Record-Keeping Standards That Must Be Upheld

record-keeping standards

 

Paperwork is the key to compliance. If it's not filed correctly, your compliance could be at risk. dms for accounting firm like Docupile can help by automating much of that work for you. Find out how cloud document management for accountants can simplify record-keeping standards so that you stay compliant with government and industry oversight.

Keeping compliant requires careful file categorization and letting the paperwork know where to be stored in order to stay compliant. In order to stay compliant, there are also security precautions that need to be taken. The step-by-step filing process that is the lifeblood of insurers should be available to auditors, with additional documentation that provides the history of certain documents available. The compliance officer at your company probably deals with paper records in a filing room. Compliance is an important part of business for all organizations, but it can be especially challenging for small businesses without enough on-staff staff members. Compliance and paperwork are a couple of the many things insurance companies need to focus on.

How DMS Helps You Stay Compliant

The Gramm-Leach-Bliley Act (GLBA): A law that falls under the jurisdiction of the Federal Trade Commission, it was established. Financial companies and insurance providers are required to keep an accurate paper trail of their dealings.

Sarbanes-Oxley Act (SOX): Established in 2002, SOX established standards for auditing and reporting.

Its goal was to improve insurance availability and certain patient rights. To be compliant, HIPAA dictates that organizations with access to a client/patient's health-related information are responsible for safeguarding it and keeping it private and sharing it in a polite, responsible manner with other authorized entities.

Compliance and Document Management

Compliance needs to be upheld by all insurance providers for a major part of the industry. The end result is usually a steep fine and a blow to your company's reputation. Data on how they store their records is vital to the industry. – it gives you the tools to organize your records and stay compliant with just about any standards. It also contains helpful tools that make compliance easier.

Role-Based Permissions: This feature permits only authorized users to view files, documents, and folders. Adding a role-based process to new users can simplify the onboarding experience and help maintain compliance.

We don't show unauthorized users anything files on the system, except for those that they have permission to see. Any other files and folders will be invisible to them. The key to staying compliant is access control for files. For physical documents, usually, this means organizing them separately from other storage locations of records.

Versioning/Audit Access: it is vital to maintain a version history of documents relevant for clients to disclose who has had access to it, what changes have been made. It will also list who made the changes and when.

Paperwork is the lifeblood of the industry, so it's imperative to you that paperwork be to stay in compliance. Download and read our PDF on any document or the entire system. Furthermore, using versioning allows you to revisit a previous version of the document to see what changes were made.

Encrypted Sharing: When using encryption to store sensitive information electronically, you are helping to maintain compliance. Utilizing email to transmit records is not a secure method and may lead to compliance issues.

A secure file-sharing portal is needed to share files across the web. Not only that, but compliance mandates the use of some encryption type – AES 256-bit encryption with SSL/TLS is usually used.

Docupile provides the cloud based document management system for accounting firm agents need to stay compliant. It is the best tool to ensure your business stays in compliance without wasting extra time on labor. To see action, click here to schedule a free demo.


Location: United States

Comments

Post a Comment

Popular posts from this blog

Achieving Employee and Employer Advocacy through DMS

Image
  How Employer- and Employee-Advocacy Can Help HR Professionals Employer and Employee advocacy is a tricky issue for HR professionals. HR professionals often find themselves in a difficult position to balance the satisfaction of staff with the satisfaction of employers, which can be difficult to do. This article will discuss how HR departments can use DMS technology to work towards achieving employer and employee advocacy. Challenges for HR Professionals Being part of human resources for any company is a lot more than just doing paperwork and staying organized. The human resources department often finds itself playing the critical administrative role of overseeing management-staff relationships. The modern human resources department faces a difficult balancing act in advocating for both employees and employers, which is the uneasy balance that HR teams must find between satisfies, staff and employers. Employees often perceive HR as being a mouthpiece for management. If th...
Read more

Webinar: Expanding Finance's Role in Corporate Strategies

Image
  The Corporate Finance Strategy Webinar, presented by Birst and hosted by Paul Staelin, is a must-watch for anyone in the finance department. This webinar will provide insight into how your company can use analytic technology to make your strategic planning process more effective. You will also learn about ways that analytics can help take any company and give it an important competitive advantage. Using Data Well Zynga is the company that produces games for Facebook, including Farmville, Mafia Wars, and Words with Friends. Fumigation is a successful video-game company with many competitors who struggle to compete in the industry. The reason Zynga could move so swiftly was because of their ability to take the data they collected and compute it in a way that aided their financial strategies. After analyzing the products of Farmville, they were able to change its search and purchasing format for better service. They used this information to create products that would serve d...
Read more

DMS: Simplicity and Security in Financial Planning

Image
  DMS, or document management software , is the solution for your document chaos! With a variety of solutions to choose from, DMS will fit your needs. It offers document management software with simplicity and security in financial planning so you can have an easy-to-use system while being safe from cyber threats. Our document management system, Docupile, ensures smooth operations while being environmentally friendly so you can focus on what's important: your clients! The document management system is just what you need for the financial planning of your firm. here is how it can help you in it: 1) Simple An efficient DMS solution , like Docupile, makes it easier for you to manage your documents and files. With document imaging software that is easily integrated into many different programs like CRM or accounting software, document management can streamline workflows and ensure smooth operations in financial planning. It's simple to learn and incorporate at an institut...
Read more