The future is completely open, and we are writing it from moment to moment. These words by Pema Chodron imply that the best way to transform your future is by designing it – today! A good business leader can recognize patterns and foresee trends before they are set, steering their team into a productive and secure future. Of course, no one can predict situations like COVID. But, the prowess of good leadership does not necessarily lie in anticipating specific conditions but in the preparedness for situational control, even in contingencies. And more importantly, their ability to make good decisions that impact the future of the business and growth, no matter the situation.

So, how equipped are you to handle contingencies?

This theory has become even more pertinent since the pandemic began. With businesses crumbling under the weight of an imminent economic crisis, adaptation has become crucial, especially to contactless digital workflows. Within this scope of digital transformation, the introduction of electronic signatures has revamped the way businesses conduct transactions, agreements, and contracts. From offer letters and non-disclosure agreements to sales and purchase transactions involving humungous sums of money, e-signing is a welcome solution that enables companies and individuals alike to send & receive attestations that relevant parties can store & access easily without initiating any physical contact.

Yesterday’s Delight Becomes Today’s Need!

If we go by the patterns of technological advancements throughout history, people initially view a newly introduced gadget or system as a luxury. It gradually makes its way to the ‘convenient-and-efficient' category, finally settling at the 'can't-do-without' station. Take the instance of telephones. Their journey has been quite fascinating, from the birth of the first wired telephone in 1876 to rotary dials, followed by push buttons. Later, cordless phones stormed the market. Then heavy mobile phones were introduced, which were replaced by lighter ones. From buttons, we moved to touchpads, and soon even those became passé. Today, smartphones dominate the market. They are an essential integral part of every household and every professional. A vast majority cannot imagine their life without this piece of convenience anymore. If people had to spend a day without their phones, it would be far too complex, if not impossible, to conduct business or even maintain their routine.

Such is the case with electronic signatures, although it has been around for a few decades now. Visionary and futuristic companies absorbed this advancement into their workflows and adapted, leaving them with fewer things to worry about when the pandemic hit. And soon, others followed suit. With the potential to optimize documentation and authorization without the need of being physically present, e-signing is now moving towards being a necessity.

Also Read: Blockchain - The Future of Digital Signatures

Understanding the Process

In case you aren't clued in yet, this is how digital signatures work:

1. The sender uploads a document and sends it to the intended recipients through a web-enabled device.
2. A unique encrypted hash value is generated using the sender’s private key.
3. This cryptographic file is delivered to the receiver using the sender’s public key certificate.
4. On receipt, once the receiver digitally signs, the document is sealed with a cryptographic hash for the same file.
5. Both hash values from the sender and the receiver must match to verify authenticity.

What’s the Difference and How is it Better?

Digital Signatures are the encryption technology that supports electronic signatures. They are entirely different from wet-inked signatures that are merely scanned and pasted on documents. Digital signatures are embedded with multiple security and tamper-proof features. It uses Public Key Infrastructure (PKI) technology that authenticates, verifies, and secures all participating persons. Hence, nobody can alter a signed document once it is sealed.

Reinforced security features that protect users against all kinds of crimes related to signatures, digital signatures are rapidly changing how corporates authenticate, attest, and authorize documents. With technologically advanced e-signing solutions, businesses now have the opportunity to secure themselves against theft, forgery, cybercrimes, and data leaks in an effective manner elevating the documentation and signing process.

The Impact of E-Signing on Businesses

• The total savings of businesses migrating to e-signature apps from paper, taking into account material, administration, shipping, and subscription costs, is a whopping 55%–78.62%.
• The time difference in obtaining signed documents through electronic signatures is 37 minutes compared to the traditional way, which takes approximately five days.
• Electronic signatures improved productivity by a staggering 85%.
• The average savings businesses accounted for by incorporating electronic signatures into their workflows are $20 per document.
• Businesses witnessed a 500% increase in external customer loyalty after teaming up with an e-signature vendor.
• Organizations saved an estimated 22,000 hours annually post their shift to e-signing.
• Businesses that use e-signature tools can reduce document handling costs by as much as 85%.
• Incorporating eSignatures has significantly reduced scanning errors by 92%.
• Efficient e-signature software can save 2.5 billion trees in less than 20 years.

The Future of E-Signing

A thorough market study involving observing present trends through analytics shows that electronic signatures are already making handwritten signatures obsolete. Here are some aspects to look forward to in this space:

1. It will drastically reduce the time professionals spend locating attested files and contracts.
2. With location-agnostic services, the need for tête-à-têtes will drop significantly. Contactless authorization will become a preference.
3. Many firms will prefer and make it mandatory to e-sign documents due to the security threat in traditional methods.
4. Although the industry is not nascent, its usage has widened exponentially only in recent years. There are already sound and stable laws governing the use of electronic signatures. But, we can expect a few additional clauses soon.
5. Documentation processes will see increased transparency levels, and the plausibility of signature-based fraud shall dramatically decrease.
6. Although businesses have moved towards conserving the environment, their reach is limited because contracts and essential documents are always required to be signed on paper, perhaps even in multiple replications, with each participant storing at least one copy to safeguard their interests. With digital signatures, corporates can genuinely make a significant effort in reducing the load on the environment caused by paperwork.
7. Reputed vendors are all engaged in enhancing the safety features of electronic and digital signatures. Moreover, reliable brands are already updating their software for reliable and secure UX (user experience).
8. Already the top retail platforms and logistic services use electronic signatures. But, soon, the receipt of every package that is delivered to an office or home shall be authenticated via electronic signatures only.

Stagnating in conventional ways can indeed offer the comfort of habitual ease. However, if your business can adapt to changing times and have an innovative approach to an uncertain future, you can ensure that no matter what industry you belong to, your business will always have a space in the Tomorrow! Learn more about Exela DrySign e-signature solutions here.

Statistical Data Source: financesonline.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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DrySign celebrates this year-end with big discounts on all plans, including the Premium Plan!

DrySign, Exela’s proprietary digital signature solution, allows users to securely exchange legally enforceable signatures from anywhere, anytime, from any internet-enabled device. The platform offers individual, multi-party, and hierarchical signature workflows, and facilitates remote document delivery, document archiving, and full process administration—no paper required.

DrySign is part of Exela's growing suite of home office solutions, focused on supporting agile employees, freelancers, and businesses of all types and sizes as they navigate the transition to remote work arrangements in response to the challenges presented by the COVID-19 pandemic.

August 2020: Drysign launches in the United States, Canada, and India.

September 2021: DrySign launches in the UK and the Philippines.

October 2021: DrySign expands its customer base by 47%.

December 2021: DrySign crosses 17,000 users worldwide.

DrySign is an easy-to-use, secure, and cost-effective electronic signature solution. A smart add-on to the transformative digital journey of your organization, DrySign offers a legally compliant and protected platform to eliminate bulky and traditional paperwork and in-person signing processes. With DrySign, users can sign, send, receive, invite, track, and store documents online, all at a fraction of the cost you spend on paper-based workflows.

With so many good things going, we wanted to share some of our happiness and growth with all of you.

Also Read: Guide to Going Paperless with DrySign

Our exclusive Holiday Offer brings you more than 30% off on any plan:

Annual Plans

Individual Plan: Pay only 58$ 48$!

Professional Plan: Pay only 168$ 108$!

Monthly Plans

Individual Plan: Pay only 8.99$ 5.99$!

