The quest for workplace productivity and efficiency has always been a hot topic. Post-pandemic, this also posed a significant challenge for companies as work became remote and employees stopped coming into offices daily. Given the circumstances, maintaining productivity and efficiency became a challenge for every department head. Without a doubt, it was digitization and the fast adaptation to it that saved many a business.

With the ever-changing market scenarios and snowballing uncertainty, digitization has become the norm. As a result of digitization, many organizations have significantly improved core business functions through innovative technologies and solutions. And one of the core drivers behind these transformations is the desire for a more efficient, productive, and cost-effective workplace.

Out of the numerous ways one can leverage digitization and modern technologies to improve productivity, one of them is to embrace electronic signatures. E-signatures have been a savior for many businesses, streamlining their processes and augmenting the pace of document signing even in remote working environments. In addition, esignatures bring myriad benefits to companies that essentially help reduce the burden of employees and elevate customer experience. In the case of employees, the more satisfied and happy they feel about their work, the more efficient and productive they will be.

DrySign, our comprehensive digital signature solution, can transform businesses from the very second they are integrated into a workflow. Moreover, with competitive plan prices and unbeatable features, DrySign is a choice made by many businesses wanting to tread the digital path. Before we tell you more about DrySign, here are 5 ways e-signatures can help improve your workplace productivity.

5 Ways eSignatures can improve your workplace productivity

1. Streamlined operations

   Almost every business, irrespective of size, deals with high volumes of documentation. Right from hiring new employees to creating invoices, leases or other legal agreements, business contracts, budget proposals, sales agreements, and so on – there is no way a business can run without documentation. In addition, most organizations have different signing hierarchies through which the document must pass. Imagine if any one person in that hierarchical structure is on leave or traveling; the delays in the signing process can extend to days or even weeks.

   Introducing electronic signatures in your organizational workflows helps streamline operations. Irrespective of your location or time, you can sign any document in just minutes from anywhere in the world. You won’t have to wait weeks to get a document signed, thereby expediting your processes and business growth.

2. Lower costs

   We all know that documentation is an integral part of businesses. And thus, documentation costs can be the most substantial ones. Imagine if you could eliminate all of the costs associated with manual paperwork. Well, it is now possible with the help of eSignatures.

   Going paperless helps save on printing, deliveries, fuel, paper, scanning, and much more. These costs may seem insignificant, but considering the considerable amounts, saving on these costs can positively impact your bottom line. With DrySign, you can sign on the go without worrying about additional costs. All you need is a device, DrySign, and an internet connection to sign documents anytime and anywhere.

Also Read: Tips for businesses embracing eSignature solutions in 2023

3. Legal compliance

   No matter what industry you are working in, legal compliance is always a top priority for business owners. There are different state and country laws and litigations applicable to various industries. And business must comply with them to thrive in the modern business world.

   Electronic signatures are legal and comply with specific laws that ensure the legitimacy of documents. For example, DrySign, one of the leading online signature solutions, complies with international e-signature laws such as the E-SIGN Act and UETA (USA), the IT Act of 2000 (India), and Sec. 5 (e) Electronic Commerce Act (Republic Act No. 8792) (Philippines).

4. Transparency in documentation

   Using traditional methods of signing and storing paper documents makes it challenging to retrieve and review them. Another significant challenge is to ensure the security and legitimacy of these documents. Moreover, once sent for approval or collection of more signatures, it could take days or weeks, eventually slowing down business growth. On the other hand, embracing a digital signature solution provides not only complete transparency in your documentation but also ensures swift document delivery and instant and secure online signing.

   DrySign provides a wide range of features that allow users to invite one or more signatories to sign a document, keep track of the signing, and send notifications or reminders whenever required. With DrySign, you don't have to worry about getting a document signed on time or maintaining a record for future reference – all of this can be seamlessly done through the DrySign platform. In addition, real-time mail trails enable you to track your document signing status anytime. In a nutshell, you can take complete charge of your documents.

5. Environment friendly

   Do you know how severely paper consumption or traditional wet signatures can hurt our environment? It isn't just about paper and pen; it is about fuel, maintenance, transport, and many more things. For instance, burning just one gallon of gasoline emits 8,887 grams of CO2, and just one gallon of diesel emits 10,180 grams of CO2. On top of that, the average passenger vehicle emits around 404 grams of CO2 per mile.

   If your organization still uses traditional wet signatures, you are an active contributor to this buffet of greenhouse gases. These are responsible for climate change, droughts, wildfires, extreme weather conditions, and more. On the other hand, if you have already adopted an eSignature solution, you are contributing to saving our planet by going green and significantly reducing your carbon footprint.

DrySign features to increase workplace productivity

DrySign provides a wide range of features to help you ease your jobs. Here's how DrySign features can help improve workplace productivity.

• With DrySign, you can automate your document-handling processes and eliminate manual tasks.
• You can easily save or create document templates that can be used for future references.
• DrySign provides 128-bit secured eSignatures to integrate end-to-end security into your documents. In a nutshell, it protects your documents from getting tampered with and avoids security risks.
• You can efficiently invite one or more signatories to sign a document and even set automatic reminders to notify signees about pending documents.
• DrySign enables seamless integration with other applications such as Salesforce, Google Drive, OneDrive, and Dropbox to simplify file upload.

The Bottom Line

What do employees need to be more productive? A mess-free workplace and simplified work processes that don't stress them out. That's the least one can expect with the pace at which the world is digitizing. An electronic signature solution helps organizations gain this leverage to cater to their employees' needs. It helps reduce redundant tasks, saving countless hours and money that can be spent on actual business. DrySign is a leading eSignature solution that provides a wide range of features to document signing and workflows more manageable and safer. With DrySign, you can streamline your document signing process and free your employees from redundant manual tasks. Talk to our experts to find a plan suitable to your unique business needs. Get DrySign now!

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

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Digital transformation has been on the minds of organizations now more than ever, and the onset of the COVID-19 pandemic has undoubtedly been a trigger. Digitalization of operations has been significant in providing numerous advantages and facilitating the digital strategy across various industries such as healthcare, banking, insurance, automotive, and more. For example, digital solutions such as electronic signatures or eSignatures provide users with a platform for remote online signing while delivering enhanced security and value in the customer journey.

