Rincon India Solutions Pvt. Ltd.

Tag: Finance

  • Document Management for Accounts

    Don’t get lost in the maze of Accounting Documents.
    Use a Document Management Software

    The finance and accounts department is swamped with papers and finding the right paper, when needed, is like a needle in a haystack

    • Document management solutions (DMS) helps you locate documents in a jiffy so your team can focus on core activities.
    • DMS is accessible and affordable.
    • It helps the Finance and Accounts department improve by reducing time spent managing paperwork and approvals.

  • Reblog: The enduring appeal of fax -Why it refuses to go away

    As different forms of business to business communication have come and gone over the years, there is one which refuses to go away. In fact, for many industry sectors, it continues to be an essential channel of communication.

    Time and time again, we’ve read articles predicting its final demise.

    Yet fax continues to hold its own, surviving and thriving in certain sectors where other forms of communication don’t provide the same level of simplicity, proof of delivery or, in some cases, levels of security.

    Anecdotal evidence from Japan is that faxing is still very common, and that virtually every office and workplace is equipped with the ability to send and receive faxes. Faxing is still in use for everyday communications such as replying to party invitations.

    We should add at this point that Japan is a special case, with a complex alphabet which makes hand writing messages preferable on many occasions. Perhaps there is even a cultural attachment to the personal aspect of sending a fax, but even so, evidence of the enduring qualities of fax comes from around the world.

    A 2017 survey of German companies with at least 20 employees found that:

    • 70% of respondents said they sent fax messages ‘often’ or ‘very often’
    • Amongst businesses with less than 50 employees, this figure rose to 77%

    The message is clear – if you want to do business with Germany or Japan, you need to include fax in your mix of communications channels.

    Yet this phenomenon is not confined to just these countries. A 2017 IDC (International Data Corporation) survey of senior decision makers in financial services, healthcare, government and manufacturing, across North America, Western Europe and Asia Pacific, found that the use of faxes was actually on the rise.

    • 82% of respondents had seen their use of faxes rise or stay the same compared with the previous year
    • The volume of faxes being sent had risen by 27%
    • Across the 3 regions, the average predicted growth in fax volume over the next 2 years was 25%

    Whilst it might be assumed that the healthcare and legal sectors make more use of faxes due to the paper trail they leave, the projected growth was spread across all sectors:

    • Finance – 20%
    • Healthcare – 25%
    • Government – 27%
    • Manufacturing – 29%

    Other reasons for the ongoing global appeal of faxing are varied:

    Compliance

    Sectors such as healthcare, legal, finance and government demand high levels of data and communications compliance, for example in maintaining a clear paper trail for certain processes and transactions.

    Many jurisdictions only accept signatures on faxed documents as being legally binding, and the fact that sending a fax produces an instant acknowledgement and record of receipt, contributes to the sense of reliability as a communications medium.

    Simplicity

    The simplicity of faxing is also an advantage in sectors such as manufacturing, when getting the right documents signed by the right people in a hurry is frequently advantageous.

    Many businesses still rely on keeping individual copies of receipts, invoices and contracts, and faxing is still the simplest means of ensuring that papers such as these go to exactly the right person, without being lost amongst the avalanche of emails received on a daily basis.

    Security

    Across all sectors, the security offered by faxing can be a huge advantage.

    Faxes can’t be tampered with once sent; nor can they carry a hidden virus.

    This advantage was underlined when Sony Pictures suffered an embarrassing cyber-attack in 2014, during which thousands of private emails were published online. In 2016, the chief executive of Sony, Michael Lynton, revealed that in response to the attack, he now writes out sensitive messages by hand and sends them by fax.

    The handwritten approach may seem a bit over the top for some, but the security and peace of mind offered by faxing is clear.

    In summary

    Fax remains a vital component of business communications across many industries. The benefits fax provides ensures its enduring appeal as a communications vehicle, that other comm’s methods such as email simply can’t match.

    Our ever-popular Zetafax network fax solution continues to meet on-going demand, offering the advantages of faxing combined with the flexibility of online hosting. It is used by more than 65,000 customers worldwide and improves on manual faxing through factors such as:

    • Cost cutting automation
    • Automated archiving
    • Support for Fax over Internet Protocol (FoIP)
    • Integration with other applications

    For more information e-mail us on sales@rincon.co.in and we will be glad to assist you.

