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Accountants Document Management Unders Scrutiny
Accountants Document Management Unders Scrutiny
Searching for documents is costing UK Chartered Accountants a staggering £2 million per day in lost fees, according to independent research released today.
The survey, which was commissioned by Invu and conducted by YouGov, revealed that chartered accountants are wasting valuable time trying to locate documents that have been mis-filed, moved to another location or simply lost, costing businesses dearly.
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Yet despite this, just one in four accountancy practices have replaced their paper filing with digital document management, making it no surprise that only 3% of operate a paperless office.
With more than 270,000 chartered accountants in the UK, and the survey finding that 83% of them waste up to one hour (worth £88 on average*) of their time per day looking for documents, it is little wonder that this wasted time is costing them £2 million per day.
The survey also revealed that accountants waste more time than looking for documents than other vertical markets, with nearly 26% of their time being wasted, compared to 21% in industries such as construction, legal and insurance.
The root cause of this inefficiency is paper; just 3% of accountancies have 91% or more of their documents saved electronically, even though paper documents can easily be lost or mis-filed due to human error.
With only 3% of survey respondents stating that they don’t believe digital document management would benefit them, the question of why more companies have not yet taken the plunge and become paperless leaps to the fore, particularly considering the growing need to efficiently store and retrieve documents for compliance and audit purposes.
When asked what they would do if they were not wasting time looking for documents, 32% of accountants stated that they would concentrate on administration, compared to other industries, which stated 26%, highlighting the sheer volume of paperwork in the accountancy sector and the need for efficient filing.
Only 26% of accountants stated that they would spend time on business development compared with 31% across all other industries. In addition to this, 20% of accountants said that they would go home on time and 12% said they would spend more time with their team.
“Accountancy practices have to deal with and store huge volumes of documents for both compliance and audit purposes, so it’s not surprising that they are struggling to keep on top of each and every file. But it is shocking to think that chartered accountants are wasting over £2 million just looking for documents,” commented David Morgan, CEO, Invu.
“By simply deploying a document management system, accountants can streamline the management of all documents and records by ensuring that everything is filed electronically and is searchable at the touch of button, saving time as well as improving efficiency and productivity,” says Morgan.
The IFA comments“I am not surprised with the results of this research”, said David Woodgate, Chief Executive, Institute of Financial Accountants. He added, “As an Institute we are working very closely with our members to use technology and more efficient ways of working, so they can concentrate on more important things such as improving services to clients”
On the plus side, 25% of accountants have already implemented a digital document management system. 20% cited the savings they had made as a result of not needing storage space for filing cabinets as a major benefit and 4% of respondents said that they implemented a solution in order to meet regulations, such as the Data Protection Act.
For those accountants that don’t yet have a document management system, just over a quarter (27%) were apprehensive about high upfront expenditure; a worry that may be unfounded as it has been shown that ROI can be achieved within six months with this kind of system.
Gary Howes is Online Editor of Director of Finance Online.
Director of Finance Online>
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Why Consider a Business T1 Line?
Why Consider a Business T1 Line?
You ought to consider a business T1 line if your business could benefit from a highly reliable phone and Internet service that may decrease your total telecom expenses. If your business has at least seven individual phone lines and your employees use the Internet, your business is a good candidate to save money with a business T1 line.
What Exactly is a T1 Line?
A T1 line is a dedicated line carrying digital data between your business and your phone company’s customer office. It has a throughput of 1.544 Mbps that you can think of as being divided into 24 channels.
When a business T1 line is devoted to phone service, it can process 24 concurrent external phone calls. Each call is carried on a separate “channel” or portion of the data stream. Your T1 line and your internal phone lines plug into a PBX device that is your private branch exchange–like your own phone company. The PBX can allow internal calling with a 3 or 4 digit extension, provides services like voice mail, call waiting, hunt groups, music on hold, and other features. Your PBX also allows 24 external calls simultaneously. For numerous businesses this handles the external calling requirements of a hundred or more employees.
Another adaptation of T1 is T1 PRI which is often found in customer service centers where customer reps review customer records with your customers. With T1 PRI, there are 23 voice channels and a data channel that can be hooked up to a server. When a customer calls, the caller ID information is passed to the server and the server can pull up and display the customer record on the computer screen of the customer representative as they receive the incoming call.
Your business T1 line may be devoted to Internet access. You would plug the T1 line into a card in your LAN server to provide a bandwidth of 1.544 Mbps to the Internet. This speed is equivalent to 30 to 60 dialup connections (depending on the dialup line quality). Since the T1 line is digital, there is no degradation caused by crosstalk or line noise.
Alternately, your T1 line can integrate both phone and Internet services. You will dedicate a certain number of “channels” to phone service and the rest to the Internet. An additional card in the PBX streams the Internet data to an interface card in your LAN server. This is a widely used option for numerous small and medium sized businesses.
How Can You Reduce Expenses By Using a Business T1 Line?
Consider a business that wants to swap out their present individual phone lines and their Internet service provider with a T1 line. The chief reduction in costs is due to the elimination of the monthly expenses for the individual phone lines as well as your Internet access expenses.
Your continuing expenses will include a monthly lease charge for the T1 line and phone charges which come packaged with the T1 line. The cost to you for a T1 line chiefly depends on the distance between your business and the phone company’s customer office. Additionally, there will be one time expenses for the PBX device and other interface devices and cabling that your particular physical layout requires. There will also be continuing maintenance fees related to the PBX and other devices.
Lots of small and medium businesses have found a T1 line to be an effective means to reduce expenses as well as provide higher quality and dependability to their customers and employees. You should get a business T1 line quote to determine if this is the right choice for your business.
You can receive an online T1 quote at Business T1 Line Quotes. There you will also get all the help you need about the cost of a t1 line and other topics.
www.rosenandcompany.com Condes Mdl. CK30 web fed press/die cutter, 400000 lb. capy, 14000 per hr, stroke 812, open height 3″, closed height 2″, 188″ w/3-drum uncoiler, stripper, Spx Power Team air supply, take off conveyor table, digital counter, elec. hoist, pressure controls and all related accessoriesAUCTION DATE: TUESDAY, OCT. 14, 2008 10:00 AM Plant closed – LIVE WEBCAST & ON-SITE AUCTION All to be sold by order of the Corporation, with agreement of the Secured Party, the assets on the premises at: MODEL BOX COMPANY 2545 E. 79th Street (Enter at E. 80th St & Woodland Ave) Cleveland, Ohio 44104 Terms: CASH, certified checks, company checks accepted ONLY if accompanied by bank letter of guaranty. Make check payable to Rosen & Company, Inc. Trust Account. ALL bidders must register immediately upon entering the Bidspotter site. All announcements made on the auction day shall take precedence over previously distributed information. ANYONE outside of the Continental United States will be required to wire transfer a 25% deposit 72 hours prior to the sale. All bidding and invoicing will be in US Dollars ($). Buyers Premium will be 10% for on-site bidders, 13% on-line (webcast) bids. AUCTIONEERS: Rosen & Company, Inc. OH 63198209119; Kenneth B. Miller OH 62197926009; Clifford P. Henshaw OH 62197925999. ROSEN & COMPANY, INC. APPRAISAL DIVISION, Certified Industrial Machinery & Equipment Appraisals Call 440-519-1860 for details IMPORTANT NOTICE:Although information has been …
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