The very nature of law firms means that attorneys have to deal with many paper files, numerous documents, and many other forms compared to other types of businesses. A legal practice’s revenue is directly dependent on continually creating new documents. That’s because they’re paid hourly to revise, create, review, or summarize documents. Due to the sheer volume of documents being handled, all legal practices require a law practice management software to offer them document security, organization, and structure.
Let’s discover four benefits you can expect when using Document Management Software (DMS).
This is probably the best reason why a small practice needs document management software for reduced risks and liability. Today, whenever you are handling private information then you risk getting penalties should the data find its way in the wrong hands. Luckily, DMS offers small law firms better control of sensitive documents. Also with controlled access to the documents, it means only authorized individuals or groups can access them. Besides, a DMS generates an audit trail whenever you view a document, showing when you accessed it, and how you might have modified it. Thus, Managed documents are traceable and allow for tagging for automated alerts.
Issues and Concerns
Many practices don’t have an organized and formatted process for coding, saving, and filing documents. But, with a Document Management Software, your practice will get excellent benefits and the impact on your bottom line will be significant. Also, a quality Document Management solution must offer you excellent document security. It should have easy integration with Microsoft Office and QuickBooks as well.
Easier Retrieval and Integration
The search for and retrieval process of documents can be time-consuming and that’s time you may not necessarily have. But using document management software can prove to be a powerful and time-saving tool. Also, based on the solution your firm implements, a DMS will help you retrieve files by use of a phrase or word in documents – full-text search, or it can use index categories to folders or documents. A DMS that integrates easily with business applications helps facilitate access to important information. Also, DMS gives you the opportunity to remotely access documents. And provided you have an internet connection, you can access documents from anywhere.
Better Backup and Disaster Recovery
The best document management solution must have an information backup and a disaster recovery plan. Using digital archiving to backup your documents, means that they are protected from floods, fire, and other disasters. Again, DMS ensures documents are easily traceable and you can track them within a variety of criteria. Besides, since imaged documents get stored centrally they won’t be misplaced or lost after viewing. Plus, the software ensures your documents are not misfiled, and when that happens, you can easily locate them with cross-indexing. The documents are digitized then archived at the point of entry in the system.
Ultimately, a good document management solution will bring your firm many benefits. Not to mention that a tailored DMS can help improve your firm’s business processes while increasing its efficiency.