In today's fast-paced and mobile business world, physical paperwork can be burdensome and contribute to slower operations, hindering an organization's ability to remain competitive. As the private sector continues its paperless transition, decision-makers are benefiting from leveraging electronic workflow solutions and invoice automation processes that can streamline activities.
Despite the migration away from traditional paperwork, efficiently managing mission-critical documents is just as essential as it was 10 years ago. For this reason, among others, organizations responsible for confidential financial information are taking a number of advantages from electronic document management software that allows employees and auditors to quickly access sensitive resources regarding invoices and payments.
By leveraging a next-generation document management system, professional services can store sensitive assets in protected digital environments without jeopardizing their availability to employees or slowing operations. This enables firms to recover lost space previously devoted to filing cabinets that stored highly sensitive records. Since purchasing and maintaining on- and off-site storage can be extremely expensive, reclaiming space is becoming especially important during the ongoing economic crisis.
How financial firms truly benefit from going paperless
Since financial and other personally identifiable information is extremely sensitive, specific departments responsible for managing this data often need approval from chief financial officers and other C-level executives before carrying out tasks. By leveraging electronic workflow services, firms can streamline tasks by giving decision-makers the ability to digitally sign off on activities.
Businesses in charge of financial records can also benefit from leveraging invoice automation tools, as these can reduce process expenses, provide executives with greater visibility and reduce data entry errors, which jeopardize operations outside the finance department. By decreasing the number of keystrokes needed for employees to input data into a document management system, departments that traditionally slowed down overall operations can be more efficient and improve productivity throughout the entire organization.
Furthermore, many of today's document management software offerings are embedded with advanced data protection tools that eliminate unauthorized users' ability to access mission-critical resources.
While the transition away from physical paperwork is not necessarily simple and cannot be done overnight, professional service firms responsible for maintaining highly sensitive financial records will likely benefit from developing and following through with a plan to go paperless.