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Why Accounting Firms Need A Document Management System

Performing Manual Calculations

For any financial services company, a client’s financial data is at the heart of its operations. As such, it becomes crucial for them to invest in a document management system and all the tools and processes it entails.

Underscoring this fact, CPA Practice Advisor outlines a number of pros and cons for having a paperless office with a document management system in place. As expected, the benefits presented by the pros outweigh, by far, the struggles imposed by the cons.

A document management system can drastically improve the workflow for accounting firms and clients alike.  

For one thing, it saves business costs on paperwork. Businesses and customers can reduce paper dependency, ultimately making documentation, transactions and records easily accessible online.

For another, it allows companies to automatically create an electronic audit trail that can keep documents accurate and in compliance with industry standards. Document workflows can be set up and incorporated into daily processes, making routine procedures easy for accountants.

However, one important caveat to keep in mind is that simply having a document management system in place doesn’t mean your workflow is fool-proof. Depending on the dynamics of your clientele and your document processing routine, your needs can shift and change from day to day. In fact, companies that incorporate document management systems can still struggle.

CFO Momentum
Momentum, a renowned financial and credit services  company, is one such example. They keenly  felt the affects of a document management system that quickly became inadequate. “Our working volumes grew exponentially and then came to a point where the manual process no longer made any sense,” Riaan Verbeek, CFO of Momentum explains.

Turning A Flawed Document Management System Around

As one of the leading services in the area of financial advising, insurance, investment and health, Momentum had client data already digitized in the PDF format. But there was a weakness in their document management system.

The company quickly found that they needed a dedicated PDF to Excel converter in order to improve, complete and streamline their document management system.  They needed to efficiently extract the vast amounts of PDF data to Excel and handle the data generated by the accounting department, as well.

Improving Document Management With Able2Extract

With this in mind, the company added Able2Extract to their document management system to fill that need.  A case study on Momentum shows that the company’s workflow did nothing but improve from the addition. You can read the full Momentum case study here. Successful highlights from the case study include:

  • Saved $30,000 annually
  • Saved 100% of their time on information assembly
  • No training required to start converting PDF to Excel
  • Experienced accurate data conversions

By making an adjustment in one troublesome area in their document management system, Momentum was able to start processing and handling their client data more effectively.  

Implementing a document management system can do wonders for the productivity of accounting firms. But that system must be flexible enough to change with your daily activity and routine.  

If your firm has a system already set up, make sure it has a tool for every step in the process. Tailor the workflow and make adjustments as needed. If the addition of one PDF converter can improve Momentum’s metrics, think of what it can do for your firm.

Exploring Document Management Needs For Insurance Companies

Document management in the insurance industry is important. Clients submit documents in a number of different methods and formats. As such, insurance companies need to be prepared to handle any type at any time, whether paper-based or electronic.

However, with PDF files being the de facto standard for document submission, insurance companies can expect to deal with high volumes of digitized data. This means being able to handle, process, and store those files.

Document Management Folders

Despite this obvious fact, some insurance companies are still hesitant to invest in document management software or individual tools. But for some companies, the onslaught of data and documents that need analysis is pushing them forwards, forcing them to explore their options.

Insurancenewsnet.com, in fact, provides a timeless guide for companies who need to start thinking about it and make sound decisions in choosing a document management software tool.

How To Start Your Search For Document Management Tools

To start, there are a few main questions you should keep in mind: How easy is scanning? How are documents organized? Are documents editable?

These are essential questions to think about. For instance, as you get into analyzing those documents, editability will determine the tools you use and the work you perform.  Not only that, but it will determine the time spent on working to convert the data from one format to another.

Document organization determines how efficient you’ll be–how do you store, name and retrieve files later on? 

With paper-based workflows still largely in existence among clients and third parties, you can expect many setbacks before that data is even ready to be digitally processed and analyzed. How can you get them quickly into an electronic format?

Struggling With Extracting Data From PDF Documents

As a case in point, one insurance company, AgencyOne, struggled especially with making the data they received in PDF files editable. But dealing with PDF files without a specific tool in place affected their efficiency as an insurance company, an issue not uncommon in the industry.

“It was frustrating that I could find no way to speed up the process of data extraction or take real advantage of the import capabilities,” says Alexandra Smolen, Commission Specialist at AgencyOne. “It used to take me all week to get my work done auditing commission statements.”