Professional Plan: Pay only 16.99$ 10.99$!

Features

Legally compliant Electronic Signatures

DrySign is compliant with the Electronic Signatures in Global and National Commerce (ESIGN) Act and the Uniform Electronic Transactions Act (UETA)

Group Sign

You can invite multiple signatories to sign documents online with this unique, easy-to-use feature. Sleek Dashboard Get a bird’s-eye view of your digital signing history along with status tracking options and a complete document overview.

Audit Trails

DrySign allows you to track your document with time stamps and audit trails every time someone opens a document or signs it.

Custom Notifications & Reminders

You can set up reminders for signers and receive real-time notifications. Stay updated at all times!

Seamless Signature Workflow

A comprehensive electronic signature solution, DrySign offers easy document uploading from multiple sources in multiple formats.

While there are numerous benefits of using an electronic signature solution like DrySign, we are going to list just a few to get the conversation started:

• Save Big COSTS: We are not just talking about our holiday discount here! Eliminate the cost of printing, paper, ink, courier and post, and many other redundant cost heads.
• Be ECO-FRIENDLY: Paperwork and documentation make up over 35% of the global paper consumption. One small step can make a big dent in these numbers. Going digital is going sustainable!
• FLEXIBILITY in Business: We know the importance of being flexible in business post-COVID-19. Sign and upload documents no matter where you are.
• Reduced TURN-AROUND-TIME: From start to end, the journey of a document is of printing, scanning, and sending documents for signatures and receiving them back. A workflow that usually takes 5-6 business days is done in less than 15 minutes.
• Customers love WORKING WITH YOU: Be it the sustainability, the fast TATs, or the flexibility, all these benefits add to the efficiency of your workflow, making customers absolutely love working with you.

With spectacular discounts up for grabs, you can add one more benefit to this list and sign up now!

Take a pause without letting your business stop this holiday season!

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For the last one and a half years, most educational institutes worldwide have been operating remotely due to the coronavirus pandemic. This event, inadvertently, also managed to test the limits of the education system in each country. It revealed operational difficulties and exposed cracks in the system. One of the primary reasons this happened was the hesitancy of academic institutions to streamline and modernize their administrative functions like finance, HR, and facilities. The direct result of this hesitation was failure.

Failure to grow, failure to operate efficiently, and failure to maintain reputation in the market.

Faculty recruitment is an excellent example of this problem. Most educational institutes have a problem hiring and retaining their hardworking educators. If this problem is deeply researched, it is more than evident that the “administrative burden” is one of the most significant deal breakers for faculty members. Either they don’t join after getting an idea of this burden or leave once they fully understand it. Therefore, entering a different institution where the administrative burden is much lower makes complete sense because these administrative procedures have proven to be one of the top 5 contributors of stress in faculties worldwide.

This could also be a primary driver for “summer melt,” where students stop attending schools and colleges after the summer break. Confusing and lengthy administrative procedures could overwhelm students and their parents, forcing them to look for other alternatives. This directly impacts the educational institute, costing them hundreds of thousands of dollars in lost tuition revenue.

Ancient administrative practices can also hurt educational institutions unexpectedly. Financial fraud is a strong possibility in such institutions due to ineffective administrative policy enforcement, neither any accountability nor responsibility. This forces a lot of vital data or financial information to be pushed out in the “gray area.” Grants getting lost; student fees getting misplaced – incidents like these encourage financial fraud. Ultimately, this could lead to adverse press reports that could damage reputation permanently, or even worse, shut down the institute.

Also read: Improving the Value of Higher Education

GETTING STARTED IN THE RIGHT DIRECTION 

• Ask for honest feedback from administrative employees
• Identify bottlenecks and pain points
• Reimagine and redesign the process
• Assess the cost to modernize all administrative procedures
• Start with the most crucial administrative procedure, and work down from there
• Gather feedback

HOW DRYSIGN HELPS DRIVE OPERATION EXCELLENCY

• Efficient functionality – legal, secure, ready-to-use digital signature & document storage solution
• Zero offline workflow – access all your administrative files in just a few clicks
• Robust security – world-class encryption on all files, safe from theft or loss
• Paperless solution – save time and money on printing and physical storage costs
• Quick & convenient workflow – sign administrative forms from anywhere, anytime
• Improved student/faculty satisfaction – administrative burden lowered substantially
• Fraud protection – comprehensive audit trails of all documents; safely backed up on the cloud
• Smart dashboard – powerful, actionable insights at a glance; easier decision making
• Group sign – the same document can be authentically signed by more than two people
• Real-time notifications – set up reminders and receive real-time notifications; stay updated
• Seamless integration – 1-click integration with Salesforce, Google Drive, OneDrive, Dropbox
• Remote-work proof – enables quick and efficient collaboration from anywhere, anytime

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Contractors and agents deal with a sizable amount of paperwork daily. Real-Estate and Property offices are almost always cluttered with Sales Agreements, Affidavits, Leases, Registration Forms, and hundreds of more necessary documentation. These documents need to be sent to, first, one party of sellers, tenants, and buyers, etc, followed by the other for their signatures. The entire time, moving from the office of the buyer or seller and then back again, these documents are at risk of being torn, manipulated, damaged, lost, etc. From start to end, the paper trail is long, cumbersome, and, not to mention, catastrophic to nature when you add logistics to the ongoing destruction of trees for paper. This is where a digital signature solution can come into play and improve the management and workflow of legal documentation associated with a home, land, or business space purchase or sale.

The real estate sector constantly pursues technologies that help them sort and sell houses faster and more efficiently. With an electronic signature solution, selling and buying a home or property can be further simplified. An electronic signature is electronic data that is attached to or logically associated with other data in electronic form and which is used by the signatory to sign and authenticate a document. This allows for documents to be signed electronically, saving precious time and making buying or selling property highly convenient.

A big reason for the rise in popularity of electronic signature solutions is the seamless security they provide to their users. Whether you are a real-estate agency or a one-time buyer or seller, ensuring your property documents are safe and secure is always a concern. An electronic signature solution can securely transfer sensitive property documentation from one stakeholder to the other while granting full transparency to the owner of the document.

2020 has been a year of change for all of us, accelerating the pace for digital transformation. The COVID-19 pandemic has disrupted day-to-day life and has mandated that real-estate companies globally re-evaluate remote work options. The progress of total digitization of paper workflow has helped realtors save time, money, and keep their business in motion even during total physical impediments. With plenty of digital signature tools to choose from the real estate industry can eliminate travel and still closeproperty deals and agreements.

Benefits, Galore!

Of the many ground-breaking technologies that have revolutionized the real estate industry over the last two decades, electronic signatures have perhaps had the most impact. DrySign, Exela’s proprietary electronic signature solution is a fast, easy-to-use, and highly secure tool provides all the usual benefits that come with the use of electronic signatures, like saving time, effort, and money. Additionally, the incorporation of such a user-friendly tool truly leaves an impression on your clients and increases brand value for your real estate brand in the market.

Here is a look at all the benefits in detail when you choose an electronic signature solution like DrySign over the traditional paper and ink methods.

“Electronic signature solutions can reduce document workflow time from 8-9 days to only 5-6 minutes.”

