As the accounting industry becomes increasingly (some would say predominately) digital, it’s more important now than ever for accountants to streamline and utilize the right software tools to optimize their processes and manage their business.
Customer relationship management (CRM) software tools, such as Salesforce, have made it easier for accountants to maintain and grow their client bases. Digital meeting software options, such as Zoom, provide useful ways for accountants to communicate with their clients from practically anywhere. Digital document storage systems, like Dropbox, have established useful ways for accountants to store, share, and distribute important electronic files. All of these software tools and more have transformed the accounting industry.
So, where does electronic signature software fit in? eSigning allows for new client record automation into accounting CRMs like Salesforce. eSigning provides a method for important forms to be completed in minutes before, during, or after a client Zoom meeting. eSigning establishes the manner in which documents can be easily approved and signed digitally and then uploaded to Dropbox or Google Drive for secure storage and managed access. In many ways, electronic signatures play an important supporting role that drives the processes listed above. But, as we’ll demonstrate below, electronic signatures also star independently by providing a game changing technique for getting more done faster, more securely, and in a more streamlined fashion than ever before.
We’ve identified 7 reasons accountants, their firms, and their clients should be using electronic signatures below. Take a look.
1. Improve and Simplify Compliance
Electronic signatures make industry compliance a snap. For accountants who need to ensure regulatory compliance with institutions like FINRA and the IRS, using electronic signatures provides the opportunity to use helpful features such as knowledge-based authentication (KBA) and multi-factor authentication (MFA). These tools add an integral step to further prove and establish the identity of signers on important accounting and tax forms.
2. Complete Forms Faster
By using electronic signatures and digitizing documents, accountants and their firms can complete important forms faster than ever. Digital documents can be emailed to clients wherever they are, signatures collected in a matter of minutes, and completed documents sent back to accountants who need them – often to meet important tax filing or financial deadlines.
3. Onboard Clients Faster
When electronic signatures are implemented, accountants find that client onboarding can be conducted faster and more efficiently than ever before. Gather new patient intake forms, collect vital information, and receive completed important documents in minutes.
4. Added Convenience for Clients
With electronic signatures, documents can be signed in just a few clicks from wherever the signer is, thus allowing an added important element of convenience to be added to everyone’s day. Gone are the days when clients needed to come into the office or go to the post office just to complete paperwork. Simply email the document, sign, and send back – easy as 1, 2, 3.
5. More Document Security and Privacy
Accounting documents often feature personal identifying information (PII) such as social security numbers, bank account numbers, and more. When traditional paper documents are used, there’s always an increased possibility it getting lost, stolen, or viewed by outside parties unintentionally. With digital documents, accountants can provide their clients with added security by ensuring limited and controlled visibility, secure password-controlled access, digital signatures, and more – allowing everyone to rest a little easier.
6. Easy Digital File Storage
Not only will electronic signatures simplify the signing process, but you can automate document saving and storage while you’re at it. Send your documents straight to your favorite cloud storage platform, like Google Docs, or save locally on your own SFTP servers. This allows accountants to more easily and accurately file documents for audits and other needs at a later time.
7. Better Collaboration and Workflow
Often, multiple departments or persons collaborate on an account or document. Electronically signed accounting documents simplify and enhance the process by allowing emails to be sent and easily edited between team members, thus strengthening and maximizing accounting workflows.
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