AgencyOne Commission Specialist

Finding The Key To Improving Document Workflows

They struggled with PDF files and, later on, found success with data extraction using Able2Extract Professional. The benefits the company experienced include:

  • 3x increase in efficiency
  • Time previously wasted was converted into time spent on strategic activities
  • Affordable for company budget
  • Week-long data extraction tasks turned into a few days’ work
  • Increase in productivity led to an employee’s raise in wage

Without doubt, insurance companies need to start looking at document management solutions. As technology becomes more and more advanced, things such as electronic submissions will quickly become the basic standard. The key to tackling the new digital document age is to make sure your insurace company stays one step ahead of the game.  

Read the full AgencyOne case study here for inspiration on how you can get your own insurance company’s workflow up to speed.

How To Work Faster With Your PDFs Using Able2Extract 9

How effectively do you convert PDF files? Are you spending more time on setting things up? Making formatting adjustments after conversion? Checking in for conversions to start and end?

Well, with this short guide, we’re putting our foot down on some of the most common PDF conversion time-wasters.

If you’ve got Able2Extract, you may already be familiar with a few of the features on this list. But if you haven’t given them much thought before, you’ll want to take a closer look now. Because when combined, they can eliminate a majority of the small tasks that add up and slow you down.

Specify Custom PDF To Excel Settings Only Once

Performing a custom PDF to Excel conversion is one of the most effective ways to get your spreadsheet data right. But it’s all too easy to get caught up in getting the rows and columns formatted just right. This is why Able2Extract offers Custom Excel Templates.

When you use this feature, you can easily save your column structure and use it to instantly convert other PDF tables that are formatted in the same way. You don’t have to reset your parameters or remember how you set your conversion up.

Custom Excel Template Option

Once you have a template saved, you can simply load it to perform the same conversion any time. So if you’re dealing with customer data or PDF invoices in standardized forms, this feature can do a lot of the leg work for you.

Quickly Open PDFs Without Clicking

When opening a PDF file, you probably waste more than 4 clicks to get it open and set up. Did you know that Able2Extract will let you open a file in less than half of that? Try a couple of these quick PDF-opening tricks:

  • Drag the PDF onto the Able2Extract shortcut on your desktop

This will open a new window of Able2Extract when you want to quickly start viewing a PDF in isolation, away from PDFs to be converted or edited.

Opening PDF With Shortcut

  • Drag PDF documents into the Able2Extract 9 interface

Doing this will open a PDF file within the application simply by dragging your PDF into the open application. No double clicking needed. Use this trick to work with a specific group of PDFs at the same time which aren’t located in the same folder.

Opening PDF By Dragging

Automatically Convert To Different Microsoft Office Versions

We know that not everyone uses the same version of Microsoft Office. At one point or another, you probably came across this compatibility issue with others. Ever have to re-convert a PDF or re-save the converted Office file?

Well, instead of re-working the already converted Word, Excel or PowerPoint data, Able2Extract will let you switch up the default format even before you start converting the PDF.

Usually, Able2Extract will convert your data to the Office version you have installed by default. But you can also set the Office output format to 2007 so you convert to the .docx format regardless of the Office version you have installed.

  1. Go to View> Conversion Options
  2. In the dialog, depending on the format you’re using you can,
  • Switch the PowerPoint default format from the General tab
  • Switch the Microsoft Word default format from the Word tab. You can choose between .RTF and Word 2007.
  • Switch the Microsoft Excel default format from the Excel tab. Select between .CSV and Excel 2007.

To make things even easier, you can save your conversion settings as a file. This way you can easily switch between different Office output settings as needed.

Convert To Different Worksheets With One Click

Excel conversions are hard to nail. Oftentimes, you may opt to simply extract everything into one worksheet and then spend a few minutes, post-conversion, moving data around into different worksheets.

If that’s the case, then you should take a look at the Excel Single Worksheet feature. With this functionality, Able2Extract converts selected data from your PDF into one single Excel worksheet.

Excel Single Worksheet Option

By default this is turned on. So if you want to break up your converted data and get each page into separate worksheets for more precise conversions, you can do so before you convert. Here’s how:

  1. Go to the View menu
  2. Click on Excel Single Worksheet to remove the checkmark next to it.

Microsoft Excel Multiple Worksheets

Or you can simply hit F5 to turn the feature off.

Automate And Perform Multiple PDF Conversions At Once

With Able2Extract’s batch conversion, you can get the most done with the least amount of effort. Of all the features in this list, the Batch Conversion option is the one that saves you the most time as it works on multiple PDFs at once. If you have a handful of straightforward conversions to the same format, use this feature.

