December 1, 2022

Document Management Tools for CPA Firms

Document management is a core part of every accounting firm's operation. Accounting firms invest in different document management tools to ensure that clients' financial information is kept safe and secure, preventing potential security breaches or data loss.

Document management tools are software programs that manage the various files and documents a business creates. They usually have features that help companies to organize and control records, find, and share files, automate workflows, and approve workflows.

Document management tools also have features that automate workflows by allowing users to approve or reject documents without manually checking them against a list of file types or templates. It includes ensuring that files are correctly tagged and indexed so they can be searched quickly, as well as having the ability to share files across departments within an organization.

The key to any successful document management system is ensuring that all the files are organized, managed, and secured. It makes them an effective way for staff members to avoid mistakes when working on important documents related to client accounts or other business operations.

Document Management Tools for Accounting Firms

Document management tools are essential to any accounting firm. They help ensure that all client information is appropriately protected while also ensuring that accountants spend less time on administrative tasks.

According to CPA Practice Advisor, the following are some of the best document management tools for CPA firms:

CCH Axcess Document by Wolters Kluwer, CCH

Wolters Kluwer's CCH Axcess Document is a powerful and robust document management application, perfect for accounting firms of any size. Users will experience enhanced functionality when using other Wolters Kluwer applications, but CCH Axcess Document can also be standalone.

CCH Axcess Document is a cloud-based application that allows users to access and manage documents from their smartphone or tablet. The mobile app will enable users to access and update important documents anywhere easily. It also provides powerful management tools for accounting firms, making it easy to find and access documents, check them in and out, track versions, and make edits directly. It also has an overdue notification that alerts users when a file is checked out longer than scheduled.

Pricing for CCH Axcess Document is available directly from Wolters Kluwer upon request, with add-on applications priced separately.    

Pros:

  • Excellent integration with other CCH Axcess and ProSystem fx applications
  • Product is accessible from within tax preparation applications
  • Includes an Open Integration Platform for integration with third-party applications

Cons:

  • Better suited for firms using other Wolters Kluwer applications
  • Lack of a scanning option

PSIsafe by PSIGEN

PSIsafe provides excellent document management solutions that are easy to use and accessible from any device. With on-premises or cloud deployment options and a mobile app for iOS and Android devices, PSIsafe makes it easy to find the documents you need quickly. Its updated user interface mirrors a traditional file cabinet, making navigating easier.

PSIsafe is a powerful document management solution for mid-size and larger businesses, including accounting firms with more complex document management needs. PSIsafe currently offers three plans: Business Essentials, which is only cloud-based, and Professional and Corporate, with both versions available as an on-premises solution or in the cloud. If interested in PSIsafe, visit the PSIGEN website to request a demo or obtain custom pricing.

Pros:

  • Integrates with QuickBooks
  • Contains an open API
  • Suitable for a variety of business types

Cons:

  • Better fit for larger accounting firms

Doc.It Suite

Doc.It is a robust and scalable document storage and management solution with a work binder, PDF editor, workflow tool, autofiler, and archival option. It can be deployed in various ways to suit accounting firms' needs, including an on-premises option, a hosted cloud, or a hosted virtual desktop with an optional mobile app.

Doc.It Suite starts at $36 per license for up to 40 licenses, with the price then dropping to $26 per license.

Pros:

  • Offers a version well-suited to smaller firms
  • Complete suite of integrated applications
  • Entire implementation process handled by Doc.It Suite personnel

Cons:

  • Not a turn-key solution
  • Requires extensive training and setup

eFileCabinet

eFileCabinet is well-suited for accounting firms of any size. Recently, eFileCabinet launched an updated application called Rubex, which serves as a centralized document management solution that uses intelligent organization and an intuitive user interface to store and locate files quickly.

eFileCabinet also includes a workflow solution with the option to use either manual or automatic workflow. Users can assign various workflow stages to a specific system user and assign approvers that are authorized to approve each step in the workflow process before moving on to the next. It ensures that documents are managed efficiently and effectively.

eFileCabinet has three plans available to choose from, including the Advantage plan, which starts at $55 per user/per month; Business, which starts at $99 per user/per month; and Unlimited, which starts at $199 per user/per month. eFileCabinet also includes numerous product add-ons, with all add-ons priced separately. All plans include secure file sharing, unlimited guest users, file versioning, and custom templates.  

Pros:

  • Scalable, with three plans available
  • Mobile app available for both iOS and Android devices
  • Includes an e-Sign feature in the application

Cons:

  • Price points may be too high for smaller firms

GoFileRoom by Thomson Reuters

GoFileRoom from Thomson Reuters is part of the CS Professional Suite of applications. A cloud-based document management solution, GoFileRoom helps accounting firms manage documents more effectively and efficiently. By integrating with other CS Professional Suite applications, GoFileRoom provides a complete document management solution for firms of all sizes.

GoFileRoom is the perfect application for users who need to customize their workflows and index structures. The app supports multiple file formats and can quickly scan multiple documents using ScanFlow. Once scanned, the documents are automatically converted to PDFs and filed in the appropriate location in GoFileRoom. In addition, GoFileRoom integrates with Microsoft Office applications, allowing users to save and edit Office files in GoFileRoom in seconds.

