E-Reporting – Advantages And Disadvantages
The Internet has literally made the world a very small place, as people from remote corners of the world can connect and work with other people in far off places at ease just by logging on to the net. One of the best uses of the Internet is to make available the E-Reporting facility, where work and its related documents, filing taxes, invoices etc. are done electronically. E-Reporting has made the traditional paperwork and its complexity a thing of the past.
E-Reporting has a lot of advantages as well as disadvantages.
E-Reporting has made it possible to transmit invoices, statements, remittance advice, purchase orders to the company’s customers and suppliers by using emails and faxes. Some companies also use it; to make periodic reports to the government regarding the way they handle hazardous waste generated by their company etc. Different companies use different E-Reporting techniques as per the needs of their business. However, the general view is that E-Reporting is advantageous, time, money and energy conserving.
Advantages of E-Reporting:
Conserves time, money and storage necessary as compared to traditional paper based filing systems.
Huge savings in postage, stationery, easier to maintain and reduction in staff required to do the work.
Its not specific software or hardware dependent all that is needed is a computer and access to the Internet.
Latest information and error corrections are just a mouse click away.
In areas like filing tax returns, users get confirmations that the tax forms have been submitted, as well as inform them if the file is not submitted due to transmission errors etc.
It is fast and easier than the laborious manual paper based process.
Far more organized than paper based reporting systems, as it is easier to store all files neatly and retrieve them if needed.
Easier to get instructions and clear doubts
Disadvantages Of E-Reporting:
Takes up time to procure and implement electronic signatures.
Some claims have been made that the cost of using E-Reporting is higher.
Some E-Reporting systems need specific software that is costly and not readily available.
People lack the knowledge and skills required to use E-Reporting facilities.
Channel management problems may occur, impeding work.
Sometimes error correction has to be done using paper forms, wasting precious time and energy.
If companies can train their personnel and provide guidelines to implement E-Reporting techniques, they can benefit immensely as the work is properly coordinated and done in half the time taken to do it manually. If awareness is created of E-Reporting and its associated benefits, it will definitely be made use of to lessen the company’s workload significantly. There are firms that offer services and products to help new businesses run a successful business.