Automating Batch PDF Conversion

The process is automated, so you don’t have to sit and supervise each process as Able2Extract goes down the list. Just set it up and Able2Extract will take care of the rest. You can quickly access the feature from the command toolbar or by hitting CTRL + V.

Work With Excel Data Like A Pro With 9 Simple Tips

Excel Spreadsheet Diagram

Without doubt, an Excel spreadsheet is one of the most advanced tools for working with raw data—and one of the most feared.  The application looks complicated, way too advanced, and like something that would take hours to figure out.

I wouldn’t be surprised if upon hearing that you had to start using MS Excel, your heart started to pound. Is there any way to make Microsoft Excel less scary and intimidating? Yes.

By learning a few spreadsheet tricks, you can bring Excel down to your level and start looking at the application in a different light.  We rounded up some of the simplest yet powerful MS Excel spreadsheet tips you can start using on your data.

1. Use MS Excel Format Painter

To start you off, get yourself familiar with formatting your spreadsheet cells. A visually organized spreadsheet is highly appreciated by others as it can help them follow your data and calculations easily. To quickly apply your formatting across hundreds of cells, use the Format Painter:

  1. Select the cell with the formatting you wish to replicate
  2. Go to the Home menu and click on the Format Painter. Excel will display a paintbrush next to the cursor.
  3. Using Excel Format PainterWhile that paintbrush is visible, click to apply all of the attributes from that cell to any other.

To format a range of cells, double-click the Format Painter during step 1. This will keep the formatting active indefinitely. Use the ESC button to deactivate it when you’re done.

2. Select Entire Spreadsheet Columns or Rows

Another quick tip– use the CTRL and SHIFT buttons to select entire rows and columns.

  1. Click on the first cell of the data sequence you want to select.
  2. Hold down CTRL + SHIFT
  3. Then use the arrow keys to get all the data either above, below or adjacent to the cell you’re in.

You can also use CTRL + SHIFT + *   to select your entire data set.

3. Import Data Into Excel Correctly

The benefit of using is Excel is that you can combine different types of data from all kinds of sources.  The trick is importing that data properly so you can create Excel drop down lists or pivot tables from it.

Don’t copy-paste complex data sets. Instead, use the options from the Get External Data option under the Data tab. There are specific options for different sources. So use the appropriate option for your data:

Importing Data to Excel

4. Enter The Same Data Into Multiple Cells

At one point, you may find yourself needing to enter the same data into a number of different cells. Your natural instinct would be to copy-paste over and over again. But there’s a quicker way:

  1. Select all the cells where you need the same data filled in (use CTRL + click to select individual cells that are spread across the worksheet)
  2. In the very last cell you select, type in your data
  3. Use CTRL+ENTER.  The data will be filled in for each cell you selected.

5. Display Excel Spreadsheet Formulas

Viewing Spreadsheet Formulas

Jumping into a spreadsheet created by someone else? Don’t worry. You can easily orient yourself and find out which formulas were used. To do this, use the Show Formulas button. Or you can use CTRL + `  on your keyboard. This will give you a view of all formulas used in the workbook.

6. Freeze Excel Rows And Columns

This is a personal favourite of mine when it comes to viewing lengthy spreadsheets. Once you scroll past the first 20 rows, the first row with the column labels annoyingly disappear from view and you begin to lose track of how the data was organized.

Freezing Excel Columns Rows

To keep them visible, use the Freeze Panes feature under the View menu. You can opt to freeze the top row or, if you have a spreadsheet with numerous columns, you can opt to freeze the first column.

7. Enter Data Patterns Instantly

One great feature in Excel is that it can automatically recognize data patterns. But what’s even better is that Excel will let you enter those data patterns to other cells.

  1. Simply enter your information in two cells to establish your pattern.
  2. Highlight the cells. There will be a small square in the bottom right hand corner of the last cell. Excel Data Patterns
  3. Place your cursor over this square until it becomes a black cross. 
  4. Then click and drag it with your mouse down to populate the cells within a columnEntering Spreadsheet Data Patterns

8. Hide Spreadsheet Rows and Columns

In some cases, you may have information in rows or columns that are for your eyes only and no one else’s. Isolate these cells from your work area (and prying eyes) by hiding them:

  1. Select the first column or row in the range you want to hide.
  2. Go to Format under the Home menu.
  3. Select Hide & Unhide>Hide Rows or Hide ColumnsHiding Excel Rows Columns

To unhide them, click on the first row or column that occur just before and after the hidden range. Repeat steps 2 and 3, but select Unhide Rows or Unhide Columns.