Speed

If you run a real estate agency, you know that there is a short window to close a deal as soon as a client expresses his or her wish to buy or sell a property. With cut-throat rivalry in this ever-booming industry, time is always of the essence. Using an electronic signature solution like DrySign gives you the edge over your competitors you need. Reduce the time taken for printing, scanning, signing, faxing, and other endless activities that delay the process. Upload a document from any device, sign it and invite your clients to sign online too. DrySign cuts the time taken for this process from weeks on end to mere minutes.

Also Read: Big Holidays Discounts coming your way! More than 30% off on every DrySign plan!

Convenience

One of the biggest reasons for electronic signatures to take off the way they did during the pandemic was the simple convenience they provided to users. As a property dealer, you no longer need to get multiple sets of prints of your property papers, share them with clients, make changes if any, print them again, and so on and so forth. Client on vacation? No problem, just upload your document on DrySign and invite your client using just their email address. Your client will receive your document, securely, no matter where they are. Needless to say, with service and convenience like this, your clients will surely know who to call for their next property deal. As a real-estate player, you also appreciate the convenience that the Group Sign feature of DrySign brings to the table. With Group Sign, you can invite not just one but multiple signatories in seconds and get notified every time a signatory completes the signing process. Big business with great ease!

Consistency

How many clients have you met who say, “My signatures never match!”? How many times have you had to use ink correctors and re-do entire documents thanks to unruly, unidentical, and fluctuating signatures? Not anymore! A digital signature tool offers users the opportunity to use one official signature, all throughout the documentation work, making the signature consistent and, therefore, more reliable.

Storage and Permanence

It is no secret that the sheer volume of documentation required in the real estate industry has the potential to overwhelm even the best real estate offices. In addition to maintaining this documentation, it is vital to keep these documents on file for years when working in a highly competitive global market. Realtors can enjoy a paperless environment with centralized storage space for all documents, easily accessible whenever needed.

Documents to be signed can be sent via email, and the third party or clients can sign them with a single click, sealing the deal in a few minutes with electronic signatures. Electronic signing and filing save storage space, subsequently saving your firm cost on your own infrastructure.

Integration

An e-signature platform can be integrated into any existing business platform to streamline every transaction easily. Whether it be Onedrive, Google workspace, or Dropbox, users can quickly access signing requests and upload documents to the E-signature software without any delays. From every perspective of the sale or purchase process, be it document organizing to sharing, signatures with proper storage can be handled in one easy way – providing a level of trust and confidence.

Security

An electronic signature provides a high level of security. When a signer electronically signs a document, the signature is created using the signer’s private key, which is always securely kept with the signer. The mathematical algorithm acts as a cipher, creating data matching the signed document, called a hash, and encrypting that data. The resulting encrypted data is the digital signature. The signature is also marked with the time that the document was signed. If the document changes after signing, the digital signature is invalidated. No traditional paper workflow has as yet been able to provide the level of security that an electronic signature can provide. Once signed, the document’s integrity is protected throughout the final stage. Buyers and sellers can sign and send the documents in just a few clicks without any time wastage.

Legality

Electronic signatures solutions like DrySign, secure the legal admissibly of your signed document in the court of law. Globally, countries have adopted laws that give electronic signatures the same level of validity as agreements signed by hand.

• United States - Electronic Signatures in Global and National Commerce Act (ESIGN Act) and The Uniform Electronic Transactions Act (UETA) - Canada
• Personal Information Protection and Electronic Documents Act (PIPEDA) -
• United Kingdom - eIDAS Regulation (electronic Identification, Authentication and trust Services)
• India - The Information Technology Act (IT Act) of 2000
• The Philippines - Electronic Commerce Act of 2000 (Republic Act No. 8792)

The use of the right electronic signature solution that suits all your needs can boost your business. As every electronic signature solution has critical aspects that are important for running a business, realtors must carefully read about each factor and then implement the solution into their business.

“Real estate agencies can get 99% of their contracts digitally signed with an electronic signature solution.”

On reading the above points, we understand how electronic signatures are eventually acquiring the market and automating all steps within the real estate market dealing process. With this advanced automated, robust solution, the real estate industry is becoming more technology-intensive rather than labor-intensive. Our robust and easily accessible solution, ‘DrySign’ by Exela, makes these features readily available for your real estate business, helping your business to become a leader in the world of digital transformation.

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With the dawn of digitization, just like most other market sectors, more and more healthcare industries aspire to make their processes paperless. The reason is significant benefits for the environment, enhanced efficiency, a better experience for healthcare workers, and, of course, cost-effectiveness. Going paperless is the need of the hour as hospitality services strive to provide better care and improve patient experience and day-to-day working conditions for the hospital staff.

The Importance of Healthcare

The healthcare industry is one of the largest industries globally, directly impacting the quality of life of people in each country. ‘Health care’ refers to the diagnosis and treatment of any illness, injury, disease, or other impairments. It is a crucial sector that provides patients with curative, preventive, rehabilitative, or palliative care.

The healthcare industry is continuously growing and evolving with increasing needs, mainly in response to an evolving regulatory climate. With such developments, operating a healthcare organization has become increasingly complex, as there is always mounting pressure on service providers to improve operational processes and maintain profitability. This is where digital transformation is changing how businesses operate and function. The transition from paper-based processes to electronic documentation is a significant factor that has the potential to drastically affect the overall operation and efficacy of the healthcare system. Fortunately, emerging and ongoing health and information management technologies are now readily available to help organizations improve their operational efficiency and patient experience.

While the technology already exists for the healthcare industry to initiate its paperless journey, making the vision a reality is a complex challenge for many. Selecting the right technology becomes essential for your organization to enhance its operational processes and boost ROI.

Going Paperless

In recent times, we have all been witnessing how the digital wave is transforming the healthcare sector. These are times when patients book appointments over the phone and communicate with doctors using digital means. While going digital is gaining popularity, it comes with its own set of challenges, such as data security. Healthcare organizations have a massive database of health-related information that needs to be secured and be readily accessible and retrievable when required while complying with government regulations. This brings us to the question – how to accomplish all of this in a smooth, hassle-free manner? This is where trusted tools like digital signatures come into the picture.

What are Digital Signatures?

Digital signatures are a form of electronic signatures. They are essentially like electronic fingerprints of an individual, created using hash codes or electronic codes. They go a long way in providing security and trust while complying with government regulations. In addition, digital signatures are far more convenient and smooth to use as compared to the traditional paper and pen method. With digital signatures, customers can sign and send documents online in just a few clicks.

One of the best parts about digital signatures is legal compliance. There are laws and regulations for digital signatures that vary across countries, granting legality to electronic signature platforms. Besides compliance, the most significant offering of digital signature platforms like DrySign is the safety and effortless online storage of documents. Moreover, by eliminating costs associated with printing, scanning, shipping, and storage, digital signatures help businesses of all sizes – from start-ups to small, medium, and big enterprises – save millions of dollars on administrative costs.

Also Read: Digital Signature Software - 6 Questions You Didn’t Think to Ask

Digital signatures in the Healthcare Sector

Daily about thousands of medical records are created in hospitals, archived physically over the years. This is important as documents may be required at a later stage for treatments of patients or potential legal disputes. However, it can be a huge challenge for hospitals to handle all the paperwork and get documents signed by each patient, considering thousands of records are created each day. Using digital signature solutions, healthcare organizations can entirely eliminate the need to print, scan, and handle documents. Instead, they can regain better control over and visibility into their daily operations using digital signatures.

