Most accounting professionals would agree that managing documents efficiently is critical, yet incredibly challenging
The right document management software can help automate workflows, enhance security, facilitate compliance, and optimize analytics to boost productivity.
This comprehensive review details the essential features accounting firms need in document management software, provides an in-depth analysis of the top solutions on the market, and outlines key criteria for selecting the system best suited to your firm's needs.
Navigating the Landscape of Document Management Software for Accounting Firms
Document management software helps accounting firms streamline workflows and improve productivity. Key benefits include:
Secure Document Storage
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Centralizes storage of sensitive financial documents like tax returns and invoices
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Provides permission-based access controls
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Encrypts documents both in transit and at rest
Automated Processes
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Reduces manual data entry with automated workflows
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Scans, organizes and indexes documents with OCR technology
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Routes documents to appropriate staff automatically
Anywhere Access
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Allows remote teams to securely collaborate
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Syncs files across devices
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Facilitates mobile access to documents
Regulatory Compliance
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Retains files per accounting regulations
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Provides audit trails for changes
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Integrates with accounting systems
With the right solution, accounting firms can boost productivity, ensure security/compliance, and enable seamless collaboration across global teams. Assessing features like automation, permissions, integrations with accounting software, and mobile access can help identify the best fit.
What software does accounting firm use?
quickbooks-online-step-by-step-configuration-for-quickbooks-online/">Quickbooks Online Provided by Intuit is one of the top-ranking accounting software apps available for accounting firms. Accountants across the globe love this software and consider it user-friendly, affordable, and very effective.
Some key features that make Quickbooks a popular choice include:
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Robust accounting capabilities for tracking income and expenses, managing invoices, processing payroll, and more
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Easy-to-use interface and navigation
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Scales with your business as it grows
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Secure cloud access from anywhere
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Hundreds of integrations with other business apps
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Detailed and customizable reporting
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24/7 customer support
With strong core accounting features plus extensive customization and integration options, it's no wonder why Quickbooks continues to dominate the accounting software landscape for small businesses and accountants alike. The rich feature set, ease of use, and flexibility make Quickbooks a reliable solution to meet various accounting firm needs and work styles.
How do I choose a document management software?
Choosing the right document management software for your accounting firm can feel overwhelming with the many options available. Here are some key steps to simplify the process:
Conduct Thorough Research
First, research the document management software market to understand the most useful and commonly expected features. Key aspects to investigate include:
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Document organization and retrieval capabilities
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Permission controls and accessibility
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Integration with your other software systems
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Security protocols and compliance standards
This will provide a baseline to assess solutions against your firm's specific needs.
Clearly Define Your Needs
Next, detail your firm's unique requirements around document workflows, analytics, storage, security, and more. Outline any specialized integration needs with other accounting software your firm leverages. Quantify the number and types of users that will access the system. Thoroughly assessing your needs ensures you pick a solution well matched to your processes.
Carefully Evaluate Top Contenders
With your criteria defined, extensively compare solutions against it through free trials and demos. Read credible third-party reviews highlighting pros, cons, and actual user experiences. Also verify vendors offer suitable support models. Making an informed decision balances powerful functionality with a solution truly fitting for your firm.
Keeping the evaluation process focused and aligned to your accounting firm's needs simplifies picking document software that bolsters efficiency and insight. Revisit assessments regularly as needs evolve to keep momentum.
What is the best file sharing for accountants?
File sharing and secure data storage are critical for accounting firms to operate efficiently. As stewards of sensitive client financial information, accountants must ensure data is protected while still enabling collaboration between team members.
The best file sharing and cloud storage solution for the accounting industry is one that combines robust security with intuitive file sync and sharing capabilities. FileCloud is purpose-built to meet these specific needs. Here's an overview of key features:
Secure and compliant data protection
FileCloud offers bank-grade encryption both in transit and at rest to safeguard confidential accounting documents. It is SOC 2 Type 2 audited for financial data security and meets industry regulations such as SOX, HIPAA, GDPR, and more.
Granular user permissions allow accounting managers to control access on a need-to-know basis. File event logging provides visibility into user actions for auditing. Custom watermarks can be applied to discourage leaks.
Easy cloud sync and collaboration
While security is paramount, usability is also key so staff can work efficiently. FileCloud makes it simple to sync folders across devices and share files internally or externally via links, even to non-users.
Team members can annotate files together with comments in real-time. Full version history is maintained so previous copies can be restored if needed.
Affordable pricing
FileCloud is cost-effective, with transparent pricing and no hidden fees. Storage scales easily as accounting firms grow.
By leveraging FileCloud's secure file sharing capabilities, accounting teams can boost productivity and ensure financial data stays protected. The combination of security, compliance, collaboration, and affordability makes it the premier choice for the industry.
