Have you ever wondered what it means for your company to “go paperless”? This concept was introduced into the corporate world quite recently, and many companies are still getting acquainted with it.
“Going paperless” is a term that was coined to describe the processes of reducing the amount of paper used in a business context, exchanging printed pages for digital documents especially in internal processes. Common paperless areas of choice include receipts, invoices, tax returns, and paychecks, among others. Areas where manual work adds no real value to the company and the steps required to have its work done are too time-consuming.
It should not be a surprise that, once this wave started, it was only a matter of time for it to become bigger. This happened mainly because of the rise of modern technology that is taking over companies worldwide, digitising several processes that required tons of paper.
The digital wave is taking control
Can you imagine the cost that your company spends every year with receipt storage? Did you know that the ink on those receipts could be making you sick? Or that this very same ink fades over the years, making it almost impossible to comply with federal regulations and keep the receipts eligible for a long period of time?
For these and many other flaws of dealing with physical receipts, the digital wave is taking control of expense management and is making the life of business travellers, account executives, and CFOs easier.
Some people refer to the modern technology outbreak as the 4th industrial revolution and it is easy to understand why. Disruption is everywhere, the world is more digital than ever, and going paperless is a goal for many companies around the world. It is a revolution indeed. But why is that?
Digital archives are low-priced, more efficient and take less physical space
When compared to traditional storages, digital archives are cheaper and more efficient. Once you understand what “going paperless” means, you’ll understand why people would rather archive information on the cloud than store printed pages.
Companies can achieve a number of benefits by “going paperless” or “converting to a paperless office”. Such benefits include:
1. Reduce the business cost associated with paper, printers, copiers, fax machines, ink, and toner cartridges
There’s no need to have printed papers anymore. That’s exactly the broad sense of the term “going paperless”. It is really frustrating for companies to invest a lot of money in paper, ink, toner, and all printed-related machinery and after a while, all the ink on the receipt fades away.
It’s a lot of investment from the company’s side in order to keep the receipts and be in compliance with federal law, for everything to be ruined by an outdated system, right?.
2. Free up office space by eliminating filing cabinets and storage room
Time is money but, nowadays, so is space. Renting prices keep getting higher and architects are constantly looking for creative solutions to deal with the lack of space in big urban centres. Some people even call it a generic world crisis. In this scenario, companies can’t waste space – especially if they want to grow.
Receipts normally need to be kept for as little as 5 and up to 10 years, depending on which country regulation your company is under. Storage rooms are lost spaces that could be used for something more productive and that adds real value, such as meeting rooms or call pods.
That is why digital archives are becoming popular. Besides their many benefits, they are easy to search through and free up office space – leading to cost savings as well.
3. Save trees from being unnecessarily cut
Last but not least, going green is no longer a choice. If your company wants to survive and also succeed in the long term, it’s time to start thinking green and the first step that can be taken is reducing unnecessary paper use.
If printed expense reports are no longer necessary, they cost your company money and time, and are not environmentally friendly, why would you keep using them? Spread the word: it’s time to step up your game and go digital — and green.
Rydoo is the way to go
Now that you understand what “going paperless” means, you know that it is much more than reducing unnecessary use of paper, but also saving company money and time. Rydoo can help you with that, book a demo with one of our specialists and find out how digital technology can reshape your finance team and help you go paperless.