Since it's been introduced, invoice automation has been amongst the top selling points for an office going paperless. For most businesses, it's a sensible decision to make - it eliminates the mountains of paper that invoices so often get lost in, and allows users to work and verify documents remotely when necessary. Formerly an ahead-of-the-curve business move, invoice automation is becoming standard in document management software that paper-heavy businesses adopt, and those that lag in upgrading risk falling behind entirely.
You save money and time
Oftentimes, small businesses will cite the cost of going paperless as the primary reason to keep their office in the dark ages with massive copiers, faulty printers, half-broken file cabinets and piles of paper that never grow smaller. The reality couldn't be more starkly different - though there are up-front costs associated with invoice automation, having secure records saved in the cloud provides far more security and lower risk of loss than if information continued to be stored only in paper form.
According to a study by The Paperless Project, an organization devoted to promoting the elimination of paper from the workplace, keeping paper as the primary source of invoicing costs a small business a good deal of money and time. A $750 expense can be incurred for every important document lost, the research revealed, as well as the $1500 a year for every file cabinet that requires additional office space and document management.
Document management software can change a company's view on how to store invoice information by giving employees the ability to instantly search and analyze past documents using the software itself instead of rifling through the file cabinet, which The Paperless Project stated adds 30 to 40 percent more time to completing a task.
Customers value their information
Invoice automation is not only a benefit for a company's bottom line - customers have something to gain, as well. When proper security measures are taken by a business, paperless document management is a far more secure way to store information. Paper documents are frequently lost or filed improperly, meaning that any given customer's information stands to be compromised and important records lost due to a simple office error.
In addition, making invoices digital saves time, and nothing is more valuable in today's instant gratification society than a few extra minutes. Forbes contributor Kate Harrington reported on the benefits of going paperless and marked the conservation of time and money as two major factors to compel today's businesses to make the switch. She also cited the green-friendly message sent to customers by paperless businesses.
"Not only does going paperless clear clutter from your office environment, but it also saves you money and is a great PR message for potential customers and partners." she explained.
For most customers, nothing is more valuable than time, money and convenience, and automating your invoice process has the potential to do all three. The electronic workflow of the company and the happiness of the customer stand to improve from the simple upgrade, and there's no deal sweeter than that.