Organizing digital and physical records is one of the main responsibilities of a contract manager. Manual filing system is old, but still popular with some businesses. However, digital or cloud storage is becoming more popular with newer and larger organizations. It is the job of a contract management team to track and properly store all contracts, document trails, and reports. It doesn’t matter whether it is on paper or a computer file. A contract manager should be able to easily locate and access a document when needed.
TABLE OF CONTENTS
- How do you maintain electronic records?
- How do you keep physical documents?
- How do you manage physical records?
- How do you maintain files and records in the office?
- About Zendoc
How do you maintain electronic records?
More and more businesses are transitioning from physical documents to digital ones. With the increasing volume of electronic records and contracts being exchanged with every deal, businesses should consider having a centralized document repository. In choosing an automated database, a contract manager should look for a system that has a regular data backup process, complies with all privacy and security requirements, allows network and cloud sharing, and organizes documents based on actionable tags.
What is the importance of electronic records?
Although the transition from physical to electronic record keeping seems daunting, it offers important benefits that any business cannot overlook. Electronic records offer a safer and more convenient way to search and sort records, thus shortening internal review and audit times.
What are the characteristics of electronic records?
According to the Uniform Electronic Transaction Act (UETA), an electronic record is a record created, generated, sent, communicated, received, or stored by electronic means. There are four essential characteristics of electronic records: authenticity, reliability, integrity, and usability. Authenticity refers to the record being what it purports to be while reliability refers to the accurate representation of the transaction or terms to which it attests. Integrity means that the record is complete and unaltered. Usability, on the other hand, means that the record is easy to locate, retriever, present, and interpret.
More on this topic: What are the types of e-contract?
How do you keep physical documents?
Although the world is well within the digital age, some businesses still prefer to keep records of physical documents rather than storing them all in an offline database or in the cloud. Keeping physical documents is much more challenging than having electronic storage.
To ensure that all physical contracts and paper trails are safe and secure, contract managers often implement a record management system in place. In addition to a working record management, it is also essential to restrict the access to the storage room or file cabinet. Sensitive documents should always be marked as confidential to prevent any information leak. Creating a policy on how long the documents should be stored could prevent unnecessary clutters in the storage system.
Where is the best place to keep important documents?
When choosing a proper physical storage place for important documents, it is important to take note of the location, durability, and accessibility of the storage. The usual folders-in-file-cabinet system can be improved by using accordion folders instead of the regular ones. Color coding the accordion folder can help in organizing the documents, making it easier to grab the most important files in case of emergency.
Investing in a safe-deposit box and fireproof safe can also keep important documents safe from theft and fires. Fire is not the only thing that can destroy a paper record. Moistures, bugs, and molds can also damage important papers. As such, it is important to find a dry place to keep valuable documents. If choosing a physical location is too tedious, digital and cloud storage are easier and more efficient choices.
What are the most important documents to have?
In managing a business, keeping important documents safe and secure should be one of the primary tasks of administrators. Important documents that are essential in the function and overall well-being of any businesses include invoices, confidentiality agreements, employment contracts, contractor agreements, partnership agreements, company bylaws, vendor agreement, business registration, privacy policies, project contracts, and business license. Businesses should invest in a proper record management system that can keep these important documents secure and easily accessible for inspections or audits.
More on this topic: How do you build a contract management system?
How do you manage physical records?
Physical record management refers to the proper handling of physical documents throughout its lifecycle. There are four essential phases in the physical records lifecycle. The first one is Identifying the content of the document and classifying them according to predetermined categories. After sorting out the documents, the important ones are then stored based on the company’s filing system. While the document is in storage, a records manager keeps track of all the access history, request, and loans of the document. Once the documents are not applicable anymore, such as expired contracts, it is usually disposed of and destroyed.
What are the 5 basic filing systems?
The filing system of physical documents varies from company to company. However, it is usually one or a combination of the following:
- Submission by topic / category.
- Filing in alphabetical order.
- Filing by numbers / numerical order.
- Submission by place / geographical order.
- Filing by dates / chronological order.
What is the most common storage method for physical records?
The most common storage method for physical records is sorting out the documents based on a filing order and keeping them in a filing cabinet. Larger businesses may have a specific location or room for document storage, while smaller ones only use drawers or cabinets located in the administrative office or the owner’s room.
More on this topic: What is a Contract Management Framework?
How do you maintain files and records in the office?
Increasing the functionality of a business’ archiving system can be achieved by making simple modifications in the way the files and records are stored. When using cabinets, it is good to stick in the same filing system. Put the same type of documents in a folder and place it in the cabinet with the tag or label visible. Leaving some space for additional files could also help minimize time in sorting them out again when new contracts arrive.
How do you maintain files and records?
Investing in a series of file cabinets and arranging them according to the types of records they store can help in keeping track of important files and records. It is also good to keep the basic types of records together, and separate individual files with folders and partitions. Do not allow different types of basic records to be mixed in the same cabinets to prevent loss and conserve time looking for the right file during audit.
What are two ways that you can keep records electronically?
Electronic storage of documents, contracts, and records are essential in any form of business. Aside from the hard copy of the file stored in filing cabinets, a soft copy must always be available in case of emergency. There are two ways on how to keep records electronically. The first one is through offline storage tools, like computer hard drives and external drives. If file sharing is essential in the business, then cloud storage with secure access and reliable security is the better choice.
More on this topic: What does a contract management system do?
About Zendoc
Zendoc is a full-service AI-powered document automation system that not only organizes all of your agreements into a single database but keeps you up-to-date on what you need to do to extract as much value from your documents as possible. You don’t have to worry about forgetting your obligations because you don’t have to remember them in the first place.
FAQ
- What is Zendoc and what does it do?
- What kind of features does Zendoc offer?
- Which apps can Zendoc connect to?
- How do I book a demo with Zendoc's team?
- Where do I sign-up for Zendoc?