    The original article can be found here.

  • Reblog: Is Fax Dead in Healthcare?

    The word “fax” has some pretty outdated connotations within today’s highly mobile and technologically savvy workforce. When people think fax, it may invoke a flashback of standing in front of a jammed machine as they attempt another go at sending a single page for the 6th time, or trying to get an urgent document over to a waiting recipient, only to discover that the receiving fax machine is out of ink. Regardless of the reputation fax has for being obsolete tech, the reality is that fax usage in many industries is still rising, not dropping, and faxing itself no longer means having to rely on outdated machines.

    If you’ve pondered the question “Who still faxes in 2018?” the straightforward answer is that many businesses rely on fax for their day-to-day operations.

    In The International Data Corporation’s (IDC) 2017 fax survey, 82% of respondents in the Finance, Healthcare, Manufacturing, Legal, and Government sectors saw fax usage go up or remain consistent compared to the previous year. The average growth of fax usage across the board was 27%, with a quarter of companies in these sectors reporting growth between 50-74% – a very far cry from the statement that “fax is dead”!

    Fax is far from dead. Not only is it still widely used, it has evolved into a digitized medium that integrates seamlessly with interfaces that most of us use regularly, like email. While fax machines may remain for a little while longer, their use is no longer synonymous with faxing itself. Fax-over-internet-protocol (FoIP) technology has revolutionized communications, allowing for increased security, mobility, and ease-of-use. Read on for an overview of how and why fax has remained commonplace in the healthcare industry.

    The Role of Compliance in Healthcare Faxing

    The healthcare industry’s wide use of fax has a lot to do with regulatory compliance, namely with the Health Insurance Portability and Accountability Act, or HIPAA, which was passed by the US Congress in 1996. Navigating the details of regulatory compliance can get overwhelming: when it comes to secure data transmission, what does HIPAA actually say? The HIPAA Privacy Rule was enacted in 2001, shedding a little more light on exactly how healthcare organizations should protect patient data. It urges healthcare professionals to take “reasonable safeguards” when sharing patient files between hospitals, labs, doctors’ offices, and insurance providers.

    The US Department of Health and Human Services (HHS) clearly names fax as an essential method of transmitting medical records, test results, and anything else containing personally identifiable information (PII). This is not to say that email isn’t widely used as well, but there are tremendous security risks that come along with using email to send and receive sensitive files.

    A quick “healthcare data breach” search in Google will reveal the startling number of phishing scams and email hacks that take place in the industry almost every day. While there are secure email servers galore available on the market, these platforms are often reserved for larger healthcare corporations or hospital networks since they are often too costly or complicated for the average healthcare provider.

    EHR/EMR Systems and Paperless Faxing

    The advent of Electronic Health Record and Electronic Medical Record (EHR/EMR) systems have completely changed the healthcare records management landscape. Not only is electronic record management in accordance with HIPAA’s efforts to digitize the healthcare environment, it provides a safer means for storing data. Electronic record keeping also allows healthcare professionals to minimize human error while taking full advantage of cost savings.

    As technology advances, EHR/EMR systems vendors now offer on-site or cloud data hosting options, and the systems themselves provide improved coordination between healthcare providers, even granting patients the ability to access their records online. They’ve progressively become more prevalent in healthcare facilities of all sizes – It’s estimated that 77% of today’s healthcare providers have moved their records into the digital sphere.

    Fax-over-Internet-Protocol (FoIP) technology has also evolved over time, with many vendors offering seamless integration with today’s EHR/EMR systems. From a user perspective, sending a fax is now as simple as pushing a button on the interface they already use every day. This eliminates the need for paper filing and simplifies the data transmission process since documents no longer need to be printed or scanned to before users hit send.

    Healthcare Carries the Highest Digital Fax Adoption Rate

    Healthcare showed 9% growth in digital fax usage in 2017. Right now, in healthcare facilities across North America, GPs, surgeons, nurses and other staff are putting a sensitive document in a fax tray, pressing send, and listening to the cringey audio-frequency tones that signify their information being transmitted one page per minute. Of course, not all medical records are sent through fax machines – many healthcare organizations have digitized their faxing or are in the process of doing so. In fact, the healthcare industry leads the pack for transitioning to modern FoIP technology, representing a whopping 30% contribution to the fax services global market in 2017.

