Proper use of document management software for CPA firms can boost efficiency and tighten security
Digitizing workflows can lead to efficiency improvements, but that alone is not enough. Documents can become overwhelming if they are not well-organized. This can result in work slowdowns or security vulnerabilities. Financial document management software aims to help overcome these challenges. It offers a variety of advantages, such as streamlined workflows and audit trails. These help make operations more efficient, secure, and compliant.
In this guide, we will explore the value of financial document management systems. We'll review the features to look for in a solution and how to use software that leads to long-term improvements.
Financial records management can optimize work and protect against compliance lapses. Read this guide for how to pick and implement the right solution for you.
Jump to a section:
Why is financial document management software important?
Financial document management software is crucial for accountants and businesses at large. Taxpayers often seek help because of disorganized tax records and difficulty finding documentation. Yet even accountants themselves face challenges in managing documents. Navigating filing systems takes time that could be spent on more productive tasks. When a file is not stored properly, things get worse. Workers end up spending time expanding their search or recreating documents from scratch. Requesting another copy of a document from a client can even harm a business's reputation. On average, workers estimate they spend 3 hours per day looking for information.
Workflow efficiencies
Document management software for CPA firms aims to help. It uses intuitive file structures, easy metadata tagging, and powerful index and search functions. These tools empower workers to know where to store and retrieve the files they need. If a file isn't where it's supposed to be, they can use search to find it and correct the filing error. Both can reduce time spent searching for documents and return it to accounting work. That raises workplace efficiency and trims lost labor.
Most financial document management software moves storage to the cloud. That can smooth collaboration among workers. Whether they're across the room or the continent, document sharing is a few clicks away. Add the ability to edit documents simultaneously, and you unlock even more potential for productivity gains.
Improved security and compliance
Keeping client financial data safe is of paramount importance. It helps preserve your business’s reputation. Just as important, it helps avoid potentially costly shortfalls from AICPA standards. Financial document management software often includes access controls and user permissions. These safeguards help ensure access to client data goes only to those who need it. Controls over read/write and share permissions enhance that security. They can prevent unauthorized users from manipulating or disseminating sensitive data.
Audit trails and version control can make internal audits easier. Automatic records of who accesses a file, when they do so, and what they change can help maintain the chain of custody. Unwanted changes can be rolled back quickly and easily.
Did You Know?:The fi-8170 can scan up to 70 pages per minute and 10,000 pages per day. Click here to learn more.
What are key features in financial document management software?
Not every document management solution on the market provides the same suite of features. It’s important to compare those on offer against a list of essentials you’ve identified for your business. This list will help you in the process of identifying those that make the most sense to you.
- Fast, easy, and powerful document tagging, sorting, and searching capabilities. These ensure speedy retrieval and prevent documents from getting misfiled.
- Accelerated document capture via optical character recognition (OCR) and automatic tagging. These integrate paper documents into digital storage structures and workflows.
- An intuitive user experience to ease worker uptake and encourage consistent use.
- Security controls such as user permissions, access conditions, audit trails, and data encryption. These protect client information and observe regulatory requirements.
- Flexible and capacious cloud storage. These allow affordable storage space for digital files at scale.
- Automation that streamlines business processes. This sends documents where they need to go as soon as they’re ready and reduces the risk of human error.
- Support for e-signatures to maintain centralized workflows.
- Automatic compliance checks to avoid costly fines or censure.
- Document lifecycle tracking to ensure invoices are being sent and paid on schedule.
How to implement document management software for CPA firms
Few pieces of software can succeed without a suitable strategy for their implementation. Financial document management software strategy often begins with a holistic document management system. It should map out each stage of the document life cycle: creation, storage, retrieval, and destruction or archiving. Every business faces unique challenges. The right plan for yours may take time to nail down, but the right approach can smooth out the procedure.
Begin by assessing the types of documents you'll work with. Identify who will use each type of document and assign storage locations for each type. Standardized naming and tagging conventions can help keep files organized and easy to retrieve. You might also consider grouping documents by high-level topics and narrowing the focus to more specific clients or projects deeper in the file structure.
With a plan in place, you can assign staff to oversee and maintain the system. They can train the rest of your team on how to use it. Once workers are trained and working in the system, solicit feedback on workflows. Regular audits may uncover opportunities for efficiency, as workers may see things top-down planning missed. Implementing these suggestions may increase productivity and further streamline work. Finally, be sure to regularly review your compliance status and cull deprecated users to maintain operational integrity.
Did You Know?:The fi-8170 packs exceptionally flexible scanning capabilities and OCR-enabled PaperStream software into a compact physical footprint. Click here to learn more.
Our recommendation: Ricoh fi Series Scanners
Those in the market for financial document management software face no shortage of paperwork. 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 Series scanners
Built to purpose for the most demanding document handling jobs, fi 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.
If you're looking to accelerate the digitization of your paper documents, consider the fi-8170 scanner. This machine's low footprint belies workhorse reliability and thoroughbred speed. Whether you're scanning tax documents, checks, photo IDs, or invoices, the fi-8170 can handle anything up to 7mm in thickness at a maximum speed of 70 double-sided pages per minute. Click here to learn more or shop the rest of our production scanner line.
Note: Information and external links are provided for your convenience and for educational purposes only, and shall not be construed, or relied upon, as legal advice. PFU America, Inc. makes no representations about the contents, features, or specifications on such third-party sites, software, and/or offerings (collectively “Third-Party Offerings”) and shall not be responsible for any loss or damage that may arise from your use of such Third-Party Offerings. Please consult with a licensed attorney regarding your specific situation as regulations may be subject to change.
