Days sales outstanding (DSO) is a calculation designed to estimate the average length of a company’s collection process. Reducing this timeframe and shortening the amount of time it takes your company to be paid can help benefit your organization in a number of ways. This blog will focus on DSO elements that you might not have considered and explain ways to reduce DSO for your organization.

Very few businesses in Canada manage to operate without some kind of documentation. There may be financial transactions that need to be archived, invoices issued, reports written and submitted, or even expense account entries that need to be reviewed, approved, and processed. Whatever the case, most businesses generate a lot of documents that need to be preserved and accessed. Document management software is an essential solution to keep things in order and here's why.

We’ve come a long way from documents needing to be organized and accessible strictly in the physical sense. While there will be a need for filing cabinets, shelves, and archival storage rooms for actual, printed matter, it's not always necessary for every single document. Document management software has stepped in to help ease the sheer overflow of data, but even here, the software itself continues to improve. Here are some of the changes that are helping to make this useful software even better for businesses.

Once you move to digital document management, you’ll never go back to having a paper-based archive. What’s even better that a digital solution is a cloud-based document management system that doesn’t have strict hardware requirements and that is incredibly practical.

Cloud-based apps allow for a lot more flexibility than any other type of software. The cost-efficiency of such solutions is also unparalleled, making them ideal for both small and large businesses.

There are a lot of things to love about workflow document management software. Although the process to implement your workflow document management software probably will not be one of those things, the benefits are undeniable. Here are the five things that we love the most about workflow document management software.

Employee engagement and loyalty are difficult to maintain high, which is why companies need to put together a solid employee retention strategy. According to a Mercer survey, 34 percent of the professionals questioned plan to leave the organization they currently work for within the year. Gallup studies paint an even more troublesome picture – 51 percent of workers want to leave their current job. The average employee in the US spends 15 months at a certain employment position.

Getting document management software to work with documentation is only the first part of the implementation process. With one of the primary benefits being the ability to integrate your documentation with other aspects of the business, you have to consider how to integrate it with your other business applications.

When your company has sensitive data on hand, it's important that you protect this information with secure document management software. If you don't then you are leaving this information vulnerable to theft, destruction and loss. If you don't know that you are running the type of business that needs secure document management software, however, then you probably won't invest in it. To give you a better idea of whether or not you need secure document management software, let's take a look at five types of companies that usually don't know that they need it.

No matter how well your mid-sized business is doing, you aren't running your company to maintain the status quo. You want to find ways to grow your company so that you can deliver better products and services, and ultimately make more profits.

It's clear that you are going to need an electronic document management system to effectively manage all of your digital documents. Even when they are computer files, managing a high volume of documents isn't easy. Not all document management systems, however, are the same. You must use discretion when choosing one for your company. To help you choose the right document management system, we're going to take a look at seven features that yours simply must deliver.