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Issue link: https://cpapracticeadvisor.epubxp.com/i/555302
DOCUMENT MANAGEMENT & STORAGE Reviews Document Management And Document Storage Systems for Accounting Firms By Mary Girsch-Bock I n the Management of an Accounting Practice (MAP) Survey completed by the AICPA Private Companies Practice Sec- tion and the Texas Society of CPAs in 2014, it's clear that larger frms (with more than $5 million in annual revenue) have embraced document management, with only 17% of those surveyed stating they do not use document management sofware. Tat percentage rises considerably as annual revenues drop. Te survey indi- cates that 33% of frms with annual rev - enues between $7.5K and $1.5 million dollars do not use document manage- ment sofware. Te smallest frms – (rev- enues of less than $200K annually) showed that 68% surveyed did not use document management sofware. While size alone may play a role – larger frms have signifcantly more documents to manage – accounting frms of all sizes can certainly reap the benefts of good docu - ment management or document storage sofware, which include: • Quick and easy document retrieval . No one wants to search for documents in multiple fle cabinets. Authorized employees can easily locate and retrieve electronic documents with litle fuss and no frustration. • Secure accessibility . Yes, you lock your fle cabinets. Sometimes. But those cabinets have keys. And more than likely, those keys are in a central location somewhere in your ofce. By encrypting documents and assigning security levels to stored documents, you can be sure that those accessing confdential documents are those authorized to access those documents. • Beter management of multiple versions of a document. With docu - ment management sofware, you'll always know that the version you're working on is the most recent version, eliminating confusion and duplicate work. • Document routing capability. Instead of a pile of papers on your desk, or an overfowing inbox, imagine being able to route documents to select individuals for comment or approval without wasting paper. • Document security. Catastrophic events such as a fre, a food, or other natural disaster can also be a disaster for your frm. W hile no one is ever really prepared for such an event, having your vital documents secure is one major thing that you won't have to worry about. • Employee efciency. Everyone's busy, and as a result, everyone is looking for ways to save time without cuting corners or lowering quality of service. Would you rather have your employees spend more time working with clients, or standing at the copier making copies or searching for another lost fle? In this issue, both Document Manage- ment Solutions and Document Storage Solutions are reviewed. While both pro - vide storage and retrieval functionality, document storage solutions generally contain fewer high-level features and functionality, with less indexing and storing functionality. Te Document Storage products reviewed in this issue are: • Cloud Cabinet by AccountantsWorld • Drake Document Manager by Drake Sofware • FileCabinet CS by Tomson Reuters • Practice Management Workspace by Ofce Tools • SmartVault Document Storage by SmartVault On the other hand, Document Man - agement Systems allow for the capture, storage, and retrieval of documents; with most ofering more fexible integration options, as well as a more complex docu- ment fling system. Te Document Management Solu- tions reviewed include the following products: • Cabinet SAFE CLOUD by Cabinet • CCH A xcess Document/ProSystem fx Document by Wolters Kluwer • Doc-It Suite by Doc-It Sofware • eFileCabinet by eFileCabinet • iChannel by Conarc • GoFileRoom by Tomson Reuters Many of these products are part of a more encompassing suite of products that many accounting frms currently use, thus providing excellent integration options, though most would work adequately as a stand-alone product, with some excep- tions, which are noted in the review. Whether your frm is in the market for a document management system or a document storage system depends on a number of things, including workfow levels, current tax sofware utilized, and even future needs. Cost may play a role as well, although there are afordable prod - ucts for both document management and document storage. For those using CCH or Tomson Reuters products, a fully integrated document management fea- ture is available that fully integrates with the vendor's other applications. While this is convenient, for frms that are not using these products, it's probably best to look at some of the other products avail - able as well. Once the decision is made to purchase, frms should consider using the vendor's support staf for product setup, as initial setup plays a large role in how easy (or difcult) it is to locate and retrieve stored documents. Most of the vendors have additional information on their websites for poten - tial users to take a look at with some vendors ofering free demos that users can try out for a set period of time. So if you're ready for your frm to lose paper documents for the last time, be sure and take a look at these tools for keeping your ofce cluter free, and your documents secure. ● REVIEW SECTIONS BASIC SYSTEM FUNCTION • Installation Ease • General Navigation & Ease of Use • Industry-Specifc Templates • Industry-Specifc Features • Platform Support CORE ACCOUNTING CAPABILITIES • GL/AP/AR Functionality • Sales Tax Functionality • Payroll Functionality • Audit Trail • Multi-Currency • Multiple Language Support • Multi-Location Support • Multiple Users DAY-TO-DAY OPERATIONS • Sales/Point of Sale/Shipping • Customer/Vendor Employee Management • Inventory/Purchasing • e-Features • Remote Access MANAGEMENT FEATURES • Dashboard Overviews • Reporting • Security Features • Integration/Import/Export • Data Transfer • External Integration • Online Accountant Transfer Tool HELP/SUPPORT • Built-in Support Features • System Updates • Support Website/Documentation • U.S.-Based Support 22 August 2015 • www.CPAPracticeAdvisor.com Mary Girsch-Bock Mary Girsch-Bock began her career as an accountant in the property management and healthcare industries. She is now a feelance writer special- izing in business and technology issues and is the author of her frst book, several HR handbooks, training manuals, and other in-house publications. She can be reached at mary.girschbock@ cpapracticeadvisor.com .