Why Accountants and Finance Teams Need A Document Management System and Digital Workflows for productivity, savings and easy audits.
17th Dec 2019
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Why Accounting Firms and Finance Teams Need A Digital Document Management System
For any financial services company or finance department, a client’s financial data is at the heart of its operations. As such, it becomes crucial for them to invest in a digital document management system and the tools and processes it entails.
Automated workflows reduce costs and increase staff productivity A document management system can drastically improve the workflow for accounting firms and clients alike.
Digital document systems save business costs and paperwork costs, in measurable admin and labour costs.
As much as any of us is attached to the pen, the ruler and the stapler, they are a clear indication of waste and inefficiency. Businesses and customers can reduce paper dependency and the innate person-hours of processing time, and make documentation, transactions and records securely and easily accessible centrally and/or online.
Never fear an audit Digital documentation also enables companies to create an electronic audit trail automatically that maintains document accuracy (one version of the truth), and clearly records access by person, time and activity, in compliance with industry standards. Records to satisfy internal and external auditors can be output in an instant.
Reduce human error, protect policies Document workflows can be incorporated into critical daily and periodic processes, to ensure routine procedures are followed by everyone, which reduces human error and wilful interference. Workflow automation means that alerts are generated when thresholds are met, when deadlines arrive, when approvals are needed, or when documents are due for deletion/destruction.
Choose scalability for growth and integration However, having a document management system in place doesn’t make workflows fool-proof. Making the right document management choice, means choosing one that can adapt to your changing requirements and scale with your growth or technology shifts. Today, two of the most significant ‘change’ factors are: (1) document throughput and (2) integrating finance systems with other departments, such as procurement, client services and HR.
Book a review If you're reviewing your business processes, integrated systems or general productivity, talk to a document management leader, and friendly award-winning experts, at www.document-logistix.com.