Today, esignatures are commonplace among businesses looking to simplify their operations and make documents easy to access. Additionally, the impact of global governments moving towards legitimizing online signatures has been the final push to persuade more and more business leaders to go the e-signature way.

Businesses have saved between 55%-78.62% in operational costs by migrating to eSignatures.

Among the many benefits of online signatures, here are a few worth mentioning:

1. E-Signatures significantly improve efficiency, speed, and productivity, regardless of industry and business size.

2. It instantly makes users go paperless and reduce their carbon footprint.

3. Document loss, theft, destruction, and other such risks are mitigated by moving the process online.

4. The cost benefits of going paperless and digitizing document workflows are immense. It’s not only about cutting paper costs; fuel, infrastructure, printers, scanners, delivery charges, etc., all make up a big part of a company's budget.

5. Using digital signature solutions provides signatories with a robust and secure platform to upload, eSign, and exchange sensitive business documents, thanks to inherent security steps.

Electronic signatures have come a long way since their inception, from integrating new features for collaboration to adhering to the latest electronic signature laws to being legally compliant. Cryptography protocols known as Public Key Infrastructure (PKI) protect the eSignature and the information within digital documents to prevent the probability of fraud. In addition, two-factor authentication and real-time mail trails have introduced transparency, adding more trust to the process.

The introduction of esignatures has eliminated the slow signing process and will find more use cases as industries adopt new technologies. Here are some trends that can push its use in the future.

Trends that can Shape eSignatures

• Contactless Technology

  Contactless technology has gained precedence since the COVID-19 pandemic. Recently, self-service stations at Melbourne airport have implemented contactless technology like facial recognition to reduce waiting in lines and ensure frictionless identity validation. Integration of the technology in eSignatures can enhance their security by a considerable degree.

• Smartphones

  Smartphone usage is at an all-time high due to a wide variety of phones, easy access to finance, and the evolution of communication networking technologies. Using smartphones to sign essential documents by users will provide ample scope for eSignatures.

• Payments

  Electronic signatures can be used by businesses in the future to gain the consent of users to enable payments and transaction receipts. This can also provide a smooth signing experience to users while reducing the customer acquisition rate.

• Integrations

  All online businesses can benefit by using application program interface (API) integrations. It can be used in validating online transactions and automating forms and agreements.

• Supportive Regulations

  Electronic signature laws have been amended and adapted to customers' changing needs. Most countries legalizing online signatures and giving them the same legal standing as handwritten signatures will encourage various technological advances.

• Device-happy generation

  With every generation, we move towards complete digitization of even the simplest of tasks. It is only natural that the coming wave of business leaders will take to electronic signatures like fish to water.

Two-thirds of businesses using e-signature only adopted it in the last two years.

Adoption Challenges of eSignatures

• Technical barriers - The high technical requirements of electronic signatures and lack of trusted service providers to act as a third party between stakeholders can pose a challenge to fearless adoption.

• Lack of accessible guidance – There is a deficiency of guides to help organizations navigate regulatory hurdles and electronic signature laws.

• Tedious signing process - The signing process can be laborious for users unfamiliar with it. Even a simple digital process can seem daunting for people who aren't tech-savvy.

• Cost Concerns – The common belief is that even if one were to think about going digital, it would surely be more expensive than legacy methods. This is simply untrue.

Also Read: Tips for businesses embracing eSignature solutions in 2023

The eSignature market

According to the reports of Business Wire, the worldwide e-signature market could potentially reach a total value of $5.5 billion by 2023. The rollout of government laws to help ease conducting of business and improve customer experience can drive the demand for eSignatures. In addition, the expectation of enhanced efficiency,adherence to legal compliance, and streamlined workflows are various factors that can push the market to exhibit a 20.6% CAGR over the forecast period (2022-2032). The focus of governments to minimize the use of paper and shift to a paperless workflow can be one of the most significant deciding factors of adoption. In addition, the digital transformation of processes undertaken by various industries can also drive market growth.

How DrySign Helps

DrySign is an eSignature solution that allows users to sign any document online in seconds without the mess of papers, printers, scanners, etc.

• Better Customer Experience

  Customers need a better experience while signing onto new products and services. DrySign can help companies achieve this by simplifying and streamlining all document workflows like contracts, consent forms, agreements, and letters allowing customers and employees a seamless, hassle-free experience. This attracts the digitally savvy who prefer working with truly digital businesses in their operations.

• Improved Speeds in Signing

  Contracts, forms, and documents can be signed quicker than ever using DrySign. A client can sign a form at his convenience from any location and at any time.

• Low Error Rate

  DrySign can help users reduce error rates by up to 90%. Customers won't ever miss out on signing a page because the document is marked with defined areas and specific instructions.

• Reduced Expenditure

  Adopting digital signatures will reduce the expenditure on paper, materials such as inks, and maintenance costs of printers and scanners.

• Increased Productivity

  DrySign improves the productivity of any industry professional. As a user, you can track all your documents, whether signed or pending, etc., leading to efficient decision-making. Notifications and reminders allow you to fast-track your processes.

Conclusion

Documentation and workflows are integral to the success of any business. Hence electronic signatures take on the role of becoming a much-required part of the industry today. Contactless tools, digital workflows, increasing use of smartphones, and remote working are all likely to make eSigning a critical tool for organizations. Secure your future with the best electronic signature by switching to DrySign.

Source: Google.com | webinarcare.com | financesonline.com | futuremarketinsights.com

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

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The legal industry is traditionally monetized by billable hours – one of the most critical goals of any law firm is to augment billable hours. However, for the most part, lawyers, legal interns, and other professionals attached to the field of law are held back from achieving their goals because of manual processes, paper-based workflows, and legacy technologies. These time-consuming elements force law firms to get mired in low-value tasks instead of prioritizing customers and revenue generation.

In the paper-intensive legal industry, attorneys and clients often need to get contracts, agreements, court documents, etc. signed. But the hassle of manually scanning, printing, and signing papers leads to a massive waste of time and resources.

The legal industry is foreseen to reach $908.26 billion by 2025.

With the legal industry growing at a breakneck speed and the heavy reliance on paper-based processes, law firms are more likely to be one of the most comprehensive paper users.

A single lawyer generates 20,000 to 1,00,000 printed pages annually.

