Businessman Notebook and documents working
Tax & Accounting28 August, 2019

Facing today’s challenges with document management

Paperless business is a reality. The rapid reduction of paper usage is well underway as more businesses evolve from physical document storage to digital document management systems.

The days of thinking of document management as a ‘nice to have’ are over. Digital document management is now a necessity in today’s GDPR and soon to be MTD compliant environment, with automated tools changing the landscape.

Nearly everything you do revolves around digitally collecting, distributing and processing information. Document management is vital for driving efficient processes. What’s more, practices are looking at automating manual processes to unlock significant time, so that they can focus on value-adding tasks that drive practice growth.

Improved efficiency

Reduced costs. Water tight compliance and security. Increased productivity. No matter the size of your organisation, these are the challenges facing any business. It’s no longer enough to store and manage information, it’s what you do with that information and how you can save time doing so that’s important.

If you think back to the last time you searched for a document, can you account for the impact that time spent had on your bottom line? Working on the basis that the search would take you three minutes with a basic billing structure, the lost chargeable time per week could amount to £1000 or £46 000 pounds a year (based on 46 working weeks). Just by removing that task from day-to-day processes, you are instantly boosting your bottom line. The proof is in the numbers.

Instant access to your emails, files and paper documents will also improve security. Digital document management gives you greater control over potentially sensitive information as well as audit trials to every document that is stored. Furthermore, an electronic document management system produces high-quality filing, leaving firms better equipped to handle the complex regulatory environment fostered by MTD and GDPR.

Document management as a tool for competitive client service

An efficient document management system will have a direct impact on client service. It enables you to deliver seamless client service without raising any costs. Instant access to a client’s or practice’s information at any time, from anywhere, puts you in the prime position to say, “I have your information right here” wherever you are, as opposed to saying, “let me check and I will phone you back”. Document management can significantly reduce the time and costs required to perform basic client service functions, leaving practices with enough time to add real value to their bottom line through a suite of advisory services.

The role of the accountant is evolving from compliance work, with accountants now developing their advisory services to grow their client base while still satisfying their existing clients.

Practice growth

With compliance work contributing between 0 and 3% of revenue growth, advisory services are predicted to produce between 30 and 40% in the next few years. Unlocking that potential, practices will need to save significant time and maximise on automating low value tasks.

Automated services are taking over compliance tasks which will enable more time and resources for advisory business. Firms are looking internally as the most effective means of growing product by adding value to existing clients: advisory services.

Before firms can grow, they need a solid base where their core services can be safely and effectively stored, searched and shared digitally. Pretty much everything a practice does revolves around collecting, distributing and processing information in one form or another, so document management is vital for driving this practice growth.

In today’s industry, the ability to efficiently access and manage information in a cost-effective, secure and compliant manner is fundamental to success.

How Wolters Kluwer can help you

Wolters Kluwer’s CCH Document Management software was designed with the challenges of today’s complex digital and regulatory environment in mind. This tool makes it easier and safer to manage and share information in an accounting practice, including emails and attachments, softcopy documents, PDFs and scanned originals.

The integrated tool gives you instant access to client and practice information, allowing you to deal with all sources in one place anywhere and at any time, giving you the opportunity to maximise practice efficiency and protect your information. Over and above that, CCH Document Management provides an audit trail and version control.

For a full demo of CCH Document Management and how it can improve your practice efficiency, watch this webinar. 

We’re experts in providing information, software and services to tax executives who work in complex, compliance-driven environments.  Our innovative and mobile technology provides the information that tax, accounting and audit professionals need to make accurate decisions, comply with legislation and to increase the efficiency of their operations. We support our customers by offering expertise from our in-house team of finance professionals, ex-accountants and developers.
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