Digital signatures, when used in hospitals, must comply with the Health Insurance Portability and Accountability Act (HIPAA). HIPAA is an act of 1996, a federal law that stipulates national standards for the protection, security, and privacy of medical patients and offers greater control and access over their health information.

Benefits of Digital Signatures for the Healthcare Industry

Using digital signatures in the healthcare segment has many benefits. Healthcare businesses can avoid additional costs on printing, scanning, and mailing documents, making everyday life easier for their staff and patients. Furthermore, digital signatures offer a full-proof way of confirming the signatory's identity, thereby making online transactions safe and secure. Let us look at some of the benefits of using electronic signatures in the healthcare industry:

• Reducing Paper-Based Processes Paper-based processes are often prone to manual errors such as getting signatures in the wrong fields, making document management a hassle. Implementing digital signatures can drastically decrease the frequency of such errors in documents. In addition, a document that is signed and processed electronically does not need to be printed, making it unnecessary to worry about its physical storage. This also makes digital signatures an environmentally friendly choice, reducing the need for paper.
• Saving Money and Time Regardless of their location, healthcare professionals can reach out to their patients to sign the documents with just one click. In addition, healthcare professionals can save on costs associated with high labor, physical storage, and printing by deploying digital signing technology. In addition, surplus benefits like legal security, compliance, and audit trails lead to business gains over time.
• Enhanced Patient Experience Electronic signatures can have substantial positive effects on the waiting room experiences of patients or visitors. With digital signatures in place, patients no longer need to wait for hours to get care when sick or injured, making it a breeze to get admission forms, discharge forms, prior appointments etc., approved in a jiffy, thereby saving valuable money and time.
• Secured Access Digitally signed documents can be signed quickly and securely, giving professionals easy access to crucial health information whenever needed. For instance, registration forms can be filled at the patient's comfort, and discharge papers can be sent securely to all required parties in a matter of minutes.

Conclusion

Electronic signatures benefit multiple industries, and the healthcare sector is one of them. Exela’s digital signature solution, DrySign, has the ability to speed up the process of updating records and other related documents for your healthcare business. In addition, our solution is compliant and audit-ready at all times, helping businesses run at ease!

If you are from the healthcare industry, get in touch with us to learn more about how DrySign can help scale-up your business. Connect with our experts

Sources: hipaaguide |legallyfirm

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The economy and the market have evolved drastically since the tremors of COVID. Businesses today rely heavily on online and remote workflows. If you intend to launch a startup, your dream needs to be fueled by the right technology. There are plenty of business applications and tools, but investing in all of them is neither prudent nor feasible. So instead, begin with these few fundamental automation tools and incorporate add-ons with your existing software as and where possible. Here’s a list that will help you with the basics:

1. Company E-mail:

This is a vital tool modern businesses need today, especially since many workflows have moved towards remote work. It's best to sign up for a professional e-mail account that comprises your company name or a custom domain. When potential clients and customers encounter an e-mail address that is not registered to your domain, they may doubt the authenticity of your business. Invest a little in a corporate e-mail service that serves as a brand reminder and a source of identification. Ensure you have some basic firewalls to protect the information exchanged therein. It would be great to have an in-built planner with reminders and push notifications for assigned and saved tasks.

2. Social Media:

Gone are the days when a billboard or newspaper advertisement was the only means to introduce a product or service to the market. Screening an advertisement on television is extremely expensive. But there is a cheaper alternative - social media. In fact, it has a better reach and focus, allowing you to reach your target audience. If harnessed properly, it has the capacity to take your business to astronomical heights. And, much of it is free! Make sure your company has active accounts on all current social media handles. Businesses cannot afford to neglect this tool today. Engage with potential and repeat customers. Grow your business goodwill. Connect with your clients and watch your business grow!

3. Travel and Expense Management System:

CFOs and Finance heads are constantly attempting to curb the phenomenal costs arising from corporate travel and associated expenses. Business trips and face-to-face meetings add value to certain propositions, but one must be able to justify the cost. Investing in a good travel and expense management system ensures budgets are maintained. Some of these applications allow users to scan their invoices in multiple formats as AI extracts all the necessary information from these bills. You can incorporate your company's travel policies and entitlement benefits so your employees stay aware of these while on the move. If they are in danger of going overboard, the system warns them and does not permit such transactions. If your employees are assigned travel or corporate expense cards, these can be integrated with your travel management system while it auto-tracks expense records. Some advanced software permits advance cash and trip requests, so employees don't have to wait in anxiety for reimbursements while they maintain the approved budget.

Also Read: Top Digital Trends to watch out for in Business

4. HR Solutions:

Having an in-house HR can be a burden in many ways. One of the biggest reasons many startups are outsourcing this function is that it is expensive! It is easier to partner with a good HR Service provider like Exela HR Solutions. You can outsource as many functions you deem fit. Right from talent acquisition and payroll processing to employee life cycle management, applications like these can take the burden off your chest, leaving you ample time to focus on your core functions instead. The mantra here is simple – do what you're best at and outsource the rest!

5. Learning Management System:

Employees need to stay abreast of product updates. Their skills also need to be synced as per market preferences and the shape of the economy. You may have hired a competent workforce, but ensuring they remain proficient is equally crucial. That is why you need a good LMS like Exela’s Lynx, which, unlike other platforms, allows you to create customized course content in various formats. This way, you ensure your team is always ahead of the game, armed with knowledge and skills to conquer. Look for applications with gamification features that can make corporate L&D (learning and development) fun and interactive, which improves recall and implementation of those skills. Companies with a plan to scale must invest in an LMS.

6. Communication and Meetings:

Face-to-face meetings and conferences have been on the decline since the onset of COVID. Even with many states easing out norms, the preference still lies in online video calls and conferences. Organizations have realized businesses can be conducted more swiftly and economically by eliminating travel, accommodation, and planning costs from in-person meetings. Several free applications are readily available and very user-friendly too. Free versions usually limit the number of participants up to a hundred or so. Try a paid version if you aim to get a large team together for conferences. These platforms bridge gaps by allowing the hosts to deliver presentations and share a view of their screen as participants can join in and collaborate from the convenience of their location. Many of these apps permit recording of the session with a ready transcript so you can easily access the matter discussed. Some of these have limitations on duration or data, so check the specifications before zeroing in on one.

7. E-signature Platform:

Electronic signatures permit users to sign documents online as if they were handwritten signatures that are legally binding on all consenting parties as per the terms in the document. This alternative is highly cost-effective when considering all the resources saved in the bargain. It expedites the signing process by eliminating the need to seek appointments, engage in follow-up reminders, and mail documents. And all this efficiency comes along with enhanced security. It is, therefore, no longer a privilege accessible only by the technologically savvy sectors but a necessity for businesses of this era. Encrypted digital signature technology provides the security, stability, and flexibility that the ongoing crisis demands. You'll never have to wait for attested documents again! Just do it online ...instantly!

8. File Transfer, Sharing, and Storage:

With many staff working from home, things are no longer the same. You cannot walk from one desk to another to share documents anymore. And sometimes, large presentations and files do not fit the size limitations set up by e-mail service providers. Hence, you may require a file transfer application, preferably one that stores information on a cloud so authorized users can access it from multiple locations. If you already have a cloud-based e-signature partner like DrySign, you can share and store signed documents digitally and access them as required, eliminating the need for additional apps.

