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Paper vs. Paperless: How to Update Your Document Management

Modernise your document management to cut costs, improve collaboration and set your team free.

If your practice is buried under piles upon piles of paper, you’re doing something wrong. Plus, turning up to a meeting shuffling crumpled piles of paper is a surefire way to make your practice look outdated. In order to be an efficient, modern and profitable accountancy practice you need to ensure that your processes facilitate rather than hinder your team - and one way of doing that is to update your document management by moving to cloud computing.

9 out of 10 UK accountancy practices are using or considering cloud applications

Less paper, more speed

According to the McKinsey Global Institute, employees spend almost 20% of their time tracking down the information they need to complete tasks. Asking your team to track down documents hidden in folders in filing cabinets is hardly a productive use of their time, especially when there’s a simple answer in the form of technology. Storing documents in the cloud means files are available to your employees anytime, anywhere at the click of a button, meaning the above 20% of their time can be spent on real work - making your practice 20% more productive. Plus you’ll free up all that space taken up by storage (getting rid of filing cabinets could be more beneficial than you think - one US office is literally collapsing from the weight of paper files!).

View the infographic.

No more compliance fears

By ditching paper and storing your files and documents online in the cloud, you’ll find your practice at much lower risk of breaching FCA compliance guidelines. Your practice is required to protect client data, and the only truly secure way of doing this is to work with a data services provider who meets the FCA standards. Misplacing the hard copy of a confidential file can cause a great deal of both financial and reputational damage - and secure servers are much harder to get into than a filing cabinet.

The key to compliance is adopting the right technology to ensure data is all in one place. Having systems that can check and store data will ensure compliance teams can adapt to the demands of the FCA.” - IFA Online

Increase collaboration and flexible working

Ever got to a meeting with a client and realised you’ve left your printout back at the office? That’s more than unprofessional - it’s just plain embarrassing. One of the biggest benefits of cloud technology is the ability to access your desktop from anywhere - meaning all your documents and files are always with you, right where you left them. Your employees have everything they need to work from anywhere, whether they’re at home or on the road - and with the right IT in place to support their needs, 60% of employees said they would be more productive.

Paperless or less paper?

We’re not saying your practice should be a paper-free zone but the advantages of switching to an online document management system where your files are stored in the cloud are numerous, not to mention convincing. And don’t forget the environmental benefits: the average employee in the UK wastes 6,800 sheets of paper every year. So switch off that printer, cancel your office supplies order that consists solely of ink and paper and enjoy all that extra office space.

Why go paperless with the cloud?

  • Locate documents quickly and easily.
  • Work collaboratively on the same document in real-time.
  • Improve working off-site or on the move.
  • Stay SRA compliant with much higher levels of security.
  • Speed up internal processes like invoicing.
  • Obtain more control and visibility of your practice’s workflows.

Streamlining your in house processes to become a well-oiled machine will play a huge part in retaining and attracting clients.

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