09 23 2021 / Client Management

Do You Really Need a Document Management System Apart from Your Tax Software?

Do You Really Need a Document Management System Apart from Your Tax Software?

Most tax software platforms have their own document sharing system. Unfortunately, their document sharing features are usually more of an afterthought than a secure, robust system. Therefore, it is worth considering whether or not you should invest in a separate document management system apart from your tax software? If you have a complete accounting software platform such as TaxDome, you are able to provide secure document sharing without the burden of using a separate document management system. Here’s a further look at the pros and the cons of internal document software. 

Pros and cons of internal document software 

When it comes to considering an internal document software solution for your accounting firm, you should consider both the pros and the cons of adding this system. Here’s a look at what you’ll like about an internal document software system and what you may find lacking: 

Pros Cons 

It’s a good way to share documents with clients

With document sharing software, you can easily share documents, including financial statements, tax documents, and invoices, with clients. This is valuable if you are seeking to add more virtual clients to your accounting firm. Paperwork can be sent almost instantaneously, which can decrease turnaround time. 

Tax software document management systems are rarely updated

Just like any other software system, you will encounter bugs and issues with a document management system. Unfortunately, many tax software companies only update their document management systems about once per year. This could lead to lots of frustrations if you are dealing with a major bug in the software. 

It’s cost-effective in the long run

While document sharing software will have higher upfront costs, it will be more cost-effective in the long run. That is because your firm will be able to share documents and secure e-signatures more quicky than delivering paperwork via email or fax. 

It is harder to get approvals 

With most tax software systems, you have to prepare the document, copy the link, share access, and send the email to the client to get their approval. This is extremely time-consuming and pulls you and your staff away from more high-value tasks.

It prevents lost documents 

Because all of the paperwork is digitized, it is much harder to lose documents. If you need to find a document, you can simply search for it in the software’s system, and you should be able to locate it in seconds. 

What is the alternative? 

If you don’t want to deal with the potential frustration of dealing with a document management system, there is a simple alternative: TaxDome.

TaxDome simplifies the document signature process with a one-click solution. You simply upload any document to the TaxDome platform, and the client can approve it from there. There is no need to play email tag. From there, your documents exist on a secure document sharing app that is consistently updated and gives you more flexibility.

Also, the TaxDome platform is designed to be extremely user-friendly for both the accounting firm and the client. 

Here are some other top features that you can find on TaxDome’s document sharing app:

1) The ability to share documents with third parties

If you need to share a document with a third party, such as a mortgage banker or a lawyer, TaxDome allows you to easily add an additional address with an expiration date.

2)  Request electronic feedback

TaxDome’s document sharing system also makes it easy for clients to provide feedback on specific documents. For example, a client can confirm whether certain information is correct on a document, and, if they reject the document, they must provide specific reasons. 

3) Easily collect e-signatures, including pay-as-you-go KBA

With one click from a drop-down menu, you can request an e-signature from a client. The system allows for a number of signature fields, including initials, date, SSN, mother’s maiden name, and other data. Additionally, you can request KBA with one click. At TaxDome, there is no monthly fee for KBA authorization. The fee is just $1 per signer. 

The ultimate document sharing solution for accounting firms

TaxDome provides a simple, secure solution for those seeking an alternative to conventional document sharing systems.

For a demonstration of TaxDome’s platform

register here

Lisa Chaud

Lisa Chaud

Lisa is a Marketer at TaxDome. With her experience in B2B and E-commerce, Lisa is passionate about doing marketing research and delivering insights to the community. In her free time, she prefers doing different kinds of sports.

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