The above numbers show that the growing demand for legal services directly impacts physical paperwork. However, technological advances such as electronic signatures can help bring down this insane volume of paper-based workflows while at the same time streamlining processes. Electronic signatures let law professionals sign documents online without needing physical paper. Moreover, documents signed using eSignature technology are secure, easy to manage, and legally valid. It eliminates the danger of data loss, theft, missing documents, or contract misplacement. Here’s how law firms can benefit from the use eSignature and improve their business bottom line.

Why do law firms need electronic signatures?

Adopting an electronic signature solution improves customer experience. Your clients can sign and share any document or sensitive agreement from the convenience of their location, irrespective of the time zones. Moreover, cloud storage offers easy and secure access to your documents, enabling you to sign on the go.

• Protect client data

  Since law firms retain a large amount of confidential data for clients and employees, they are always on the target lists of cyber attackers. Electronic signature solutions integrate end-to-end security into your documentation, protecting sensitive information from being stolen or lost. In addition, an electronic signature solution allows you to store documents on the cloud so that you never miss out on important deals. Moreover, some leading electronic signature software, such as DrySign, provides real-time mail trails and notification features to keep you up-to-date at all times.

• Reduce costs

  More paper-based workflows mean more unnecessary costs involved. Traditional wet signatures comprise not only paper costs but also additional expenses such as printing, scanning, transport, fuel, ink, storage, and environmental damage. Moreover, there is a risk of data loss or theft, which can lead to reputational damage and sometimes cost you a fortune. Lucky for us, online signatures are there to ease this burden. By integrating eSignature software into the legal processes, law firms can save high costs and time.

• Streamline legal processes

  With several clients, different contracts, countless agreements, and extended working hours involved, it can get overwhelming for law firms to streamline their processes, and it is challenging to maintain a count or track of documents. Furthermore, after COVID-19, it has become crucial to adopt remote or hybrid work cultures. And working in such stringent situations can only be simplified with eSignature technology – you can easily manage signing and documentation tasks and streamline processes. Moreover, as you no longer have to spend time and resources unnecessarily on document signing and management, you can focus on higher-priority tasks ensuring client satisfaction and higher revenue.

• Avoid regulatory fines and malpractice suits

  Now that we have established that law firms deal with countless confidential documents daily, it is critical that they adhere to security standards and protocols. Failing to do so can lead to a severe loss of reputation, regulatory fines, and malpractice suits.

  Introducing eSignature technology in your processes reduces the risk of data breaches, ensuring end-to-end integrated security. Lastly, the fewer documentation errors, the fewer the chances of regulatory fines for the law firm. It is a win-win.

• Enhance communication with clients and legal partners

  Moving with modern market trends is necessary in today’s ever-evolving business world. Unfortunately, any organization that is stubborn to transition from the legacy mindset of traditional wet signing often finds itself at the frustrating end of extended waiting times for documentation. And this can cost you countless crucial hours. In addition, if most of your time is spent on follow-ups, you can never establish good communication with your clients or legal partners.

  Communication, as we know, is the key to success! And eSignatures help you achieve that success. Integrating electronic signatures allows you to get real-time updates on your critical documents and send notifications or set reminders for up-to-date documentation. In addition, setting up transparent workflow processes for daily documentation allows you more time with your partners and clients, driving efficient and foolproof collaborations.

• Improve customer experience (CX)

  Providing an exceptional customer experience is something every organization strives to do these days. Customers are crucial for the growth of your business. Imagine your client has stringent timelines, and your age-old signing process takes forever to process documents. This situation would make your client lose interest in your services, impacting your brand image or reputation. A negative review is the last thing anyone needs in today's social media-loving customers base.

  Adopting an electronic signature solution improves customer experience. Your clients can sign and share any document or sensitive agreement from the convenience of their location, irrespective of the time zones. Moreover, cloud storage offers easy and secure access to your documents, enabling you to sign on the go.

• Better the planet

  Going paperless with online signatures saves you from many pains, like waste of valuable time, high costs, and the risk of loss and error. However, the most significant benefit it gives any organization is the power to reduce its carbon footprint in a big way. With reduced paper usage, an organization can minimize the use of electronics such as printers, scanners, and shredders, reducing energy use and waste paper. In addition, a firm can do away with files, folders, stapling pins, plastic binders, etc., most of which end up in our oceans, polluting them and permanently harming marine life.

  A tiny shift to an electronic signature solution like DrySign in an organization can have a massive impact on the environment.

Also Read: E-Signatures: Here to stay? Or on their way out?

What to consider when choosing an eSignature solution for your law firm

Though eSignature technology can do wonders for your business, you must choose the one unique to your specific business requirements. Here are factors to consider while selecting the best eSignature solution for your law firm:

• User-friendly interface:

  Of all the things lawyers need to worry about, an eSignature solution must be the least. A complicated interface that confuses instead of simplifies is undoubtedly the wrong choice. While deciding which solution to pick, ensure that it is easy to use and navigate and doesn't need additional expertise.

• Security :

  Security is of utmost importance to any business. And as law firms deal with countless sensitive data, safety matters the most. So choose a solution provider that has the best security practices in place.

• Flexibility :

  In today's stringent working scenarios, it is crucial to find a flexible eSignature solution that can work the best in any situation. Whether you work from home, overseas, or are on vacation, you must have secure access to your documents.

• Legitimacy :

  Any electronic signature solution you lock down on must comply with eSignature laws unique to different countries to cater to cross-country operations efficiently.

The Bottom Line

If you work in the legal industry and have yet to introduce eSignatures into your workflows, you may be missing out on one of the biggest game-changer solutions taking over the corporate world. An electronic signature solution can help automate manual paperwork, save countless hours and high costs, and integrate high security in your confidential documents. Talk to our experts to discuss your unique business requirements and get started with a plan accordingly. Start DrySigning now!

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

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Contract management is a process of creating contracts with third parties or partners to complete tasks within a stipulated time. Contract managers undertake it as a part of their responsibility for managing various projects under their supervision. They are responsible for creating proposals, agreements, and other documents. Effective management of contracts improves business relationships and increases revenue. In addition, contracts play a crucial role in maximizing performance and minimizing potential risks.

Traditionally, contract management is conducted manually using paper, email, and unorganized computer files. However, there could be a more effective way to manage agreements. Organizations that rely on manual management should invest in an automation platform to improve their contract lifecycle management (CLM) process.

Contract management software reduces the average time to get a contract approved by 82%. – Aberdeen and Forrester

Electronic signatures can be a valuable addition for contract managers looking to simplify contract management. It can be used for critical steps during contract management for crucial stakeholders to review documents and provide their approval. In addition, with the digitization of workflows becoming a priority in companies, contract managers can eliminate manual tasks and use eSignature solutions to minimize risks and save time and money.

The Contract Management Process

Contract managers must follow due process to ensure contracts are appropriately reviewed and nothing important is missed. Here are the steps of each stage.

• Creation – The contract is created, reviewed, and managed by the contract manager by identifying the correct documents to support the contract’s purpose.

• Collaboration – The contract needs to be reviewed by all stakeholders after the first draft. Any changes to the document should be noted and shared in real-time to reduce discrepancies. All parties must review the contract and meet at a middle ground to ensure projects can take off seamlessly.

• Signing – All contract stakeholders can sign the contract after doing their due diligence. Contract managers can use digital signature solutions such as DrySign to gain swift approvals and eliminate bottlenecks. E-signatures can help stakeholders shorten the signature process TAT from 5-6 business days to mere minutes.

• Tracking – Contracts must be tracked closely to ensure all stakeholders adhere to contract terms and conditions. Contract revisions are expected, with provisions to be available for their amendments. The right software helps track any document changes and accelerates negotiations.

• Renewal – Successful execution of contracts can lead to their renewal by all parties. Manual contracts can culminate in missed opportunities and lost revenue. Automating the contract management process can bode well for all parties involved.

Up to 40% of a contract’s value can be lost without close contract governance – KPMG

Also Read: Change The Way You Manage Your Contracts - Go Digital With Drysign!

Challenges faced by Contract Managers

Contract managers in large companies are in charge of handling various contracts simultaneously. But multiple challenges, such as internal processes or legacy software, can deter managers from achieving their targets. Here are some of the issues that can present a challenge:

• Lack of Collaboration – Contract managers require collaboration with all stakeholders involved in the contract. The lack of software that allows businesses to collaborate on agreements can result in unmet concerns or needs. A collaborative platform enables the workflow to be streamlined and contracts to be executed on time.

• High Volume of Work – Contracts are negotiated and drafted with stakeholders' inputs. This increases the workload of contract managers looking to deliver high output. A common platform for negotiating terms in the contract and creating contracts from scratch can ease the workload of managers.

• Lack of Transparency – Contract managers are bogged down with frequent questions such as 'has the contract been signed yet?', 'where can I find a copy?' and 'how long till the contract has been reviewed?'. The lack of transparency can be resolved by showing all parties real-time updates to a contract.

• Slow Signing Process – A frequent bottleneck in businesses is the time taken to get contracts approved and signed by the decision-makers. The traditional process involves saving a PDF, sending it via email, signing it with wet ink, scanning the document, and getting it emailed back. This process can be smooth with the help of online signatures.

Contracts need to be clear and concise in their wording to minimize risks and avoid encountering setbacks. Good contract management practices help managers draft contracts quickly and contribute to the efficiency of the CLM process. Here are contract management practices managers can follow to attain the best results.

Contract Management Practices

• Centralized Document Storage and Sharing – It is advisable to keep all contracts in a central location to be found easily by all stakeholders. This can include supporting documents such as plans, final evaluation logs, and minutes of meetings. A transparent trail can help protect the privacy of sensitive documents and help in case of any disputes.

• Track Obligations – Contract managers should be on top of their obligations or risk their contracts becoming void. As contract volumes go up, missing contract renewal dates or deadlines can result in a breach of contract. Easy access to contracts will help managers send timely reminders to stakeholders before their due dates.

• Record Approval Time – Contract managers should manage getting approvals on contracts with minimum wasted time. This culminates in attaining faster value and revenue generation for the business. Managers can quickly identify bottlenecks in the process and take action to improve the workflow.

• Controlled Access – Contract managers can limit access to stakeholders to maintain the security and balance of the contract. Giving only authorized users access to documents can significantly reduce security risks and help all parties commit to their roles.

• Regular Compliance Reviews – Contract managers must meet with the legal team to understand changing regulations and ensure the contract adheres to the latest laws and policies.

How DrySign Helps

DrySign is an eSignature solution with a high impact value on internal processes. Here are some of the benefits of adopting DrySign:

• Digitize Documents – DrySign helps protect contracts by digitizing and storing them securely. The platform even helps companies create customized contracts and agreements for clients and gain the approval of all stakeholders effortlessly.

• Improve Workflows – DrySign helps users improve their workflow and eliminates any unnecessary steps in the process. Electronic signatures enhance the productivity and efficiency of contract managers by bringing all stakeholders to a common platform. All revisions to the contract can be made in real-time, and changes can be viewed in the document history.

• Enhance Collaboration – DrySign can also be used as a central repository for storing all related documents of the contract in a single location. All stakeholders can be kept in the loop, with only designated users getting authorization to access contracts or make changes.

• Tracking Contract Progress – The contract is reviewed in real-time, with contract audits helping contract managers witness lags from any stakeholders in submitting deliverables.

• Reducing Delays – Delays can extend the execution period of critical projects resulting in a loss of revenue. Adopting digital signature solutions like DrySign can ensure contracts are appropriately managed, and projects are delivered on time.

• Automating Notifications and Reminders – Notifications can signal contract renewal and foster good business relationships. Contract managers can set reminders on the platform to ensure deadlines are always met by parties and avoid any contract nullifications.

• Legally Compliant – DrySign complies with major electronic signature laws worldwide. As a result, all documents signed on the platform are legally binding and protected by the law. Additionally, contract managers can lower their compliance risk and ensure contracts are not tampered with during the transit of documents.

Conclusion

Contract management helps managers in securing agreements and contracts. It can help managers collaborate better with all stakeholders and unlock the business's full potential. Automating the process helps contract managers stay compliant with the terms and conditions of the contract and have the information organized. Create, maintain, negotiate, and renew contracts with DrySign.

Source: Google.com | webinarcare.com

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

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The COVID-19 pandemic and its aftermath have exacted a heavy toll on employers, upending the usual methods of working and conducting business. Companies had to change their processes overnight and shift to a work-from-home model. This resulted in chaos, causing companies to evolve, learn, and adapt quickly. Companies had to adopt a new remote work concept to sustain businesses and stay afloat in a competitive market ecosystem. While organizations are still recovering from the effects of the pandemic, employees are getting used to remote work and the perks that come along with it.

Remote work is vital for job seekers looking to balance work and life. The transition to hybrid role models has helped professionals understand the benefits of remote work. According to a survey by AT&T, the hybrid model adoption rate will rise from 42% in 2021 to 81% in 2024. This is due to remote work being preferred by young employees to work from home or any location at their convenience.

Remote workers are 35-40% more productive than their in-office counterparts -Global Workplace Analytics

The biggest proponents of remote work are the cohort of white-collar workers who have managed to escape the dull routine of 9 to 5. With companies looking to control costs and get the maximum output from an employee, each hire is critical. Therefore, management must put its best foot forward to attract the best employees and carry out a seamless, remote hiring and onboarding process. This is where electronic signatures or eSignatures come into the picture as the most natural and efficient solution.

The introduction of esignatures has eliminated the slow process of signing in various organizations and assisted human resource managers in adding remote workers to their organizations. In addition, electronic signatures have helped improve efficiency in organizations while expediting processes, ramping up security, and lowering error rates. Here are some of its benefits.

Advantages of eSignatures

• Flexible Arrangements

  Employees can leverage flexibility in remote working or hybrid models. Human Resources (HR) can utilize eSignatures to get the employees’ signatures on critical documents from anywhere, anytime. This helps in automating the entire process and aids in document management. Moreover, employees can be productive from day one and choose a convenient time to sign documents.

• Focus on Core Tasks

  Some companies cannot scale due to employees being entwined in mundane, repetitive tasks. The human resources department is no exception. But with eSignature solutions, HR can focus on their core task of recruiting the right employees and automating repetitive tasks. HR can get the signing process digitized and the approval process sped up.

• Higher Productivity

  Implementation of eSignatures can result in higher productivity that will work across borders. Employees can transition from a paper-based process to a paperless one. The signature process can be seamless without the need for printing and scanning documents continuously. Digitizing signature workflows can help enterprises focus on core tasks and business strategies.

• Cost Savings

  Digitizing documents can help enterprises save costs and store data in a secure, centralized space on the cloud. A robust document management system that can sort and archive files in an organized manner can be immensely beneficial for organizations, ultimately leading to improved workflows and massive cost savings.

• Simpler Systems

  Electronic signatures can turn complicated processes into simpler systems. Its implementation can automate processes such as signing contracts, renewal forms, insurance forms, etc. Electronic signature solutions allow employees to sign in the appropriate fields and ensure agility in document management.

95% of organizations either currently use eSignatures or plan to use eSignatures in the future.

With the numerous advantages on offer, Electronic signatures are the most convenient, efficient, secure, and smart replacement for wet ink signatures. In addition, governments across major countries worldwide have passed electronic signature laws that give eSignatures the same legal status as traditional, handwritten signatures.

Federal Laws Applicable to eSignatures

The UETA of 1999 - 48 states in the U.S. has adopted The Uniform Electronic Transactions Act (UETA). The exception is the states of Illinois and New York, which have passed their own laws pertaining to eSignatures. The Act deems electronic signatures to be legally valid with flexibility for the states to make necessary amendments.

ESIGN Act of 2000 – The Electronic Signatures in Global and National Commerce Act (ESIGN Act) was enacted to provide interstate and foreign commerce guidelines. This Act considers eSignatures legally valid to be produced in court as evidence.

An eSignature can be considered legally valid if it adheres to the following rules:

• An intent to sign as well as an opportunity to decline.
• Proof of the context and circumstances of the signature that would be demonstrable given an audit.
• Connection to the particular document that is signed.
• Validity of records that is reproducible, as needed.

Organizations can choose electronic signatures that adhere to the laws and basic tenets of electronic signatures.

Also Read: Electronic Signatures: Simplifying Workflows for Law Firms

Recommendations for Employers

Employers can follow the recommendations below to set up electronic signatures for remote workers.

• Determine any acceptable exceptions to the policy.
• Review current records retention policies and adjust as needed to ensure no conflicts.
• Determine which documents need to be signed and which don’t.
• Ensure consistent procedures, such as obtaining consent from all employees, assigning each employee a unique username and password, and requiring specific electronic steps in signing a document to leave a transparent trail each time an eSignature is completed.
• Communicate the new policy’s intended use, e.g., what documents can be signed electronically, and then train employees in the processes. The authority of each employee needs to be clearly defined while signing documents.
• Ensure that applicants and employees working remotely have accessibility to the Internet as well as a computer or mobile device to complete an e-signature.
• Confirm that the eSignature policy and procedures are used in compliance with federal, state, and local discrimination laws.
• Stay updated with federal, state, and local laws and case law regarding eSignatures.

How DrySign Helps

DrySign is an eSignature solution that helps in signing documents with ease. It provides advanced security to organizations looking to secure their documents from online threats. In addition, it can help organizations remove any bottlenecks in processes while raising productivity levels.

The various features, such as real-time trails and security, provide transparency and accountability of signing from all stakeholders. It can give great satisfaction levels and provide minimum interference with daily tasks. Notifications and reminders can ensure organizations stay on top of their targets.

Conclusion

Remote work will only increase in the years ahead. Its demand will keep increasing due to the flexibility and convenience it provides in today’s post-pandemic era. The success of remote work depends on adherence to new technologies that can increase efficiency and lower attrition rates. Electronic signatures can help iron out any kinks in the system and benefit organizations in the long run.

Secure your future with the best electronic signature by switching to DrySign.

Source: google.com | globalworkplaceanalytics.com

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

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Over the last few years, the insurance industry has demonstrated incredible adaptability and resilience. With digital technologies expanding at the speed of light, carriers have tapped into new competencies to drive transformation and operational efficiency. The past year reflects a mixed bag – rising premiums in the commercial and personal lines of business – challenges due to the COVID-19 crisis – new market entrants facing difficulties revolutionizing insurance when the rubber met the road. From a constructive perspective, continued competition has outgrown innovation.

