What Are the Financial Benefits of Going Paperless?

There's no one answer to explain why document management and electronic workflow 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 benefits of embracing document management software are many. First of all, it brings your company squarely into the 21st century. 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 clunky and massive filing cabinets that can be a major eyesore in your otherwise cool work place, 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 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. The fiscal benefits are great, so why aren't people taking advantage of this technology?

The cost savings alone should be motivating
Many company executives realized that if they go paperless the money they can save over time would be significant. There would not be any requirement of buying printers, costs of paper or ink,  and other factors. Saving enough should be a virtual no-brainer.

However, if a business is limited in their time, effort, and digitization options, even if they just make all invoicing a paperless process 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 electronic 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  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 paperless and your firm can save money and see other perks from digitizing, why would you consider any other option?