Indeed, there are a host of applications you can select. But, this list is elementary in nature. You can build up from here according to your requirement and growth. But, for businesses to function optimally in this digital age, these are the essential tools one must get acquainted with for smooth operations and networking. Try and find applications that seamlessly integrate. For instance, DrySign is compatible with Google Drive, Dropbox, and OneDrive documents and files. You can access it via a net-enabled desktop, laptop, tablet, and mobile device. DrySign is a highly secure, fast, and legally binding electronic signature solution that rids you of time-consuming, error-prone, conventional paper-based workflows. Not only does it make signing easier, quicker, and foolproof, but it also gives you the supplementary benefit of storing your files securely on a cloud. So step into the new age of digital transformation with sustainable and clever solutions.

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 has forced organizations to tweak their processes and policies for efficient and effective working. The fleet industry isn’t an exception to these ever-growing challenges. While the whole world is being forced to operate virtually, digitization and automation have played a crucial role in shaping an efficient fleet. Digitization in fleet management enforces a software system that simplifies admin work and eliminates time spent on a manual setup. In addition, this emerging change in fleet management integrates an effective communication system with enhanced efficiency for fleet drivers and reduced expenses. In a nutshell, digitization in fleet management is helping reduce human error, and save time and money with adequate accuracy, accessibility, and speed to logistics and transportation.

Successful fleet management has several aspects, from purchasing vehicles to maintaining regulatory compliance, maintenance, and resale. There are three significant challenges to effective fleet management in this ever-changing landscape:

• Safety
• Reliability
• Cost management

However, the Electronic Signatures and National Commerce Act, also known as the E-Sign Act, has emerged as a savior. The law grants legal recognition to electronic signatures and records if all the parties to a contract agree to use electronic documents and sign them electronically. It essentially streamlines fleet management while reducing mailing and paper handling costs. Companies adopting electronic signature solutions reported an 85% cost reduction in paper handling. Moreover, companies save 80% on shipping costs when they go paperless. Dive into this blog to know three major challenges the fleet industry faces in effective fleet management and how the new electronic signature act is streamlining fleet management and helping save company capital.

Major Challenges for the Fleet Industry

• Safety

Safety is the top priority for effective fleet management. However, enforcing safety practices and policies can be a big challenge without proper oversight. Lack of robust management, poor visibility into operations, and erratic communication of safety policies with staff are often the main reasons why fleet managers often face difficulties with safety issues. These mistakes might result in additional costs and sometimes accidents. Increasing digitization has improved visibility into fleet assets and made it easy to monitor safety with real-time data regarding your assets. Moreover, the comprehensive preventive maintenance (PM) program can be the most efficient and cost-effective way to maintain your vehicles. Properly maintained vehicles tend to have fewer unexpected failures, keeping safety the top priority.

• Reliability

In logistics, time is money. Hence, it is very important for fleet companies to make deliveries on time. Every minute of vehicle downtime costs you not only money but your reputation in the industry, which makes effective fleet management more crucial. There are two primary ways to improve reliability for the fleet; a good PM program to maintain the safety of vehicles and strategic planning of maintenance priorities to resolve issues before they become a headache. It is equally essential to ensure the vehicle is in good condition and you aren’t running it past its life to improve fleet reliability. Every asset has a point where the downtime and maintenance cost exceeds its original value that shouldn’t be crossed. Determining the total cost of ownership (TCO) can help you decide the best time to replace the assets. Automation has made it easy to track your assets’ lifecycle, generate cost analysis reports, and plan preventive maintenance strategies to improve the reliability of your fleet.

• Cost management

Efficient fleet management not only requires safety and reliability; cost management is also an integral part. Fleet managers strive to enhance productivity while maintaining safety and reliability, even with a tight budget. Effective cost management requires tracking all the costs associated with your assets. Tracking the expenses related to your vehicles and determining the budget spent on maintenance can give you a broader view and help manage costs. Acquisition costs, ongoing financing, and leasing agreements are also considered parts of the fleet’s budget. You might also need to consider expenses such as fuel, insurance, and repairs. Manually tracking all these expenses involves the risk of human error that can badly influence your future decision-making. Electronic handling of all your documents, cost analysis reports, and cost management strategies can help you make informed decisions based on real-time data.

Also Read: Digital Signatures in Foreign Trade

How is the new electronic signature law helping to streamline fleet management?

The United States Electronic Signatures in Global and National Commerce (E-Sign) Act has four substantial requirements that make electronic signatures valid under U.S. law. Below are the four requirements:

• Intent to sign:

Electronic signatures are valid if each party intends to sign the electronic documents, resembling a traditional signature.

• Consent to do business electronically:

Both the parties to a contract must consent to do business electronically.

• Association of signature with the record:

For an electronic signature to be recognized as valid under the E-Sign Act, the system used for the transaction must keep an associated record.

• Record retention:

Under the U.S. laws of signatures and electronic transactions, authorized persons to retain the contract must ensure the records are capable of retention and reproduction.

Electronic signatures can bring a sweeping change in fleet management by adhering to these requirements. Using valid and law-compliant electronic signatures can streamline the sales process, reduce paper costs and the risk of human error. It is more convenient to fill and process documents with electronic signatures and needs zero human intervention. As safety is the primary concern for the fleet industry, providing policy documents and communicating them well with the staff can tremendously help prioritize safety. Documents having myriad pages are often complicated to handle and manage. At the same time, automation has made it all accessible with just a click of a button. With the electronic signature law, fleet managers can easily do business, get into agreements, perform electronic transactions, manage vehicles, and maintain safety without the hassle of paper handling. In a nutshell, electronic signatures play a significant role in streamlining fleet management with fewer costs, and more productivity.

Uniform Electronic Transactions Act (UETA)

Except for general U.S. laws regarding electronic signatures, federal and state regulations may impose additional requirements depending on your industry or use case. For instance, the Uniform Law Commission drafted a legal framework, Uniform Electronic Transactions Act (UETA), in 1999, for the use of electronic signatures in each state. Since then, 49 states have adopted UETA, except for New York, which has its own law concerning electronic signatures:

New York’s Electronic Signature and Records Act (ESRA). Below are the fundamental principles mentioned in UETA, regarding electronic records, signatures, and contracts:

• A signature or record can’t be denied legal just because it is in electronic form.
• A contract can’t be denied legal just because an electronic signature or record was involved in its formation.
• If any law asks for a record in writing, then an electronic record satisfies the requirement.
• If any law asks for a signature, then an electronic signature satisfies the requirement

Below are the best practices to ensure a secure and hassle-free electronic signature experience:

• Make sure records are protected.
• Limit access to authorized individuals.
• Operational system checks.
• Device checks.
• Ensure the persons developing, maintaining, or using electronic systems have the proper experience, education, and training to perform the assigned tasks.
• Generate accurate and complete records in electronic and human-readable format for review and inspection.
• Make sure to use computer-generated, secure audit trails to record the date and time of entries that create, modify, or delete electronic records.

Get, Set. Sign!

Most fleet companies use apps, smartphones, or tablets to manage work-related orders. Electronic signature makes it easier for your customers to sign the order-related documents and consent forms easily on the tablet or a smartphone. Using electronic documents and signatures will essentially end up reducing time, complexity, and costs and increase the productivity of your fleet. DrySign provides a cloud-based electronic signature platform that seamlessly integrates with your business and complies with all the regulations as per U.S. laws.

Instead of a traditional pen and paper system, start DrySigning today to streamline your fleet management.