Above and beyond all the transformations, the industry has realized that there is a need to integrate technology into the system's spine – documentation. The insurance industry heavily relies on paperwork, which is the main reason for sluggish processes, redundant prices, and time-consuming workflows, resulting in dwindling revenues. With ongoing challenges such as talent shortage, inflation rumors, rising interest rates, and many more, it has become imperative to emphasize cost savings. Thankfully for the insurance sector, eSignature technology is here. Electronic signatures will undoubtedly reshape the insurance industry in the years ahead by helping organizations with tedious and lengthy paperwork, streamlining their processes, and significantly reducing costs. Here's how the insurance industry can benefit from the use of electronic signatures and digital documentation:

Benefits of eSignatures in the insurance industry

The insurance industry increasingly relies on paper-based processes with lengthy policies, rigorous rules, and regulations. The growing need to stay relevant in the current market and expanding consumer technology are the two main reasons driving eSignature adoption in the insurance industry. Electronic signatures make things easier for insurance professionals by eliminating the hassle of manual document signing, scanning, and faxing contracts to customers.

• Mobility and speed in the insurance policy signing

  We all know how lengthy the process of buying a policy is. Countless documents, numerous norms, and compliance requirements – it gets overwhelming to sign and complete the process. Moreover, these processes are time-consuming as a lot of reviewing and signing are involved. Integrating online signatures removes the time and location constraints – your clients can sign, share, and store documents in minutes from anywhere and anytime. Moreover, insurance professionals can save a lot of time with the help of eSignatures spent in storing and sharing documents back and forth. In a nutshell, embracing digital signing helps insurance professionals simplify processes, streamline workflows, and provide a better consumer experience.

• Legal Certainty

  Any person deciding to purchase an insurance policy is indirectly investing their hard-earned money and expecting a good cover for their future needs. In short, they are trying the secure their future. What if the insurance provider denies any of the deliverables or the insurance paperwork gets into legal disputes? Of course, anyone would feel devastated. But you wouldn't have to worry anymore; electronically signing documents is totally legal these days. You can also use the digitally signed document in a court of law as proof of transaction. In addition, eSignatures are end-to-end encrypted, guaranteeing that only the authorized person can access the document and ensuring legal certainty.

• Client satisfaction

  The customer experience (CX) matters the most to almost every organization. The more satisfied and safe your clients feel with your brand, the more likely they will invest their money and trust. For insurance companies, the business primarily runs on recommendation games. So the more your client will feel satisfied, the more they'll recommend you. And nothing pleases clients more than a smooth, straightforward process with secure documentation – which they can sign on the go, store documents efficiently for future reference, and access documents in minutes from the comfort of their homes.

Also Read: How eSignatures Enable Remote Work to be a Success

• Elevated revenue

  Revenue is the main motive behind any business. However, your business strategies might need to improve if you provide exceptional services or have a good brand reputation and still fall short of your revenue goal. So how do you increase the revenue? Cutting unnecessary costs, reducing process turnaround time, and streamlining workflows can help. For example, adopting an eSignature solution helps insurance professionals to save countless pennies spent on paper, ink, transport, fuel, printer, scanners, and more. Moreover, it reduces document turnaround time and streamlines workflows, increasing team productivity and revenue.

• Reduced carbon footprint

  The paper and pulp industry is the third largest industrial polluter of soil, water, and air. Paper production industries use chlorine-based bleaches, which result in toxic materials. Moreover, when paper rots, it emits methane gas, 25 times more toxic than CO2. As we know, the vast majority of insurance processing includes paper-based procedures. This means insurance companies are one of the most significant paper users and equal contributors to air, soil, and water pollution. While most organizations adopt eco-friendly workplace cultures, insurance companies can't be left behind. Investing in a superior eSignature solution allows you to automate your paper-based processes, eliminate paper usage, and reduce environmental contamination – helping your organization reduce its carbon footprint and go green.

• Reduced errors and risks

  After shuffling through countless documents and lengthy manual processes, it becomes incredibly tricky for an insurance professional to deliver an efficient and speedy process without compromising security and compliance. It is solely the insurance professional's responsibility to retain confidential customer records. In case of any disputes, the customer and agent must process the discovery, including sifting through paper files in multiple locations. In addition, traditional paper-based documents are fragile and are at risk of information damage while relocating. Besides, it is infuriating when after waiting for hours, you realize some signatures are missing or the information mentioned is altered or off-beam.

  Embracing a stable and secure electronic signature solution eliminates these risks and provides a smooth, efficient signing experience. DrySign, one of the leading e-signature solutions, offers a wide range of features that give you complete control over your documents. You can track your document status anytime and anywhere, set reminders and notifications, and ask for real-time mail trails to know the signing status. Using eSignatures ensures you never miss out on valuable deals with faster processes than ever before. All this without compromising security. E-signatures are end-to-end encrypted that, restrict unauthorized access and help save from data breaches.

The Bottom Line

The benefits mentioned above are reason enough for insurance professionals to take their manual workflows online. Electronic signatures have been changing lives for many, simplifying their business processes. If you are in the insurance industry, you must try out the electronic means of signing. DrySign provides a vast range of features ideal for almost every industry, including insurance. You can significantly simplify your paper-based processes with DrySign features such as real-time mail trails, intelligent dashboards, reminders and notifications, and group signs. Automation is the key in today's ever-evolving business world. So, automate your document workflows. Start DrySigning now!

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area

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Industries all around the world have stepped into an era of digitization, where age-old practices have gradually moved aside, quicker and more intelligent methods of working have surfaced. The face of business is continuously changing, and the last few years have seen a boom in the number of industries embracing the latest technological trends. Digital transformation has never been more significant, and it looks like there is no stopping it.

Over the years, there have been many breakthroughs in the field of technology for business. With newer tools introduced for enhanced business processing, every business tool and its functions vary from industry to industry – whether it is CRM, accounting tools, email marketing tools, or even Chatbots. Ultimately, the purpose of these tools is to help your business grow by reducing costs, saving time, and enhancing the customer experience.

One such tool that has made its way into business models is the Electronic Signature platform. eSignatures have steadily become one of the easiest and most secure means of executing contracts or agreements. It eliminates the hassle of manual follow-ups that involve multiple signatories and location constraints. Businesses are constantly evolving while trying to find ways of doing things in a quick, secure, and cost-efficient manner, and eSignature platforms offer just that. Electronic signatures have long been deemed as legally binding and are a sustainable way of moving your business forward.

Here are some of the significant ways eSignatures can help transform your business digitally:

Increased Speed and Productivity:

Signing paper contracts substantially increases the time taken to get into agreements and also slows down the delivery of services. With an electronic signature platform, the time and effort taken to get multiple signatures or approvals across the business is significantly reduced, making business processes faster than ever. The most notable benefit of eSignatures is the eliminated manual error rate that makes for a risk-free addition to any business.

