![]() Each option has advantages and drawbacks. Self-hosted systems store documents on a computer, external hard drive or portable drive (such as a USB thumb drive) kept in the home or office. Web-based systems use the Internet to store documents in the cloud. There are two main types of electronic document storage: Web-based systems and self-hosted systems. However, you may want to retain paper versions of estate planning documents such as wills and trusts. Most paper documents can be shredded once they’ve been digitized. You can easily track edits to electronic files, monitor who’s been viewing them and restrict access to sensitive documents.Įlectronic filing cabinets usually work in tandem with a scanner, which is used to convert paper documents into digital versions such as PDF files. In addition, electronic documents can be digitally date-stamped, which helps ensure that you’re accessing the most recent versions. And they aren’t as vulnerable to damage or destruction by floods, fire or other disasters - especially when you back them up on the cloud. Electronic filing cabinets can be password protected. That’s, of course, better than manually searching for paper documents that may or may not have been filed correctly.ĭocuments stored digitally tend to be more secure than paper documents. Also, you can conduct a keyword search for documents that reside in an electronic filing cabinet. ![]() Perhaps the biggest is a reduction in the amount of paper that must be sorted, organized and stored manually. There are many potential benefits to electronic document storage. But in the digital age, electronic document storage - also sometimes referred to as “electronic filing cabinets” ― is gaining in popularity. Traditionally, important financial documents have been stored in paper form in a filing cabinet, fireproof safe or bank safe deposit box. Not only is there confusion about which documents to keep, and for how long, but people also wonder how they should store and retain these records. It’s a tough challenge that almost every adult faces: storing financial and tax documents.
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