{"id":5825,"date":"2015-11-04T16:01:20","date_gmt":"2015-11-04T16:01:20","guid":{"rendered":"https:\/\/www.investintech.com\/resources\/blog\/?p=5825"},"modified":"2019-08-26T10:42:36","modified_gmt":"2019-08-26T10:42:36","slug":"accounting-document-management","status":"publish","type":"post","link":"https:\/\/www.investintech.com\/resources\/blog\/archives\/5825-accounting-document-management.html","title":{"rendered":"Why Accounting Firms Need A Document Management System"},"content":{"rendered":"

\"Performing<\/p>\n

For any financial services company, a client\u2019s 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. <\/span><\/p>\n

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

A document management system can drastically improve the workflow for accounting firms and clients alike. \u00a0<\/span><\/p>\n

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. <\/span><\/p>\n

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.<\/span><\/p>\n

However, one important caveat to keep in mind is that simply having a document management system in place doesn\u2019t 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. <\/span><\/p>\n

\"CFO
\nMomentum, a renowned financial and credit services \u00a0company, is one such example. They keenly \u00a0felt the affects of a document management system that quickly became inadequate. \u201cOur working volumes grew exponentially and then came to a point where the manual process no longer made any sense,\u201d Riaan Verbeek, CFO of Momentum explains. <\/span><\/p>\n

Turning A Flawed Document Management System Around <\/b><\/h2>\n

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.<\/span><\/p>\n

The company quickly found that they needed a dedicated PDF to Excel converter in order to improve, complete and streamline their document management system. \u00a0They needed to efficiently extract the vast amounts of PDF data to Excel and handle the data generated by the accounting department, as well. <\/span><\/p>\n

Improving Document Management With Able2Extract<\/b><\/h2>\n

With this in mind, the company added Able2Extract<\/a> to their document management system to fill that need. \u00a0A case study on Momentum shows that the company\u2019s workflow did nothing but improve from the addition. You can read the full <\/span>Momentum case study<\/span><\/a> here. Successful highlights from the case study include:<\/span><\/p>\n