Accountancy firms admit that traditional document management is hindering growth
LONDON July 6th 2005 ' UK accountancy firms have acknowledged that the time consuming and costly process of manual document management is proving to be a major restraint on company growth. This is the clear message that came through from nine new MYOB customers as the reason they have recently bought the document management system Singleview. Above all, these customers strongly felt that continued reliance on non-automated document management would inhibit their growth and ability to compete.
The majority of accountancy practices currently have to physically retrieve documents and files, which is a time consuming task regardless of how the documents are filed. In addition, these traditional document management processes do not allow for cross-practice document sharing with the efficiency gains this brings. It also makes it harder for the practice to meet compliance legislation demands, which call for clear audit trails or for the firm to pay the price in terms of litigation or fines. All nine new Singleview customers highlighted the fact that it was concern over these traditional processes, which were proving to be both timely and costly to their businesses.
The nine accountancy firms chose Singleview so that they could swiftly collate and disseminate key information. In all cases this has had the additional business benefit of being able to offer an even higher level of customer service, as they are able to respond to client queries far more quickly. As firms continue to grow, unless they have comprehensive automated document management systems, the need for more office storage space grows also. In many cases, the implementation of Singleview has allowed practices to remove space-consuming filing cabinets and free up additional office space. In high rent areas such as in London, this can save a lot of rent costs.
William McAdam, Proprietor of Stanley Woods & Co. said: 'We are already using MYOB's PerTax and required a solution that would seamlessly integrate with the systems already in place - whilst allowing for company growth and maintaining a competitive advantage. Singleview optimises these requirements and has allowed for a more efficient document management system.'
Michael Lucas, Partner at Bowmans, stated: 'As a growing organisation, with two offices, there is a high requirement for complete document access. A key benefit of Singleview is it allows for a comprehensive overview of the entire practice with the simplicity of electronic document management. This fact will allow for the timely storage and retrieval of documents despite physical location.'
Simon Crompton, General Manager of the MYOB Accountants Division said: 'Accountancy practices can traditionally be more reticent to adopt new technologies as the perception is that they will cause more problems than they will solve. However, accountants are now burdened by enormous amounts of information and documentation that must be accessible across their organisations and efficiently archived. Singleview has proven it can be smoothly implemented and can be easily used by both the organisation and individual users to solve many of the issues being faced'.
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