Transitioning your Company to Paperless Transactions

As more and more companies are making a conscious effort to transition into eco-friendly practices that contribute positively to the community, one thing companies should consider is digitalizing their processes that include an unnecessary amount of paper and creates a needless paper trail.

This not only makes it harder to keep track of your company’s documents and limits the collaboration of your team members but also creates paper waste and the need for physical storage – taking up space in your office you can otherwise use for other matters.  

Read: Advantages of Becoming a Paperless Company With Cloud Accounting 

With this, it may be time to consider going paperless. Here are some of the advantages it can have when you are going to transition into a paperless office: 

• Paper records are associated with various costs such as printing, copying, storing and recycling, which is 31 times more expensive. 
• According to a study, an average employee uses 10,000 sheets in a year that weighs about 100 pounds and 4 feet in height when stacked. 
• Storage for paper can cost you a lot to purchase and maintain regularly. 
• Going paperless can also help you reduce clutter in your workplace. Picture fewer filing cabinets and fewer stacks of paper. It can really give your workplace a tidier environment that will help you work better. 

How can you digitalize your work processes? 

Email and faxing 

Probably, the most obvious paperless system for most companies is correspondence through electronic mail or e-mail which is a digital means of communicating with employees and clients. 

Together with e-mail, faxing is a very productive tool for most businesses to send documents back and forth. Users of the electronic fax or e-fax can enjoy the ease of always being able to access their faxes without having to go to the office. 

Electronic billing/payment  

When a business knows how to go paperless, electronic billing options will be available. it may not seem big but electronic billing options provide an easier way to keep track of transactions. You can also receive auto reminders, pay bills on time and save on postage. 

There are also online or electronic payments that make it easier to purchase goods in online stores without having to physically meet up or send them through snail mail. These features eliminate check purchases and postage costs. They also allow same day or auto-payments and provide better overall payment tracking. 

Using cloud technology 

Cloud technology not only promotes paperless space, but it also declutters your working desk in the office. One of its known advantages is its accessibility and convenience of file management even when you’re outside. In addition, it also adds an extra layer of security around your files.   

E-signing  

When you are worrying about signing your documents, there are e-signing solutions that will help you avoid paper even when you need to sign off on contracts and legal documents. You can securely send documents and acquire signatures while reducing travel and courier expenses with these features. 

Technology truly has given way for an easier and greener life as it is now easier to become a paperless company. This all increases productivity while decreasing expenses. This is why this trend is continuously growing. Not only does it help the environment, but it also helps businesses grow and makes life easier for everyone. 

Read Next: Finding the Best Cloud Based Payroll Management for your Firm  

Need help with transitioning to Paperless Accounting? 

We have a wide expertise in handling the numbers of businesses across various industries and broad experience in cloud accounting to make sure your finances are both paperless and secure. Contact us today to help you find the right support for your needs.  

Download our Premium CFO Solutions today and discover how we can be your reliable outsourcing partner. 

This post was first published on 5 August 2014 and edited 3 November 2023. Edited by: Aly Tagamolila