Talking with small business owners, a common issue I come across is the challenge with document management and storage.
A typical problem is an owner wanting to look at a specific invoice but having trouble locating it. The document may be somewhere – on someone’s desk, in someone’s email inbox or it could be in a physical filing cabinet. Although the respective document will likely eventually be found, the time spent asking around and waiting for the document is wasted time.
Thankfully, there is affordable and highly effective software available that allows users to view documents anytime and anywhere. The software type is called document collection and management and it is a cloud based offering.
What is document collection and management software?
Document collection and management software, such as Hubdoc, automatically retrieves documents from your various accounts and stores them in a virtual filing cabinet. Document types that can be fetched include bank and credit card statements, invoices, bills and statements. There are hundreds of account connections available. Once setup, the end result is a portal where all of your financial documents are stored.
What are the benefits of implementing document management software?
Benefit #1 - All documents are stored in one place
If you want to see a bank statement from 18 months ago or a Toronto Hydro invoice from last month, you simply login to the portal and view the document. Documents can be viewed from any computer, phone or tablet. If you are on the road and want to refer to a document, you will have the ability to do so, without having to contact someone in the office to track down the document.
Benefit #2 – Increased productivity, automation and reduced bookkeeping costs
The beautiful feature of document collection and management software is the ability to integrate the software with your accounting system. By doing so, documents, such as invoices and receipts, can be automatically transferred and published to your accounting software. Further, thanks to the software’s ability to use OCR (optical character recognition), documents do not need to be manually entered in the accounting system. The software can automatically code a receipt, with the vendor name, amount, HST portion and expense category. This information can then be pushed into the accounting system.
I suggest pairing the above software with a cloud based accounting system, such as Xero or Quickbooks Online (QBO). If you are not using one of these accounting systems, then you may want to consider transitioning your system to one of these. I can assist with the transition and it is not as daunting as you may think. I am confident the end result will be well worth it.
If you are interested in seeing a demo, feel free to let me know and I would be happy to show you.