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What is an example of document management software?
DocuWare is a leading example of [document management software](secondary keyword) designed specifically for accounting professionals. It allows accountants to easily capture, index, store, and manage digital documents from across their organization.
Some key features of DocuWare for accounting include:
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Secure cloud storage with unlimited capacity
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Automated document capture from email, scanners, etc.
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Fast search with optical character recognition
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Workflows to route documents for review/approval
By implementing a system like DocuWare, accounting firms can boost productivity by quickly accessing the documents they need. DocuWare also improves compliance by establishing consistent processes and audit trails for financial records.
Many firms switch to DocuWare after outgrowing basic folder structures or shared drives. The unlimited scalability makes it easier to organize client records that can span decades.
Overall, DocuWare stands out as a versatile [document management system](secondary keyword) capable of streamlining workflows for organizations of any size. The rich feature set and accounting-specific capabilities explain its popularity among CPA firms and corporate accounting departments alike.
Essential Features of the Best Document Management Software
The most critical features accounting firms need from a document management solution include capabilities to:
Streamline Workflows
Automating manual workflows around documents can optimize processes and tasks like:
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Review and approval cycles - set rules to automatically route documents to appropriate staff
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Status tracking - document states to indicate where it's at in the workflow process
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Reminders and notifications - ensure reviews happen promptly
This removes inefficiencies of email chains or spreadsheets to organize and track document statuses.
Control Access
Managing permissions around confidential financial files is crucial. Key needs include:
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User roles - customize access for staff, clients, auditors, etc.
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Document permissions - set viewing, editing, downloading rules per document
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Audit logs - track all access and changes for security and auditing purposes
These precautions safeguard sensitive information.
Enable Compliance
Firms must demonstrate compliance with regulations like HIPAA. Capabilities that assist include:
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Automated backups - restore previous file versions if documents get corrupted or lost
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Audit trails - prove who accessed, modified, or deleted files
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Encryption - protect data from unauthorized access
This evidence of compliance helps mitigate risk.
Integrate Systems
Seamlessly accessing documents from core platforms avoids switching between systems. Native integrations with solutions like QuickBooks simplifies workflows by enabling convenient:
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Drag-and-drop file transfers
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Contextual access from relevant records
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Automated syncing of key documents
Easy integration removes friction when working across systems.
Optimize Operations
Analytics on document patterns such as:
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Most accessed files
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Users with largest repositories
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Length of review cycles
Offer visibility to enhance workflows. Firms can tailor solutions to pain points revealed by usage analytics for continuous optimization.
Comprehensive Accounting Document Management System Review
An in-depth feature comparison of the leading purpose-built solutions for CPA firms and accounting departments.
NetDocuments: Cloud-Enabled Efficiency and Collaboration
NetDocuments is a secure cloud-based document management system tailored for accounting firms and legal practices. It enables easy collaboration around financial documents and workflows while ensuring compliance and security.
Some key benefits of NetDocuments for accounting include:
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Tight integration with MS Office for smooth document creation and editing
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Customizable permissions to restrict access as needed
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Robust searching, version control, and audit trail features
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Industry-leading uptime and backup for data protection
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Work from anywhere without needing a VPN
With strong access controls, comprehensive organization features, and native Windows/Office integration, NetDocuments allows firms to work efficiently and collaboratively while keeping sensitive documents protected. Its cloud delivery model also reduces IT hassles compared to on-premise systems.
Overall, NetDocuments is ideal for mid-size to large firms wanting maximum features without maximum complexity. The system scales easily as needs grow over time. For accounting teams needing an all-in-one document solution, NetDocuments is a top choice.
Xero Files: Direct Integration, Direct Benefits
For accounting teams using Xero as their core financial platform, Xero Files provides seamless document management capabilities right within the same interface. Everything from organizing tax returns to sharing invoices and collaborating with clients can be handled directly inside Xero.
Key advantages of Xero Files include:
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No need for a separate document system since it's natively part of Xero
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Drag-and-drop uploads, viewing/editing for popular file types
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Secure document sharing with granular permissions
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Link files directly to relevant transactions
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Simple filtering and search for easy organization
With Xero Files, all documentation around financial data is accessible right alongside that data, ensuring context and convenience. For solopreneurs up to mid-market firms running their business on Xero, its document management features provide stellar convenience.
FileCenter DMS: Tailored for the Small Firm's Needs
FileCenter DMS delivers robust document management in an affordable package designed for smaller accounting shops. Available as cloud or on-premise deployment, it brings enterprise-level features down to size for budget-conscious teams.
