Document Management for Accounting
If you work in the financial industry, you know how important document retention is. Many financial regulations require retaining documents for the past five years or more in order to meet compliance. Having a document management solution isn’t legally necessary but is extremely useful.
OCR and E-Signing Improve Workflows
There are two important components of document management for accounting that are beneficial to the finance industry:
Optical Character Recognition automates manual data entry. Transform a tedious and expensive job into more productive and efficient. In form-based organizations, OCR recognizes specific areas on the standardized forms for cataloging.
Electronic Signatures work with documents creating/editing software programs. The fast signature process improves workflow and saves time.
A document management solution has more benefits when going green. Handling, searching, and organizing documents is time-consuming and more apt for error. Additionally, paper documents are susceptible to theft, manipulation, or getting lost. Easy access, natural disasters, and theft are the main areas of concern. Going paperless helps organizations reach a higher security standard and improve business processes.
Implementing a Document Management System
Implementing a document management system doesn’t have to be frustrating or overwhelming. Rather than stress yourself out, focus on digitizing all documents moving forward and slowly begin digitally archiving your file cabinets. Be sure that all employees are consistent and trained properly to use the new systems.
Your Document Management System will:
- Meet compliance regulations while preserving documents in a secure, unchangeable format.
- You’ll find it easier to audit any time/dates, users, or changes to information all with one system.
- Your retention plan will be easier to maintain as documents will have automatic time/date stamps.
- All information is backed up and secured, allowing specific users to have access.
Connect with an Expert
If you would like more information regarding document management for accounting, contact an InStream expert. We help hundreds of organizations to an easier way of streamlining document-intensive office routines. As well as document management, InStream provides solutions for payment processing, expense reporting, and other areas of the accounting department.