How Document Management Systems Can Improve Accounting Firms

With the ongoing challenges in the tax & accounting industry, many firms are looking for new and innovative ways to improve efficiency in their accountancy practice!Under normal circumstances, accountancy businesses have enough to deal with: • Accountancy is a highly regulated business• There is high competition when attracting and acquiring new clients• It is a... The post How Document Management Systems Can Improve Accounting Firms first appeared on Docusoft.

How Document Management Systems Can Improve Accounting Firms

With the ongoing challenges in the tax & accounting industry, many firms are looking for new and innovative ways to improve efficiency in their accountancy practice!
Under normal circumstances, accountancy businesses have enough to deal with:

• Accountancy is a highly regulated business
• There is high competition when attracting and acquiring new clients
• It is a fast-moving technology sector
• Additional challenges created by Covid and a post-pandemic economy have added further pressures.

These numerous challenges offer opportunities for accountants to stand out among the competition, and technology plays a pivotal role. They can utilise one of the many SaaS or software subscription services that work in harmony with standard accountancy software businesses can derive efficiencies that will help improve their firms.

Amongst the systems you can implement to help an accounting practice, solutions for practice management and Document Management are likely to offer some of the best opportunities to deliver efficiency improvements:

1. Time Management

Efficient use of time is one of the most fundamental issues that face any business. An accountancy practice will need to manage a constant flow of tasks and hit corresponding deadlines. There will be forms that need to be completed and filed before impending tax deadlines. Our experience in the accountancy sector means we understand how these demands. How they affect an accountant’s business and the amount of time they spend creating documents and reviewing relevant client documents and information.

A document management system paired with an efficient solution that manages practice information can vastly reduce the time and effort spent on repetitive tasks such as client approvals or chasing document signings. It is possible to automate these processes and the time savings can be impressive, saving hundreds of hours.

2. Information management

As a business grows, so does the amount of information and documents it must manage, and the same is true for the number of employees. One of the biggest challenges with new starters is their induction into your business and its processes. However, the challenge for you is likely to be how you can make them productive as quickly as they can!

Providing a software solution that manages documents and client information makes it easier for them to fit in with the practice and allows them to start doing what you pay them to do! A software solution will let them store client data and documents quickly, without having to know your business filing structure, and it also helps them search for this information quickly so it can be retrieved and reviewed. A software solution to manage client documents and data will help reduce reliance on physical paper and computer storage a business needs. It should secure access to this business information from a central location. It will also offer work flexibility – providing a choice with on-premise, remote, WFH and hybrid working models.

3. Accountability

This is one of the most common problems an accounting team may face. Software-as-a-service solutions for accountants provide varying levels of user accountability. Audit trails provide visibility of who stored what and when it was accessed, and who edited or forwarded the information! A detailed life cycle from the date it was stored! When task management is also integrated, staff members can be assigned specific jobs. Allowing business documents and client information to be allocated, including deadlines if needed, to individual employees. These jobs can be tracked by managers.

4. Process automation – Missed Deadlines and Reminders

Among the key services that accounts provide to their clients, are those that relate to keeping business compliant. Keeping them informed about approaching deadlines and reminding them to send financial and other information are common processes for nearly all accountancy practices. A practice management system can take care of the deadlines and reminders, and combined with a DMS, it can manage the document processes. These systems keep track of the tasks. They can send reminders to the clients automatically and assign corresponding tasks to accountancy personnel.

5. Audits

Regulatory audits are a taxing time for accountancy firms and cause additional stress for these busy professionals. If your practice has implemented a document management solution for accounting, you will find a different story! The preparation needed for an audit is minimal! There is no need to retrieve, copy and refile thousands of documents. Instead, auditors are provided self-serve access. They can use an audit account and log in to their ‘view-only’ account. Once in the system, they can search and review only that information you need them to.

The post How Document Management Systems Can Improve Accounting Firms first appeared on Docusoft.