In just a few short months, tax season will be upon us. For many accountants and financial advisors, this year’s rush may pose a few challenges beyond the typical long hours and last-minute time crunches. Since the coronavirus pandemic began, many financial firms had to shift to a virtual work environment practically overnight. While some already had secure infrastructure in place to handle this change, many smaller firms were not as prepared. This rush to remote work without the proper security protocols can leave client fiduciary and other personal information exposed to security threats. An oversight like this can be corrected by installing the proper protections as soon as possible. Fortunately, document management software makes handling sensitive data securely easier than ever while improving the client experience — a win-win for both customers and employees.

Choosing a Document Security Solution for Your Firm

Whether your staff is working in-house, remotely, or a mix, you want a strong document management system (DMS) in place. The right DMS provides document security for your data, and ease of access to important information for your employees. As tax time nears, workloads get heavier, so deploying a DMS in advance is a smart way to keep your staff ahead of the curve. DMS’ allow you to securely collect, edit, and share documents with clients and colleagues, regardless of where you are located. Additionally, they can help automate workflows that consume your employees’ valuable time so they can focus on more critical tasks.

Here are some things to consider when choosing a DMS for your financial services firm:

Make Sure Security is Integral

A DMS should come with robust security protocols inherent in the software. Encryption of emails, file requests, notifications, and reminders as well as the documents themselves is important to keeping data protected. Access controls are another important feature ensuring that only authorized personnel access sensitive data.

Create an Audit Trail

If your DMS has audit trail capabilities, you will more easily be able to follow a document through its lifecycle. Gain transparency as to who created, edited, shared, and accessed each document. This can be an important feature if a breach occurs, or if data is stolen by someone inside your firm. In addition, an audit trail helps keep track of document modification and allows document “owners” to revert to previous drafts when necessary.

Focus on a Disaster Recovery Plan

Even with the best of security, things can go wrong. Hackers are always evolving their tactics, and technology struggles to keep up with emerging threats. Your company could be hit by a disaster such as fire or flood, or data could be lost to a technical issue or other glitch. Most DMS providers help firms develop disaster recovery plans that help preserve electronic data in case of any of the above for improved business continuity. In general, you should ensure that automated backups are run on a periodic basis. It is also important that backups are redundant — that is, saved in more than one place. Finally, protocols should be in place in the event of data loss or breach.

Trust Mac Copy for Leading Edge Document Security

At Mac Copy, we provide full-service document management to help accountants and other financial advisors keep track of and secure the large amount of sensitive data they handle on a daily basis. With more firms than ever working in a virtual environment, document security is more critical than ever before. A document management system will both secure your sensitive data, and provide protected storage allowing access to critical information from any location. Our solutions are remote work-friendly, and can offer security from an employee’s home or your brick-and-mortar site alike. We work with leaders in the document management industry such as FileAssist, Dispatcher Phoenix, ScanPath, PaperCut, and others to provide our clients with the widest variety of choices when it comes to systems. That way, we can help you choose the right DMS for your firm’s particular needs and challenges.

Give your financial firm — and your clients — the benefits of document security and increased efficiency.  Contact a Mac Copy representative now and discover which of our many DMS partners will best serve your needs.

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