Case Studies
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Tips for Going Paperless in a Bankruptcy or Insolvency Practice
REAL PEOPLE. REAL RESULTS.
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GREATER TORONTO AND SOUTHERN ONTARIO - For Harris & Partners Inc., of Markham, Ontario, adopting a paperless approach to document management has saved money, increased efficiencies, improved client service and strengthened disaster recovery plans.
Going paperless for bankruptcy and insolvency firms is a complicated proposition. Under the standards outlined by the Superintendent of Bankruptcy, going 100 percent paperless isn't an option, because firms must maintain hard copies of original documentation. Firms may also have fears about the process of going paperless such as not knowing how much training will be involved, or whether the new software will integrate with existing platforms. Despite these concerns, bankruptcy and insolvency trustees can still reap many benefits by going at least partly paperless. Harris & Partners Inc. did.
Since adopting paperless practices, Harris & Partners staffing levels have remained the same even as they experienced a 40 percent uptick in business. "Without Doc.It, I would have had to hire at least one person, and possibly 1.5," says Jay T. Harris, CA, CIRP, president of Harris & Partners in Markham, Ontario.
The Practice Before Using Doc.It
Harris & Partners focuses strictly on bankruptcy and insolvency issues. In a typical matter, Harris's trustees, managers and staff send forms on behalf of clients to creditors that are owed money, and those forms are returned with information about those claims. The system is designed so that paper goes out of the trustee's or manager's office and paper comes back in, Harris explains. "The more work you do, the more trees you lose," says Harris.
About three years ago, the firm decided to try to increase efficiencies and started sending out more documents electronically and by fax. "By using methods other than snail mail, our timelines shrink dramatically," says Harris.
Life with Doc.It
Harris ultimately realized that if their firm could transmit documents electronically and via fax, they could receive documents in those formats as well. Eventually, the firm decided to explore ways to reduce the amount of paper it generated through faxed responses and determined one solution was to "turn off" the print function on the fax machine and store faxes electronically.
With Doc.It technology in place, Harris & Partners ensure these electronic files are being managed effectively. Harris suggests the benefits his firm experienced that go far beyond saving trees include:
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- Improved Search Capabilities
- Decreased Storage Costs
- Straightforward Training
- A Faster Filing System
- Better Customer Service
- Improving Communication Between Offices
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