Scanner Guide
The complete guide to financial records management
With the right system, you can improve productivity and bolster compliance at your business
With the right system, you can improve productivity and bolster compliance at your business
Doing business today tests document management practices as much as anything else. Invoices, contracts, checks, tax documents — all pour in and out of the workplace and require varying lengths of storage. Unpreparedness can decrease workflow efficiency and open up compliance risks. This is why financial records management is so important. These practices can help your company sort, store, retain, and destroy records appropriately. As a result, you can cut inefficiency and protect against liability. This guide will help you find the solution for you, implement it, and reap the benefits.
Poor or inefficient data organization practices can lower data quality. That adds up to eye-watering sums. Gartner estimates poor-quality data costs businesses an average of $12.9 million per year. Financial records management can trim inefficiencies. It can also boost productivity and shield your business from costly compliance violations. Start by determining whether your business uses accrual or cash in its accounting. IRS guidance can then help determine the right way to keep records.
Hyland offers automation solutions for easy invoicing. Its Brainware intelligent capture can rapidly digitize documents. At the same time, it makes those documents instantly searchable and extracts key info.
Kofax provides insightful and compliant financial data. Its AP Agility solution automates accounts payable processes. That can reduce costs and tighten internal controls. Meanwhile, its Process Director can improve productivity and eliminate inefficient paper invoices.
SmartVault provides secure, easy-to-use online document storage and management. It can automate document workflows, integrate accounting software, and help meet strict compliance standards.
Did You Know? Document management systems can automate some of the admin work on your plate. Take a look at our list of the best document management software for small businesses to learn how they work.
The complete guide to financial records management
Knowing how long to keep records can be confusing, and the threat of an audit can exacerbate the issue. The Chamber of Commerce generally recommends maintaining finance documents for three to seven years, depending on the situation. But legal and compliance needs may demand you maintain records for much longer.
Most document management systems can improve records workflows regardless of the industry. Some providers, however, design tools and features catered to your industry.
This helps track how long to retain each record. That prevents confusion around document lifecycle steps. Further, applying sunset dates to new documents whenever possible can maintain informational clarity.
Your document management system should encrypt data during storage and transfer. This helps to prevent bad actors from intercepting it. It should also incorporate user permission controls to limit access to sensitive information.
Financial records management tackles long-term storage. It serves as a complement to financial document management software. These solutions aim to reduce the time workers spend searching for active-use documents. They do so through intuitive file structures, metadata tagging, and index and search functions. They also often offer cloud storage. That powers remote collaboration and improves security, which helps maintain compliance. Finally, they include usability features to accelerate retrieval and productivity.
There are scores of effective financial document management software solutions on the market. But not all are right for your business. First, review feature sets for compatibility. Next, use free trials to test those features. Finally, examine how your document management system (DMS) supports your staff.
Before locking in a budget, try testing DMS options. Free trials and more affordable price tiers make this easier. Doing so will help workers find the most useful features to them and flag any they don't need. The more time you spend testing, the more confidently you can invest in your DMS.
Document management software produces value by trimming workflow inefficiencies. An intuitive interface will kickstart this process. Deep customization takes it over the top, allowing your business to maximize efficiency. Employee feedback becomes easier to incorporate. That accelerates the creation of low-learning curve templates and workflows. Additionally, accessible forms can reduce the chance of human error.
Consider how much scanning your business currently executes. How will implementing a DMS affect that scanning volume? If it might balloon, consider upgrading to a more powerful scanner. Many include software that aids in the parsing of data pulled from scanned documents.
Read more about how to choose a financial document management solution in “Accounting Document Management Software: What Financials Pros Need to Know.”
Did You Know? PCMag described fi-8270 as “a fast, accurate document scanner for mid-range to high-volume loads.” Click here to read the full review.
Those in the market for a financial records management solution 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 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.
The fi-8170 is Ricoh's top-of-the-line offering, with the powerhouse scanning abilities to match. The fi-8170 can scan documents, checks, photo IDs, invoices, and more. In fact, it can intake anything up to 7mm thick at a speed of 70 double-sided pages per minute. That's despite a low physical footprint. 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 financial or 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 professional regarding your specific situation as regulations may be subject to change.