This requires a method of handling these transactions that doesn’t involve an army of interns marching papers from room to room.
Let’s weigh the pros and cons of physical document handling and storage versus online document management.
Issues with Physical Backups
Your desk is cluttered, papers are flying everywhere, and that stack of files was your only method of preserving documents.
That’s a tough situation to be in, whether you’re dealing with law, accounting, or M&A.
It’s common knowledge that paper decays rapidly, and the effort needed to organize files by hand is excruciating. With every successful transaction comes the extra cost of having to sort and arrange the corresponding files.
Many firms opt to switch to public cloud services such as Dropbox, thereby trading security and functionality for convenience.
However, there’s a system for preserving documents that doesn’t require compromising any of your firm’s security.
Preserving Documents with a Virtual Data Room
Virtual Data Rooms allow you to store, secure, and share sensitive documents with peace of mind.
The core functionality is simple: you upload documents, set your security levels, and share the document with those who are actually meant to view it.
With this solution, you don’t need to worry about losing backups or wiping your hard drive. Your essential data is stored online in a secure collaboration environment.
Virtual Data Rooms can ensure that your firm’s information is accounted for. Preserving documents with ease leads to the trust of clients and investors that your business knows what it’s doing.
For smaller businesses, these virtual data rooms are scalable, guaranteeing that you only need to pay for what you’re using.
Read more about how virtual data rooms can assist your firm in preserving documents: http://www.v-rooms.com/