5 Benefits of Online Fax Services for Accounting

Online fax services combine the security and speed of faxing with the modern convenience of mobile communication. When you send a fax online, it’s encrypted and easily accessible on any device. These advantages make online fax services an excellent option for many industries and almost necessary for others.

This article will take a deep dive into why online faxing solutions can be so beneficial for the accounting industry.

The Importance of Online Faxing in the Accounting Industry

Accounting industry professionals work with and store the financial data of individuals, companies, and governments. Accountants are legally required to keep this information confidential. That’s why, when you need to share accounting information, sending a fax online is a perfect solution. The fax will arrive instantly and is transmitted using end-to-end encryption to avoid data breaches. 

Benefits and Advantages of Online Faxing Services for Accounting Professionals

Here are the top five ways online fax services help the accounting industry.

1. Streamlined Document Management and Organization

Keeping accurate records is fundamental to any accounting activity. The best online fax services allow for integration with popular accounting software to ensure all file types are saved in one easily accessible location. Online fax services also offer integrations with customer relationship management (CRM) systems, allowing you to match financial records with other client information easily. This is particularly useful for accountants who work with several clients.

Inbound faxes can be automatically labeled by topics, such as client tax returns, annual reports, and profit and loss sheets. This automation helps streamline the management of your accounting files and removes the risk of human error in filing.

When you receive faxes, they’re automatically timestamped and saved in online storage with search functionality so that you can quickly locate documents. You can also keep your records in various file formats but still store and access them all in one place.

2. Enhanced Security and Confidentiality of Financial Information

As an accountant, it’s not only your professional duty to keep financial information safe, data protection laws make it a legal duty too. Sometimes, you need to send confidential information to a client, a colleague, or a third party, such as an insurance company. Fax services online provide end-to-end encryption, so sending a fax from your computer is as easy as sending an email but much more protected from hackers.

Online storage of files is provided through encrypted cloud services. Password protection and limited access for particular user accounts ensure sensitive data is only seen by those with the appropriate authority. The online servers also provide an audit trail. This means there’s a clear record of every fax transmission, giving transparency to your client and enabling swift resolution in the rare case of a data leak.

3. HIPAA Compliance and Enhanced Security Measures

The Health Insurance Portability and Accountability Act (HIPAA) is a federal law that sets strict regulations for dealing with protected health information. Failure to comply with HIPAA regulations can lead to multi-million-dollar fines. If you’re an accountant working with a health insurance company or a hospital or hold data related to medical expenses for a private individual, you must comply with HIPAA.

Online fax solutions add enhanced security measures on two fronts. First, there isn’t the risk of paper documents being accessed or stolen as there is with a traditional fax machine. Second, there isn’t the same risk of emails being intercepted due to the fax system’s end-to-end encryption.

HIPAA-compliant fax services undergo regular audits to maintain the necessary high-security standards. In the rare case of a data break, compliant fax services have protocols for immediate remedial actions.

4. Cost Savings and Reduction in Paper Usage

It’s been fashionable for businesses to operate paperless offices for years now. Primarily, the goal is to help the environment by using less paper. However, there are several cost-saving advantages that come with moving your fax services online. 

You don’t need to buy bulky fax machines, which initially increase your overhead costs when you purchase them. They also increase your operational costs because you must pay for paper, ink, and machine repairs. Accounting is heavily data-driven, meaning documents can quickly become very long as they are filled with numbers and raw data. Those long documents require a lot of paper and ink. And heavy usage means your fax machine will need maintenance more regularly and be more likely to break down. 

If you’re sending and receiving hundreds or thousands of faxes per month, then the costs of traditional fax machines will quickly add up. You can enjoy dramatic savings when you use an online service to send your fax from email.

5. Increased Accessibility and Mobility for Remote Accounting

When sending an outgoing fax, you want to know it will be received immediately. Because it’s a fax, you know it will be sent instantly, but if the recipient uses a traditional fax machine, they can’t physically receive it when it arrives if they are away from the office.

Online fax solutions allow the recipient to access the fax from anywhere in the world and on any device with an internet connection. They can instantly open your fax from their computer, mobile phone, or other device. This is particularly useful if you’re sending international faxes. 

You must deal with different time zones when communicating with clients or partners in other countries. When one party is just getting into the office, their counterpart may be sitting down for dinner. Increased accessibility through international faxing to mobile devices means no one has to physically be in the office to receive critical information.

During COVID-19, we also witnessed the benefits of remote access to documents. Many people worked from home and weren’t traveling to their accountant’s office. Remote communications during COVID-19 kept the accounting industry going and made sure individuals and companies remained compliant.

Simplify Your Accounting Workflow With Online Faxes

If you’re ready to improve the security and efficiency of your accounting communications, then eFax is the perfect solution. Serving millions of customers, including both small businesses and Fortune 500 companies, the ideal online faxing solution is waiting for you. Get in touch today to reap the benefits of online faxing.