Accounting documents and data are core for the success of your team. To prevent documents from going missing, store them in accounting software that you can quickly access later. Let’s discusses how to store paper documents and data like magical accounts wizards using Smart Accounting Document Management Software.

The accounting team may often feel pressured due to tedious manual tasks and an ever growing document filing system. Slowly but surely, document related challenges start creating problems for specialists if they lack powerful software for document management. However, if unsure whether it is time accounting automation, firms’ electronic document management system helps identify the problem timely.

The cost of human error is staggering in accounting since mistakes can harm company’s reputation resulting in substantial monetary losses. For example, a few years ago, an accounting error cost Uber almost 50 million dollars. Because of the number of manual duties and paperwork, teams and accountants might duplicate invoices, tax reporting mistakes, etc. However, robust electronic document management systems in accounting firms assist in eradicating such human errors.

Keeping and managing documents securely and in a compliant manner cannot be achieved with a physical document filing system due to unsafe file sharing, and the absence of data backups. Without a proper software solution for data management, accountants might face document loss, misfiled papers, and compliance issues with industry regulations.

As every accounting team and firm’s requirements, needs, and challenges differ, there is no such thing as a perfect DMS solution that fits everyone. However, certain core features are a must for any powerful firm’s document management system that helps accountants turn wizards of accounting document management.


It enables users to create, edit, archive, approve and store documents efficiently. Simplifies the entire cycle of document creation and management. And automates repetitive activities, provides better visibility for document related processes and increases productivity.

Audit Trail

It allows the accounting team to smartly track the exact path of the document lifecycle, including dates of changes, the editor’s name, the type of the performed action, etc. It enables better visibility into the desired changes by creating logs for all your accounting files.

Version Control

Versioning helps the accounting team to track content changes and allows to go back in history and restore a basic version. It enables users to trace all amendments easily, helps to undo changes and improves control over different document related processes.

Access Control

It enables setting permissions to the particular documents and provides access to the files depending on their roles and responsibilities. It ensures an additional security layer, helps in decreasing error rate and enables more efficient and productive document management.

Advanced Search

It allows fast and convenient search by format, keywords, index, file name, document content, and additional metadata. It improves employee performance helps in keeping documents organized and easily accessible.

File Sharing

It enables users to exchange documents, leave comments, and work simultaneously with documents. It improves the performance of the accounting team and enhances cooperation between accountants.


It ensures that users can categorize documents for better search by adding the relevant information, such as keywords. It improves the accessibility of all documents and allows retrieving necessary documents rapidly.

Although it may not seem like the most pressing concern:

How can we make accounting cool?

It can significantly affect your ability to plan for the future; when accounting documents are hard to restore or go missing, it limits an organization’s ability to generate detailed plans and budgets. A cornerstone Document Management System – DMS with secure file sharing, client portal, finance departments can effectively manage and meet legal requirements.

Using a Smart Electronic Document Management System (EDMS) for Accounting:

Switching to a DMS to store data assists the firm in five major ways –

All five of them are made possible with by installing a Document Management Solutions – DMS, that turns your accounting staff in to accounts wizards that helps create excellent control over your organization’s data, records, and files.

Preparing for Audits:

Using an accounting practice management system that will allow the finance departments to turn into wizards making your transactions more transparent. When you’re audited, the auditor can request all of your invoices from 2011. So you would give them access to your filing cabinets in another room, and they examine the documents.

Implementing a document management system –DMS to store cornerstone accounting professionals’ documents will improve your business and help you respond quickly to internal and external auditor requests.

Creating Audit Trails:

Accounting documents and financial data information is highly confidential, and it’s essential to see who accessed what data and when. Using cloud based document management allows one to view accounting document logs easily that otherwise would have required magical wizards to find!

Enabling Accurate Document Withholding:

Legacy accounting systems make document storage time consuming and too complex.

You need to manually sort by date, then cancel the files on a schedule. A document management system for accounting makes it easy to capture document information such as the invoice date and storage date. Document metadata capturing is a feature that is included in your database storage.

Also, you tell the system for how many months you wish to keep financial statements, invoices, and other documents. As there are various document types, with a cloud based Document Management System  in place, discarding outdated documents becomes easy. And these old electronic documents are exported and deleted from the archives.

Detailed Cost Analysis is Supported:

You might need to access records outside of your ERP platforms when you’re performing cost analysis.

When you store your accounting documents and data in a Document Management System – DMS, instead of folders or archival storage, you can easily make cost analyses and access the information for planning.

Delivering Precise Budget Planning:

When figuring out your budget, you need access to more information than just the numbers. A Document Management System will help with that.

A CPA firm’s Financial statements show how much you spend in a given year. But if you want to know where that money is coming from, you need to look at the invoices and evaluate them closely.

The ability to see how much has been spent this year compared to the budgeted amount allows executives to make well informed decisions about where their company needs extra spending making way for smart accounting.

Why Smart Do You Need A Smart Accounting Solution?

  • Firstly, when you store your accounting data in an organized and well categorized manner, it will positively impact your ability to orientate details as needed.
  • Using a DMS system will permit instant restores for all your documents, creating a smoother audit process with a more manageable budget and cost analysis.

Finally, contact our team today to learn more about the benefits of implementing a Smart DMS for accounting firm.

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