My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

News and Trends / Ask Entrepreneur

How the Hassle Over Lost Documents Might Be Costing You Thousands Each Year

How the Hassle Over Lost Documents Might Be Costing You Thousands Each Year
Image credit: Shutterstock
1 min read
Opinions expressed by Entrepreneur contributors are their own.

Companies are wasting a lot of precious time searching for documents, and more than two-thirds of professional services executives say they’ve spent time working with a document only to find out they had retrieved the wrong version.

The overall cost of searching for a document in these companies is unfathomable. In the U.S., a typical professional services executive spends 89 seconds looking for that long-lost document. Working on an average 26 documents a day, that amounts to an average hourly rate of $265 lost in billable time. Think of it this way: Per month, a firm is losing an average of $3,747 per employee.

This is according to a survey conducted by Huddle, a cloud collaboration technology company. Huddle gathered data from 200 accounting, advisory and management consulting firms throughout the U.S. and U.K. Unsurprisingly, a majority of these firms agreed that the top inefficiencies were collecting documents from clients and approval processes.

While 92 percent of respondents see value in having a secure client portal to share information with clients, 70 percent of them resort to using email for file sharing, a system that risks data confidentiality.

5 Free Apps to Help You Move Your Business to the Cloud