As daunting as income tax season is for individuals every year, an equally pressing and year round concern for businesses is compliance with the Sarbanes-Oxley (SOX) Act. SOX legislation was enacted in 2002 in order to mandate accountancy regulations for publicly traded companies. The Bill was passed in response to several high profile corporate accounting scandals which cost investors billions of dollars and weakened public confidence in American securities markets.
Your Document Management Knowledge Center
The financial services industry has traditionally been a paper-heavy business. As it becomes more highly regulated however, businesses large and small are starting to implement document management software solutions to increase efficiency and security…without sacrificing profitability.
Financial institutions such as investment services firms, wealth management, insurance and credit institutions, CPAs and accounting firms, as well as mortgage and brokerage companies can leverage document management solutions in two major ways:
- To streamline workflow for increased efficiency
- To comply with regulatory requirements
Maintaining client privacy using paper files can be an administrative hassle and logistical nightmare. A secure, cost-effective, and practical alternative is capturing, processing, storing, and sharing client information electronically.
A comprehensive document management software package can easily and affordably accomplish all of these objectives. Document management software can help financial services professionals manage all of their confidential client paperwork, such as: