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One of the most important things that business leaders need to realize is that outdated technology – especially a document management solution – isn’t just frustrating.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.

In March of 2020, during the onset of the global COVID-19 pandemic, employees in just about every industry suddenly found themselves working remotely indefinitely. Telecommuting had long been seen as the future of work, but few could have predicted that this “brave new world” would have come along quite as soon as it did.

One of the most important things to understand about a digital transformation is that ultimately, you’re talking about exactly that: a transformation from where you are today to where you hope to be tomorrow. In order to get to that point, companies have to be willing to change. Not just for the sake of it, but because it makes the most sense at this particular moment given everything that you’ve set yourself up to accomplish.

This year has become the year of virtual meetings — where we all convene together to discuss business. An hour here, half an hour there. Sounds familiar, right? These meetings are a source of the occasional funny moment… “Oh wait, my microphone was still muted.” “I’m having connection problems.” (Sounding like a garbled, drive-through speaker.) “Please excuse my 5-year-old’s temper tantrum.”

With regards to technology, one of the major mistakes that far too many business leaders make involves clinging to legacy applications purely out of a sense of familiarity. They think to themselves, “Why do I need to invest in something new?

In early March of 2020 during the onset of the global COVID-19 pandemic, countless workers suddenly found themselves working remotely — some for the very first time. Businesses needed to quickly adapt to this uncertain “new normal” we were all a part of and for many, telework became an ideal “stop-gap” to continue operations in a way that bought time until everyone could return to the office again.