Everyone knows that making payments is hard. And we all know it is not just one thing that makes it hard. It is a lot of small, mundane problems that never make it into a monthly report, let alone a board meeting where budget and technology decisions are being made. But in the current day and age, as organizations look to accounting to take on more strategic planning, budgeting, and cash management activities, they are basically forced to transition into using automation and get rid of the manual, repetitive, non-value-added tasks they are doing now. So, if that is the case, then why do so many businesses still rely on piles and piles of paperwork?
Paperwork’s pain points
In most companies, financial & accounting departments are typically the heaviest users of paper, even though reams of data demonstrate huge savings and efficiencies by shifting to automated workflows. And the organizations that stick to internal, manual processes, will keep dealing with the following time consuming and disruptive pain points:
- Lack of visibility – invoices getting lost or being paid double;
- Paper Problems – lack of payment process efficiency and late payments;
- Manual payment and invoice approval – delays, late fees, stress and frustration;
- Fraud – security & compliance problems, overlooking suspicious matters.
Tremendous benefits of going paperless
Companies that do make the investment to automate their finance and accounting functions by going paperless, can and will realize enormous benefits that improve efficiency, reduce operating costs and mitigate risk. This way, finance & accounting departments will become profit centers, rather than sources of overhead. And not only does a paper-free work environment save money, it also shows that your company is committed to being environmentally friendly and keeping a small carbon footprint. To name a few more of the many benefits of going paperless:
- Greater efficiency and fewer errors;
- Faster customer service;
- Cost savings;
- Flexible work environment;
- