In the professional world, signatures play a crucial role in managing important documents like contracts, approvals, or agreements. However, traditional processes often take too long, requiring in-person meetings or multiple handovers for validation, slowing down operations.
With technological advancements, online signatures now streamline these processes. This solution can be integrated into corporate systems, including financial document approvals for finance teams. Examples of online signature use cases include invoice approvals, tax forms (SPT) verification, and audit reports.
For finance teams, adopting this innovation means faster workflows, greater flexibility, and minimal delays. It also enhances remote work efficiency, allowing teams in different locations to collaborate seamlessly.
Despite its benefits, many professionals still lack knowledge about the types, mechanisms, and implementation of online signatures. Here’s everything you need to know.
Key Documents for Finance Teams
Finance teams handle sensitive and high-value documents, often facing challenges like manual errors, document damage, or delays.
Traditional wet signatures are also vulnerable to fraud. According to VIDA’s Whitepaper, 96 percent of businesses report document fraud cases, with 69 percent of financial documents affected. This highlights significant risks, especially for financial transactions that demand legal validity.
Online signatures mitigate these issues. Here are some essential finance documents that benefit from digital approval processes.
1. Financial Agreements
Financial agreements legally bind parties involved in financial transactions, such as loan agreements or payment settlements with vendors or clients. With online signatures, approvals can be completed without in-person meetings.
2. Tax Forms (SPT) Submission
Tax declaration forms (SPT) require validation to ensure compliance. With online signatures, finance teams can file tax documents on time, even when working remotely.
3. Audit Reports
Finance teams prepare audit reports that require sign-offs from key decision-makers. Online signatures accelerate this process, ensuring faster approvals without physical document transfers.
4. Invoices and Payment Approvals
Invoices are among the most frequently used financial documents. Online signatures help authenticate issued and received invoices, preventing document tampering or manipulation.
Types and Examples of Online Signatures
Before adopting online signatures, it is crucial to understand the different types and use cases. Choosing a trusted platform like VIDA ensures secure document handling.
VIDA Sign provides two types of online signatures:
- Electronic Signature (eSignature)
- Digital Signature (Digital Sign)
Both options ensure convenience and security, but their mechanisms differ.
1. Electronic Signature (eSign)
An electronic signature (eSign) is a simple and practical solution for documents that do not require high-security validation. Authentication methods like OTP codes or two-factor verification confirm the signer's identity.
This type of signature is suitable for internal approvals and non-sensitive documents.
2. Digital Signature (Digital Sign)
A digital signature provides higher legal validity because it is issued by a licensed Certificate Authority (CA). This method uses encryption technology, ensuring the document’s integrity and authenticity.
With Digital Sign, any unauthorized document modifications can be detected, making it ideal for high-security legal and financial documents.
For more details, contact us via WhatsApp.
Why These Online Signatures Are Perfect for Finance Teams
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Speed and Efficiency
Approvals that usually take days can now be completed within minutes. -
Enhanced Security
Authenticated and verified signatures reduce the risk of fraud or document tampering. -
Flexibility
Remote finance teams can sign documents from anywhere, eliminating physical handovers. -
Reduced Delays
Faster processing ensures timely approvals, keeping operations smooth.
By adopting online signatures, finance teams can manage financial transactions and approvals seamlessly. From invoices to tax filings, traditionally time-consuming tasks become quicker and more efficient, eliminating the need for in-person signings.
Whatever type of signature you choose, VIDA Sign provides a secure and easy-to-use online signing solution. Click, Sign, Send – simplify document approvals today with VIDA Sign.
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