Higher Cost-Savings:

The most apparent of the savings is the cost of paper and ink, printing, packaging, postage, and delivery/shipping. The cost of using paper itself, plus paying someone to perform these administrative tasks, can be extremely high. In addition to this, eSignature platforms help avoid costs of fixing problems that occur due to human error.

Enhanced Security:

Even with the increased speed and efficiency, electronic signatures are also the most secure way of signing documents. Paper documents with wet signatures can be easily forged and tampered with, making them an added risk factor to any organization. Electronic Signature platforms can track signed documents from the past, along with their matter, date and time stamp, and signatures. The auto-archive feature helps businesses keep track of what was signed, by whom, and when. eSignature platforms have robust audit trails that ensure each document and process is recorded to avoid customer disputes while mitigating risk.

Greater Flexibility:

eSignatures provide key benefits like -

• Its ability to work on multiple devices;
• Uploading documents from different apps including cloud-based storage; and
• Its unrestricted scope to reach multiple signatories at the same time.

Improved Customer Satisfaction:

Every business is trying to win customers over with more straightforward ways of providing exceptional customer experience. Having a customer bend over backward to sign a few documents can prove detrimental to any business relationship. An easy-to-use solution like eSignatures can help eliminate the inconvenient and bulky process of signing hundreds of documents and replace it with a process that is speedy, safe, secure, and inexpensive.

The industry's focus needs to be consumer-driven, especially when businesses are opting for cutting edge technology to stay ahead of the game. In today's world, where the customer is spoilt for choice, customer expectations are continuously and rapidly evolving. Here is where the adoption of technologies like DrySign – Exela's Electronic Signature Platform can transform your business digitally without having to make excessive changes to your current systems or software.

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When a group of like-minded and innovative individuals come together, creative ideas are allowed to flow freely that change this world for the best. One such collaboration that rocked the world to its core was team Steve that founded Apple. Steve Wozniak and Steve Jobs started off with an idea and worked their way to the top. But with drastically changing times, the core dynamics of any business has gone through equally drastic changes. We have seen globalization doing its best to facilitate business operations over diverse geographies. In this age of seamless connectivity, SMB’s working remotely cannot miss out on any transformative digital solutions that have the potential to replace any manual paper-based workflow.

End-to-end digital operations
We live in an era where technology is allowing us to do virtually everything and anything from the safety and comfort of our homes. During the COVID-19 pandemic, we saw a sudden shift in paradigm with most business operations initiating the transition from manual to digital. Hiring, for instance, is one of the vital parts of any SMB operating remotely. The revolutionary idea on which the business is based needs equally revolutionary minds working in tandem to turn the idea into reality. To make sure that the entire spectrum of the recruitment process goes digital, SMB’s need to implement a smart digital signature solution like DrySign to facilitate remote documentation.

Also read: DrySign Freemium has Arrived – Here’s Everything You Need to Know

Remote collaboration with vendors via digital signatures
If you want your SMB to move fast, let it operate on its own. If you want your business to reach unimaginable heights, you collaborate. Any business, no matter just how ironclad the operation policies are, has room for improvement. This is where collaboration comes into picture. Then there is Murphy ’s Law – “Anything that can go wrong will go wrong.” History has proven that there is a myriad of things that can go wrong with paper-based agreements and service-level contract signing. With regulations like the Electronic Signatures in Global and National Commerce Act (ESIGN) and the Uniform Electronic Transactions Act (UETA), digital signatures carry the same legality as wet ink signatures. This means enforcing agreements and contracts via a secure solution that does not compromise the integrity of the agreement while making it easier to collaborate with vendors.

Getting rid of the hidden costs
When we look at the manual paper-based document signing process, not only is it filled with vulnerabilities, but it also comes with subtle and well-hidden expenses that make a huge impact in the long run. A sophisticated digital solution like DrySign provides features like online document storage that cuts down unnecessary costs like document printing, scanning, and storage, making them easier to retrieve, maintain, and use. From an operational standpoint, digital measures allow for a speedier workflow that results in cutting operational costs. Seeing how SMB’s have a slightly tighter budget to run the business and need to make the most out of technology, reducing such administrative expenses go a long way.
 

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Digital signatures have sparked a revolution since the development of the RSA algorithm (named after its inventors – Ron Rivest, Adi Shamir, and Leonard Adleman) in 1977. RSA went on to become the most common asymmetric algorithm in use, ensuring electronic messages and data storage remain secret, secure, and accurate. This marked the dawn of various digital signature schemes that began emerging soon after.

Besides saving time, paper, and a lot of effort, did you know that digital signatures could have also averted several crimes and scandals in the past? Let’s look into a couple of interesting cases.

Digital signatures in courts

Back in 2013, a band of six cybercriminals forged release documents and had them signed by the judge to facilitate a legitimate-looking prison break. Also, in 2012, a man in Pennsylvania forged release papers to escape from his sentence for tax fraud. All these cases could have been easily avoided using the traceability offered by digital signature solutions.

Search warrants are another area where digital signatures can make a significant difference. A search warrant is a document signed by the magistrate that grants authority to law enforcement officers to search a property. Search warrants contain sensitive information like names & social security numbers of people and informants involved, along with evidence. The search warrant is based on another document called an affidavit signed by a law enforcement officer, stating the facts and the reasons to search the property.

With digital signature solutions in place, it is possible to speed up this process while adding a layer of virtually impenetrable security. A quickly signed warrant can be the thin line separating a major bust and an escaped felon in mission-critical situations.

Also read: Guide to Going Paperless with DrySign

Some recent cases of signature forgery

A resident of Chattanooga, Tennessee, named Robert Hallick, was arrested on account of forgery. He allegedly used his real name for his initial application to carry a firearm. The Tennessee Department of Safety and the Homeland Security Handgun Unite rejected his application due to an active warrant in Michigan. He then applied for the second time using the name of the former president Barack H. Obama and forged the signature of the Commander-In-Chief. Eventually, in February 2021, he was caught and sent to prison.

A Canadian passenger from Stratford was arrested on 11th February, 2021 on account of forged COVID-19 tests at the Pearson International Airport. After a thorough investigation, he was found to test positive for COVID-19.

