Accountancy firms generate and handle vast amounts of financial records and documents. Efficiently archiving and managing these records is crucial for compliance, client service, and operational effectiveness.
BGM is a reputable accounting firm that serves a wide range of clients, including businesses of various sizes and individuals. The firm’s operations involved maintaining and organising extensive records, including audit files , corporate tax files, personal tax files, special investigation files, permanent files, correspondence files, invoices, receipts, financial statements, tax documents, and more. However, the existing record-keeping system faced challenges such as space limitations, difficulty in retrieval, compliance risks, and inefficient processes.
Prior to moving their archiving to Docusave, BGM faced several challenges in managing their accountancy records, including:
- Space constraints: The physical storage of paper-based records was becoming increasingly challenging, requiring additional office space and increased storage costs.
- Retrieval difficulties: Locating specific documents within the vast paper-based archive was time-consuming and prone to errors, impacting client service and response times. Access to files when working from home was problematic.
- Compliance risks: Ensuring compliance with legal and regulatory requirements for record retention and retrieval was becoming more complex, posing potential risks to the firm.
- Inefficient processes: The manual nature of record-keeping and archiving processes led to inefficiencies, including duplication of efforts, errors in documentation, and increased administrative burden.
BGM recognised the need for an efficient archiving system. They approached Docusave who implemented the following steps to address the challenges:
- Categorisation and indexing: Docusave’s tried and tested storage system was implemented to ensure accurate and efficient retrieval of documents.
- Security and compliance measures: Our robust security protocols were applied to protect sensitive client information, ensuring compliance with data privacy regulations and GDPR.
- Access controls: Authorised personnel were implemented to safeguard the archived records.
- BGM staff members received comprehensive training on the new online portal and retrieval processes.
The original collection of Documents and the transition from the old system to the new offsite archiving system was seamlessly managed by the Docusave team with no effect on service.
The use of a dedicated Document storage company resulted in significant improvements for BGM:
- Space optimisation: Offsite storage massively reduced physical storage requirements by eliminating the need for extensive filing cabinets and dedicated storage rooms.
- Enhanced retrieval speed: Docusave’s document retrieval system enabled quick and accurate document retrieval to either office or home environment, leading to improved client service and response times.
- Regulatory compliance: The firm achieved better compliance with record retention and retrieval regulations, minimising legal and regulatory risks.
- Operational efficiency: The streamlined archiving process reduced administrative burden, enabling staff members to focus on higher-value tasks and client service.
- Cost savings: By moving to offsite storage and reducing administrative overheads, the firm experienced cost savings in storage space, supplies, and document management.