Once your document is typed in (or copied and edited) and formatted – or even before that – you can take advantage of certain tools offered by MS Word. The spellchecker is one of the most important (by the way, automatic grammatical error detection can be turned on and off), and "Word count" is certainly very useful to estimate the length of your piece. You can make the computer loudly read out the document with the Speech feature. Auto-Summary is a helpful tool as well if you need to have an abstract of your paper for a conference, for example.
You can decide that your document is a "final version". Starting form this point, changes made to the text can be marked – just turn on the "Track Changes" option.
Document protection is also available in this menu and recording, editing and rerunning macros can really save you much time.
Applying predefined or user-defined templates is also a possibility.
In addition, you have the control of the Word Application and current document settings – using the Options and Customize features of the Tool menu.