For Tax & Accounting Professionals: How To Choose Your Document Management Tools

June 24, 2020

For tax and accounting professionals, your document management tool is the final piece of the puzzle to streamline your day while working with various clients. A good document management tool will merge seamlessly with your other tax or accounting software and ensure you are on top of all things client management, all while being paperless.

The Rapidly platform offers integrations with various document management tools, and we want to share that expertise to help you make the right decision for your practice.

Keep reading for your document management checklist.

Pricing

As with any business software, pricing is of extreme importance. This is especially true for document storage solutions, as these are typically add-ons to your other tools, such as your accounting or tax preparation software. An accounting professional can carefully weigh the document features and level of security that is offered at the given price. Pricing will vary depending on how many team members will collaborate within the document management software.

A key factor in storage pricing is the maximum storage limit for the account. Your storage space needs will vary depending on the type and size of client documents you are requesting. For reference, a one page PDF scan is estimated to take up around 100 KB of storage space. 1 terabyte of digital storage space will allow you to maintain up to 10 million single-page PDF’s.

Storage Features

The next step of consideration is to think about how you will use your document management tool to relay document and data requests to your clients. The business operations of tax and accounting firms can depend on which is more comfortable for you and your team: receiving inbound files from clients or sending outbound file requests to clients. Both may play a role in how you gather important financial information.

As with all additional features, you will have extra priorities depending on your client niche and how your business is managed. You may want to keep tight permissions on specific documents, allowing read-only access to prevent document editing. You may want unique client portals so that each client has a secure sign-on to upload their documents.

It is also key to consider the other tools you use for your practice, such as accounting and tax software. This will depend on your unique situation and the tools you need to perform your tax and accounting services for individual or corporate clients.

If you are a Rapidly platform user, our software integrates with several cloud-based web solutions that will run in a browser for both PC and Mac users.

Security Features

The most important step of consideration for a document management system is security. As any tax and accounting professional is dealing with Personally Identifiable Information (PII), legal compliance and the security of your clients’ data is what will set apart your practice. Key features to look for include 2-Factor Authentication, encryption, remote device wipe, file recovery, and document watermarking.

Document Management Checklist

Pricing

  1. What is the base pricing of this software?

  2. How many team members need access to client documents?

  3. What are the storage space limits?

Storage Features

  1. What is the maximum file size I can upload?

  2. What key features are important to me for file management: sharing, transfers, requests, scans, locking?

  3. What other features are necessary to help me save time: search feature, client portals, mobile app?

  4. What integrations will I require for: the Rapidly platform, tax software, and accounting software?

Document Security

  1. What security features are most important to me for legal compliance and data protection: 2-Factor Authentication, encryption, remote device wipe, file recovery?

  2. Do my documents require watermarking?

With this checklist in mind, the Rapidly team hopes you will pick the best document management tool for your needs, to increase organization, reduce paper, simplify operations, and propel your productivity.