TGR Staff | Photo by Wesley Tingey - 03/06/2023
There are many parts that come into play for running a successful business; one of the most important is that your documents are in good order. There are many more documents that go with even the smallest company than you might think. Quotes, accounts, agreements, contracts, invoices, work from people you commission, and your work.
If you don't have a good filing system and haven't considered a document management system - you're missing out on what could potentially be a time and money saver.
What is document management?
Shortened to DMS, a document management system is a single point to keep track of all of your documents. Word docs, images, PDFs, and more. This single point of storage (in combination with you naming the files correctly) means everything you need will be in one place.
So what are the benefits?
There are many great industry-specific document management systems for those starting a new business. In many cases, it is a good idea to take a look at the software that offers a complete solution to whole business management; this is a great example: All-in-One Law Practice Management Software. Once you find a good doc management system, make sure that it has other industry-specific integrations that can help you manage and grow the business well.
Less physical space
One of the most significant issues is letting stacks of paper pile up and needing physical space. While many businesses will be almost entirely paperless, not all are. Physical paper filing costs time and money - and when looking for a file, you need a flawless system to be able to look for information quickly.
Online document management systems will mean looking for a file takes seconds, but they are safer too.
Version control
This might have a higher priority for those who do multiple versions of creative works, but there is a significant issue with versions stacking up - and losing track of which one is the true final version. A document management system will keep track of that for you, even if you don’t have the best file naming habits.
Compliance
While not all industries will have to be compliant, there are many that do. A document management system can ensure that you comply with any laws regarding document storage, management, and security.
Compliance with HIPAA, tax laws, the Occupational Safety and Health Administration (OSHA), and other state or federal rules can be made considerably simpler with a document management system.
Access
One of the best things about running a business in the modern climate is that you can work from anywhere - and so can your team or freelancers. Document management systems mean that everyone who needs to access something can.
No one needs to look at paper files and then take a photo, or scan and email it. The documents are right there, and it takes a few seconds to find the right one.
Legacy Systems
It is estimated that midsize comes and larger can use up to 130 different systems and software, and that means that you need a document system that integrates with legacy systems - so choose carefully. Choosing one with legacy integrations means you will have no disruptions, increased automation, and better access and organization.
Document management systems are just one of the ways that business owners can streamline their processes; here are some other automation recommendations: 10 Things You Need to Automate in Your Business Right Now.
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