Document Management is one of the most crucial aspects that should be considered when it comes to most CPA firms. Since it involves private information concerning every day client activities, accountants must make sure that all transaction documents, from bank statements, invoices, quotes, to expense documents like receipts are monitored and properly liquidated. The needs for an efficient document management system is continuously evolving, and thanks to technology, many applications can now be used to ease the hardships in organizing paper documents.
Seamless Storage Using Digitized Documents
With all those papers piling at the accountant’s desk, sometimes it’s a bit hard to keep track of those files especially when tax season arrives. There are even times that users can’t find the file they desperately need, and sometimes when file gets lost, it’s very difficult to retrieve.
Fortunately, there are applications which specializes in seamless file organization and transforming paper document into searchable digital data. Here are 4 applications which uses OCR (Optical Character Recognition) when it comes to taking snapshots of documents on hand, and can also be integrated with Xero accounting software.
1. Receipt Bank
Magical and Effortless — These are two words which best describe this receipt tracking application. Receipt Bank allows you to track and manage all receipts in one concrete system, and be able to include those receipts as part of your expense report.
No need to keep all of those paper receipts! Just setup your receipt bank account by downloading the app, start the setup, then with just one click at the capture button on your smartphone, you can already have a digital copy of your receipt in seconds.
As another type of receipt tracking application, Expensify also have the capability of creating digitized versions of your receipts. All you have to do is to get an image of the receipt with smartscan and continue to add receipts as much as you want during your travel, then once you collect all the digital documents, you can already create your own expense report for approval or sending.
Acting out as a Document Storage System (DSS) Hubdoc allows you to turn your receipts and other transaction documents into digital data and have an efficient storage for all your files. With Hubdoc, digital copies of your documents are made easy as you scan an image of the document, or take a picture of it using your phone.
Furthermore, since Hubdoc runs with the help of cloud technology, you’re assured that all your files can be accessed everywhere, and are being stored in a folder which you can easily manage. You don’t need to do manual entry since Hubdoc pushes the data into your accounting software, along with the supporting document.
Another form of document storage system, Shoeboxed is also designed to organize digital documents and help avoid unexpected paper piling, Shoeboxed is perfect for staff who are having difficulties in storing several documents.
The Shoeboxed app lets you take a picture of receipts or other documents that you need and the application will organize, categorize and stores it for you, as well as giving you the full privilege to access your files any time you want it. Why worry on getting your desk piled up with all those invoices, receipts and other documents while you can store them in an organized yet accessible manner.