The fiscal perks of going paperless

The fiscal perks of going paperless

The advantages of embracing electronic workflow are many. First and foremost, it brings your company squarely into the 21st century. Think of it this way - if you believe that your business is a little behind the times because you're typing up and printing out your records, or even filling out forms manually, chances are other companies and individual customers you work with do too. This way, everyone involved can rest assured that your firm is making the most of the technology available to it.

Other perks can include freed up office space because you can get rid of those clunky, massive filing cabinets that can be a major eyesore in your otherwise cool workspace, or perhaps the fact that using document management software can enable all parties to have access to the same file at the same time, allowing work to be done quicker. 

When invoices in particular make their way to the digital sphere, many of companies find that they can save a lot of money. This way, businesses and their partners can sign off on the billing summaries within minutes, as opposed to waiting for hours or even days if the document has to be sent by courier or snail mail. The fiscal benefits are great, so why aren't people taking advantage of this technology? There's no one answer to explain why electronic systems aren't present at each and every office in existence, but maybe knowing about the specific perks would give administrators the push they need.

The cost savings alone should be motivation enough
Many company leaders realize that if they go completely digital the money they can save over time would be significant. Not having to buy or update printers, pay for paper or ink and other factors save enough money that this should be a virtual no-brainer.

However, if a business is limited in their time, effort and digitization options, even if they just put all invoicing processes online, they're sure to save a lot. Property Management Insider reported that apartment management firm Bell Partners is able to save $100,000 every year after choosing e-invoicing over more traditional paper billing. Because they have so many clients, they don't have to spend on massive amounts of paper and wait around for invoices to flood in from vendors, which could cause workers to have to stay late and accrue overtime. 

Plus, the source said that this type of automated workflow means that late fees are at least reduced, if not avoided altogether. 

Cut out a lot of time
That time you and your employees spend twiddling your thumbs, waiting for invoices to show up can be all but eliminated by going paperless. Intuit noted that the results of a survey revealed that companies that digitize are paid within an average of 10 days after requesting the transaction, as opposed to facing a 27-day wait when dealing with a paper system.

Not just that, but think of all the time you could save if your workers didn't have to input every piece of data manually into the computer - it's already there for them.

Clients want to buy in too
Property Management Insider reported that many companies find that they are often supported in their endeavors to go paperless by clients and corporate partners, because electronic invoicing is easier for them as well. 

"Since we made the decision to accept only electronic invoices, the adoption rate for our vendors has been incredible," Bell Partners Vice President of Purchasing Mark Vernon told the news source. "We currently receive close to 75 percent of all invoices online, and that number continues to rise."

If the clients are ready and willing to go digital and your firm can save money and see other perks from digitizing, why would you consider any other option?