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Top tech trends to consider when investing in document management software for accounting firms

Your firm’s IT team must ensure it has the proper technology in place to successfully meet the firm’s goals as well as growing client expectations. To find the best document management software for accounting firms, you must first examine current industry trends, then determine whether your potential new system meets the criteria.

Check out these three technology trends, and learn how your accounting firm can create a successful technology strategy.

1. Take advantage of your existing Microsoft 365 investment

Finding the best document management software for accounting firms may seem like a daunting task, but you may already have the platform you’re looking for.

During the COVID-19 pandemic, many accounting firms adopted Microsoft Teams — part of the Microsoft 365 platform — so that their remote and disperse teams could easily communicate with one another via chat and video conferencing. However, more and more firms are now leveraging Microsoft 365 for much more than communication.

Microsoft 365 offers top-grade security and multilayered, built-in controls to help you better manage your data. It also offers real-time coauthoring and version-control features, allowing your teams and clients to easily share and collaborate on documents within the cloud.

Although Microsoft 365 doesn’t offer industry-specific capabilities like full engagement lifecycle visibility, Intapp Collaboration & Content can bridge the gap and turn it the platform into a top-tier document management system (DMS). Intapp Collaboration & Content seamlessly integrates with Microsoft 365 to provide accounting firms with an engagement-centric experience, while letting firms securely store all engagement-related content within their own Microsoft 365 tenant.

Relying on your current Microsoft 365 investment for your DMS saves your IT team members a great deal of time: Not only do they not have to find and research other potential management systems, but they also don’t have to worry about the potentially complicated implementation process of the new system. They also don’t have to worry about training other firm members how to properly use a completely new DMS; instead, your professionals can continue using the Microsoft software they’re comfortable with.

Additionally, since Microsoft 365 is built in the cloud, firms no longer need to rely on their own busy staff for server maintenance — a major benefit for accounting firms with limited IT resources. When IT teams are overwhelmed with maintenance tasks, they can’t focus on strategic, value-driven work or other pressing IT issues. Firms may then require other professionals to help with the workload, which can negatively impact a firm’s profitability. For example, an accountant at one firm was spending 40% of their time on non-billable IT work, equating to tens of thousands of dollars per month in lost revenue.

2. Leverage the power of automation and AI

As cliché as it may sound, automated and AI-powered technology is the way of the future. More and more firms are relying on advanced tools like Intapp Applied AI — which is embedded in all Intapp products — to automate tedious, time-consuming tasks and allow their professionals to focus on more important, value-driven work.

For example, a firm may implement automated rules-based lifecycle management to automatically delete or archive document repositories at the appropriate time. Or a firm can set up automated reminders for when repositories become inactive so that leaders can investigate whether those repositories should be archived, thereby preventing sprawl.

AI-powered search functions help accountants further improve efficiency by helping them find the specific information they need quicker. AI platforms can even help professionals better understand their engagements better by summarizing or translating content, and by providing data-driven insights into the firm’s shared knowledge. With these insights, firm leaders can make better informed decisions around IT strategy and resource allocation, thereby improving firmwide performance and, ultimately, client satisfaction and profitability.

3. Meet the top tech trends with Intapp and Microsoft

By combining the power of Intapp and Microsoft 365, you can create the best document management software for accounting firms and stay ahead of the competition. Users can create tailored external client portals, orchestrate content, increase security, and leverage AI-driven insights on engagements — all while leveraging Microsoft 365 products like Microsoft SharePoint, Teams, and Outlook.

Learn more about Intapp Collaboration & Content by scheduling a demo.