Accounting Document Management Software: What Financials Pros Need to Know

With so much paperwork to keep track of, comprehensive document management for accounting firms is a necessity.

As financial professionals know, the industry runs on paperwork. Contracts, invoices, payment records, loan agreements — without document management for accounting firms, accountants run the risk of unkempt files, scattered documents, disparate information, and unhappy clients. The good news? There are plenty of tools available to help digitize, organize, and streamline all that paperwork.

Accounting document management software is the solution to storing and maintaining all the files crucial to cleanly operating an accounting firm. With the right document management system (DMS), you can say goodbye to information getting lost in stacks of papers or scrambling to find anything in a system that feels incompatible with your company. Of course, finding the right accounting document management solution comes with challenges of its own, so we’ve rounded up everything accountants need to know.

Find the best document management solutions for your business with our guide, The complete guide to document management systems.

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What is accounting document management software?

Accounting document management software refers to computer software used to store and manage documents important to accounting operations. It often tracks both electronic documents and images of paper documents that have been scanned into the system.

Accounting document management software supports your firm by:

  • Reducing human error
  • Increasing productivity
  • Increasing document safety
  • Reducing expenses required to maintain documentation

The software allows accountants to easily handle most of their business challenges as they relate to document management. Capturing, storing, tracking, and accessing documents is a breeze with the right accounting document management software at work.

How do I find the right accounting document management software?

Accounting document management software should balance budgetary concerns against document volume and organizational needs. The more paperwork an office processes, the more value it’ll get from document management software — but the more it may have to spend. Here’s how to evaluate a solution:

  • Budget: Before deciding on a firm budget for your document management software, direct the accounting department to test options. Take advantage of the free trials and pricing tiers a DMS offers to find the best solution for your business. Thoroughly testing options for free will reveal the features you’ll use and the ones that are superfluous; leverage that info for an informed decision.
  • Customization: The value of document management software is derived from the time it saves. Using intuitive software will minimize the time a business wastes, but there’s no one-size-fits-all model. Instead, look for software that allows custom management templates. With finer control, you can use feedback from employees to create templates with a low learning curve. Accessible forms reduce the chances of human error leading to an unfortunate — and potentially costly — mistake.
  • Volume scanning capabilities: While not technically part of a DMS, document management and scanning go hand in hand. Before finding a DMS, evaluate your scanning needs. If implementing a DMS will significantly enhance scanning volumes, you may need to upgrade to a higher-quality scanner. Plus, many scanners will feature software that can help sort and parse information on a document — data that will further enhance your DMS experience.

Did You Know?:The fi-8250 can hold up to 100 pages and scan 8,000 pages per day. Click here to learn more.

3 key features for accounting document management software

Clean and clear data management

Make sure your document management software is equipped with technology to improve the readability of scanned documents. With cleaner input, it’s unlikely that documents will be misfiled or misinterpreted.

Additionally, that information should be stored securely. In an era of increased privacy requirements, any exposed data can present a massive financial risk. Top-notch document management software accurately and securely captures client data so there is no question of the information being stored safely. An accounting document management software platform that balances easily accessible information with securely stored client records is a must.

Invoice data at your fingertips

The best accounting document management software makes information easily available while keeping it safe. Invoice management is an important facet of data accessibility, ensuring that incoming and outgoing bills are paid on time. Overdue and unpaid invoices shave considerable sums from revenue, so automatically tracking the invoicing process can avoid losses. Look for software that offers accountant ID validation, so documents are kept secure from anyone outside the firm — but readily accessible when you need them.

Did You Know?:PCMag described fi-8270 as “a fast, accurate document scanner for midrange to high-volume loads.” Click here to read the full review.

Document Security

Security features help ensure your organization is meeting data storage compliance regulations, which can cost thousands — or even millions — of dollars if handled inappropriately. With document security features, the system will allow you to add roles to users, create access conditions, generate audit trails, and host encrypted documents. With a holistic security suite, businesses can significantly reduce the likelihood of data breaches, internally or from external bad actors.

Our recommendation: fi and SP Series scanners

Those in the market for accounting document management software have no shortage of options. We take great pride in having spent the last 50+ years researching, designing and developing some of the most advanced and powerful electronics in the world, including our professional grade fi and SP Series scanners.

Built to purpose for the most demanding document handling jobs, fi and SP Series scanners are capable of processing tens of thousands of pages per day at the highest levels of accuracy. Their intuitive integration capabilities with all existing work suites minimize time-to-value for businesses looking to invest in tools that will pay dividends for years to come.

For financial pros, we recommend the fi and SP Series scanners. There are several tiers of scanners, ensuring you’ll find the perfect fit for your firm. Any scanner in these Series pairs comfortably with the PaperStream portfolio of document imaging software. The PaperStream Series is known for its user-friendly design, high-quality photo capturing capabilities, and customizable integration options.

When paired, the PaperStream portfolio and a scanner from the fi or SP Series create a seamless and reliable process for accounting document management. Click here to learn more or shop the rest of our production scanner line.