How TaxDome Helps with Storing and Managing Source Documents

There is a very straightforward way to digitize your business and make it easier to find all of your documents in one place at any time.

If you are in the accounting or tax industry, you probably know how important it is to keep documents and files organized for you, your team, and your clients. With the rise of digital files and a growing emphasis on technology, many tax professionals are now facing new issues: how to deal with documents provided by the client, how to manage documents the firm creates for the client, and how to manage internal source documents for the firm. Without a proper system in place, you can end up wasting a lot of your time and money.

What are Source Documents and How to Stay on Top of Them?

A source document refers to the internal documents and program files that you use to run your business. Spreadsheets and internal documents that you use to prepare returns and handle other information for your clients are the backbone of your practice. For example, you probably have tons of tax program files from Proseries or UltraTax that you use to create the end documents that your clients eventually see. Or, bookkeeping and payroll spreadsheets that you wish to remain proprietary and not visible to clients. Keeping all of these source documents organized and efficient is much easier said than done for many accounting and tax professionals.

To stay on top of all of your source documents, you need a digitized system & cloud-based process. By doing so, you can manage your business better, save time, and spend less time on non-billable work. The answer to managing your documents is easier to find than you might think.

Cloud management

TaxDome can help you manage all of your documents in one place on the Cloud. We make it easy to digitize your business and organize all of your internal documents by separating them on one system – files shared with clients, files shared by clients with you, and your internal files are not commingled but neatly organized. Taxdome’s software solution will make your life so much easier not just for managing documents, but for your tax practice as a whole. Let’s take a look below at how TaxDome makes the process of maintaining internal source documents so much easier for you.

The Importance of Source Documents for Your Tax Practice

Keeping source documents organized is absolutely crucial to your success as a tax professional. You need a straightforward way for you and your team to find specific internal documents at any time. It’s easy to let tax program files stack up on your computer and fall victim to unorganized processes. This is a big mistake because, in order to have an accurate audit trail, you need documentation for every single action that has occurred on each file. You also want to see which team members are working on certain files and exactly what they are doing to each document. Without a great way to manage this part of your business, you are setting yourself up for lots of potential problems.

Organized documents

The good news is that there is an extremely efficient and organized way to digitize and handle source documents for your entire tax practice. All you need is a cloud-based software solution like TaxDome that streamlines the process of managing all your internal and client documents in one place. That way, you are always ready for audits and can easily stay on top of managing your team.

Why TaxDome is the Best Option for Managing Source Documents

You’ve probably dealt with some of the issues associated with keeping internal documents organized before. Spreadsheets scattered on various computers, physical papers in your office, sorting them all out by client, going back and forth with teammates, and finding a secure way to store them is almost a full-time job itself. Maybe you’ve experienced issues trying to see which team members have edited the source documents or spent time finding the latest version of a file for a client. Digitizing the entire process with TaxDome is a solution to all of these problems and more.

To digitize physical documents with TaxDome, you simply transfer the physical documents like receipts into digital formats such as a PDF or digital image. After that, you can move them directly to TaxDome on the cloud and keep it all organized by client on one easy to use dashboard. Seeing which team members are working on what is also intuitive and simple with TaxDome’s layout. You can even use TaxDome to communicate directly with your clients regarding any documentation or files.

TaxDome Client Overview

TaxDome maintains an audit trail for all of your client’s documents and your internal files so that you are always ready for any audit-related questions. All actions related to the file - both from your team as well as your client, are logged in TaxDome’s audit trail automatically. That means you will always know when a file is downloaded, approved, disapproved, or has its name changed. It’s a solution for all of your source document needs and will help you stay organized for audits, handle reconciliations with ease, and free up your time so that you can focus on the activities that grow your business.

If you have any questions about how TaxDome can help you keep track of and manage your internal files and source documents, head over to our website or reach out to us today. We can provide you with a free demo of our streamlined software solution and help you better understand why it can completely revolutionize the way you do business.