5 ways to manage documents help your accounting team plan ahead and stay committed

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Document management is a system that greatly improves the workflow of accounting companies and customers alike

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5 ways to manage documents help your accounting team plan ahead and stay committed
5 ways to manage documents help your accounting team plan ahead and stay committed
Document management is a key part of each accounting firm's process. Accounting companies invest in various document management tools to ensure that customers' financial information is kept safe and secure, preventing potential security violations or data loss. How does document management help your accounting team plan ahead and stay committed, and what ways do this allow? All this and more we will recognize in our article for today, invite you to continue reading.
 manage documents

Document management concept 

The Document Management System is a system used to create, store, manage and track electronic documents and paper document images through software. The Document Management System acts as a means of converting paper documents into digital documents, so that all documents - digital and scanned paper - can be saved, indexed, archived, retrieved, coded and shared via encrypted access rights along with system reports to ensure compliance.

Document Management Tools 

Document management tools are software that manages the various files and documents created by the business, they usually have features that help companies to organize and control records, search for files, share them, automate workflows and approve workflows.
Document management tools also have features that automate workflow by allowing users to approve or reject documents without manually verifying them against a list of file types or templates and document management tools include ensuring that files are properly marked and indexed, This is so that they can be searched quickly, as well as the ability to share files across sections within the organization.

Importance of accounting document management

How financial and accounting documents are stored affects planning, and therefore when it is difficult to retrieve accounting documents - or lose them - they create problems in case of auditing and restricting cost analyses and budget planning, and hence effective management of accounting documents, and then maintaining them according to legal and regulatory requirements are priorities of each financial department.
Secure archiving technology supports this effort by maintaining documents and data that enable your organization to track credits, debits, operating expenses, capital and cash flows better. Accurately indexing these documents makes it easy to search for quick retrieval, as well as clearly defined access rights, rigorous information organization, advanced security support compliance initiatives, and simplified application of the confidential document retention policy.

How does document management support your company's accounting process? 

Accounting companies seek to reduce costs and enhance customer service against the backdrop of increased regulations and an explosion of content, and therefore organizing and effectively leveraging customer business products is essential to developing better relationships with customers and providing more responsive service.
Using the document management system is very important for your accounting staff, as accountants can through the system:
- Improve professional productivity at all levels of the organization, a chapter on client content management, participation and communication in integrated electronic files.
- Enhancing collaboration internally and with clients using smooth workflow and integration, as converting paper documents into electronic forms gives accountants and administrators more time to engage in value-added activities.
- Improve management and security on important work product, in accordance with company and customer policy, increasing vendor satisfaction.
- Get more of your data, gain new insights, and by managing documents you can automate routine cognitive tasks by leveraging the power of artificial intelligence and machine learning.
- Improve customer response time by accessing important information from anywhere and at any time via any mobile device.
- Reduce errors such as duplicate payments and failure to receive discounts.

Features of an effective document management system 

The features of an effective document management system in both accounting and management in general can be summarized at the following points:
- Provide communication and integration with the company's current management system.
- Allow for the preservation and archiving of all documents.
- Preservation of documents legally acceptable using digital means.
- Distribute documents using multimedia channels, providing a wide range of customization options.
- Handle every exception delivery, real-time consultation through computers, tablets and smartphones.
- Ability to control email boxes (shipping and automatic receipt), with automation of workflow mechanism for documents.

Ways to manage documents help your accounting team 

The key to any successful accounting document management system includes, in particular, ensuring that all files are organized, managed and secured, making them an effective way for employees to avoid errors when working on important documents related to customers' accounts, accounting, or other business activities. To this end, important ways of managing your company's documents have been 5, namely:

1. Preparation of audits:

The paper system generally means an ordeal for the accounting department as well as the auditor who has to plow through piles of documents, the digital document management system ensures greater control over business information, and your finance department can respond quickly to the auditor's requests.

2. Create audit tracks:

Accounting documents, statements and financial information are highly confidential, so it is important to be able to know who has accessed the documents and when, as electronic audit pathways set safeguards that protect both the company and employees, ensure a record of who accesses the accounting and financial records, and help determine liability in case of a confidentiality problem.

3. Automated workflows:

The Digital Document Management System gives businesses the opportunity to make their important calculations based on rules, with built-in consent, escalation points, thresholds and alerts. Document management enables financial teams to dynamically improve and update workflows as legislation or circumstances changes. The advantages of effective workflows are productive employees, consistent service, low error and compliant processes.


5. Enable accurate retention of document:

Paper-based system makes document retention a difficult and time-consuming process and depending on the number and type of documents involved, manual retention is likely to fail at critical times However, the document management system facilitates the storage of metadata so that you can specify retention periods by document type invoices and financial statements, where the system automatically scans old accounting documents by deleting them, or exporting them to an off-site archive.


The process used to store financial documents significantly affects the company's ability to control critical information, and using the digital document management system, documents can be retrieved immediately, improving the results of audits, maintaining rules-based workflows, and increasing the accuracy of budget planning and cost analyses.

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