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Information Management can Improve your Accounting and Financial Services

Wednesday, February 25, 2015

Many Accounting and Financial practices are unaware of how much going paperless can increase their efficiency.  Others notice the benefits but still have concerns about moving away from hard copies.  While new processes can be intimidating, they can also be revolutionary. Going paperless with IMS can actually help eliminate many of the pitfalls that come with an accounting practice.  Here are three ways that those who practice accounting and financial services can use Information Management Solutions to improve productivity and eliminate worry.

1. Always locate the right document instantly when it is needed.

Instant access to the "right" document is assured due to IMS' integrated version history that always provides access to the most up to date version, as well as older versions, should they be needed. IMS can eliminate the need for chaotic and hard to manage Windows folders with a flexible method of classifying and organizing documents by any property or tag, such as client, document type, date, etc. Any property can be defined and tagged to any type of document. No need to search for where to save a file, just save to the vault and tag.

2. Automate financial document processes

Important processes affect almost all financial documents. Examples include routing documents for review, submitting them for approval, filing them with federal and state agencies, disposing of them according to retention policies, and more. IMS can automate any type of business process from simple approvals to sophisticated multi-step workflows with multiple stakeholders.  Let's not forget assignments, notifications, and electronic signatures that are audit-ready and compliant with financial regulations.

3. Comply with financial services regulations

The accounting and financial services industries have demanding regulatory compliance requirements including those associated Sarbanes-Oxley (SOX), the SEC and IRS, as well as other laws and regulations.  IMS knows that maintaining compliance with these laws and regulations is of paramount importance.  When you go paperless with IMS we can include all the tools necessary to maintain compliance with state and federal financial regulations, including security, history and audit trails, record policies, automated processes and backups, and more.

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