Initially, only larger enterprises switched to electronic document management and storage systems. However, with DMS becoming more commonplace and sophisticated, smaller businesses have started to use electronic document management. Physical storage, such as filing cabinets, is slowly becoming obsolete due to digital document management and storage systems being so much more convenient.
Why Do You Need a Document Management and Storage System?
If you are still deciding whether your business needs an electronic DMS, begin by discerning your weekly paperwork requirements. Many companies ultimately decided to switch to DMS because they received paperwork (forms, invoices, receipts, customer information, emails, employee records, etc.) both physically and digitally. It can become hard to organize all of these documents efficiently. The hard copies are supposed to be organized manually into folders stored in filing cabinets. This can take a lot of effort and time.
Digital documents, while easy to search for compared to physical documents, can also be hard because they are spread throughout various locations.
Some may be in your email inbox, some in an online storage platform such as Dropbox or Google Docs, while some may be on your computer. This careless, non-organization of electronic documents poses a security threat. If your company’s information is in so many different places, most of them not secure, protected, or encrypted, it can make your data susceptible to theft or leaks.
Main Features of Document Management and Storage Systems
Generally, a Document Management and Storage System provides your documents a complete filing system, including storage space and security, making them easier to search for. Some document management and storage systems also have a scanning capability, which utilizes Optical Character Recognition (OCR) to create electronic, searchable forms of a physical document.
While it may take a little bit of time to digitize all of the old paper documents, it is worth it as you will save more than enough time by not having to dig through cabinets anymore manually. Some other key features that are included in most document management and storage systems are as follows:
File Organization
How is it possible for the software to help you seamlessly make a switch from a physical storage system to an electronic one? It allows you to create a file hierarchy replicating the physical filing system. Electronic document management and storage systems let you organize your documents into digital files and folders and reconstruct your old physical filing system into a digital arrangement.
Text Search
One of the major benefits of going paperless and buying a document management system is looking for a file just by typing in the file’s name. With a text-based search option, the solution will go through the text of every file present in your system to quickly locate the document you are looking for.
Multiple Users
The sole purpose of document management and storage systems does not just file storage. A good solution will allow you to work together on documents and files across your organization. Various users will be permitted to access, edit, and share files.
Remote Access
Most software options will create a backup of your documents and files in the cloud so that you can access them no matter where you are, even if you are outside the office premises. Some document management and storage systems also have a mobile app that expands the accessibility of your files beyond computers to tablets and smartphones.
Built-In Compliance
While many open-source choices are available for DMS software, a major reason you should go for a paid solution for your business is that they are designed with government compliance kept in mind.
Conclusion
These features represent only a small fraction of all of the important functions a document management and storage solution can provide. A few other things to look for are file versioning, encryption, audit trails, security aspects, disaster recovery, redundant storage, file retention automation, user-based access permissions, and substantial space for storage.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
