The Best Document Management Software for Small Businesses

Remember the days of the 90s when organizations had to track down paperwork in rows of bulky and awkward physical filing cabinets cluttering up the office space? At that time, searching and tracking a particular file was quite challenging. As a result, the information was often misplaced, and errors would go unnoticed. But, good news, those times are long past us!

Since document management is an integral part of any business, most companies today across the globe, especially SMBs with a comparatively lesser workforce, are leveraging document management software solutions to digitize, organize, secure, and manage their documents and important data.

However, whether you’re a small business or large, choosing the right document management software solution is always critical because it can be integral to your company’s internal workflow and efficient running of your business operations. The document management software you choose must support all your business needs and not just be a storage application.

With a wide array of document management solutions available in the market, picking the right one that suits your business can be incredibly confusing and time-consuming. That’s where we step in. If you are looking for the best document management software for your small business, this guide will help you make the right choice.

Following is a handpicked list of the best document management software for small businesses out there in the market

• Docsvault

• DocLogix

• eFileCabinet

• M-Files

• FileCenter

• DocuWare

The below chart will give you an idea of which document management software is best for your requirements.

Document Management Software, sometimes also referred to as a Document Management System (DMS), is a software system used to store, manage and track electronic documents and digital images of physical documents to reduce the use of paper.

Document Management Systems originated as a way to convert physical documents to electronic ones, which is why they are sometimes called Electronic Filing Cabinets. However, they are so much more than that today.

Document Management Software saves you a lot of time and money by enabling you to organize documents efficiently with a stunning array of features. Some of these include:

• Document Centralization: Capture, organize, and access all your documents from a centralized location.

• Automated Workflows: Design, execute, and automate various business processes and manage rapidly growing workloads.

• Comprehensive Search: Instantly search and retrieve documents using their details like names, descriptions, dates, locations, etc.

• Collaboration: Seamless collaboration to keep every concerned person on the same page, literally and figuratively.

• Version Control: Easily retrieve and edit information in the latest version or roll back to an older version instantly.

• Audit Trail History: Get the complete history or log of any activity performed on a document anytime.

• Digital Signatures: An alternative to traditional signatures, digital signatures allows authorized users to sign documents to speed up any approval process.

• Responsive Web eForms: Users can create web-based forms to collect information or create dynamic documents.

And the list doesn’t end here. DMS has many other handy features you will discover once you start using the software.

A Document Management System is an indispensable tool for any small business in the digital era. The first and foremost reason to use a DMS for your business is reduced paper consumption. Some other reasons why Document Management Software is essential for businesses include:

1. Secure Storage of Files and Data: Document Management Software provides secure storage for your documents, preventing theft, fire, espionage, and improper handling. There are no physical documents to take care of.

2. Increased Productivity: It is a cumulative but indirect effect of a Document Management System. Your employees can easily search and share documents within seconds with anyone they need to, thus increasing overall productivity.

3. Easy and Convenient Collaboration: With Document Management Software, your employees can easily collaborate with others in creating or modifying a document. Sharing, viewing, and editing files digitally  gets the work done in less time than paper documents.

4. Improved Regulatory Compliance: A Document Management System allows you to store and manage all the important business information in compliance with all the relevant laws and regulations.

5. Cost-saving: Document Management Software saves you a lot of money as well. While it might seem like a considerable investment initially, the returns on your investment are also quite substantial. For instance, you save a lot on paper and related products; your employees become more productive, eventually improving efficiency.

The benefits of using a Document Management System are many—and knowing what those are is the first step to picking the best document management software for your small business. Several of the most noteworthy advantages of using Document Management Software include:

• Reduced Storage Space
• Easier Retrieval of Documents
• Enhanced Security
• Backup and Disaster Recovery
• Improved Workflows
• Reduced Errors
• Better Version Control and Organization
• Integration with Vital Legacy Systems
• Automate Processes
• Control Access
• Speed Up Approval Processes
• Access Files from Anywhere
• Reduced Carbon Footprint
• Improved Customer Service

In addition to all these direct benefits, The following intangible benefits make Document Management Software an integral and valuable part of your business.

• Flexibility
• Freedom
• Peace of mind
• Professional growth
• Competitiveness

Now that you know the benefits of using DMS let’s see how to pick the best Document Management Software for small businesses.

To make choosing the best document management software for small business easier, here’s a list of the top 10 features you should look for in a DMS:

1. Usability: The Document Management System should be easy to access, manage, and user-friendly. Go with one that offers a free trial that allows you to test it before buying.

2. Seamless Sharing and Collaboration: Make sure you’ll be able to share and collaborate on editing files with the software.

3. Version Control: The best document management software for small businesses must allow you to maintain an archive of old versions and revert to an old version whenever required.

4. Image Scanning and OCR Capabilities: Look for built-in Optical Character Recognition (OCR) scanning and make sure the software captures information from scanned and printed documents.

5. Digital Signatures: The best document management software for small businesses should allow you to digitally sign documents and send signature requests to concerned individuals quickly.

6. Workflow Automation: The DMS you choose should allow you to create highly customizable automated workflows to speed up the review and approval process.

7. User Permissions: An essential feature of the best document management software for small businesses is the ability to set permissions for individual users. Permissions allow a set of users to view or edit files while preventing others from even seeing those files.

8. Mobile Access: With your chosen document management software, you should be able to access and search all your files on mobile through Android, iOS, and Web Apps, anytime, anywhere.

10. Data Security & Disaster Recovery: Look for document management software that offers encryption to protect your information and automatic backups for disaster recovery.
11. REST API Integration: Make sure the DMS integrates seamlessly with third-party applications through REST-based APIs.

All in all, document management software is a must-have tool for small businesses to save time, effort, and money resources in the age of technology. Not only does it play a vital role in cutting operational costs, but it also gives you better employee productivity and a paperless office.

However, before choosing the best document management software for small businesses, you should assess your document management requirements. Not every document management system is built equally, so identifying which features you actually need will help you make the right choice.