    Confirmations of Receipt: From Paper Trail to Audit Trail

    The fact that faxing gives organizations confirmation of receipt is a major reason that it remains a prevalent form of communication. For years, the confirmation page (the printout that lets users know that their message has been completely received) has served as a faster and cheaper equivalent of sending registered mail. Most email systems come equipped with a read receipt feature, but these typically still give recipients the choice to opt out.

    For healthcare organizations who send and receive large volumes of sensitive data daily, confirmations of receipt offer several benefits:

    • They eliminate both administrative and IT guesswork (follow-up calls, manual logging)
    • They facilitate easy records keeping

    When it comes to dealing with sensitive patient information, confirmations of receipt are necessary from both an administrative and regulatory compliance perspective. Today, medical staff have a few ways of maintaining a paper trail of how, when, and to whom patient data is exchanged. While physical paper filing might be a slightly outdated practice, it remains a reliable system for some healthcare organizations. Many use document scanners or multifunction printers (MFPs) to scan confirmations of receipt and file them electronically.

    Healthcare facilities who have implemented FoIP solutions, however, often do so for their built-in records keeping features. XMediusFAX, for example, is designed to keep an audit trail of all fax transmissions, maintaining detailed records that can generate reports any time. Not only does this free up time for healthcare administration, it alleviates healthcare IT of having to use additional software to log communications.

    FoIP for Savings

    In addition to security and compliance benefits, switching to FoIP can bring significant savings as well. Switching organizations regularly reduce costs by eliminating expensive analog fax lines and paper filing/waste. IT departments love being able to get rid of high-maintenance fax machines in favor of more reliable software and MFP integration.

    Beyond the IT and accounting departments, FoIP is a win for the rest of the staff too. Staff members across Healthcare report significant time savings between reducing/eliminating trips to machines, no longer waiting for acknowledgement receipts, and incoming faxes automatically being routed directly to them, wherever they are.

    Fax Isn’t Dead, It’s Evolving

    Discover how fax software can improve the security and compliance of your healthcare document transmissions. Speak with one of our knowledgeable experts today about how FoIP solutions could work for you.

    The original article can be found here.

    For more information e-mail us on sales@rincon.co.in and we will be glad to assist you.

  • Why Fax is Still Important?

    Fax is legally binding

    • UETA of 1999, fax contracts are legally binding
    • Regulatory compliance – Personal Data (Privacy) Ordiance (Cap. 486), HIPAA, Sarbanes-Oxley, Graham-Leach-Bliley Act, Basel II
    • For highly regulated industry, e.g. Banking, Finance & Insurance, Legal Firm, Health Care, Hospital
    • EMail is not legal binding

    Email is not secure

    • Email is transmitted through the Internet, captured and scanned by various third parties e.g. Hilary email scandal
    • Avoid hackers which lead to information leakage
    • Avoid Locky Ransowmare Virus

    Email cannot protect privacy (PIA)

    • Sending privacy documents through email means information exposed to the public

    Fax is a tamper-proof transmission

    • Fax is a secure “point-to-point” communication but email is not
    • Proof of delivery with exact time stamp
    • During transmission, cannot copy, tape and hack
    • Avoid email blocking, delay or attachments missing

    A universally accessible and accepted format

    Why use Fax Server to Replace Fax Machine or MFP Fax?

    Consolidation & Audit Trail

    • Consolidate all fax transmission
    • Centralize all fax records and provide audit trail
    • Avoid users sending unauthorized documents

    Save Cost and Achieve Green Office (Environmental Protection)

    • Consolidate all fax machines and MFP fax
    • e.g. 20 fax machines or MFP fax line can consolidate to 4 to 8 lines fax server
    • Compliance with ISO14000
    • Reduce fax line, manual work, fax consumption
    • Save electricity, water, trees, papers, etc

    Efficient and easy to use

    • Send fax throug desktop, email, web, ERP
    • Auto-faxing: Can integrate with backend systems to send fax automatically

    E-mail us on sales@rincon.co.in for more information and we will be glad to assist you.