9.  Copy Formulas Or Data Between Worksheets

Another helpful tip to know is how to copy formulas and data to a separate worksheet. This is handy when you’re dealing with data that’s spread across different worksheets and requires repetitive calculations.

  1. With the worksheet containing the formula or data you wish to copy opened, CTRL + click on the tab of the worksheet you want to copy it to.
  2. Click on or navigate to the cell with the formula or data you need (in the opened worksheet).
  3. Press F2 to activate the cell.
  4. Press Enter.  This will re-enter the formula or data, and it will also enter it into the same corresponding cell in the other selected worksheet as well.

These general tips won’t turn you into an Excel guru overnight. But they can help you take that first step towards becoming one! Are you a well-seasoned Excel user? Which of your spreadsheet tricks would you add?

Introducing The All New Able2Extract 9 With PDF Creation!

Today, we’re excited to announce that we just released Able2Extract 9.0! Our flagship PDF converter has undergone some major changes in this version which we know you’ll love.

These changes go beyond what you’d consider an average product upgrade.  This is because in addition to general PDF conversion improvements, Able2Extract 9 now comes with the ability to create  and edit PDF documents!

able2extract-pdf-converter-9

Our developers have worked hard to turn Able2Extract 9 into a complete PDF solution package. And with our in-house PDF creation technology baked directly into Able2Extract, the PDF converter can accomplish a whole new set of PDF tasks from creating PDFs to editing your PDF pages.

Here’s what you’ll find in this latest version.

Create Professional PDF Documents

We made it super easy for you to create a PDF file from any document, whether it’s from within Able2Extract itself or through the brand new  virtual print driver.

able2extract-open-file

The process is just as easy as converting a PDF file with Able2Extract. From the Command toolbar, click on the Create PDF icon, select your file and simply save it to your computer.

New PDF Creation Options

If you’ve used our PDF creation tools before then you’ll know which creation features you have at your disposal.  PDF creation options include:

  • Compression- Choose from LZW, JPEG, and ZIP for your images
  • Security-Apply passwords and file permissions
  • Font & Colours- Specify if you’d like to embed orsubset fontsor convert CMYK to RGB
  • PDF viewing- Decide how you want your PDF to display when opened
  • MS Office conversion-  Choose from a number of Office-related options such as retaining hyperlinks, bookmarks, and comments from Office documents

pdf-creation-options

PDF Creation Security Features

As part of your PDF creation options, you can also create secured PDFs. You no longer have to worry if your PDF files are being tampered with or not. You get to choose what people can or can’t do with your content.

pdf-document-security

Let users copy and paste text, print up the file, or allow them to insert, rotate and shuffle pages. As always, we leave the choice up to you!

Edit PDF Document Pages

With Able2Extract 9, you can go so far as to edit your PDF files.  Able2Extract allows you to add and adjust your PDF document’s information, the file’s viewing settings, and editing PDF pages:

edit-pdf-pages

Able2Extract Print Dispatcher

Another new feature is the Able2Extract Print Dispatcher. This is an icon that sits in your system tray when you install Able2Extract 9 and allows you to keep track of newly created PDF files directly from your desktop.

able2extract-print-dispatcher

It works in conjunction with the Able2Extract Virtual Print Driver. So when you create a PDF document from another application, you can choose how and where you want to open the file.  You can also use this to adjust your PDF creation options when using the Virtual Print Driver to create PDFs.

Save Your PDF Creation Settings

Just as you can save your custom PDF to Excel conversion parameters, you can now save your PDF creation settings as a file. This means that for every PDF you create, you can apply the same file settings as required.

manage-pdf-creation-settings

Improved PDF Conversion, OCR & PDF Rendering

And now that PDF creation is a part of Able2Extract 9, the PDF rendering and viewing capabilities are better than ever! You can use Able2Extract 9 to view PDFs with the even the most complex of graphical content.

able2extract-pdf-viewer

Other enhancements include improved PDF conversion for complex PDF files. And for Able2Extract Professional, we included tweaks to the OCR engine, providing you with even more accurate renditions.

Test out and check out all of these newest features here.  Existing Software Advantage Plan users can upgrade to Able2Extract 9 from their account dashboard.

Give it a try and don’t forget to let us know what you think of this latest version!