As tax season ramps up, your business will have an additional task to manage. Along with taxes come many challenges, but successful filing is crucial to your business’ success and compliance. To assist with handling the many complexities of tax season, many businesses turn to a document management service to assist with tax preparation.
A document management service might be initially used to assist your accounting department, but you’ll quickly see how its benefits are felt throughout your organization. Here, we’ll explore the top three reasons why a document management service is an absolute must for your business this tax season.
A document management service might be initially used to assist your accounting department, but you’ll quickly see how its benefits are felt throughout your organization. Here, we’ll explore the top three reasons why a document management service is an absolute must for your business this tax season.
What is Document Control?
Document control is the practice of protecting your business’ documents and data, and maintaining standard operating procedures for filing, storing, accessing, distributing, and destroying them.
Document control is extremely similar to practices such as a document retention policy or document management services. Overall, document control standards and systems can save your business time and money while improving security and accessibility.
Let’s start with how document control can improve your business’ storage procedures.
Document control is extremely similar to practices such as a document retention policy or document management services. Overall, document control standards and systems can save your business time and money while improving security and accessibility.
Let’s start with how document control can improve your business’ storage procedures.
Efficiency in Organization and Storage
As a document management system is implemented in your business, one of the most noticeable benefits that you’ll see each day is the improved organization and storage of documents. With all documents, financial statements, and audits being scanned into a document management system, it makes their retrieval exponentially easier, and much less time-consuming.
This means less time is wasted sifting through documents and files, and more time and attention can be devoted to accurately preparing your taxes.
This means less time is wasted sifting through documents and files, and more time and attention can be devoted to accurately preparing your taxes.
A Document Management System Improves Security
In addition, scanning your relevant tax and company documents into a document management system allows for simplified access. Now you can easily control which employees have access to sensitive financial documents, and they’re always available, meaning remote accounting teams can function seamlessly during tax preparation.
While accessibility is easily improved through a document management system, your documents become much more safe and secure too. A document management system makes it easier to limit access and grant permissions than it is with physical documents.
Digital storage provides physical protection as well. Having tax forms and financial statements digitally preserved means you can count on them being there, even if your business’ physical location is damaged in a flood, fire, or other disaster.
While accessibility is easily improved through a document management system, your documents become much more safe and secure too. A document management system makes it easier to limit access and grant permissions than it is with physical documents.
Digital storage provides physical protection as well. Having tax forms and financial statements digitally preserved means you can count on them being there, even if your business’ physical location is damaged in a flood, fire, or other disaster.
Document Control Saves Your Business Money
Employing a document management service or beginning a document retention policy can save your business money. We’re talking lots of money too: the average data breach cost over $4 million in 2021.
There’s a lot at stake. Fortunately, document control processes like a document management service or a document retention policy can protect you against breaches, and losses in other areas too.
Finally, document controls provide peace of mind. Having confidence your financial and tax documents are accounted for and protected mitigates stress and keeps your business running smoothly.
There’s a lot at stake. Fortunately, document control processes like a document management service or a document retention policy can protect you against breaches, and losses in other areas too.
- Document control systems reduce the time wasted sorting through, organizing, and reorganizing files, and increase productivity. Your accounting department will thank you for this every tax season.
- Document control choices your business makes, such as implementing a document retention policy or using a document management service, increase security which mitigates risk of those costly data breaches, plus lost and stolen documents.
- Using a document management service can ensure you maintain regulatory compliance, destroy documents that pose a liability, and retain documents for tax and legal purposes.
Finally, document controls provide peace of mind. Having confidence your financial and tax documents are accounted for and protected mitigates stress and keeps your business running smoothly.
R4 Services Can Help Your Business with Document Control
Efficiency and consistent organization are critical to the success of any accounting department. This tax season, take control of your documents by using a document management service. The ability to constantly retrieve and store files without being bogged down allows your accounting team and business to run at an efficient pace.
R4 Services is dedicated to handling all your business’ document management needs. We offer vault, scanning, indexing, document management, and destruction services that can help your business get through this tax season with ease.
To learn more about how R4 Services can help your business become more efficient, contact us today.
R4 Services is dedicated to handling all your business’ document management needs. We offer vault, scanning, indexing, document management, and destruction services that can help your business get through this tax season with ease.
To learn more about how R4 Services can help your business become more efficient, contact us today.
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