Get Started Today!
Enter your email address to schedule a demonstration or request more information:

Did you Know ...

  • 90% of all corporate memory exists on paper.
  • Of all documents that get handled, each and every day in the average office, 90% are merely shuffled.
  • The average document gets copied 19 times.
  • Companies spend $20 in labor to file a document, $120 in labor to find a misfiled document, and $220 to reproduce a lost document.
  • 7.5% of all documents get lost, 3% of the remainder get misfiled.
  • Professionals spend 5-15% of their time reading information, but up to 50% looking for it.
  • There are over 4 trillion paper documents in the U.S. alone growing at a rate of 22% per year.
Source: Coopers & Lybrand




Record Retention Rules and Compliance Requirements

RECORD RETENTION RULES:

1 Year

Purchase orders, employment application and job advertisements, duplicate deposit slips.

3 Years

Expired insurance policies, employee attendance records, cash and credit card receipts.

7 Years

Sales and use tax records, expired contracts and leases, inventory records, payroll and employment tax records, invoices to customers and from vendors, employee records (after termination), cash books, expense records, bank statements, and cancelled checks, accounts payable and receivable records.

Permanent

Tax returns, licenses and permits, patents, trademark and copyright registration, depreciation schedules, general ledgers, property records and outside appraisals, annual financial statements, capital stock and bond records, cancelled checks for important purchases such as property, accountant audit reports, deeds and mortgages, incorporation records, bylaws and charters, insurance records, and legal correspondence.

NOTE: The Sarbanes-Oxley Act governs accounting practices and specifies mandatory five-year retention periods for all audit and review work papers. The penalty for non-compliance in cases of retention failure can be imprisonment of up to 10 years.

COMPLIANCE SUMMARY

FileBound direct compliance support

  • Electronic signatures
  • Audit trails/Reporting
  • Workflow (s)
  • Content Management
  • Electronic Forms

FileBound assists core systems in compliance support

  • Direct Integration
  • Indirect Integration
  • Microsoft Office Integration

THREE LEGISLATIVE ACTS THAT IMPACT OUR BUSINESS

GLBA Key Components

Gramm-Leach-Bliley Act (GLBA)

Major Components put into place to govern the collection, disclosure, and protection of consumers’ nonpublic personal information; or personally identifiable information:

  • Financial Privacy Rule
  • Safeguards Rule
  • Pretexting Protection

Filebound Solution

  • Electronic forms w/revisions
  • Complex passwords and 128 bit encryption
  • Complete Logins audit trails
  • At the very heart of what a content management solution is designed to do
  • Supports/Integrates with core systems

Sox Key Components

Sarbanes – Oxley Act (SOX)

In today's business environment, the financial reporting processes of most organizations are driven by Information Technology (IT) systems. Few companies manage their data manually and most companies have moved to electronic management of data, documents, and key operational processes. Therefore, it is apparent that IT plays a vital role in internal control. As PCAOB's "Auditing Standard 2" states: "The nature and characteristics of a company's use of information technology in its information system affect the company's internal control over financial reporting."

FileBound Solution

  • Assist IT in the content management arena via automated, documented processes and archival components
  • GL Coding
  • Workflow processes
  • Audit trails
  • Save e-mails

HIPAA Key Components

HIPAA (Health Insurance Portability & Accountability Act )

Administrative Safeguards - policies and procedures designed to clearly show how the entity will comply with the act

Physical Safeguards - controlling physical access to protect against inappropriate access to protected data

Technical Safeguards - controlling access to computer systems and enabling covered entities to protect communications containing PHI transmitted electronically over open networks from being intercepted by anyone other than the intended recipient

FileBound Solution

  • Electronic signatures
  • Patient Consent Form version control
  • Patient Request for Disclosure (file/notes fields)
  • Audit trails
  • Workflow procedures
  • Robust content management solution
  • Encryption
  • Reporting

Contact MOUNTAIN SCANNERS
(970) 945-7236 or (888) MTN-SCAN (686-7226)

info@mountain-scanners.com