Your company’s accounting department relies on accurate and updated documents to effectively complete their work. The system you use to store your accounting documents can make your organization run more efficiently and can have an impact on your company in the long run. Here are three ways your accounting department can benefit from document management:
1. Audit Preparation
Being audited is a tedious, yet necessary process that all accounting departments are required to face. Instead of the auditor having to sort through a year’s worth of documents, a document management system allows you to better manage, organize and find the documents the auditor needs. Be prepared and respond to auditor requests by having a records management system in place.
2. Document Retention
A document management system allows your company to easily capture document information like invoice dates, storage dates and document metadata. Take the headache out of finding and sifting through old documents and outsource for modern records management software.
3. Budget Planning
Planning an annual budget involves a lot of paperwork like financial statements and invoices. Giving your accounting department an effective document management system allows for transparency across the organization when it comes to planning finances and a budget.
Accounting departments are faced with arguably more documents than any other department in the organization. Having a document management system in place can have a significant impact on your business and its operations. Give your accounting department a records management system for instant retrieval of documents, to more effectively prepare for audits, to have accurate document retention policy and to accurately plan annual budgets.