Advantages include:
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Simple folder structure for organizing by client, year, and project
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Quick searching based on document content as well as metadata
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CCH ProSystem fx integration for tax docs and workflows
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Permissions control over files, folders, clients and staff
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Backup/restore, versioning, event logging for data integrity
FileCenter DMS focuses on core document management essentials preferred by small CPA and bookkeeping firms. From seamless tax software integration to robust access controls, FileCenter DMS provides exactly what smaller practices need for managing documents and workflows efficiently.
Doc.It Suite: Comprehensive Tools for Modern Accounting
For larger firms and enterprise operations, Doc.It offers high-powered document management with extensive integrations into popular accounting systems and ERPs including NetSuite, Dynamics, SAP, and more.
Doc.It enables accounting teams to:
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Streamline document-driven processes using advanced workflow
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Maintain complex folder hierarchies with inheritance
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Dial-in role-based security across all content
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Monitor system usage with extensive audit logs
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Connect external repositories for unified management
Doc.It also features native mobile apps making content accessible from anywhere. With advanced tools tailored for complex accounting environments, Doc.It helps larger organizations get control over documents across systems and teams for transparency, security, and productivity.
Criteria for Choosing the Best Document Management Software
Implementing a document management system can streamline workflows and improve efficiency for accounting firms. When evaluating solutions, it's important to consider key criteria like:
Defining Document Workflows for Automation
Accounting firms handle high volumes of sensitive documents daily, from tax returns to financial statements. Manual routing and handling of physical documents is inefficient and prone to errors.
By mapping out current workflows around critical documents, firms can:
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Identify bottlenecks and wasted time from manual tasks
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Pinpoint which processes to prioritize automating first
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Ensure the system has optical character recognition (OCR) to digitize paper documents
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Set up automated multi-step workflows for document review, approval and processing
Targeting high-value workflows like client onboarding and quarterly reporting for automation delivers rapid return on investment.
Vetting Vendor Stability and Customer Support Excellence
While feature sets are important, the vendor behind the software matters too. Key considerations:
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Length of time vendor has been in business. Seek 5+ years in business as a signal of stability.
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User community size. Look for vendors with 500+ customers as a gauge of maturity and resources for ongoing development.
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Customer support responsiveness. Vet vendors thoroughly by calling support lines and gauge if they offer 24/7 or business hours-only assistance.
Top solutions often provide learning academies, training certifications and forums for users to share best practices. This level of customer support reduces frustrations during software rollouts.
Calculating the Total Cost of Ownership for Document Management
Upfront software licensing fees are just one cost component of a document management system. For a true cost comparison between solutions, analyze:
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Hosting fees for cloud-based vs on-premise options over 3 years.
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Cost of migrating legacy data and integrating adjacent systems.
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Ongoing price of customer support and extra user seat licenses.
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Potential IT infrastructure upgrades needed to support the system.
Develop cost models that account for these variables across solutions. Also determine expected ROI from increased productivity and lower paper/printing costs.
Strategizing the Document Management Software Implementation Process
A thoughtful rollout strategy ensures user adoption across the firm. Consider:
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Piloting the software with one department first. Gather feedback to refine workflows.
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Gradually rolling out the system to other departments to iron out issues.
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Appointing internal champions to showcase benefits and train other employees.
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Developing video tutorials and quick start guides tailored to common document workflows.
This measured approach allows firms to incrementally adopt document management vs disrupting operations with an immediate, firm-wide rollout.
Following structured criteria for vendor selection, cost evaluation and implementation planning enables accounting firms to realize the full value from document management software. Prioritizing workflows and supporting changes through training and knowledge sharing is key for transformation.
Innovations Shaping the Future of Document Management in Accounting
Emerging capabilities like predictive analytics, blockchain validation and self-service portals will further transform financial document processes. As accounting firms aim to streamline workflows and enhance productivity, document management systems are evolving to deliver greater automation, security and collaboration features.
Some key innovations shaping the future of financial documentation include:
Predictive Analytics
Advanced algorithms can analyze usage patterns to recommend relevant documents and contacts to accountants in real-time. By understanding each employee's preferences and projects, these smart systems proactively serve up the files they likely need next. This reduces search times and ensures vital information is at their fingertips.
Blockchain Validation
Distributed ledger technology like blockchain can timestamp financial documents and verify their authenticity. This boosts fraud prevention while creating immutable audit trails handy for compliance purposes. As blockchain becomes more mainstream, document validity, ownership transfer and access event logging will improve.
Self-Service Portals
Client-facing portals allow external account users to securely upload tax documents and download finished reports on their own time. This on demand model gives accountants back time previously spent on administrative tasks. As self-service tools grow more intuitive, automation and external collaboration will increase.
In summary, innovations in predictive analytics, blockchain and self-service are positively impacting accounting's document landscape. Forward-thinking firms are embracing these emerging capabilities to enhance productivity, security and client relations well into the future.
