Regardless of company size or industry, accounting is traditionally a paper-heavy department due to the constant influx of invoices, purchase orders, and packing slips. With an ever-growing demand for financial compliance and investor clarity, accounting transactions need to be tracked with stringent accuracy, transparency, and comprehensiveness. Paper documents have often provided employees with the ability to meet these requirements, but as digital transformation continues to replace manual processes, far better tools for recording and managing this information are becoming available.
Enterprise Content Management (ECM) software is becoming increasingly affordable, and the benefits cannot be understated. The advantages over paper are plenty, and your bottom line will significantly improve when choosing the right ECM solution. Just one file cabinet’s worth of documents costs $1400 a year on average. What’s more, storage requirements for paper documents have been doubling every three years. (Source: American Records Management Association (ARMA) IDC). ECM software allows you to eliminate this cost by storing the information digitally, significantly reducing the cost of scaling up a business. Workflow automation is just one of the tools that can easily be added to your ECM solution to substantially reduce costs and streamline routine data entry and other manual processes. Accounting teams will spend less time on clerical functions and focus more on higher-value tasks such as analysis and improving performance.
Transparency, Speed, Efficiency
ECM software typically comes with a wide assortment of tools to streamline accounting processes. Easy-to-use digital indexing and data fields allow for simplified document entry and retrieval, saving countless working hours that may have been spent searching for lost invoices or missing purchase orders. Automated workflows route invoices to the correct departments with ease while allowing busy managers to be notified via email and approve or reject with one-click. With all of these inefficiencies out of the way, daily tasks can be done with unrivaled speed, drastically boosting efficiency. The Minnesota Wild, Minnesota’s professional hockey team, uses their ECM software, GlobalSearch, to better process payments. Their documents are scanned, digitally stored, and indexed, making them easily retrievable. They also use automated workflows to send payment forms for approval, all while GlobalSearch tracks the receipts. Watch what their director of facilities has to say about how they were able to improve payment processes.
Security and Compliance
Accounting departments can accrue plenty of sensitive information. Personally Identifiable Financial Information (PFI) must be protected by law, and failure to do so can be quite costly. While not all ECM software has the same security and compliance measures, some ECM software providers go to great lengths to provide industry-standard protection to their customer’s data. SOC1 and SOC2 compliance is a widely recognized attestation that certifies information security policies and procedures for handling data meeting strict storage, security, availability, and confidentiality principles. HIPAA certification extends an ECM software provider’s commitment to security availability and privacy to those customers that store any Personal Health Information (PHI) in their solutions. These security measures are just some of the actions an ECM software provider can take to secure your information in a cloud-based solution. With providers ensuring your stored data is safe and secure, you are free to focus on other matters.
Square 9 is SOC1 and SOC2 certified, as well as HIPAA certified, so you can rest assured that your information is safe and secured no matter what. If you would like to learn more about our ECM software, GlobalSearch, and how it can help you digitally transform your accounting processes, contact us today.