How to Improve Accounting with a Multi-Functional Printer

In the world of accounting, going paperless is often impractical due to the necessity of printing tax returns and maintaining hard copies of important documents for the CRA (Canada Revenue Agency) and clients. 

Therefore, a printer is one of the most important accounting office efficiency tools that is integral to every accounting firm, and efficient printing methods are essential for improving workflow, accountability, and cost savings within your firm. Adopting streamlined printing processes can significantly enhance your firm’s productivity, making it a vital aspect of your daily operations. 

A multi-functional printer (MFP) for accounting can serve as a key solution in such environments, combining the capabilities of several devices, including a printer, a scanner, a fax machine, and a copier, into just one super-efficient unit.

Accounting firms equipped with MFPs often experience increased productivity and profitability, as these devices facilitate faster document handling. By centralizing tasks, an MFP can allow your accounting team to focus more on growing your business rather than getting bogged down in paperwork, ultimately leading to smoother operations and better service for your clients.

The Key Features of Multi-Functional Printers

An MFP can function as a powerhouse for any accounting firm due to the fact that it combines several essential functions into one compact device. The following are some of the key features integrated into most MFPs on the market:

1. Printing

An MFP is primarily known for excelling in printing. It delivers high-quality documents quickly, ensuring that tax returns and financial reports are both professional and accurate. In an industry like accounting, where presentation is crucial, having reliable printing capabilities is essential.

2. Scanning

The scanning feature of an MFP allows accountants to digitize important paperwork, making it easier to store and share files. This digital organization is vital for maintaining compliance with CRA regulations and simplifies the retrieval of documents when necessary, thus streamlining record-keeping processes.

3. Copying

The copying function of an MFP is invaluable for reproducing documents, whether for client meetings or internal reviews. This ensures that everyone involved has access to the necessary information without delay, facilitating collaboration and decision-making. 

4. Faxing

While faxing may be outdated in certain industries, it remains relevant in accounting, as it makes it possible to send sensitive documents securely. An MFP handles this task efficiently, allowing accountants to communicate with clients and regulatory bodies without needing separate devices.

Streamlining Document Management

Paper documents, like invoices and contracts, can quickly pile up, creating a chaotic environment and leading to lost or misplaced items. This overwhelming accumulation can also make finding and organizing specific papers a tedious task. 

However, digitizing these documents (transforming physical files into electronic formats) provides a clear solution. One of the best ways to achieve this is through scanning with an MFP, which can efficiently handle large volumes of paperwork while generating high-quality digital files. 

The advantages of digital document management are numerous. For instance, sharing scanned documents is much quicker than traditional methods like mailing or faxing, facilitating smoother collaboration among team members. With digital files, multiple users can also access the same document at once, boosting overall productivity. 

Moreover, digitally storing scanned documents enhances their security, minimizing the risk of loss or misplacement. This method also allows for organized archiving and easy retrieval.

In addition, scanning documents captures data from various sources, making it compatible with document management systems and customer relationship management tools. This enhances the management of your accounting firm’s daily business.

Cost Savings and Efficiency Gains

Investing in an MFP can greatly reduce costs for your accounting firm even though its upfront price may seem high compared to desktop inkjet or laser printers, as it can pave the way for substantial long-term savings. 

Desktop inkjet printers often have exorbitant operating costs, with ink priced like liquid gold, at upwards of $2,500 per gallon, which equates to about 30 cents or more per page for colour desktop printers. 

MFPs, though, provide a much lower cost per page that falls somewhere between 6.5 and 7.5 cents. By consolidating multiple functions into one machine, MFPs also eliminate the need for additional hardware, lowering overall maintenance and supply costs. 

In addition to cost savings, MFPs help streamline workflows, thus saving a considerable amount of time. Their automated features, like scanning and document retrieval, reduce manual tasks, allowing your employees to concentrate on more critical responsibilities than paperwork. 

This increased efficiency enhances document management, creating a more organized and productive environment tailored to accounting professionals.

Enhancing Security and Compliance

Unfortunately, many organizations overlook printers as potential entry points for cybercriminals, who often target these devices to infiltrate networks and extract valuable information. 

Printing sensitive documents like tax returns can pose significant security risks for accounting firms, as confidential financial data frequently passes through their printers. MFPs address these concerns with features such as Secure Print, which requires users to enter a passcode to retrieve their print jobs. This prevents sensitive documents from being left unattended and ensures that only authorized personnel can access them.

When it comes to enhancing MFP security, authentication should be prioritized. This requires users to enter a PIN password or use an ID card to ensure that only authorized personnel can access the printer’s functions. Data transmitted between the printer and the network can also usually be encrypted to prevent interception by unauthorized users. 

Additionally, data overwriting features can ensure that data is automatically erased from the printer’s hard drive after a set period, and network security protocols, like IPsec and SSL/TLS help secure network communications.

Not only is maintaining your clients’ data security required for bolstering their trust, but it is also a necessity in order to comply with data privacy and protection laws imposed on all accounting firms.

The Personal Information Protection and Electronic Documents Act (PIPEDA) governs how private sector organizations, including accounting firms, handle personal data. This legislation emphasizes the importance of obtaining consent, ensuring data accuracy, and limiting the collection and use of personal information to what is necessary for fulfilling business purposes.

Improving Collaboration and Workflow

Modern MFPs are also crucial for boosting collaboration and optimizing workflows in modern accounting firm settings. With many employees working remotely and utilizing various devices, MFPs have evolved into multi-functional hubs that seamlessly connect with platforms like Google Docs, Microsoft OneDrive, and ShareFile.

This makes it possible to scan documents directly into these cloud services, convert files into editable formats, and easily share them within collaborative folders, enhancing teamwork and organization. 

In addition, MFPs now feature robust mobile printing capabilities, enabling you to print documents from virtually anywhere, thus enhancing document management flexibility.

This functionality allows for a streamlined process where you or your colleagues can quickly digitize a document, make edits on your mobile device, and send it to the office printer regardless of your location and without unnecessary steps. Integrating MFPs with document management systems is revolutionizing team communication and collaboration, making them indispensable.

Choosing the Right Multi-Functional Printer for Accounting

There are a few MFPs that are considered the best printers for accounting firms, but choosing the right MFP for your specific needs is a significant decision that warrants thorough evaluation. Begin by assessing your printing demands: how frequently do you print, what types of documents do you require, and what level of print quality is essential to you?

Additionally, consider how many users will access the printer and the types of connectivity options, such as USB, Bluetooth, or network capabilities, that will be necessary for you and your colleagues. 

By developing a solid understanding of these factors, you can better determine which MFP features will align with your firm’s operations while ensuring compliance with your security policies. 

In addition to considering the specific features you require, you should prioritize finding a multi-functional printer for accounting that is easy to use and can efficiently support your printing volume.

Take note of print speed and quality specifications and look for models that offer wireless connectivity and cloud printing options. Each of these factors can directly impact operational efficiency and the quality of your output.

Finally, consulting with a managed print services provider can be invaluable during your selection process. They possess the expertise to guide you in selecting the ideal MFP tailored to your specific requirements, ensuring both your immediate satisfaction and long-term utility. 

If you would like to learn more about the benefits of a multi-functional printer for your accounting firm, call DOS Canada at 1-647-557-1788 or contact us online.