Today, paper is the leading cause of operational bottlenecks. Large quantities of physical documents are difficult and expensive to maintain, not to mention vulnerable to risks like theft, deterioration, and unforeseen disasters.
To avoid this, businesses must jump on the paperless trend and replace manual, paper-based processes with automated ones. If you want your company to be more efficient, consider digitizing the following processes:
Even established companies have trouble dealing with paper-based accounts payable processes. They still use flimsy spreadsheets to manage accounting data, distribute purchase orders by fax or snail mail, and manually enter invoices into databases.
Digitizing accounts payable with document management systems (DMS) resolves all these issues. Instead of processing purchase orders and invoices by hand, all you have to do is scan them and your DMS software will record all the data in your accounting database.
A DMS can even be programmed to automatically route invoices through an approval process and distribute them to the appropriate managers, ensuring that tasks get done on time flawlessly.
New hires often have to go through a lot of paperwork like health insurance, direct deposit slips, tax forms, and training manuals. Keeping track of all this can cause headaches for HR departments. But by integrating DMS software with your HR management systems, you can make quick work of employee onboarding.
Important forms can be automatically redirected to new employees and stored in a fully encrypted cloud server. You can also create auto-reminders for IT, accounting, HR, and other staff responsible for employee onboarding to make sure accounts are set up properly and all administrative tasks are completed.
Paper-based content approval workflows are too linear. When an employee is finished editing, it’s passed on to another person for further review. This process can repeat several times depending on the type of document, which wastes a lot of time and money.
Cloud-based DMS software stores data in a centralized database so employees can access and collaborate on the same documents in real time. What’s more, documents can be automatically distributed to the appropriate staff members to ensure content approval processes are handled properly and efficiently.
Data entry and record keeping
Most client-facing organizations such as those in healthcare and hospitality require people to fill out paper forms, which is extremely inefficient when it comes to record keeping. These forms are often stored in massive filing cabinets, meaning if one was misfiled, it could take an entire day just to retrieve it.
Other businesses manually transcribe the information from paper forms to the company database, but this is also time-consuming work.
Top-notch DMS software makes data entry and record keeping a cinch. By using advanced optical character recognition technology, a DMS instantly processes information from scanned forms, indexes it, and stores it in an electronic database. Specific documents can also be retrieved in seconds with a simple keyword search, so there’s no time wasted on tedious administrative tasks.
Auditors require access to a deluge of records to ensure company practices are compliant with regulations. These records may include payroll, business contracts, financial statements, and more. If your company is disorganized and unable to provide this information quickly, you run the risk of being noncompliant.
DMS software converts your records into searchable PDFs so you can retrieve files in just a few clicks of the mouse instead of sifting through stacks of paper. You can even use audit trail features to give auditors full visibility into which employees access documents, when these were updated, and what changes were made.
The best part is DMS stores electronic records in highly secure offsite data centers and keeps them in pristine condition, not in some dusty archive room.
Digitizing these processes may seem like a lot of work, but it’s not when you have the right tools. PaperSave is an intuitive DMS that reduces your reliance on paper, increases efficiency, and guarantees significant cost savings. Sign up for a free demo today to see what you’re missing!