  • Reblog: Non Compliance is Like Driving without Insurance

    Staying Compliant helps companies avoid risks like

    • Imprisonment of Directors
    • Heavy Fines
    • Loss of Business Reputation
    • Cancellation of Licenses/Registration
    • High Litigation Costs

    It is better for companies to understand the risks associated with non-compliance with various statutory and regulatory compliance. Depending on the type of business and geographical presence there are various types of compliance responsibilities that companies are required to fulfil. Some of these responsibilities are periodic and involve activities like filing of returns, statutory payments, maintenance of registers etc.

    Many of the responsibilities are conditional or event based. Events like employee on boarding, exit, accident or death require various types of compliance tasks under several labour laws. Similar under Companies Act, many compliance responsibilities are triggered based on the changes of the shareholding pattern or directorship.

    The common compliance responsibilities are something that every HR, finance or Compliance department would typically track regularly. Conditional or typical event based compliance becomes challenging for the companies and require expert advise. Regular changes to the compliance requirements is another challenge for the companies.

    Most HR, finance or Compliance department use services of various agencies along with some in house expertise in order to stay compliant and keep companies safe from the risks of non-compliance. A major headache remains trying to keep all the documentation in place for easy retrieval during an inspection or an audit. Tax related compliance documents can be downloaded from income tax website but the labour law compliance documents cannot be stored or retrieved from government sites. Producing documentation hence becomes a major risk as lack of evidence is akin to non-compliance and attrition in the HR department leads to risk of losing these crucial documentation.

    One solution to avoid these risks is to have a compliance solution in place that can help verify whether all compliance activities are timely completed. The solution also helps track and identify gaps in compliance if any. Online documentation is another major benefit of having compliance solution in place.

    The original article can be found here.

    To learn more, contact us on sales@rincon.co.in

  • Wither fax?

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    Fax is the most commonly forgotten, but most reliable and secure method of document delivery. One of the biggest mistakes a company can make when it comes to securing sensitive data is not utilising the method of faxing for securing sensitive data in their document delivery mechanism.

    Fax is still a much more secure delivery method than both email and cloud storage. This is critical not only for industries such as finance, but also for health care, logistics, education, government and more. Viruses cannot infect your network from a fax, because they cannot be embedded anywhere. Besides your network cannot be hacked into using the fax protocol. [/wc_column]

     

    The advent of technology has helped companies move over from conventional fax machines to centralised fax servers. A fax server is part of the network yet uses the secure T.30 faxing protocol or the T.38 Fax over IP protocol. The fax server integrates with your mail server as well as your Line of Business applications to offer a seamless experience to users.

    If you are considering implementing a fax management solution for your organisation, but are still sitting on the fence when it comes to selecting the right solution, we encourage you to e-mail us on sales@rincon.co.in and we will be glad to assist you.

  • Fax Automation Simplified

    Since 1998 Rincon has been at the forefront of faxing technology across India and has customers in Sri Lanka and Bangladesh as well.

    faximage

    Why do organisations use Rincon? Rincon has been a market leader with a proven and trusted record. Our credentials speak for themselves :

    • Delivered and managed in excess of 250 projects across customers
    • Large banks, mutual funds, insurance companies use Rincon
    • Blue chip customers include Finance, Government, Healthcare, Utilities, Supply Chain & Logistics and FMCG
    • Cisco and other IP telephony implementations
    • Multi-site and geographical deployments using Analog, E1 PRI, T1, FoIP and SIP Trunk
    • Rincon has enabled organisations across India, Sri Lanka and Bangladesh become agile and better at communication, more organised and effective
    • Rincon offers solutions to suit the customers’ needs and not necessarily pitch solutions it has
    • Integration with SAP, Filenet, IBM CM, MS Exchange, Lotus Domino, Digital Sender and MFPs, Avaya, CISCO, Nortel, Siemens, Matrix, Alcatel, Audiocodes amongst others.

    If you are considering the implementation of fax automation for your business, but are still on the fence when it comes to selecting the right solution, please e-mail us on sales@rincon.co.in and we will be glad to assist you.