for a professional involved in accounting, industry time is the most valuable resource. But as the financial sector is information-centric the accounting documents involved in the process are plentiful. Any time which is invested in searching documents, duplicating work, and physically storing and retrieving the files is the time that is not used as efficiently as it could be.
The best document management software for accountants should necessarily be simple so that the documents that need to be shared with other team members or clients do not involve a lot of to and fro emails. At the same time, when these documents are shared, it is important for the creator to maintain the security and sanctity of these financial documents. The user-based access mechanism which is offered by several document management systems like KDOC PLUS allows the author of the document to share the docs with limited access.
- The accounting sector is one sector in which effective use of a document management system can help accountants go substantially paperless.
- The best document management software for accountants can assist the accountants to overcome primary document-related issues, such as failed audits, inefficient collaboration, poor document security, etc.
- The absence of an automated document management system may often lead to human errors, loss in productivity, inefficient time management, and misplaced important documents.
Benefits of using the best document management software for accountants
- Create automated workflows
- MS Word, MS Excel and MS Office integration
- Role-based access mechanism (Read, Edit, Admin and View permissions)
- File history and versioning
- Central repository storage Security and Retrieval
Accounts and accounting is one such business that heavily relies on documentation. The major type of documents involved in an accounting process is as follows:
- Financial statements
- Capital-asset activity
- Transaction histories
- Receipts
- Credit and loans
- Tax documents
- Audit reports
MANUAL ERRORS: There is absolutely no scope for error in the accounting sector as even a minor human error can cost the company its reputation and major financial loss to the client. Because of the substantial amount of paperwork involved in accounting, it is possible that the accountant may create duplicate invoices, erroneously report taxes, conduct incorrect income reporting, etc.
LOSS OF PRODUCTIVITY: Many organizations hire accountants on an hourly basis. It is saddening to see these professionals running around the offices and file storage cabinets to manually search for relevant documents. Thus, the invaluable time of the accountants is not efficiently utilized.
DOCUMENT SECURITY: The security of files cannot be maintained in a physical file storage system. A physical storage system also gives full and easy access even to employees that do not need to have access to these files. Maintaining the sanctity of the document can only be achieved by having the option to give limited access and rights to any person we are sharing the files with.
RISK OF FAILED AUDITS: The lack of accounting software for document management is often accompanied by hardships going through audits: insufficient visibility into audit trails for each document and record, compliance problems with regulatory requirements, and overall document audit unreadiness.
Relive yourself from the pain and hassle of document management in your accounting and other businesses.
Book your demo for KDOC PLUS now!
Reach out to us at – sales@everexinfotech.com or call us at +91 – 8104345257