It’s well known that most accounting and finance practice owners have a major goal: to grow their businesses. These owners have also realized that their clients’ needs have changed, and they want new services like financial reporting. On top of all this, the ever-present issue of recruiting and retaining top talent seems to come down to how technologically advanced a firm is.
Navigating these challenges and creating a profitable firm comes down to the tech you use. Many accounting professionals power their businesses with document management systems and client portals. Let’s review why below.
What is a document management system (DMS)?
A cloud DMS doesn’t require users to purchase physical equipment for document storage. Instead, you use the DMS software over the internet via a web browser or mobile app.
A cloud-based document management system stores your documents in a hosting environment. A third party is responsible for maintaining the physical storage facilities and ensuring the safety and security of your information. As a user, you need to upload your documents and files to the cloud storage platform, and the software provider will take care of the rest.
Why should accountants use a cloud-based document management software system?
No. 1: Have complete ownership and knowledge of your document management
You might be thinking, “Well, if my documents are stored on a cloud server managed by a software provider, how will I know where everything is?” A high-quality DMS vendor gives you total control over how your documents are organized. SmartVault also comes with a client portal system that lets you conveniently work with your clients in real time.
No. 2: Access the system from wherever you are
Modern, high-quality, remote DMS software has fully embraced the popularity and necessity of being able to work anytime, anywhere post-pandemic. With a cloud-based DMS, you and your clients can access the system no matter where you are in the world, as long as there’s an internet connection.
No. 3: Top-of-the-line cybersecurity measures and protection
The beauty of having a DMS operated by a vendor? They have IT working round-the-clock to ensure your information is safe. They offer the latest cybersecurity measures, like multifactor authentication (MFA). They will regularly back up and maintain the system, so you don’t have to worry about it. Finally, your data is encrypted both while it’s in transit and at rest.
Take SmartVault, a leader in DMS and online client portal software. Here are just a few of the advanced security measures they use:
- Manages and maintains customer data in a compliant cloud environment.
- Enables MFA login to our software by default.
- Requires a strong password to access data.
- Logs users out automatically due to inactivity on the platform.
- Uses bank-level encryption.
No. 4: Quick to set up and easy to maintain
Cloud-based systems are ready for use as soon as you purchase a subscription or a plan. There’s little requirement for upfront equipment purchases or IT installations. You’ll be up and running in just a few minutes. In addition, the software provider and cloud hosting vendor are responsible for maintaining and repairing all data storage hardware and equipment. As a user, you’re free from such extraneous expenses, which saves you money and resources.
No. 5: Robust automation capabilities
Automation of routine tasks saves hundreds of hours for accounting practices that have a structured document workflow. For example, if your firm constantly exchanges sensitive documents with clients instead of sending or receiving them through emails, you’ll be able to put an end to this risky practice. The best cloud-based document management systems offer secure file-sharing capabilities through a private client portal, which removes the manual steps during this process. Plus, it’s way more secure than emails.
No. 6: Better cost predictability
The last key benefit of a cloud-based document management system is its cost predictability. Because many systems use a subscription-based pricing model, you can easily estimate your selected plan’s entire year’s costs upfront. It’s much more transparent and predictable compared to traditional solutions.
SmartVault Accounting Pro + Rightworks
When you combine SmartVault Accounting Pro and Rightworks, you have everything you need to run your accounting practice in the cloud—securely, easily and efficiently. SmartVault’s document management tools seamlessly adapt to the workflows you already have, integrating with Lacerte®, ProSeries®, DocuSign and more, so you can easily share critical documents with your team, vendors and clients—anywhere, anytime.
Maintain peace of mind knowing you’re working in the Rightworks secure cloud environment with security patches and updates handled by our team.
Learn more about how SmartVault can help you achieve smoother tax seasons, enhanced collaboration and seamless integration—all with the protection that comes with being in the Rightworks cloud.