5 Benefits of Document Management Software

Source: AccountingToday
By Benoy Tamang

Responsiveness is one of the biggest determinants of success in the accountant-client relationship. However, the accounting industry has been slow to make the shift to document management software (DMS), resulting in a technologically imposed chasm.

DMS offers untapped potential that accountants would be wise to pay attention to. While the principles of accounting haven’t changed much over the years, regulations, best practices and technology have changed significantly. There’s no shortage of reasons that DMS benefits the accounting industry, but here are the top reasons to consider making the shift:

1. Clients demand responsiveness

One of the biggest complaints CPAs get from their clients is that they aren’t available as frequently as they should be. DMS mobile apps provide accessibility to information that enables the degree of responsiveness clients’ demand. This, among many other reasons, is why the American Institute of Certified Public Accountants (AICPA) advocates a greater shift toward this type of technology in the accountin g industry.

2. Accessibility and security are no longer mutually exclusive with DMS

DMS keeps sensitive information accessible yet secure to access via mobile devices and computers. The dangers of email-imposed data breaches are circumvented by DMS’ secure document sharing capabilities, which offer bank-grade encryption for content and files in transit. This is a huge accountant-to-client selling point for DMS products, especially given the growing number of data breaches in recent years.

3. DMS lessens the burden of unpredictable hours

The burden of unpredictable hours isn’t going anywhere. In fact, it’s likely to increase, but working through the right technology will produce far better outcomes than resisting the phenomenon. In fact, the accessibility of DMS is likely to increase accountants’ income to a degree that makes the additional hassle worthwhile and help them maintain work-life balance.

4. No tech expertise required

DMS systems actually require less IT savvy to use than on-premises systems, because any issues arising with the software will be handled by the third party provider.

5. Reduced operating costs

Accountants are experts at improving the bottom line for other people, but DMS is one of the first steps they can take to produce a great bottom line result for their own practice, firm or department. When it comes to managing documents and content, DMS packs a much needed one-two punch in functionality and cost efficiency. Accounting software of this variety transcends the desktop compatibility issues sometimes used by firms or accounting departments using niche operating systems (other than Windows) on their work devices.

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