In November 2020, there was yet another case in New Jersey where a Hunterdon County resident named Brian Shilling was arrested for forging a signature while casting a mail-in vote. He forged another individual’s signature, certified it, and sent it to the Hunterdon County Board of Elections, purporting the vote was cast by someone else. He was charged with tampering with public records, falsifying records, and disorderly persons offense, among other charges.

Conclusion

The implications and consequences of such incidents are direly devastating. When we look at it in retrospect, it is evident that these situations could have been easily averted using Digital Signatures. 

Unlike traditional, hand-written signatures that can be easily forged, digital signatures offer multiple layers of protection. Even before a signer can access a document and sign, e-signatures can verify the signer’s identity through various options such as email address, SMS, OTPs, ID verification, and knowledge-based questions. 

Then come the physical and platform security measures, including malware protection, commercial-grade firewalls, strict access control, data encryption, multiple authentication, and security certifications. 

With all these fool-proof measures in place, do you think any of the above forgery cases would have transpired? No chance. 

Sources:

https://www.nbcnews.com/news/us-news/six-charged-florida-prison-escape-used-forged-documents-flna2d11778731

https://www.ktvu.com/news/tennessee-man-arrested-after-forging-former-president-obamas-signature-on-handgun-permit-reports

https://www.nj.com/hunterdon/2020/11/nj-man-charged-with-voter-fraud-after-forging-signature-on-mail-in-ballot-authorities-say.html

https://lfpress.com/news/local-news/stratford-man-charged-with-using-false-covid-19-document-at-pearson

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When is Tax Day 2021? Deadline Extended from April 15 to May 17: Here is What the IRS Wants You to Know about E-Filing Using Digital Signatures

It is that time of the year, folks. The annual financial headache of America. Unless you are due a hefty refund from the IRS or working as a highly paid accountant, Tax Day 2021 won’t bring much delight and happiness to your life. According to a NationalToday.com survey, 7% of Americans enjoy the filing process while 11% say that filing taxes absolutely stresses them out and surprisingly, 3% of them never file their taxes!

Evading tax is a criminal offense, if committed, may give rise to substantial monetary penalties, imprisonment, or both. Therefore, unlike the 3% of those people, we must abide by the law and file our taxes no matter how we feel. Today, we bring you fresh information on how the IRS wants you to file your taxes for Tax Day 2021 using digital signatures if you plan on e-filing to save a significant amount of time.

How does the e-signature option work?

Taxpayers who intend to use Forms 8878 or 8879 to electronically sign Form 1040 federal tax returns or filing extensions, can use an e-signature to sign and electronically submit these forms to their Electronic Return Originator (ERO).

Can all taxpayers use the e-signature option?

All taxpayers cannot use the e-signature option. It is only available to taxpayers who e-file their returns via an ERO that makes use of software to provide e-signature and identity verification. To meet the requirements for e-signature, the ERO should be able to record the name, social security number, date of birth, and address of the taxpayer electronically, to verify the ID.

Do taxpayers need to sign Forms 8878 or 8879 electronically?

No. Taxpayers can continue using handwritten signatures and send the form to the ERO via U.S. mail, email, fax, private delivery, through the internet, or in-person before Tax Day.

What e-signature methods are available?

The software the ERO uses decides the e-signature method used to sign the form. Irrespective of which method is used, the electronic record must be forgery-proof once it is e-signed. Examples of some of the methods used to capture e-signs include:

• A handwritten signature on an e-signature pad
• A command input, mark, or handwritten signature captured via a stylus, on a display screen
• A digitized image of a handwritten signature attached to an electronic record
• A typed name
• A shared secret such as a password, secret code, or PIN used to sign the digital record
• A digital signature
• A mark captured in the form of a graphic.

What are the ERO’s responsibilities regarding e-signatures?

When a taxpayer opts for an e-signature option, the ERO must use software wherein identity verification is included. It should be able to record the following data:

• Digital image of the signed form
• Date and time of the signature
• Taxpayer’s computer IP address (remote transaction only)
• Taxpayer’s login ID — username (remote transaction only)
• Results of the ID check to authorize the taxpayer’s ID verification
• The e-sign method used to sign the record

The ERO also holds responsibility for preserving a forgery-proof record in a safe, access-controlled storage system for 3 years from the IRS return receipt date or 3 years from the due date of the return, whichever falls at a later. ERO's must be able to recover and reproduce readable hard copies of the signed form.

Also read: Guide to Going Paperless with DrySign

How should the software perform identity verification? 

For identity verification purposes, the software may generate a “soft inquiry” in the credit reporting industry. Information from the taxpayer’s credit report is used by credit reporting companies to create knowledge-based authentication questions – an action that may generate an entry on the credit report known as a “soft inquiry”. Characteristically, the knowledge-based authentication questions address the personal and financial history of the taxpayer. These are usually multiple-choice questions such as the name of their mortgage lender, type of car finance, a former address, or phone number. The taxpayer is expected to enter correct answers to the questions. This is not a credit check. However, taxpayers who fail to pass the ID verification check, can’t use e-signature.

Is identity verification a one-time event?

No, it is not a one-time event. Identity verification needs to be done each time a taxpayer signs Form 8878 or 8879 electronically. However, there are two exceptions. If a taxpayer electronically signs the form in the presence of the ERO, or there is a multi-year business relationship (when the ERO has initiated the taxpayer’s tax returns for a previous tax year and has already identified the taxpayer using the ID verification process) between the taxpayer and the ERO, identity verification is not needed on any Tax Day.

What is an “e-signature via remote transaction” with regards to Forms 8878 or 8879?

When the taxpayer e-signs the form and the ERO is not physically present, it is considered as a remote transaction for e-sign.
Note: A remote transaction for e-sign doesn’t include handwritten signs on Forms 8878 or 8879, sent to an ERO by U.S. mail, e-mail, fax, private delivery service, through the Internet, or in-hand.

What is Identity Verification Failure?

When an ERO makes use of tax preparation software to sign Form 8878 or 8879 electronically, the software facilitates identity verification using knowledge-based authentication questions. After three attempted failures to provide the correct answers to these questions, the ERO will need the taxpayer’s handwritten signature.

Now that the IRS has extended the Tax Day 2021 deadline from April 15 to May 17, you can easily e-file your taxes at your convenience using an ERO. Click here to contact your nearest ERO.

Sources: nationaltoday.com | irs.gov