Document filing as we know it will be a thing of the past.
It is going to evolve into a new technological friend that will allow you to be more efficient than ever. You will not be spending hours filling or looking for a document.
The future of document filing will look something like this:
- Scanning or receiving an accounting source document via email.
- Choosing an accounting automation package to scan your document
- Scanning the document with the accounting automation package.
- Uploading the document into the cloud or document management system.
- Backing up the documents in another virtual location for safekeeping. (Google Drive/Dropbox)
It is predicted that the above process will save you up to 50% in terms of time compared to the old traditional way of filling a document in a traditional filing cabinet in your office.
Benefits of Cloud Storage & Accounting Automation
The process has many benefits which include:
The IRS does not prescribe whether your documents should be stored digitally or in hard copy format but the research suggests that documents stored digitally are far safer than documents that are stored purely in a hard copy format.
There is an obvious question here:
Are my documents safer to be stored in a digital format vs a traditional format?
Traditional Document Storage vs Cloud Storage
Let’s see a side by side comparison and you can make the decision:
It is clear to see the advantages of digital form
at storage as opposed to traditional format storage.
The perils that do exist on the cloud storage side are nearly going to be eliminated with the advent of blockchain technology.
Blockchain & Accounting Automation
So how is blockchain technology going to influence document storage and the accounting automation world?
Definition: Blockchain technology
A: A blockchain is, an immutable time-stamped series record of data that is distributed and managed by a cluster of computers.
To break this definition to simpler terms blockchain allows for a totally decentralized way of storing your data and no one has access to it because no-one kno
ws where and what is in each block of data.
There are already blockchain storage solutions out there that are helping with document storage to make digital storage nearly impenetrable.
With these systems that allow for your files to be encrypted and split into pieces that are spread evenly across the blockchain.
DOKKA is driving the revolution of accounting automation where the system allows a user to:
- Scan Documents in seconds
- AI technology picks up data on document and creates the bookkeeping entry
- DOKKA offers a secure smart document management system which allows for collaboration on top of any document
- Easy To Use Chat facility to speak to your client about any issue of a document
- Language Agnostic-DOKKA works with any language.
- DOKKA integrates into the world’s top accounting software packages including Quickbooks Desktop, Xero and Sage.