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Home > Financial Fitness > Resources > Financial Articles > Business Management > Does Your Business Need a Document Management System?
Does Your Business Need a Document Management System?Information. Your business depends on it. But can your employees easily locate the information they need when they need it? In most companies, documents are stored in a variety of places — on networks, individual hard drives, CDs and DVDs, in file cabinets and in desk drawers. To complicate matters, the people who need to access these documents are often in different locations. The answer for an increasing number of businesses — large and small — is a document management system. The Virginia Society of CPAs provides the following information can help you determine if a document management system is right for your business. Understanding document management Document management is an organizational method. More specifically, it is a technology-based means of storing documents. Documents (and sometimes images) are held in a single repository that simplifies managing and retrieving the files when necessary. Because organizations have diverse needs, systems are often custom designed. How it works Document management typically begins with using a scanner to convert paper documents into digitized images. Once all files are electronic, it is easier to organize the information. Some document management systems also have a function called “optical character recognition” (OCR) built into the scanning process. As the document is scanned, the OCR software “reads” the page and stores the text as tags to facilitate future retrieval. When you need to retrieve a document from the system, you perform a search by entering one of the tags. The request is processed and the information is retrieved. Document management systems include security measures to ensure that only authorized users have access. These measures determine which documents certain people can read, and what actions or modifications they can make. Benefits to the business and its employees An effective document management system helps companies become better organized by making it easier to file, share, retrieve and secure information. Employees can also be more productive because they save time searching for critical information. A good document management system also facilitates collaboration, decision-making and the ability to build upon the work of others. Digital files have functionality that is not possible with paper files. With a document management system in place, multiple people, even those working from home offices or the field, can access and work on files simultaneously. Improved customer service is another important byproduct. Files are at the fingertips of all employees so that customer inquiries can be answered more quickly and effectively. There may also be a savings in printing and copying expenses and less need for onsite and offsite file storage space. Consult with a CPA CPAs are an excellent source of information on document management. Consult with a CPA to determine whether a document management system can help your company make quicker and better-informed business decisions and increase employee productivity. The Virginia Society of Certified Public Accountants (VSCPA) is the leading professional association dedicated to enhancing the success of CPAs. Founded in 1909, the VSCPA has 9,000 members who work in public accounting, industry, government and education. For general information, please visit the Press Room on the VSCPA website at www.vscpa.com, e-mail vscpa@vscpa.com or call (804) 612-9424. To search for a CPA in your geographic region, visit www.financialfitness.org and click on “Find a CPA.” ©American Institute of Certified Public Accountants LAST UPDATED 3/4/2010
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