5 Keys to Building Core Strength in Your Firm with Effective Document Management

When the going gets tough, strong firms are prepared to meet the challenge. Two of the core operational competencies that can help strengthen your accounting firm are your document workflow and management systems, especially now during the Covid-19 pandemic, when more information than ever must be accessed and shared remotely and stored digitally.

Having an efficient and secure information flow through your business is a core competency which can either support or undermine your company’s stability and growth. Here are five key ways you can build strength in the core of your business using an efficient and integrated document workflow and management system. Taking the time now to build strength in these areas can help you avoid costly problems sooner rather than later.

1. Make security a priority – With the requirements to switch to working from home and converting paper-based documents to digital form, has online security been a primary focus for sensitive information handling, or has it been an afterthought? Your workflows and document management apps need to be set up to protect your firm and your clients from cyber attacks like never before. Cyber crime is reaching new highs as criminals prey on unsuspecting small businesses.

2. Avoid fractured document storage – When documents with sensitive human resources, legal or financial information are received by email, stored on local hard drives or in inconsistent folder configurations, security is compromised. In addition, this kind of fractured document storage can cause mistakes to happen, time to be lost, and inefficiencies to grow. This can frustrate your already stressed staff and breed client dissatisfaction. Over time, this domino effect could ultimately hobble your firm’s stability.

3. Reduce redundant systems – With the flood of online technology designed to improve client services and information management, has your accounting firm fallen victim to accumulating multiple apps that can handle the same functions? This pitfall can quickly add up to a hefty price tag without corresponding benefits. Workflow bottlenecks and inefficiencies will abound. As Yoda might say, many apps an effective and profitable firm do not make.

4. Integrate your core applications – Do all of the technologies in your tech stack integrate seamlessly with your document management solution? For example, does your accounting software work harmoniously with your invoicing system and can you store the documents produced seamlessly and securely? If not, these are signs of cumbersome workflows that can undermine the strength of your company’s operations and leave you working more hours and vulnerable to cyber security attacks.

5. Make processes consistent – Does the quality of certain functions in your company depend upon who does them? While this is a common situation, it can put both your internal operations as well your company’s ability to retain customers at risk. You could suddenly be blind-sided when a key employee unexpectedly leaves and no one else knows how to do their job. Or worse yet, a trusted team member takes your clients with them to a new job or starts their business. A lack of documented workflows and processes independent of individuals makes your company vulnerable to unexpected changes in personnel.

Just like with your health and own core stability, improving weaknesses (instead of ignoring them) before they turn into larger problems is key. Your business can build strong workflows and proper document management into muscle that helps your firm stay strong.

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Act now! Start by strengthening your accounting firm with the simple and effective step-by-step method in the new eBook by Gabrielle Fontaine entitled “Strengthen Your Core: How to Build Your Lean, Mean, Document Workflow Machine.” Get your copy here.