The Board of directors of Bee & Bee Ltd. was of the view that as the company was diversifying its operations, it should evaluate digitizing the books of accounts and other records. The Board sought views from the Com

Document management refers to the process of managing and tracking of documents and records through an electronic or physical source of documents. In an electronic repository, Document Management Systems (DMS) works by using a computer system and software to store, manage and track electronic documents and electronic images of paper-based information captured through the use of a scanner. The term document management system can be defined as the software that controls and organizes documents of an organization. It incorporates document and content capture, workflow, document repositories and output systems, and information retrieval systems. Also, the processes used to track, store and control documents. Advantages of DMS are as follows: Tracking on check-in/check-out by various officers Locking and unlocking of Document Simultaneous editing Document Version Control Roll-back options / Retrieve option Ease in Audit trail Annotation and Stamps Good Documentation Practices The term documentation includes any and all forms of documentation recorded by a person in professional capacity in relation to his professional duties and includes written and electronic records. Good documentation promotes good corporate governance practices and can help in improving the compliance level of the company and also the communication and dissemination of information between and across various stakeholders. The following are the some of the examples of good documentations practices: Records should be completed at time of activity or when any action is taken; Superseded documents should be retained for a specific period of time; Concise, legible, accurate and traceable; Picture is worth a thousand words; Clear examples; Don't assume knowledge. Legal Compliance: In case the documentation process involves maintenance of documents and records in electronic format then such documentation system shall additionally comply with the requirements mentioned in Sec 120 of the Companies Act, 2013 and applicable Rules issued thereunder. The System shall also be in compliance with the Information Technology Act, 2000.