Why Your Financial Management Systems Should Be Paperless in 2016
Are your financial management systems and processes completely paperless? If not, they should be. Yes, the paperless office has been predicted for many years. In a 1975 article, Business Week predicted that the paperless office would be a reality by 1990. In fact, in ensuing years, paper consumption went up because the improvements in printing technology made making multiple copies easy and fairly cheap. However, the shift to paperless has finally gained momentum. Since 2005, paper use has fallen sharply as acceptance of digital document storage and viewing has reached the mainstream. 2016 may be the year to dump paper and streamline all of your financial management systems and processes.
Clearly, it takes a long time for old habits to change, but there are many reasons why going paperless is becoming critical to remain competitive, increase productivity, and improve profitability. Why should 2016 be the year to change?
Why 2016 is the Year to Make Your Financial Management Systems Paperless
- Paperless is easier. With a push of a button, you can file electronic documents; filing paper documents requires more steps and time. With a few keystrokes, you can research and find electronic documents. Finding a paper document takes considerably more time, and if it was misfiled, it may never be found again.
- Paperless is cheaper. Printing and storing paper is expensive. The average cost of a typical business document during its lifespan is anywhere from $12 to $100. Using digital storage, this expense can be reduced. You also eliminate manual data entry labor costs.
- Paperless is more accurate. Digitizing paperwork eliminates manual data entry which often leads to errors. Once computer data is printed on paper, it becomes out of sync with database updates. According to a Prism International study, an average of 2% to 7% of documents are misfiled.
- Paperless is expected. People are moving toward digital in every part of their life. Your customers and employees expect to be able to easily access the documents and information that is important to them.
- Paperless makes you more competitive. You can use electronic documents to improve your customer experience, accelerate your sales process, attract and retain employees, and get faster reporting.
- Paperless offers you more control. Available data keeps on growing—doubling in size every two years. You need to take control now. When your documents and processes are digital, you are more organized and are more likely to meet deadlines.
- Paperless makes you more agile. Your large metal file cabinets are testament to the inflexibility of paper. Electronic data gives you the agility and flexibility you need to adapt to new situations quickly. Instead of looking for paper documents, you can spend time analyzing the data and making decisions.
- Paperless is better for the environment. “Go Green” efforts have taken root with more people trying to reduce their environmental footprint. Eliminating paper reduces waste, which besides being better for the environment, also lowers costs.
- Paperless is easier to secure. In spite of the widespread stories of hacked digital information, databases are more secure that traditional filing cabinets. Digital access to information can be tracked by the individual.
At this point, most businesses have some paperless processes. However, with advancements in mobile technology and barcode scanning, there are even more opportunities to automate financial management systems and processes.
Mindover Software offers expertise and technology to help you go paperless in 2016. We can help you select and implement document management solutions that integrate with your ERP software.