The Growing Trend to Paperless Transactions and Cloud Accounting

Out of the go green campaigns came paperless transactions that are being adopted among companies. But, why are more small businesses going paperless aside from the fact that it helps the environment?

These days, going green is just not a trend, but has evolved to be a way of life. As with any trend, new innovations and technologies arise that help businesses to be environment friendly.

Here are some reasons why going paperless can be of advantage to you:

1. Paper records are associated with various costs such as printing, copying, storing and recycling, which is 31 times more expensive.
2. 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.
3. Storage for paper can cost you a lot to purchase and maintain regularly.
4. 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.

What are the paperless transaction trends?

• Email and faxing

Probably, the most obvious paperless systems for small business is 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 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, paying bills on time and saving on postage.

There are also online or electronic payments such as Paypal. Now, it is 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 many 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. 

Read Next: Going Paperless Business Through Cloud Solutions

• 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.

There are more applications and features that cater to businesses going paperless just like the aforementioned. Technology truly has given way for an easier and greener life such as paperless transactions. In addition, it 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 make life easier for everyone.

This post was first published 5 August 2014  and edited 29 April 2021.
Edited by: Maria Katrina dela Cruz