Why Is It Crucial for Your Business to Have Document Management Systems In Place?

Managing business information can be challenging, especially with push to digitalize you documents while protecting against the rise in cybersecurity threats. Businesses that invest in electronic document management systems provide their organization with a  secure platform to streamline workflows and scale business-critical processes.

What Are The Top Five Benefits Of A Document Management System?

Here are the top five benefits of putting an electronic document management system in place in your Nashville business to improve your productivity and efficiency. 

  1. Enhanced Security. Document security is vital to many organizations. A Document Management System (DMS) provides better control over sensitive information. Access to documents can be controlled in many ways, such as by document type, at the folder level, by different groups, or by individuals. Your DMS can also provide an audit trail telling you who had viewed a document, when they accessed it, and how it may have been modified. Managed records are highly traceable and can be tagged to allow for automated alerts.
  2. Eliminate Inefficient Processes. Managing limited resources and maximizing operations are essential in today’s competitive economy. Embracing agile methodologies can only go so far when limited resources focus on repetitive time-consuming tasks. Leading companies leverage DMS, Workflow Automation, and Robotic Process Automation (RPA) to transform the way they operate. The ability to implement an end-to-end data management solution represents an opportunity to strengthen the accuracy and integrity of your processes while maximizing the productivity of your team.
  3. Improved Regulatory Compliance. Compliance requirements for specific documents or processes can be complex, and non-conformance can lead to fines, revoked licenses, and in some cases, liability. DMS will reduce the risk of non-compliance. Records retention schedules can be automated, and new documents can be more easily classified and stored. In addition, a DMS can help you automate your workflows to ensure you’ve captured all the relevant processes or documents and notify you should an expiry or renewal be required. It ensures that you are always informed of compliance requirements and removes the risk of relying on manual processing.   
  4. Reduce Storage Space. Commercial property costs are increasing, and the expense of storing paper documents is rising. DMS will reduce your need for filing cabinets, boxes, and storage bins and will be a valuable asset to your business, freeing up precious office space and the associated costs.
  5. Easier Retrieval. On average, businesses spend $20 in labor to file a document, $120 to find a misfiled document and $220 in labor to reproduce a lost document. These are sobering numbers regarding lost productivity and cost to your business. A document management solution specific to your business can be a powerful time-saving tool.

Why Should I Partner With InStream For My Document Management Services?

  • InStream helps organizations improve efficiency through intelligent business processes and customized solutions. We provide solutions for workflow automation, technical and IT project management, process automation, robotic process automation, cloud document management, and more.
  • Since launching in 2004, InStream has grown from a small startup to a nationwide organization with ten locations, a diverse team of technical and business experts, an array of leading technology, and a client list that includes recognized leaders in healthcare, finance, government, and business.
  • We believe in a highly individualized approach focused on identifying your unique business needs and crafting solutions specifically to address those needs. We employ our time, talent, and resources to perform critical business processes for our clients more efficiently and expertly.

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.

In addition to document management, we provide solutions for payment processing, expense reporting, and other areas of the accounting department.

Contact us today to speak to our workflow experts. We specialize in making work flow!

Document Management for Your Accounting Dept.