Although the accounting process has changed very little over the years, certain events can force accounting departments to adopt new ways of accomplishing crucial tasks. For instance, the COVID-19 pandemic has forced accounting teams to do their tasks away from the office.
Utmost efficiency is vital to any nonprofit’s ability to fulfill its mission and serve as many people and organizations as possible. Your nonprofit must also be efficient if you want to attract sponsors whose support is crucial for sustaining operations and fulfilling the organization's goals.
One of your New Year’s resolutions should be to go paperless. The past 12 months have been anything but smooth-sailing, especially for businesses, thanks in large part to the coronavirus pandemic. Investing in paperless solutions such as a document management system (DMS) is an excellent way to cope with 2020’s aftermath and enhance your business’s resilience to challenges that may arrive in 2021.
Why should you invest in paperless solutions in 2021?
A major bulk of the challenges your business will face in the next months will be aftereffects of the events of 2020. You need to go paperless for the following reasons:
1. To save money
If you want to conserve resources, a good way to do so without compromising quality or stability is to stop costly procedures in favor of cost-effective alternatives.
Even in the middle of the coronavirus crisis, cybercriminals and fraudsters remained persistent, attacking organizations already reeling from the effects of the pandemic. The level of danger they pose isn’t likely to change in 2021, so it’s high time you invest in solutions that benefit or augment your business data’s security.
The holiday season isn’t always a cheery time for your accounting department. Besides ensuring that your books and other documents are in order in time for the new year, your accounting staff has to help you keep track of your cash flow. This is a tricky task, to say the least, but one that can be simplified with the right paperless solution.
Investing in the right technology can help you overcome the limitations of your small business and achieve the same high-quality outcomes enjoyed by much bigger companies. Accounts payable (AP) automation solutions, such as PaperSave, are a good example of a technology that does this.
Have you adopted the cloud yet? Cloud computing remains among the best technologies you can leverage to save money and make your small- to medium-sized business (SMB) more efficient. One specific and critical area in which the cloud can be a game-changer, especially for SMBs, is invoice management.
Good document organization is vital to your business’s productivity. If your company is not properly organized, paperwork can be misplaced, tasks can pile up, and you can lose valuable time that could’ve been used for more productive tasks.
The problem with paper-based processes
Despite the availability of digital solutions such as accounts payable (AP) automation, many businesses still rely on paper-based processes.
Any accountant can attest to the tediousness of certain accounts payable (AP) processes. And yet, some companies today still perform AP processes like invoice and document encoding manually. While they may think that their old AP systems are working just fine, they may not realize that they are losing money and supplier trust because of these.
Electronic invoices are superior to traditional paper invoices in many ways. They improve the speed and security of your invoice management process and are much cheaper to use than their paper-based counterparts. To give you a better understanding of the benefits of paperless invoice processing, this blog will discuss the solution and how it compares with using paper documents.