What is Document File Storage?
Document file storage involves storing physical documents in-house or with a document file storage service supplier, such as CostSmart. These files are then retained in accordance with record retention guidelines and retrieved when a company requires them.
What is document scanning?
Document scanning involves the process of scanning and converting physical documents into digital format for storage via a server or ‘cloud’.
Document file storage cost vs Scanning cost
There are many factors to consider when deciding whether to use a document file storage service or a document scanning service. Although, when push comes to shove, the cost of a service is often the leading factor when deciding whether to warehouse or scan important documents.
Depending on the total quantity of boxes to be stored, an archive box can cost between $0.50 – $1.20 per box per month (depending on the supplier/partner you utilise). If a company holds 500 boxes in storage, this equates to $3,000 – $7,200 per year in storage costs.
On the other hand, scanning an archive box can take 2- 4 hours depending on many variables including unravelling staples, paper size, folding etc. If a company requires 500 boxes to be scanned, and if we were to assume that labour costs were $45 per hour, this would equate to $45,000 – $90,000 in scanning costs.
Physical document file storage is evidently more cost-effective than having documents scanned and stored electronically. When considering the example above, long-term storage for 14 years is still significantly less expensive than document scanning services for 500 boxes.
However, this is not the most cost-effective service in the market. CostSmart offers a ‘Scan on demand’ service, whereby we retrieve your hard copy documents from our storage facility, scan them and send them electronically at your request, and only when you require them.
CostSmart’s ‘Scan on Demand’
CostSmart’s ‘Scan on Demand’ service bypasses the need for couriering, saving on time and the potential cost of shipment. CostSmart retrieves your document and delivers it to you via a secure electronic file transfer protocol within 2 hours of your request. The document is then returned to its original location in our warehouse. This pay-as-you-go service is the most cost-effective service in the market. Especially if CostSmart manages your destruction dates, which are generally 7 -10 years depending on your industry requirements.
To find out more about CostSmart’s ‘Scan on Demand’ solution, get in touch with us at [email protected] or by calling 1300 100 461 for further information. Our team would be happy to discuss a personalised approach for your business.