Why should your organization go paperless?
Automatic archiving and going paperless... Making payments is difficult. There are many small problems that do not turn into a monthly report, let alone a board meeting where budget and technology decisions are made. Currently, however, as organizations are looking for more strategic planning, budgeting, and cash management activities, they are forced to use automation and get rid of manual and repetitive evidence. So, if this is the case, why are so many companies still relying on paperwork?
The disadvantages of using papers
In most companies, financial and accounting departments are usually the most frequent users of paper, although data packets will appear more accurately if shifting to automated workflows. Organizations that adhere to manual processes will continue to deal with the following challenging, time - and labor-consuming points:
Lack of visibility – invoices getting lost or being paid double;
Paper problems - inefficient payment process and late payment;
Manual payment and invoice approval - delays, late fees, stress, and frustration;
Fraud - security and compliance issues, overlooking suspicious matters.
Benefits of going paperless
Companies that invest and going paperless in their financial and accounting functions can achieve tremendous benefits that improve efficiency, reduce operating costs, and mitigate risks. In this way, finance and accounting departments will become profit centers, rather than sources of overhead. A paperless business environment not only saves money, it also shows that your company is committed to being environmentally friendly and maintaining a small carbon footprint. To cite but not limited to the many benefits of going paperless:
More efficiency and fewer errors;
Faster customer service Cost savings;
Flexible working environment;
Environmental benefits greater security;
Simplified and accurate processing;
Easy access, real-time monitoring, and greater control;
More insight and transparency;
Improve communications and business/customer relationships;
The best use of talents;
How do you start the transition from paperless to electronic archiving?
Of course, before companies can figure out how to cut ties to paper and harness the power of digitization, they need a strong understanding of their use of paper and document flow. Because the change has been permanent and will continue to be difficult for the people involved, your company's transition to a paperless environment requires planning and preparation. First, you will have to choose the appropriate software and make sure your files are secure and backed up You will need to implement secure password policies for your employees, which may require a company-wide password management system.
You also want to archive and back up all sensitive data They then need storage policies in place so that employees who do not understand the technology cannot accidentally disclose confidential information.
The next step to this transition involves communication and training. Some employees may be fatigued by all the changes. Conduct step-by-step training and communication meetings and provide comprehensive documentation for employees to consult later. Afterward, make sure that someone on the team is available to answer any questions. The key is to take it to step by step to move smoothly and start reaping the benefits immediately.
These changes will not only make everyone's lives better, but they will also make the future of your organization brighter. So once everything is known and the changes are adopted and successfully implemented, the benefits will all be worth the initial investment of your time and money.