The costs of mismanaging company documents

The costs of mismanaging company documents

The amount of information a company needs to store, track, and utilize on a daily basis expands every year. If you’re still using printed documents to conduct business; then alongside this the growing pile of paper are the rules and regulations that in just about every sector, dictate how things can and cannot be stored, shared, disclosed, etc.

If you haven’t kept up with regulatory changes in your industry, and you don’t know what exactly you’re liable for, you’re putting your entire company in an unnecessarily risky situation. And maintaining an outdated status quo of physical, printed documents only makes managing all that information harder. The last thing you need is poor document management threatening your entire operation.

There are four particular areas where we see companies mismanage documents causing major headaches for the business.

Accounts receivable

In manual, paper-based accounts receivable processing, the risk of human error grows exponentially the larger the task or client database. After all, it is an individual that receives and process each transaction. Not only the potential for human error, but the number of work hours are also larger. When you go digital, you can easily automate processes like finding and matching supporting documentation. When maintaining your manual processes, it’s time consuming and is the leading reason for late and unpaid bills.

Payment processing

If you’re still running everything manually, you’re not alone; nearly a third of all US companies are still physically moving documents from department to department to get all the necessary approvals for payments. Each slowdown in the physical process snowballs into organization-wide slowdowns in timely payments, ultimately leading to late fees. Know the benefits of digitizing and automating this process.

Archiving records

Keeping physical files on-site is expensive. The cost of printing, copying, faxing, scanning, and mailing adds more to your annual spending than you probably realize. It’s also an inefficient use of the space and human hours you’re already paying for.

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Digital copying, sending and receiving is instantaneous and effortless, and the cost in physical assets are non-compounding — it’s just the computer and IT infrastructure you already own. Additionally, with enterprise-level encryption and multifactor authentication available for small- and medium-sized businesses, digital storage makes it easier to comply with changing regulations and safer than physical storage cabinets, which are prone to the damaging effects of flooding, fires, and theft.

Audits

Of course, complying with regulations is only part of staying safe; proving that you’re in compliance, with accurate and reliable document tracking, is also essential. You have to be ready to verify compliance when auditors, regulators, or even curious customers come asking. Not doing so puts you at serious financial risk.

With digital document management, it’s easy to automate the tracking of verifications for all of your documents, with timestamps and digital user signatures, plus certification of security backups and encryption processes, so you can always authenticate compliance.

The benefits are clear: digitizing your documents makes everything easier and cheaper. Among other things, digital document management with PaperSave can help you:

  • Save money
  • Save time
  • Make prompt payments
  • Automate billing
  • Improve efficiency
  • Eliminate risk

If you’re ready for improved efficiency and easy organization, schedule a free personalized demo with PaperSave today.