By Jesse Wood, CEO of eFileCabinet
2017 is coming to end, and 2018 is just around the corner. With the end of the year comes the busy holiday season, tax filing, and potential tax audits. Is your business prepared for tax season? Are your documents stored for simple, quick access in case of an audit? If not, implement a Document Management Solution to save you time and effort.
What is a Document Management Solution?
When you walk into your office, are you surrounded by tall, antiquated filing cabinets and stacks or shelves full of papers and files to be sorted? Does your office employ one or two people whose jobs are simply to go through all this paperwork and file it away where it’s supposed to go? When you need a specific file, does it take you several minutes, or even hours, sifting through cabinets and drawers to find the document you require to complete a specific task?
If so, it’s time you implement a Document Management Solution (DMS). DMS is an automated, computerized system that searches, files, and stores documents based on unique criteria within the documents themselves. Using DMS eliminates the need for bulky filing cabinets and drawers stuffed full of file folders and documents. All documents are stored securely within the cloud, making filing and storing safer and simpler than traditional document management methods, and allowing for fast, efficient retrieval of specific documents based on exactly what you need, when you need it.
Traditional filing systems are generally based around one or two categories. For example, sales documents are often stored by accounts, while account files are sorted by the dates of invoices or orders. With only a couple of accounts, this traditional filing system isn’t so bad; but when a company has numerous accounts with other companies, and sales going in and out of the office on a daily basis, filing becomes an extremely hectic chore. Filing cabinets become cluttered with misplaced documents, and finding the right document can take up to several hours, or even days.
DMS eliminates all this trouble. By scanning documents, DMS directs files to the exact locations they need to be stored, making both storage and retrieval an effortless task. DMS can even create the folders for you. Simply open an account’s folder on your computer, and you have access to every document related to that account right in front of you, within seconds. No more digging and searching through drawers, shelves, and cabinets. No more misplaced files, lost within other files and never seen again. Everything you need, when you need it.
Preparing for the New Year
After your company files taxes, will you be prepared for an audit? Can you quickly and efficiently produce any documents the IRS requests? Will a tax audit consume your business’ work hours and cost your company money, as employees sift and search through thousands of paper files to find the exact document you need?
Having your documents sorted, stored, and accessible based on any number of criteria is one reason DMS is a must-have for your business. If the IRS requests documents regarding a specific account, verification of monetary amounts going in or out on a specific date or through a certain time period, or receipts of tax-deductible business expenses, using DMS will provide quick, simple, efficient access in a matter of seconds, not minutes, hours, or days. A Document Management solution, supports your company and ensures compliance, with critical documents.
DMS scans and uploads files, naming them, setting search tags, creating folders, and more, all based on data found within the document. All files for a single account, including contracts, order forms, invoices, receipts, etc., are stored in a single folder in the cloud, making access quick and effective.
With the end of the year comes the holiday season. The holidays are about spending time with friends and family, enjoying life, reminiscing on the past year, and celebrating the coming of the new year. Don’t spend the holidays in fear of an impending tax audit, wondering whether you can find the documents you need to avoid trouble with the IRS. Implement a Document Management Solution today and enjoy the holidays with those you love.
Jesse Wood is the CEO of document management software vendor, eFileCabinet. Founded in 2001, eFileCabinet, Inc. began as a cutting-edge tool to digitally store records in accounting firms. As it grew in popularity, eFileCabinet developed into a full-fledged electronic document management solution designed to help organizations automate redundant processes, ensure security, and solve common office problems.