![]() ![]() Because of numerous manually completed tasks and amount of paperwork, accountants may duplicate invoices, make data entry and tax reporting errors, conduct incorrect income reporting, etc. For instance, a few years ago, an accounting error cost Uber company almost $50 million. The cost of human error is especially high in the accounting sector, where mistakes can cost companies reputation and major financial losses. However, if you’re not sure whether it’s time for accounting automation, let’s look at those red flags that can help you identify the problem timely to prevent its escalation. Slowly but surely, document-related challenges start overwhelming such specialists if they lack robust software for document management. Let’s start this journey to document automation, shall we? Document management challenges facing the accounting sectorĪccountants may often feel pressured due to tedious manual tasks and ever-growing document piles. We will examine the essence of such software, must-have features and will figure out how to choose one. Thus, if you have been wondering what technology can help overcome the majority of document-related challenges, this article is for you. The lack of a robust document management software for accountants can often lead to low productivity, repetitive errors, poor time management, and lost documents. When choosing the right accounting document management solution, the company should consider its size, business and functional requirements, current challenges, degree of customization, and the desired type of accounting DMS (ready-made, customizable, or custom).Ĭustomizable accounting DMS is the golden mean between custom and ready-made options in terms of time and cost. The document management system (DMS) can help accountants overcome major document-related issues, such as failed audits, inefficient collaboration, poor document security, etc.Īccounting DMS can benefit small, mid-sized, large accounting and CPA firms, any type of company with an accounting department, and private accountants. The figures prove that lack of document automation can lead to various devastating consequences. ![]() ![]() The other statistics show that up to 15% of the company’s revenue may be spent on maintenance and management of paper-based processes. The accounting sector is the type of industry where the need for accounting document management software that helps go paperless is substantial.Īpproximately 7.5 percent of paper documents get lost. ![]()
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