Digital transformation for businesses is gaining momentum from year to year. Businesses all over the world are building up labor forces that can take comprehensive action and drive the development of the industry with new strategies and technologies.
A little over a decade ago, e-Documents were not so prominent. The business world has now witnessed a lot of changes to the extent that most of buyers and sellers do not want to transact in printed documents anymore. Today, more than 80% of all documents are being executed electronically through digital data storage devices. And this trend is trending up fast.
E-document is any transaction document that is exchanged between businesses in electronic format and form. There are several names for e-documents. However, the most common one is e-transaction (electronic transaction). The main purpose of an e-document revolution is to eliminate paper, which leads to saving time, higher efficiency and productivity, cutting power consumption and cost, reducing carbon footprint and encouraging green business practices.
E-documents are electronically signed and exchanged over web, email or fax through methods like secure sockets layer (SSL) and/or digital signature certificates with no need for any paperwork as it was in the print era.
Electronic documents are easy to update. It takes just a few moments to alter a document and have the changes instantly appear on all copies of that document. You no longer have to use white-out or scratch-out text on hard copies; instead, you can easily change text in the electronic file, and those changes are automatically saved so you do not have to worry about losing any information.
Electronic document management systems eliminate the cost of paper documents, which can add up to thousands of dollars per employee, per year.
Electronic documents are instantly searchable and accessible to authorized users, which can dramatically improve productivity by eliminating the need to search for information that may be locked in a file cabinet or stored offsite
There is no chance of a document being misplaced or lost in an electronic document management system.
Compliance with regulatory standards and audits. Electronic document management systems can enforce access controls and other security measures required by many federal regulations and internal policies. Additionally, they can maintain an audit trail that documents when changes have been made to an electronic document and who made those changes, which is invaluable during regulatory audits
Electronic documents are safely backed up without requiring additional work from administrators or employees, which can reduce downtime in the event of a disaster or network outage.
SAP e-Document is business documents such as Waybill, Invoice, Archive, Credit Note, Debit Note, Tax Certificate that customers in most countries must provide electronically to the legal authorities.
Typically, SAP e-Document is managed by the government or a third party authorized by the government. It often contains special fields that require specific information such as VAT number, tax amount, product price, etc.
The e-Document module allows you to generate these business documents with specific definitions and fields required by the government as well as store and manage them in accordance with the law and regulations. Also, SAP e-Document contains information about goods and services that customers have purchased or sold. The information can be used for financial reporting, tax calculation and tax declaration purposes.
As MDP Group, we have been supporting compliance processes for 10 years. You can contact us for all your SAP e-Document compliance needs.
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