Having paperwork filed or filled out incorrectly can be more costly than you might think. An Australian man once returned home after a normal working day to find his home demolished. Even though mistakes of this size are rare, they still persist. As it turns out, the demolition company got the address wrong. Errors, typos, or misplaced signatures might not cost your company a house but they can still cause serious damage.
How much does it cost to review and revise documents?
The average cost for having to review errors in a single physical document is $1.83, according to SignNow study. This may not seem expensive until put into perspective. For example, if a company reviews 100 physical documents a day, the cost becomes $183.00. Although these costs cannot be eliminated completely, it is possible to save a significant amount of time and money by editing online. Electronic editing can reduce the costs of review to as little as $0.17 per document. By switching from physical documents to digital, any company can save a daily minimum of $166 on revising alone.
The cost of a misplaced signature
Employees may tripple-check whether the documents are sent, signed, and stored correctly. Mistakes still slip through the cracks. The problem with physical documents is that having to redo a single signature can cost a company at least as much as printing out a new document. On average, the total cost of having a document re-signed can range somewhere between $4 and $24 per document.
The use of electronic signatures reduces the cost of a single re-signed document to $1.20. After having re-signed 100 documents, using e-signature technology can save between $280 and $2,280! An electronic signature solution fixes errors faster at a lower price. Having sent a document with errors to the wrong person, a SignNow user still has the option to cancel the email or to change the signer.
If it’s too late to do so, recalling electronic files is still easier than reprinting, resending and re-signing paper copies. Some delivery services provide fast and cheap shipping, such as Parcel Monkey Overnight. Which make it possible to send urgent parcels overnight to any part of the country, and the price starts from $12.77. Yet, sending a document back and forth would cost at least $25.54 and several hours to several days for delivery. The same process in the cloud only takes seconds and costs nothing.
Minimize errors and track changes
Customers and partners sometimes fill out documents incorrectly. E-signature platforms offer remedies such as fillable fields – a very useful tool for collecting data. It allows the user to send out documents that have “required fields”, meaning that recipients cannot complete and sign a document if they haven’t filled out certain parts of it. There are also “smart fields” which label sections of a document; indicating exactly what data has to be entered by a recipient. With a detailed audit trail, a SignNow user always knows who signed their document and when. In the case of multiple signers or users, the same mechanism tracks each document operation and shows every entry.
Sent, signed, delivered!
Sometimes recipients forget to sign documents. This can lead to problems, especially if a document is time sensitive. The SignNow electronic signature platform sends reminders and alerts to recipients so they won’t forget about a pending document.
Executing a contract incorrectly can lead to legal consequences. For example, in the case of Knight Frank Australia Pty Ltd v Paley Properties Pty Ltd, a $1.5 million purchase contract wasn’t duly enforced because it was signed by only one director instead of two. Luckily, the case was resolved rather successfully, otherwise the director in question would have had to bare the financial responsibility on his own.
SignNow’s e-signature solution assigns roles for each addressee and allows certain recipients to fill out only certain parts of a document. Also, you can be confident that a file that needs to be signed, gets to the right person.
Up-to-date technologies are provided to make your work easy and convenient. It’s time to take advantage of the SignNow e-signature platform and experience how it can reduce the number of human errors and cut costs in your workflow. Take this opportunity to go paperless and save your company loads of time and money!