Significantly reducing the amount of paper used in your accounting process provides a variety of advantages. Not only do you save on the amount of space needed to store documents, but your team also gains access to information at any time from any location. Plus, having your information digitized increases efficiency and security while reducing costs.
Here are five reasons to make your accounting process paperless.
Cost Savings
Paperless accounting saves a significant amount of money. The largest cost is the scanner which your company already should have to send documents via email. The majority of software packages let you tie scanned documents to data files. Although your software company may charge an annual license fee for service, you’ll likely pay less than you do for paper, envelopes, postage, copier toner, storage, and shredding old documents each year. Plus, reducing your invoice time by digitizing the process increases your odds of being paid sooner.
Security
Converting your accounting process to paperless increases security. It’s much easier to gain unauthorized access to paper files from your office than it is to uncover passwords to reach documents stored on your computer or server. You can back up your files on your computer or in the cloud and still access them if your computer crashes. Cloud storage provides security measures such as firewalls, multi-factor authentication, and intrusion detection to protect your data.
Time Savings
You save time once your paperless accounting process is running. After you learn the software management system, train staff, and scan the necessary documents, your accounting process will be substantially more efficient. Sending electronic copies of invoices, client statements, and other information reduces your amount of mail received, time spent sorting it and deciding whether to file, shred, or discard a document. When a vendor calls with a question about a bill, clicking on the document is faster than finding it in the filing cabinet. You shouldn’t have any issues with misplaced documents when everything is electronic.
Collaboration
Paperless accounting improves collaboration. Your team members have digital access to information from anywhere at any time. Digital data transfer and shared documents enable staff to answer client questions and make more educated decisions.
Client Expectations
Because a significant number of accounting clients are technology-savvy and environmentally friendly millennials, they expect to receive account information digitally. Not switching to a paperless accounting process means looking outdated and potentially losing clients. You need to be paperless to stay competitive.
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