If you had to make a list of all the things that are critical for small business compliance, the successful management of source documents would be right at the top. This is especially true for accounting firms, in particular, who are dealing with massive volumes of documents — like bills, invoices, receipts, and anything else related to countless transactions on a daily basis.

One of the most important things that business leaders need to realize is that outdated technology – especially a document management solution – isn’t just frustrating. It can literally be costing an organization money in more ways than one. In this article, we’ll discuss four benefits of a document management system.

According to Nitro, workers spend an average of 50% of their time creating and preparing documents. Yet, document issues account for more than 21% of daily productivity loss. Businesses depend on information — documents, files, data, content… everything. It is the lifeblood of just about every organization. The past few years have seen a reckoning for companies in how they capture, store, structure, and disseminate information within the organization.

Thanks to the onset of the global COVID-19 pandemic, more and more businesses find themselves in urgent need of a digital transformation to stay afloat. This includes both organizations who were previously interested in the idea but who didn’t think it would happen quite so quickly, along with those who never really gave it much thought at all.

2020 was a year of unprecedented challenge for the whole world — when what we thought of as normal did not exist anymore. Everyone had to adjust to new ways of working and a business community that was suddenly closing its doors after a long period of increasing global movement. In M-Files, we face the same challenge of suddenly moving to home offices across the globe. For us, it was quite straightforward though, as M-Files is designed to enable remote work from anywhere.