What is a document management system?
A document management system helps small business convert written documents into digital documents, and lets you organize, store, search & track all your documents under the same platform.
Benefits of a document management system for a small business
Paper documents need physical storage space, filing cabinets, stationery and binders & folders. All these factors add to the total document handling costs of paper documents. Also, paper documents are more prone to misplacements & damage, which can result in thousands of dollars of lost revenue.
Comparatively, digital documents are much easier to organize & require no additional storage space or stationery, making them the more economical option for small businesses.
We all know the struggles of managing paper documents. It is time-consuming & boring. Document management system automates most of the repetitive documentation processes, like document organization, document indexing, document search etc, which reduce the overall hours it takes to manage & process documents.
One of the major drawbacks of using paper is the need for physical access. That means if you need a document in the middle of the night, you will either have to wait till the next morning or slog your way to the office halfway through your sleep.
Document management system makes your documents accessible from anywhere, at any time. Plus, document management system also provides plenty of other features which make it easier to share documents with other users.
Document management system provides additional security features that most other document storage or editing apps do not. From user logins to secured folders, document management system let you control & restrict access to information at every stage.
How long does it take to organize your monthly invoices into their respective folders? 2 hours? or 5 hours? or 10 hours? A document management system does the same thing within minutes.
Document management system, even the ones specially designed for small businesses, have advanced organizational features that automatically transfer documents into their folders or groups by extracting document metadata, like client name, amount, date, payment status, serial number, etc. The reduced document handling work grows the organization’s productivity & efficiency.
How to pick the right document management system for a small business?
It is important to choose the right document management system for your small business. Some document management system are low cost but don’t provide certain features that you might need, whereas other document management system might provide all the features you need but be priced more than you can spend. That’s why you need to do a little research & find the perfect fit for your business. Here is a step-by-step guide on choosing document management systems.
Step 1: Understand your needs
Ask the questions ‘What am I going to be using the DMS for?’ & ‘Which document processes can benefit?’
Step 2: List your requirements
Consult your teammates & create a list of document management features you need.
Step 3: Fix a budget
Depending on the kind of features you need, identify how much you can afford to spend on the system.
Step 4: Find options
Research & find a few DMS that satisfy your needs & fit your budget.
Note: While researching system options also include other parameters like user reviews, customer service, mobile connectivity, etc.
Step 5: Take trials
Most document management systems allow you to try the software for a free trial period. Use this opportunity to test the product’s interface & features. Once you have tried all the options, select the one you liked best & make the purchase.
SOHODOX is one of the top-rated document management system for small business & homes. Starting at just $9/month, SOHODOX provides all essential document management solutions, including a multi-format document viewer & editor, automated metadata extraction, customizable security labels, workflow automation & more.
Experience SOHODOX with our 14-day free trial.