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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All money is a matter of belief! - Adam Smith

Financial literacy incorporates the ability to count your money and evaluate the benefits and costs associated with your financial decisions. And as Robert Kiyosaki said, “We were not taught financial literacy in school. It takes a lot of work and time to change your thinking and become financially literate.” Well, here’s the perfect opportunity to check your financial situation and skills. April is recognized as the Financial Literacy Month – an ideal way to celebrate and explore intelligent tools and solutions like DrySign by Exela, that empower individuals during these rough economic times. On 9 March 2004, the U.S. Senate passed a resolution designating April 2004 as Financial Literacy Month. Since then, organizations have focused on promoting special events and circulating financial information throughout the month to help individuals become more informed about the importance of financial education.

What is Financial Literacy?

The definition of financial literacy varies, but with one central theme – financial wellness. Financial wellness empowers you to earn enough money to take care of your immediate and future needs without stress. Financial literacy educates you about having the necessary financial skills and knowledge to help make sound financial decisions that lead to financial wellness. Financial literacy is defined as “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial wellbeing” by the United States Treasury’s Financial Literacy and Education Commission.

Financial education is often misunderstood to be intimidating; filled with complex terms and concepts. However, this is a misconception; financial literacy is within reach of everyone. Financial literacy empowers you to be capable of making major financial decisions such as planning for retirement, paying off debts, saving for a bright future, and many more. As per the U.S. Financial Literacy and Education Commission, there are five principles of financial literacy. Dive into the principles mentioned below that can help you establish a healthier financial situation.

• Earn:
  Before your start spending, investing, or saving, it is imperative to know how much money you make. Understand your earnings and benefits to make the most out of what you have.
   
• Save and invest:
  We all know the importance of saving or investing, but it is hard to spend less than you earn without any financial goals or targets. So plan your future goals, such as buying a house or retirement planning, create a budget, and start saving for it.
   
• Protect:
  Once you have specific future financial goals and savings for the same from your hard-earned money, it is crucial to protect that money. For a secure financial condition, you need to take steps to safeguard yourself in case of fraudulent incidents or unexpected emergencies. These steps might include reviewing your bank accounts and credit card statements regularly, accumulating an emergency savings fund, keeping passwords and documents safe to protect against scams and identity theft, and buying the right insurance policy for your financial needs.
   
• Spend:
  For developing healthy financial habits, you must start planning your personal budgets. Once you start tracking your daily expenses, you will be able to categorize them and create a budget for your needs to get better financial stability.
   
• Borrow:
  At some point in life, several people out there might have to borrow money to cover significant expenses such as home, property, or a car. Borrowed money can also be used for any reason like to pay off student loans or credit card debt. So, borrowing doesn’t have to be a bad thing if you know how to compare loans and maintain a healthy credit score.

Why is financial literacy important?

If paying your bills before they are due, getting things you always wanted in your life, investments to foolproof your future plans, volunteering and donating to nurture your inner self, and having a well-balanced life matter to you, then yes, financial literacy is important in your life. Unfortunately, many people out there don’t care about their money until it becomes a financial emergency. Do we really want our lives to head that way? Of course not; all of us wish to maintain financial wellness.

The COVID-19 crisis has incorporated several new challenges and vulnerabilities that the world needs to confront. Even in the United States, people are seen with poor knowledge of earnings, savings, expenditure, investments, and long-term financial planning. According to a survey by Bankrate, many adults feel the pressure of financial issues that could be avoided with some basic financial knowledge. Only about 4 in 10 Americans have saved enough money to spend on an unplanned expense of $1,000. Prices are escalating at the fastest pace in nearly 40 years, and several U.S. adults feel that inflation inhibits their ability to save money. 49% of the surveyed people said that the inflation is causing them to save less for unplanned expenses. The recent Fed data demonstrates that total household debt rose by $333 billion in the fourth quarter of 2021. Credit card balances augmented by $52 billion, while student loan debt contracted by $8 billion. These statistics demonstrate how crucial it is to have financial education for living a financially healthy life.

Unfortunately, just as the world was beginning to find its financial balance, the current, horrific Russian invasion of Ukraine is escalating entire financial sectors that have already been reeling since the past couple of years. Furthermore, due to this grave situation, inflation has increased in the United States at rates not seen in the last 40 years. In addition, the conflict and ban placed on Russian oil imports by the United States have created a massive impact, on already escalating fuel and energy prices. Therefore, every American household needs to learn how to combat inflation to offset the adverse impacts of these rising costs. The past few months have seen turbulent markets, decade-high inflation, geographical tensions, and much more. However, we still have the opportunity to improve our personal financial knowledge, manage our expenses, and make our money work harder because it is never too late to start.

Digital financial literacy

In today’s digital era, digital financial literacy is more likely to become an increasingly important aspect of education. Fintech – using software, digital platforms, and applications to deliver financial services to businesses and consumers via digital devices such as smartphones, tablets, or laptops, has become a promising tool to promote financial inclusion. However, the greater the access to financial services via Fintech, the greater the need for digital financial literacy. Digital financial literacy is imperative to effectively use digital financial services and avoid dangers and frauds such as unauthorized access to data, phishing or hacking attacks, discriminatory treatment, and behavioral issues like excessive borrowing.

Digital financial literacy is a multi-dimensional concept that has no standardized definition yet. The first dimension is the knowledge of digital financial products and services. Below are the four categories of these financial services:

• Payments: Electronic money, mobile phone wallets, crypto assets, remittance services
• Asset management: Internet banking, personal financial management, online brokers, robot advisors, crypto asset trading, mobile trading
• Alternative finance: Online balance sheet lending, Crowdfunding, peer-to-peer (P2P) lending, invoice, supply chain finance, etc.
• Others: Internet-based insurance services, etc.

Awareness of digital financial risks is the second dimension of digital financial literacy that helps individuals understand the additional risks that might incur while using digital financial services. Below are the potential risks that might incur:

• Phishing: Hackers pretend to be the authorized person to get the user to divulge personal information such as usernames and passwords.
• Pharming: A virus redirects the user to a fake page in order to divulge personal information.
• Spyware: A malicious software enters the user’s personal computer or mobile phone and transmits personal data.
• SIM card swap: Hackers pretend to be the user to get the user’s SIM card to obtain the private data.

Digital financial risk control is the third dimension of digital financial literacy that educates users to understand how to protect against risks. And the fourth dimension of digital financial literacy is knowledge of consumer rights and redress procedures in cases where users fall victim to the risks.

DrySign for your financial needs:

E-signatures and digital signature technology has been a game-changer for the finance industry. An important element of digital financial literacy, e-signatures provide you with software that cuts down on lengthy, tedious paper-based processes. Paperwork is an unavoidable truth of the finance industry that just comes with the territory. But this is not the case anymore. Electronic signatures eliminate the paperwork and streamline processes. Moreover, e-signatures are secure and legally binding. So, whether you are a house worker or owner of a small or large business, electronic signature solutions like DrySign streamline faster and more secure financial transactions.

• Account Opening:
  DrySign electronic signatures are compliant with U.S. e-signature laws. With DrySign e-signatures, you can open an account anytime, anywhere, in just a few clicks.
   
• Loan/Credit Applications:
  DrySign electronic signatures streamline the loan/credit applications, improving customer experience and reducing the applicant’s loan approval time. In addition, e-signing makes loan application processes faster and less vulnerable to errors.
   