Ideal for larger firms with complex document needs, GoFileRoom can be used as a standalone system or coupled with other CS Professional Suite applications. Nearly one-third of GoFileRoom users are in firms with 10 or fewer staff, making it a versatile solution for companies of all sizes. Interested parties can request additional information or custom pricing directly from Thomson Reuters.

Pros:

  • Highly customizable
  • Integrates with all CS Professional Suite applications
  • The Rules Wizard makes it easy to create document rules across the board

Cons:

  • Not suitable for smaller firms
  • Works best with other CS Professional Suite applications

iChannel by Conarc

Conarc's iChannel is perfect for businesses with complex document management needs. It is a versatile solution that can be tailored to the specific requirements of various companies, including accounting and law firms, construction companies, and real estate businesses. iChannel offers both on-premises and cloud-hosted deployment options and comes with a range of additional modules, such as CRM, Email Management, Workflow Management, and Client Portals, that can be integrated seamlessly. These modules are priced separately but designed to work together seamlessly. Those interested in either application can contact Conarc directly to obtain a custom quote.

Pros:

  • Can handle complicated document management needs
  • Handles most of the implementation process
  • Stores documents indefinitely

Cons:

  • Requires significant setup and training
  • Will need to purchase multiple add-on modules to get the complete benefit of the application

Onvio by Thomson Reuters

Onvio Documents is a document management application for accounting firms of any size. Onvio Documents integrates easily with CS Professional Suite applications, including UltraTax CS, making it a valuable part of the firm management suite.

Onvio Documents also has a free mobile app that provides users with a convenient way to access and manage their documents on the go. With the app, users can snap a photo of a document and later enhance the picture using the tools provided in the app. Stored documents can also be accessed using the mobile app, with users able to scan and upload documents directly to the application.

Pricing for Onvio Firm Management is available directly from Thomson Reuters upon request.

Pros:

  • Excellent integration with CS Professional Suite applications
  • Mobile app available for both iOS and Android devices
  • Tracks the status of requested documents

Cons:

  • Cannot be used as a standalone application
  • Offers limited integration outside of CS Professional Suite

Benefits of Having Document Management Tools

Document management tools are beneficial for CPA firms in many ways. This software can help firms protect their clients’ sensitive data and improve efficiency by organizing all the files and making them accessible to anyone in the firm. It secures documents with passwords and encryption, monitors who accesses what files and where they go, logs file activity in audit trails, and maintains impeccable records of all changes to client accounts.

According to Business News Daily, the many benefits of document management tools also include the following:

  • Time savings

Document management software allows you to organize and manage your documents easily. Firms can save time by using a well-designed tool that is easy to use. It includes saving time in preparing documents for clients and saving time when sharing documents with others. For example, a document management tool can help find all the relevant documents that must be included when preparing a proposal for a client. In addition, this saves time by sending out multiple versions of the same proposal without having to go through the process of retyping each version repeatedly.

  • Easy scaling

Another benefit of document management tools is that they make it easy for companies to scale as their business grows. When companies grow from small businesses into larger ones with more employees or clients, there are often more people involved in managing documents at each level. The document management tool can help keep everyone organized so that everyone knows where everything is kept and who has access to which type of information or document (e.g., customer records).

  • Enhanced document security

Document management tools protect secure documents from unauthorized access and give the ability to track all files that are stored on a server, whether they are in a cloud or on-premises. It can be done through encryption, which prevents anyone from viewing, copying, or editing any file stored on the server.

  • Quick and easy document retrieval

Document management tools often include the ability to search for specific files across multiple systems and locations—on-premises and in the cloud—so that documents can be quickly found when needed. It makes it much easier for employees to find critical documents when required without having to search through hundreds of folders.

  • Better regulatory compliance

Document management tools help to manage regulatory compliance. They are often used by organizations with complex compliance requirements, such as financial organizations, which must adhere to federal and state regulations that govern their operations. Document management tools allow accounting firms to keep track of documents and create checklists for official recordkeeping requirements. It also helps to ensure that they are compliant with all applicable regulations.

  • Improved collaboration

As accounting firms grow and evolve, they will inevitably have more administrative tasks than ever. With an increasing number of people involved in various projects, there is a greater need for collaboration between departments. Document management tools allow employees from different departments to work simultaneously on the same task by instantly giving them access to shared files and documents. It will enable employees to collaborate more effectively because they don't have to wait for someone else's permission before sharing information or collaborating on a project.

Enhance Your Document Management System With the Best IT and Data Security Solutions

The document management process is a critical component of any business. The process helps your team manage work, collaborate with others, and stay on top of the latest financial technology. But it's not just about document management—it requires strong collaboration between cloud solutions and operations to ensure that you have up-to-date, customer-centric documents that reflect your business strategy. It strengthens document management tools to process mapping, routing, and automation tools.

Cetrom is a well-established, proven cloud-hosting solution providing advanced support to financial firms of all sizes. We can help you strengthen your document management process with our expert IT and data security solutions so you can focus more on automation, customer experience, and growth.

Cetrom's hosted solutions are designed to integrate any existing infrastructure easily to minimize the total cost of ownership. Cetrom also provides a suite of management tools that allow you to monitor your systems in real time and ensure proper functionality.

With the right IT and data security solutions, you can safeguard your company's most important assets—the data they contain—and ensure ongoing viability by automating processes that rely on paper-based processes or manual procedures.

Contact Cetrom today to learn how we can incorporate IT and data security solutions to enhance your data management process!

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