Tech Resources: Part 1: Document Management

Tech Resources:

A First Look: Document Management

So you’re ready to start bookkeeping, that’s great! There are a handful of things you’ll absolutely need to start:

1. A way for your clients to get their documents organized and available to you.
2. A place to store and access documents.
3. A way to track your work.
4. A reliable way to communicate.

There are enough programs and gadgets available to the up and coming bookkeeper that it’s reasonable to find your head spinning after your initial jump, but don’t worry, we have some recommendations to get you started!

A Home for Documents

There are hundreds of programs that boast quick and easy document organization, but not all of them are suited for you or your clients; below we have curated a list of some of the best and most widely used applications out there:

Wave

Made by Waveapp.com - this offers free basic accounting services and payroll and payments for a monthly fee. It’s billed as an all-in-one, no jargon, basic accounting software that is good for both individuals and very small businesses. On the downside, it’s reconciliation page might be a little slow, and it has no ability to track time.

HubDoc

A serious online repository for financial documents, Hubdoc allows you to link your bank and other financial institutions to their software, for a monthly subscription of $20.

Like other software, they offer the ability to take a picture with your smartphone and upload that as a document. Hubdoc will also import your clients statement history for the last 180 days, making it easier to onboard or help your client with historical data.

Receipt Bank

For a monthly fee, Receipt Bank offers automated data entry and document collection from scans or mobile photos. Their software processes your receipts, invoices, and other financial documents and gives you various accounting reports and ways to track your transactions and payment methods.

Sharefile

A secure cloud-based service that allows you to upload and share files from anywhere, provided you have internet. When they say secure, they aren’t kidding- their security practice meet federal bank and credit card standards.

Your clients can directly upload files to your account, saving you time and postage. Sharefile also allows for real-time editing and workflow management.

 Disclaimer This article presents general information and is not intended to be tax or legal advice.  Refer to IRS publications and discuss possible tax deductions with your tax preparer.