Why paperless business solutions?
It’s simple: we’re moving towards a truly paperless world. This is partially an issue of morality – there can be no doubt that it is, in many cases, enormously wasteful – and partially an issue of straightforward pragmatism.
Businesses everywhere are figuring out how to have a paperless office. Hard copy documents such as invoices are highly inefficient: it costs resources to produce and store these things, and going paperless is an easy way to eliminate these costs.
By using automation software to manage your accounting and finance processes, you simplify the way you manage your records – leaving you more time to focus on complex strategic tasks. Here are five reasons to go paperless and embrace paperless business solutions.
Better cash flow management
There are clear advantages to using invoice management software instead of sending out paper invoices. For one thing, there’s no printing, photocopying, or scanning. For another, you can get invoice approvals from anywhere in the world. With digital notification and tracking systems, it’s easier to identify bottlenecks in the payment process, and it’s easier to see where transactions are in the system. Your clients won’t forget to pay you – and you won’t forget to pay your suppliers.
The upshot of all this is that invoice and purchase order approvals become much simpler – reducing the risk of cash flow gaps.
How many cumulative work days have you wasted looking for lost documents? Probably more than you think. Hours upon hours can be spent searching for invoices, timesheets, contracts, and more – all without you ever noticing how much time you’re losing, and how much you might be spending on recreating these documents.
When you use truly paperless business solutions, tasks such as filing and PO matching are automated – meaning you can search for and retrieve documents with any compatible device. This means less time faffing around with basic admin tasks, and more time to spend on the things that matter.
Because it’s really hard to encrypt a paper record.
Digital solutions make it possible to back up important documents with the press of a button – ensuring that they’re not lost in the clutter of your physical filing system. Any records you do store can be safeguarded with encryption, and you can benefit from a real-time view of interdepartmental spending rather than a retrospective one. Any suspicious or duplicated invoices can be flagged immediately – lowering the chance of fraud.
Paperless business solutions also guarantee that you can fully control whoever accesses key documents.
Faster and more transparent communication
Paper systems ensure that documents have to cycle through a number of stakeholders before being approved. This is problematic for several reasons: it wastes time, it confuses people with better things to do, and it increases the probability of irregularities.
Cloud-based systems limit the possibility of human error. Budget holders and finance teams can access any information stored – giving them a clear window into documents throughout the organisation. Department heads don’t need to ask finance where the invoices are with these solutions: they can go right to the source from any connected device.
Finally, the environmental reasons to go paperless may be obvious, but they’re still important. The average office worker uses 10,000 sheets of paper per year – and 6800 of these are wasted.
Invoices, receipts, contracts, and other documents may not seem like much in and of themselves, but they add up – especially when they’re lost and need to be printed again.
When you go paperless, you make the best decision for your business, and the best decision for the environment. Paperless systems are more efficient and organised, and transparency is increased across the whole team. It becomes easier to spot irregularities, prevent fraud, and manage your finances.
In 2018, the only kind of paper your business needs is the kind with the queen’s head on it.
To discuss paperless business solutions – including document control software, purchase to pay software, and corporate budgeting software – get in touch with one of our specialists today.
If the reasons above haven’t yet convinced you of the benefits of going paperless, click the banner below to find out how your finance team and budget holders can be brought closer together through purchasing automation.