Electronic Signatures: Revolutionising the Paper Trail for Modern Businesses

In today’s fast-paced business world, efficiency is key. We all seek ways to optimise our operations, reduce unnecessary costs and, most importantly, save time. For UK-based small business owners, entrepreneurs, and solopreneurs offering vital services in finance, marketing, HR, and more, there’s one digital transformation that can create significant value – electronic signatures.

Before we look at why electronic signatures are proving to be a game-changer and explore the GDPR compliant options available to you, we need to understand what an Electronic Signature is.

What is an Electronic Signature?

An electronic or digital signature works as an online version of your handwritten signature. It’s a unique mark you can use to authenticate online documents or agreements in a digital format. Think of it like an electronic thumbprint; distinctly yours, making imitation or misrepresentation difficult.

Electronic signatures have become more widely accepted and commonly used since the 2019 coronavirus disease (COVID-19) pandemic. They are increasingly used in virtual transactions, including internet-based purchases, electronic fund transfers, and online payments. Electronic signatures offer a layer of security for both involved parties, as they can share and verify data without meeting face-to-face.

For us at Laura Robson VA we’ve always used Electronic Signatures in our onboarding process. It’s efficient, slick, and makes the execution of documents a dream. Luckily for us, we’ve never had to rely on the begone era that relied on ‘pigeon post’ as a means of efficient delivery.

Electronic signatures are becoming more and more common place globally in an interesting shift towards embracing digitalisation, but it should be noted that there will always be those who insist on traditional ‘hard copy’ and ‘wet’ signatures.

Why Electronic Signatures are the Future.

In an article published in 2022 in CEO Today Magazine, they list eight reasons why electronic signatures will be an integral part of businesses in the future. Of those, Laura Robson VA, identified five key reasons:

Efficiency and Speed:

Gone are the days of waiting for the postman or chasing clients for signed documents. Electronic signatures allow documents to be signed and returned in minutes rather than days. This swift turnaround can mean the difference between sealing a deal now or losing out to a competitor.

Cost Savings:

The direct costs of paper, printing, postage, and storage may seem insignificant on an individual basis. However, over the course of a year, these can accumulate into substantial amounts. By transitioning to an electronic format, you can save both money and space.

Environmental Impact:

With sustainability at the forefront of many business agendas, reducing the amount of paper and ink used is a step towards eco-friendly operations. By opting for electronic signatures, you’re not only making a wise business choice but also an environmentally conscious one.

Improved Security:

Digital signatures often come with features like encryption and audit trails which can provide a more secure framework for sensitive documents. This reduces the risks associated with physical theft, loss, or tampering of paper documents.

Global Reach:

If your business or your clients are international, the ability to send, sign, and receive documents instantly is invaluable. Electronic signatures transcend geographical limitations, empowering your business on a global scale.

GDPR Compliant Options for Electronic Signatures

It’s fair to say that the General Data Protection Regulation (GDPR) has had a significant impact on the way businesses handle personal data. Hence, when choosing an electronic signature provider, it’s vital to select one that’s GDPR compliant. Here are three of our favourite options:

DocuSign:

DocuSign is one of the most well-known electronic signature platforms. It offers a comprehensive suite of features that cater to various business needs, boasting robust security measures that ensure the data you handle remains protected.

Price: Packages start from £17/month per user when paid annually.

Adobe Sign:

Another heavyweight, Adobe Sign integrates seamlessly with various applications and offers a user-friendly interface. It’s committed to GDPR compliance and ensures data protection remains paramount.

Price: Plans start from £13.14/month per user.

Dropbox Sign (Formerly HelloSign):

A favourite among start-ups and SMEs, Dropbox Sign offers a simple and intuitive platform. While it may lack some of the advanced features of its counterparts, it holds its ground with GDPR compliance and affordability.

Price: Plans start at £11.67/month per user (billed annually).

As always, please check the specific provider websites for up-to-date pricing information and offers.

Please note that there are many other providers, some of whom offer free trials/packages, however, we have found that some of these can be limiting and would therefore only recommend them to specific types of users. If you feel that the above package prices are beyond your current budget, please get in touch with us so that we can offer a personalised recommendation.

Understanding Data Risks

While electronic signatures offer many benefits as already mentioned, it’s essential to be aware of potential data risks:

Phishing Attacks:

Cybercriminals might mimic e-signature emails to steal sensitive information. Always check the sender’s details and be wary of unsolicited requests.

Weak Authentication:

Ensure the e-signature platform you select uses strong authentication methods to verify the signer’s identity.

Data Storage:

Understand where your data is stored and how it’s protected. Opt for providers with strong encryption and regular security audits.

Conclusion

In the digital age, electronic signatures offer a compelling alternative to the traditional paper trail. They offer efficiency, cost savings, security, and an eco-friendly touch that modern businesses can no longer ignore.

For UK-based small business owners, especially in the realms of finance, marketing, and HR, understanding the potential of e-signatures and being aware of the associated data risks is essential. When chosen wisely, electronic signatures can significantly streamline your business operations and elevate your service offering.

If you’re keen to understand more about how electronic signatures can transform your business or need further clarity on GDPR compliant options, don’t hesitate to get in touch. I’m here to guide you through the digital transformation, ensuring your business remains both efficient and compliant.