Businesses and individuals use accounting and bookkeeping software like QuickBooks for a wide range of reasons: They want to ensure maximum profitability, save time, grow their business, minimize their tax burden, avoid tax fines, and keep all their financial documents in a safe, secure place. But one obstacle has historically stood in the way: a lack of file-sharing abilities. A solution was needed, and along came SmartVault and eFileCabinet to change the industry for good.
In its most basic form, SmartVault is an inbox that allows you to scan, drag, and drop, and upload documents into an electric holding bin of sorts. You can retrieve them later or give access to collaborators to retrieve them. The program goes well beyond this simple definition though: It also helps users to go completely paperless by allowing office staff, administrators, and others to access a digital format, and it increases productivity by allowing high-volume scanning straight to the inbox.
SmartVault was built specifically for accountants, so it has added features like built-in client and DMS portals for tax preparation programs such as Intuit Lacerte and bookkeeping programs like QuickBooks and FreshBooks. The software also provides secure file storage and sharing, and there are SmartVault mobile apps that allow you to access files from a mobile device. Plans range from $29 per month for Basic to $99 a month for Pro, and Tax Preparation and Client Bookkeeping integration starts at $360 a year and $35 per employee per month, respectively.
While SmartVault works well in many applications, there are limitations. First, while it does continuously backup data to its own redundant servers, the data is only backed up offsite once a week. If a catastrophic failure were to occur at their primary data center, users may lose several days’ worth of work. Second, while the top-tier plan does allow users to search the text of documents, they must use an OCR scanner or run an OCR text-recognition program before uploading to SmartVault.
QuickBooks is such a trusted program in the accounting and bookkeeping world that it would be difficult to come up with an industry that doesn’t utilize it. From independent contractors to retail storefronts to non-profit businesses and even individuals, it has a use for almost everyone.
Some of the key features include the following:
- Having the ability to email invoices, accept online pay, and accept mobile pay
- Preparing more than 65 types of reports including profit-and-loss statements and balance sheets
- Managing and paying bills
- Tracking income and expenses
- Sending invoices and estimates
- Syncing transactions from credit cards and bank accounts
- Printing checks
- Comparing sales and profitability with other companies in a specified industry
- Preparing 1099s and other tax documents
There are 3 tiers of QuickBooks available, starting at $12.95 per month and ranging up to $39.95 per month. Individuals can easily get by on the most affordable option, Simple Start, as it has all the services they’re likely to use. Small to mid-sized businesses and contractors typically choose Essentials, the mid-range option, while larger companies are more likely to need the enhanced services available with the top-tier Plus option.
Like any program, there are limitations to QuickBooks. The most commonly cited issue for users is the cost. One of the things that changes as the pricing structure goes up is the number of users who can access the program. Companies that need access for numerous employees don’t always want to have to choose the most expensive option just to get this access.
Another issue users have had in the past is that QuickBooks was designed before the Cloud was widely used, and though they’ve updated their program in some regards, it doesn’t always cut it when it comes to Cloud integration—which is exactly the reason people turn to eFileCabinet to bridge this gap.
The Cloud Solution: eFileCabinet with QuickBooks Integration
The best solution to the limitations of QuickBooks is integrating it with eFileCabinet.
There are many reasons why this is a match made in heaven, including the following:
- Enhanced industry compliance
- Additional security features that keep financial information locked up tight
- Better organization
- Easier and more adaptable workflow
- Ability to utilize both online and desktop versions of both programs
Companies with Industry Compliance Issues Increasingly Turn to eFileCabinet
As you can see, there are many selling points to using eFileCabinet, but companies with compliance concerns have an even bigger reason to choose this approach: document management systems that are 100% compliant with all HIPAA, SEC, FINRA, and NASD regulations. This program takes the guesswork out of compliance in accounting and bookkeeping software, and allows companies to focus on what’s most important: growing their business.
Save Time, Space, Money, and Labor
There are several reasons to choose eFileCabinet, from saving money compared to other document management systems that provide fewer services at a higher cost, to reducing the time it takes to complete critical accounting and bookkeeping tasks. Fill out this form to find out how eFileCabinet can help your company achieve these goals and many more!