pssst … here’s a way to get owners comfortable with portals.
by roman h. kepczyk
quantum of paperless
improving firm efficiency means that the owners have to get on board. one of the more obvious opportunities is the delivery of the firm’s own financial reports.
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many firms still print a hard copy of the monthly financials and distribute them to each owner, many of whom physically store these documents in a binder or drawer in their office.
most firms consider these documents confidential and yet copies are distributed throughout the office, many of them not secured. a better solution is to set up an “owner’s drawer” on the firm’s portal or document management system and post one copy of the monthly financial statements when they are ready. owners will be able to log in or click on a link in an email to get to the directory.
with this method, all previous financial statements can be stored in one place for easy as-needed access. this directory also would be securely backed up according to standard firm procedures.
a distinct advantage of digital files over paper files is that they can be accessed by all the firm owners at the same time via online means instead of having to come into the office to get the paper version. another advantage of using the firm’s own portal is that it will train owners to use the portal at least monthly, which will then make it easier to recommend for clients. best practices in firms also target delivery of firm financial reports by the 10th of the month.
recommended action: standardize all firm financial reporting to digital format and electronic delivery/notification to all recipients.