Electronic document management improves recovery rates
Accountancy firms can increase their chargeable time and efficiency through document management, according to a white paper published by Invu, one of the UK’s leading electronic document and enterprise content management software companies.
“In a paper-intensive industry like accountancy, practices face a veritable avalanche of documents and information,” said Colin Gallick, CEO of Invu. “Compounding this administrative burden is the importance of the information, reinforced by heavy regulatory obligations and scrutiny.”
A single paper document costs as much as £15 to file according to Gartner research, and a YouGov survey found that accountants carry a 26% overhead on their document-searching, wasting time at a cost of £2.7m every day across the UK. Electronic Document Managements (eDM) and Enterprise Content Management (ECM) offer benefits specific to helping accountants address these issues, including:
Increasing chargeable time:
• Decreasing time spent looking for documents
• Allowing more collaborative working, with multiple people able to view and utilise a file at any given time
Facilitating client retention:
• Centralising a full client history to simplify client management
• Maintaining an audit trail of past communications and transactions
Ensuring compliance:
• Distributing documents through a routing system that retains integrity and maintains control by tracking versioning and maintaining a full audit trail
• Maintaining consistent best practice across the practice for practice assurance visits
To download a copy of the whitepaper Improving your recovery rates visit www.invu.net
Posted by: Invu Document Management Software
