In this day and age, many businesses are moving solely online to cut costs and increase productivity. Accounting firms and in-house accountants are no different. In fact, due to the numbers-heavy nature of the profession, accounting firms are arguably more likely to switch to an online platform, one that can automate calculations for clients at a much faster rate.
An accounting firm holds a plethora of private data from clients that needs to be protected and, at the end of the day, it’s important that that data stays safe to ensure the credibility of the brand. Knowing that, how can document management help your accounting firm evolve? If you hadn’t previously experienced the ease with which document retrieval and scanning can maximize your firm’s potential, then consider these reasons why your accounting firm needs a top-of-the-line document management system in place.
1. Less Storage Required
Working in accounts payable means you’re working with a lot of numbers day in and day out. Numbers may oftentimes be shorter than words, but that doesn’t mean they end up taking less space in your office. Storage costs can add up over time and can take a real toll on office space. With office space getting more and more expensive across major cities, it’s important to cut your overhead wherever you can, and in many cases, that starts with storage.
How can document management help? By digitizing your files, you will be able to keep them permanently in a cloud-like database, no longer at the mercy of how much room you have per cabinet. Whether a client is two, five, or ten years old at your accounting firm, you’ll be able to pull up their files right away.
2. Increase Security
File security is something many businesses consider when developing their filing systems. Who gets access to certain files? Where will they be stored? There are many things to consider when coming up with a file security system as there are many risks — so why then do we tend to leave our file security in the hands of an outdated cabinet with two sets of small keys?
A good document management system for accounting, especially at DOCUdavit, will ensure compliance regulations are met. That means keeping security and privacy consistent with the governing bodies that regulate the requirements. The only people who need to see certain files will have access to them. Gone are the days when the office keys may just be lying around on a manager’s desk. Document management ensures digital files get into the right hands only.
3. Do More with Less
What’s the process like in your accounting firm when you need to retrieve a document? How long does it take from start to finish to have key documents within your reach to complete a task? Oftentimes, we spend minutes to hours per day requesting files from other accountants or contractors and have to wait for their arrival. It’s an overlooked time-stealer in the life of the average accountant or financial professional.
Document scanning means getting your files when you need them without the hassle of having to wait for extended periods of time. Because your files are digitized, you may never have to wait longer than a few minutes to access encrypted and protected files necessary to you completing a task. Document management makes file retrieval seamless and easy.
What benefits have you explored so far in your accounting firm? Which processes have you seen grow faster with document management?