? Your Members use it! Dining Tee Times Court Reservations Spa-Salon-Gym Lessons Software Today Goes from the Reservation to the: Tee Sheet Court Reservation Sheet Lesson Book Charged Directly to Member Accounts And to continue on paperless……..
- 26. Why Private Clubs Don’t Change with Technology “Change can be unnerving” “But we have always done it this way” “Our members don’t use technology” “Our Club doesn’t like change” Statements we have all heard or even said, but if this were really true…..
- 27. Why don’t we still cut fairways with Horse Drawn Reels? Still use Plug & Play Telephones? Could you ever believe that you would serve raw fish!
- 28. Clubs have always embraced change; Digital technology has just been changing faster than clubs can incorporate it As long as it was relevant Its here now, so get ready! And now its going to start to be driven by the members: The world changed when members started carrying smartphones
- 29. When was the last time you printed a picture? Our phones can be a scanner Why do we treat paper different? Are you ready for the future? Camera, Document Retreival, Reader Why print when you don’t have to? Same on your computer or tablet
- 30. Now let me mention the importance of backing up for Catastrophic Events! Are you Prepared for a Natural Disaster Do you have a Plan? Onsite Backup, and who is watching Off site Backup, and who is testing
- 31. If Cloud Based, No Problem Just go to any computer and get to work If Server Based, How & Where will you Reinstall? Have a base of operations planned in advance! Have you Tested Your Backup Lately? And if you don’t use Digital Document Storage………?
- 32. What will you do if the picture in the Background was your Club? No Electricity No Building Where & How will you Operate?
- 33. Digital Document Storage Start now, the benefits are worth it! Thank You; Ed Closs Expert Club Software