Five Reasons Why Your Firm Should Invest in Document Management Softwareby
Effective data management is one of the biggest challenges accounting firms face. The right document management software (DMS) can improve a firm’s bottom line and help it more easily meet regulatory requirements. What’s more, DMS can mitigate the threat of misplaced or destroyed key documentation and client data, and protect the company from internal and external breaches of sensitive information.
DMS also provides the organization with a central location to capture, manage, share, and protect all of its office files.
Here are five reasons why DMS makes a difference:
1. Create quick-wins on your balance sheet: DMS frees up administrative time spent locating and retrieving documents. For example, a cloud-based DMS can reduce reliance not only on physical hardware and expensive server licensing fees (reducing the organization’s office space and IT spending), but it also provides anytime/anywhere access to critical files and documents.
2. Lower overhead costs: A well-designed paperless system not only frees up person-hours, but it can lower overhead costs by 30 percent to 40 percent, including stationery expenses and document storage space. It can even positively influence carbon credit.
3.Drive growth and profitability: The efficiency of a paperless office can be maximized when combined with other productivity tools, such as workflow management. Imagine an enterprise where work instructions for every step of a process automatically open for employees. Secure paperless offices see significant reductions in cost, turnaround time, risk profile, training period, and better performance on key growth indicators. This enables a business to do more with less time and money.
4. Security: DMS is the safest way to store and share sensitive documents. The security provided through these sophisticated systems protects your customers, your company, and your bottom line. It reduces risk from compliance and regulatory requirements (SEC, HIPPA, etc.), and is an easier and safer way of transmitting information than email, FTP, and physical document distribution.
5. Quick response times: DMS allows for faster and more accurate access to information which not only increases workflow productivity, it also improves quality perception from customers. (The sooner you respond to customers, the more organized you appear and the happier they are.)
A robust DMS is both environmentally and economically friendly – saving accounting firms, business owners, and information workers time and money while using significantly less paper.
About the author:
Matt Peterson is the CEO of Lehi, Utah-based eFileCabinet Inc. Founded in 2001, eFileCabinet began as a cutting-edge tool to digitally store records in accounting firms. As it grew in popularity, eFileCabinet developed into a full-fledged electronic document management solution designed to help organizations capture, manage, and protect their data.