• IRA and 401k rollovers:
  There are often significant sums of money involved in the retirement rollovers. Using a simplified e-signature platform streamlines these rollovers without any brokerage commissions and improves the overall customer experience.
   
• Mortgage Pre-Approval/Approvals:
  In today’s ever-changing market scenario, buyers need to make serious offers quickly to get their dream houses. E-signatures help potential buyers get the mortgage pre-approval and approvals on time with the ease of digital documents.

Looking at the need for financial literacy in today’s world, organizations and individuals must invest in good programs that provide sufficient financial education. Embracing e-signatures in your day-to-day life or business processes makes everything easy with the security required for digital transactions. DrySign e-signatures empower you to sign your important financial documents digitally. DrySign electronic signatures are secure and compliant with U.S. e-signature laws like ESIGN and UETA that streamline organizational workflows and encourage new clients to onboard. Start DrySigning today!

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 outbreak is an unprecedented health crisis that has had adverse effects on the whole world and remains a great uncertainty worldwide. It’s no secret that the COVID-19 pandemic has enforced some significant changes in various industries. How would you describe this challenging time turned out for your business? Well, it has definitely been a game-changer for electronic signature platforms. According to a Forbes survey, the adoption of e-signatures in businesses increased by 50% during the COVID-19 pandemic, and everyday household use grew by 13%. Though electronic signatures played a crucial role in business operations pre-pandemic, the social distancing norms, remote working laws, and guidelines have fast-tracked the need for electronic signatures.

E-signature is one of the most incredible advances in recent years that have benefited the remote working scenario during the pandemic. It also has helped human resource managers to incorporate ingenious solutions for business continuity and employee retention. Undoubtedly, the pandemic has significantly affected Human Resource Management (HRM). Human resource managers have to deal with vital functions such as staffing, training and development, performance management, compensation, safety, and health management. As human resource operations are significantly imperative for business continuity, this must be acknowledged. Below are some of the challenges human resource management practitioners face post the COVID pandemic and how Exela’s DrySign has helped streamline HR operations.

Top challenges faced by HR professionals post-pandemic:

• Employees looking for remote work
  To salvage the situation caused due to the pandemic, organizations are increasingly looking for intelligent operations for business continuity. Moreover, several companies have already asked their employees to return to the workplace. However, remote working has become an employee favorite lately. More people are looking for remote work opportunities, preferring it over working from the office. According to a Forbes report on the remote workforce, 74% of professionals expect remote work to become a standard, and 97% of employees don't want to return to the office full-time. Given these stats, organizations need to review their remote working policies and determine if they assist employee retention.
   
• Decreased recruiting budgets
  Due to the increased pressure of filling open positions quickly and efficiently, HR professionals need to adopt solutions providing real-time analytics. However, balancing employee satisfaction and retention policies, digital solutions, training and development costs, and efficient remote working is no cakewalk. To make matters worse, 23% of human resource professionals expect their budget to decrease for recruiting technology, while 44% expect no change. Most human resource professionals already find it difficult to operate efficiently under low budgets. And the situation is most likely to worsen in the coming future due to increased challenges and decreased budgets.
   
• Continued remote hiring
  Looking at the uncertainty and challenges organizations face, virtual interviews and remote hiring are here to stay. Thankfully, human resource professionals have found a way through it. Despite the disadvantages of remote working from an organizational perspective, it has become more convenient and easier to assess candidates. Though it has been beneficial, recruiting virtually with limited resources and stringent budgets is hard. Moreover, collecting and managing candidates’ data, recruitment documents, policies, and documentation virtually while following remote work guidelines is tedious. It raises the risk of human error and loss of revenue.
   
• Employee productivity and job assurance
  Employee productivity is likely to be more crucial for organizations in controlling costs and improving revenue. However, if you wish for more productivity, it is equally important to provide them with job security. An employee is more productive if offered competitive pay, job security, and safety policies. Unfortunately, as organizations are already going through a rough patch due to the COVID outbreak, it has become difficult for human resource professionals to give employees job assurance and maintain employee productivity.
   
• Employees’ health and safety
  According to the World Health Organization, COVID-19 spreads primarily through respiratory droplets or contact with an infected person. The infection can occur at any place, be it the workplace, during your daily commute, or business-related travel. As a result ensuring employees’ health and safety has become imperative. A survey says that healthcare is one of the top benefits that 69% of employees want. Creating health policies for employees, conducting activities to address mental health, and improving productivity are some of the main challenges that HR Management faces.

Top ways electronic signatures can benefit your HR department:

The Human Resource department acts as the backbone for companies. HR professionals deal with myriad data, and it is crucial to manage and track all the data for efficient working of business operations. Moreover, the challenges have increased for the HR teams since the pandemic. The above-listed challenges demonstrate how hard it is for HR professionals to maintain effectiveness and progress. However, electronic signature platforms have made it more convenient; below are the top ways electronic signatures can benefit your HR department.

• Hiring and recruitment
  Given the current market situation, several companies opt for remote working scenarios and hire employees from remote locations. Using electronic signature software helps HR professionals efficiently process documents such as offer letters, contracts, onboarding forms, and more.
   
• Onboarding
  Using electronic signatures and documentation, HR professionals can quickly onboard the hired employees and process essential documents such as non-disclosure agreements (NDAs), direct deposit forms, and more from anywhere in the world.
   
• Payroll and legal compliance
  Incorporating salary changes, updated tax forms collection, and bonus dispersals, everything has become more accessible, faster, and more accurate with the use of e-signatures. Moreover, electronic signatures and records facilitate smoother compliance audits.
   
• Resignation or termination
  When it comes to relieving any employee from their services, several forms and processes are involved. Electronic signature has made it easier even in remote working scenarios, where HR professionals can efficiently sign off exit interviews, provide compensation details, etc.
   
• Contract renewals and employee benefits
  Renewing employee contracts on time and from anywhere has become more convenient with the help of electronic signatures, digital contract templates, and electronic records. HR departments deal with a lot of pertinent information; keeping track of this data and communicating employee benefits to everyone is a time-consuming task. It can be done more quickly and effectively with e-signatures and records while ensuring security and privacy.

Guidelines for Employers:

Below are the guidelines for employers to integrate effective e-signature practices.

• Mention e-signature policy in employee handbook
  To avoid future hitches, it is essential to communicate your e-signature policy in writing.
   
• Enforce e-signature laws of the countries or states you do business with
  There are certain laws enacted by each country for successful e-signature enablement. Make sure to enforce those laws in your processes while using electronic signatures.
   
• Ensure no room for loopholes
  It is crucial to consider the consent of both parties while electronically signing any contract. In addition, make sure the signatures are authentic and authorized to avoid any future disguise.
   
• Make it a group effort
  Consider the professional expertise of your company’s legal, business, and technical teams while incorporating electronic signatures or electronic records in your business operations. To integrate efficient and legally-compliant e-signatures, it is imperative to have a backup for software, security and programming issues, and legal needs.

How has DrySign streamlined HR operations after the COVID outbreak?

Electronic signature platforms are becoming more popular in human resource departments as employers find it highly convenient to manage electronic documents than to deal with thousands of hard copies. DrySign has a vast range of benefits to offer human resource teams to streamline their operations. Below are the ways DrySign streamlines HR operations.

