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accountants and bookkeepers

Document Management for Accounting Firms

As an accountant, you understand the necessity of protecting your client’s financial data and that the meticulous handling and storage of financial documents are vital for any accounting firm. With document management solutions, your firm can safely manage all your documents in one place. 

Let’s explore what document management is, why it's so important for accounting firms, and introduce some document management apps.

What is Document Management? 

Document management simply describes the process of collecting and storing financial documents and data. This is important for accounting firms that regularly need to access financial data while keeping it secure. 

As an accountant, you’ll likely work with invoices, receipts, financial statements, tax records, and much more. Rather than keeping physical copies of these files or storing them in a folder on your hard drive, document management allows you to organise and categorise each and every document. That way, you can access the exact file you need with a click of a button. 

Why is Document Management So Important for Accounting Firms? 

We’ve already touched on the importance of document management for quick access to financial documents. However, there are plenty of reasons why accounting firms should choose to use document management software. Let’s take a look: 

Lower Costs

Going paperless by adopting document management solutions can help you reduce your accounting firm’s overall operational costs. Printing and storing thousands of physical documents can cost a lot of cash, as well as being challenging to manage. 

With document management software, you can cut down on how much paper you need to use, helping you save money in the long term. 

Staying Compliant 

As an accountant, you have an obligation to stay ahead of industry standards. With a document management system, you can create electronic audit trails in case your firm faces inspection. It also allows you to accurately track where documents are to save your firm time and effort. 

Improving Workflows 

From data entry to payroll processing, you face many time-consuming and often mundane tasks in their day-to-day roles. With a document management system, you can cut down your routine tasks by letting the software do the hard work for you. This will improve your productivity and allow you to spend more time creating financial strategies for your clients. 

Keeping Documents Secure 

The security of your client’s financial data is important. With document management processes, you also have access to security features that help to protect sensitive information. With access control and encryption features, you can stop your client documents from falling into the wrong hands. 

Improving your Client Services 

Having quick access to client documents allows you to offer a more responsive service to your clients - you no longer need to trawl through folder after folder to find the information you need. This can not only foster more trust between you and your accounting clients but also help to build stable and long-lasting relationships for the future. 

Take the stress out of managing your firm

Document Management Apps for Accounting Firms

Here are some apps designed to streamline your document-handling procedures. 

1. Hubdoc

While Hubdoc was initially designed for small businesses, it’s also useful for accounting firms due to its process of simplifying and digitising financial documents. This software allows you to retrieve bills and statements automatically, helping your accounting firm go paperless permanently. 

Hubdoc's integration with QuickBooks Online also streamlines the accounting workflow by allowing you to seamlessly transfer data for recordkeeping purposes. By integrating Hubdoc and QuickBooks, you can ensure that the financial information of your clients is readily available, simplifying the process of categorising and organising transactions. 

Keep more accurate and up-to-date financial records by learning more about HubDoc

2. eFileCabinet Online

eFileCabinet Online offers a convenient, cloud-based storage solution that allows users to upload, search, and securely share files from any device with internet access. 

eFileCabinet Online understands that accountants deal with a high volume of financial documents, which is why this software offers a convenient solution for storage and filing. You can upload spreadsheets, invoices and receipts (to name a few) and search for them quickly using keywords, dates, and client names. 

This software is designed to save you valuable time. Check out eFileCabinet Online here

3. Box for Business

Box for Business is a versatile cloud-based document management platform that caters to many industries, including accounting. 

What sets Box apart is its support of many different file types, allowing your accounting firm to store and manage many documents, including invoices, receipts, and spreadsheets. Box for Business is also fantastic for collaboration. You can share documents with your clients automatically, helping you to build trust and rapport. 

You can also allow multiple users to collaborate in real time, comment on documents, and track changes, making it highly suitable for joint input and review. Check out Box for Business here

4. Evernote

Evernote stands out as a practical tool for professionals. As an Accountant, you likely deal with a lot of paperwork, financial records, and time-sensitive tasks. Evernote offers a comprehensive solution to help streamline your work processes. 

Evernote's receipt scanning feature proves invaluable for accountants. Accurate record-keeping is an important task, especially when it comes to tracking expenses and tax-related documentation. Evernote's ability to scan and digitise receipts not only eliminates the hassle of managing paper receipts but also ensures your financial records are well-organised, easily accessible, and securely stored. Check out Evernote here.

How QuickBooks Can Help

Document management is an important aspect of accounting firms, ensuring efficient workflows, reduced costs, enhanced client service, and data security. The right document management system can transform your operations. 

To improve your document management as an accounting firm, you should leverage document management apps that integrate seamlessly with QuickBooks to streamline your workflow. If your accounting firm hasn't embraced document management yet, it might be time to do so. Sign up for QuickBooks Online to improve your document management process today. 


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