Despite living in the age of e-mail, wireless networks, smartphones, and tablets, many small businesses are still a slave to storing paper. There are a variety of reasons for this. Often, other businesses or governmental agencies demand retaining paper forms or faxes. Sometimes, it’s simply old habits die hard.
However, there are software solutions that don’t require the network infrastructure of a large corporation. Businesses can make a small technology investment now that could save your business a bundle in the long-term — not to mention reduce its wasteful reliance on paper products.
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The QuickBooks Document Management feature, allows your small business to attach a scanned file to a QuickBooks records. You can also attach electronic files to QuickBooks as well; files such as a .pdf, .jpg and Microsoft Word documents. The goal of document management software is to eliminate paper and store it electronically as well as attach a document to the appropriate transaction.
There are many options available to you on the market and it may be difficult to understand which one is right for you. To help you choose the right software for your small business, start by asking the following questions when looking at your options.
- Where are your documents stored?
You’ll want to understand how all of your scanned documents and electronic documents are stored. There are two options available:
Online Storage: Documents are stored online
Online storage allows you to access your documents from any computer with internet access. You can also rely on backups by the document management provider. With document management storage online, you can expect to pay a monthly fee for the service (refer to question #5).
Local Storage: Documents are stored on your server, your computer or your laptop
Local storage gives you the control to decide where you want to store your documents. You’ll need to ensure that you backup the data stored in your document management system.
- Does it integrate with other software besides QuickBooks?
Some document management programs integrate with other software solutions to give you more options along with attaching documents to QuickBooks’ records. For instance, you might find integration with Microsoft Office or Outlook. This feature gives you the ability to attach emails directly to QuickBooks. Attaching an email to QuickBooks is especially helpful since businesses often receive invoices via email. Now those invoices can be attached directly from Outlook instead of printing them out.
- Where can you view your saved documents?
Knowing how to view your saved documents and ease of use is also important. When you are looking at a record in QuickBooks, you want to be able to see the related saved documents. Some document management systems offer you a way to view saved documents outside of QuickBooks. This is a nice feature because you can find documents you are looking for without opening up QuickBooks.
- What types of documents can you store?
You know that you’ll be able to scan documents into QuickBooks, but find out what other types of files you can save. Files from Microsoft Excel, emails and .pdf files may be very important for you to organize in your document management system.
Check to see if you can save files not related to QuickBooks records. For example, you may want to save marketing materials or minutes from an important meeting. Those documents do not really relate to a QuickBooks record, so you wouldn’t want to attach them to one. Some QuickBooks document management systems have an area where you can store unrelated documents so that all users can find them.
- What kind of fees can you expect?
You’ll want to understand how you’ll be paying for your document management system.
Monthly Fees
As mentioned in #1, if you are storing your documents online, you’ll most likely be paying a monthly fee. The monthly fee can depend on the storage space you are using and/or the amount of users who will have access to view and add documents.
One-time Fee
Most document management systems that set up storage on your workstation or server do not have monthly fees. You pay to purchase the software and you do not pay again unless you purchase an upgrade.
Other Considerations
Other considerations to keep in mind when shopping for a document management system are if the software is compatible to all QuickBooks versions, what are the minimum hardware and system requirements (including scanners) and avenues for support.
Whichever document management software you choose, you’ll certainly enjoy the increased efficiency that paperless offices provide.
Don’t miss our next newsletter, as we will be discussing actual software.
Technology In A Box Learning Services, LLC offers basic accounting courses and QuickBooks® training throughout Michigan. Christine specializes in developing accounting systems and training materials for business owners, bookkeepers, franchises and accountants across the country.