• Helps in recruiting by effortlessly managing applications, offer letters, or reference consents
• Promotes smooth, hassle-free onboarding with electronic documents such as tax forms, onboarding forms, employee details, and more
• Efficient management of appraisals, approvals, and other actions
• Helps with timely payroll records
• Facilitates employee satisfaction and retention

Looking at the challenges that documentation causes for human resource management, organizations must feel the need to go paperless. According to a research report, the digital signature market is foreseen to reach USD 16.8 billion by 2026. It has been evident that electronic signatures are here to stay, given the current situation and future scope, and these numbers confirm it. In this competitive and ever-changing business scenario, DrySign helps you keep up with the pace of digitization. DrySign provides a secure and smooth electronic signing experience with numerous features and benefits. Start DrySigning today!

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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It is that time of the year again. Americans living in the United States and those living abroad have to file a U.S. federal tax return. Each year the last day of filing your tax falls on April 15, unless it is a weekend or holiday. For 2022, the deadline to file your income tax is April 18. The tax brackets and rates have been adjusted for inflation for the 2021 tax filing that takes place in 2022, while the standard deduction increases to $12,550. Filing tax returns overseas or remotely is a bit complex, though. To reduce this burden on the taxpayer community, the IRS allows taxpayers to file tax returns electronically using electronic or digital signatures. Dive into this blog to discover everything you need to know about e-filing your income tax return in 2022.

Are you eligible to file a tax return?

The first thing that might come to your mind is to check whether you are eligible to file an income tax return this year or not. So, if you are looking to file a tax return this year, verify these points to ensure if you are eligible for taxation or not.

• Gross income:

Gross income defines the total income you earn in the form of money, property, goods, and services that aren’t exempt from tax. So, first, verify if your gross income is taxable or not.

• Self-employed persons:

If you are self-employed and your business provides services, your gross income from the company is the gross receipts. Moreover, if you are self-employed in an industry that deals with manufacturing, mining, or merchandising, your gross income would be the entire sales minus the cost of goods sold. Both the cases require you to add income from investment and outside sources.

• Filing status:

Your filing status is specified based on whether you are married or single at the end of your tax year, which is December 31 for most taxpayers.

• Age:

It would be best to consider your age to verify your eligibility for taxation. For example, if you are retired, determine if the retirement amount is taxable or not.

For the year 2022 taxation, the year 2021 tax brackets and rates are as follows:

Also Read: 8 Digitization Tools That Will Take Your New Business to the Next Level

E-sign your Tax Return

On December 31, 2021, the IRS allowed taxpayers to use electronic signatures or digital signatures on certain paper forms to reduce the burden on the taxpayer community. The IRS maintains an e-signature option with critical security and protection to safeguard against identity theft and fraud. The agency is also studying further possible extensions to this option. An overview of using electronic signatures on specific forms is available here.

If you are filing your tax return electronically, using an electronic signature is a must. You can electronically sign the tax return with a personal identification number (PIN). Below are the PIN methods to use:

• Self-Select PIN (SSP):

The taxpayer must select a five-digit PIN that will serve as an electronic signature for the individual. This five-digit PIN could be of any five numbers except all zeros. You must authenticate your identity using your date of birth and either your SSP or adjusted gross income (AGI) for the prior year. If you are filing a tax return jointly, both persons involved need to enter their own SSP to sign the tax return.

• Practitioner PIN:

The second electronic signature option to electronically file a tax return is the Practitioner PIN method, which requires you to authorize your tax practitioner to enter or generate your PIN. You won’t need to provide your date of birth, SSP, or AGI in this method. However, you will need to provide a signed authorization form, Form 8879, the IRS e-file Signature Authorization, to your tax professional for verifying your identity. Like SSP, you need to choose any five numbers except all zeros to create your PIN and provide a signed authorization form to your tax professional.

Both primary and secondary taxpayers under the age of 16 who have never filed an individual tax return and who didn’t file in the previous year, respectively, are eligible to use the SSP method to sign the return using tax preparation software electronically. Both of these taxpayers may still e-file with the help of a paid preparer who uses the Practitioner PIN method.

If you are required to submit supporting paper documents, you can still e-file your tax using Form 8453, U.S. Individual Income Tax Transmittal for an IRS e-file Return. In addition, the IRS suggests keeping a copy of your tax return and Form 8879 to help you sign your next year’s e-file return electronically.

Acceptable electronic signature types

The IRS has allowed filing your tax return electronically and also accepts several forms of electronic signatures. Electronic signatures can be in several forms designed by various technologies. Electronic signatures accepted by the IRS are:

• Typed name: You can type your name on the signature block
• Scanned image: You can use a scanned or digitized image of a handwritten signature attached to an electronic record
• Handwritten: You can use a handwritten signature input on an electronic signature pad
• You can also use a signature created by a third-party software
• You can use handwritten signature input on a display screen with a stylus device

E-signature on certain paper-filed forms

The IRS allows certain paper-filed forms to be signed electronically using an electronic or digital signature. According to the IRS, allowing documents to be e-signed remotely will help taxpayers and tax professionals reduce the need for in-person contact. Below are a few of the forms that can be signed electronically or digitally:

• Form 706 - U.S. Estate (and Generation-Skipping Transfer) Tax Return
• Form 706 - NA, U.S. Estate (and Generation-Skipping Transfer) Tax Return, Estate of Nonresident Not a Citizen of the United States
• Form 709 - U.S. Gift (and Generation-Skipping Transfer) Tax Return
• Form 1066 - U.S. Income Tax Return for Real Estate Mortgage Investment Conduit
• Form 1120 - ND, Return for Nuclear Decommissioning Funds and Certain Related Persons
• Form 1120 - RIC, U.S. Income Tax Return for Regulated Investment Companies;
• Form 1120 - REIT, U.S. Income Tax Return for Real Estate Investment Trusts
• Form 1120 - L, U.S. Life Insurance Company Income Tax Return
• Form 1120 - PC, U.S. Property and Casualty Insurance Company Income Tax Return
• Form 1120 - C, U.S. Income Tax Return for Cooperative Associations
• Form 1128 - Application to Adopt, Change or Retain a Tax Year
• Form 3115 - Application for Change in Accounting Method
• Form 8832 - Entity Classification Election
• Form 8802 - Application for U.S. Residency Certification

Why DrySign:

• Legally binding digital signatures

DrySign is compliant with various electronic signature laws, such as the E-Sign Act and the UETA, making it legally binding and enforceable.

• Group sign

Whether filing an individual tax return or joint return, you don’t have to worry about the electronic signature. DrySign allows multiple signatories to sign the documents online.

• Smart dashboard

DrySign provides an intelligent dashboard that allows you to have a broader view of your digital signing history along with the status tracking feature and document overview. Additionally, it will help you easily e-sign your next year’s tax return and view electronic records.

• Notifications and reminders

It is crucial to file your tax return on time. DrySign allows you to set reminders and receive real-time notifications to stay updated.

• Powerful audit trails

DrySign allows you to track and verify your document status with robust audit trails and solid time stamps.

Get DrySign and Keep Calm!

DrySign provides a wide range of features to help you simplify the tax filing process, which can be quite a stressful situation for many. DrySign works with superior digital security and flexibility and facilitates efficient workflows. Additionally, DrySign electronic signatures are compliant with U.S. electronic signature laws. Are you still considering different electronic signature options? Get DrySign and Keep calm!

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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