CPAs and tax management firms have come to accept that data is now the lifeblood
of their business. However, this is subject to how they manage, store, analyze,
and use that data. In the digital age, having access to client documents and
information required for tax preparation and filing online isn’t enough anymore.
You need a system that can declutter, authenticate, organize, and streamline
your tax workflow so you can enhance operational efficiency and deliver more
value to your clients.
A document management system usually comes in handy for such workplaces. However, most tax professionals, especially those working remotely in this new normal, don't want to add another solution to their unending tabs. Instead, they want an all-in-one solution that encompasses document management along with all the basic tools they need to carry out their daily tasks.
This is where AccountantWS, the world’s first cloud-based practice management platform for tax professionals to feature a built-in self-organized document management system, comes in. Let us learn how a self-organized DMS differs from conventional DMS and why CPAs and tax management firms need this tool.
What is a Self-Organized Document Management System?
Modern tax management firms and professionals rely on data silos to effectively
manage clients, make business decisions, evaluate services, and transact with
regulatory bodies and local/state/federal tax collection agencies. As a result,
they need a tool more powerful than a conventional DMS – one that can help them
store, digitize, track, and share client documents and information, such as
images, PDFs, and Word files, etc.
A self-organized document management system is a unique feature you can find exclusively on AccountantWS. It offers the same core functionality as a conventional DM system but doesn’t stop there. Using this feature, clients can upload their documents for a specific tax year on the platform and organize them logically on both the administrator and client’s end. As a result, every task or project has a dedicated section for document storage and a built-in review mechanism, which is useful for firms managing a large clientele. It automatically removes any irrelevant documents in the tax return process.
Why CPAs and Tax Management Firms Need a Self-Organized DM System
1. Reduced Expenditure
A self-organized DM system can drastically reduce or even eliminate the need for paper, whose cost continues to skyrocket every year. By going fully paperless, they can also avoid investing in peripherals and other equipment. More importantly, they can back digital copies into the cloud, so they're safe. You don't have to worry about losing them and incurring penalties or regulatory violations.
2. Better Collaboration
By switching to a cloud-based practice management platform with self-organized document management, you can simplify collaboration and document exchange, especially if you’re working remotely. You can also integrate it with email and other communication channels to view and track electronic documents from any location.
3. Faster Document Retrieval
With this unique tool in your arsenal, you don’t have to manually look through different folders to find a file before retrieving it. You can use its advanced search feature to find misfiled, wrong, or faulty documents. As mentioned above, all documents are organized logically with specific tracking variables that make retrieval a breeze, which is useful for CPAs managing hundreds of files every day.
A self-organized DM tool allows tax professionals to effectively leverage
technology to fully digitize and automate their processes to maximize
productivity and flexibility. As a result, CPAs can redeploy their time and
efforts on more valuable activities, such as tax planning and statement
analysis, since the tool takes care of data gathering and preparation tasks
within the same solution. This also benefits clients who are now accustomed to
anytime, anywhere service models.
With AccountantWS’s unique feature, they can upload their tax documents for returns filing and track their process at every stage. This ultimately improves client satisfaction which is imperative for any accounting firm operating in the new normal.
5. Enhanced Security and Recovery
A self-organized DMS can equip your team with the most advanced security features to prevent costly data breaches and cyber threats, thus, protecting data integrity and reputation. The most notable security features include automated backups, real-time annotation and redaction, permission-based access, and multifactor authentication. Moreover, you don't have to worry about your servers or IT infrastructure being destroyed in a fire or disaster. AccountantWS comes with cloud-based disaster recovery, which backs up all your documents to ensure continuity with minimum disruptions.
6. A Better Experience for Clients
From a client viewpoint, a self-organized document management system helps save time by simplifying uploads and minimizing errors. More importantly, cloud-based solutions like AccountantWS allow end-users to logically organize their documents and automatically remove any irrelevant documents for a specific process.
Optimize Document Management with AccountantWS
In this ever-evolving age of technology, CPAs and tax management firms are looking for a single solution that can digitize and optimize every aspect of their tax workflow. AccountantWS is the world’s most advanced cloud-based practice management software for tax professionals, and as mentioned above, it is the only solution in the market that offers a self-organized documentation management system. However, this is just the tip of the iceberg, as the solution offers APIs to support third-party integrations with popular apps like Google Calendar, autogenerated tax flow, and real-time analytics, among other features.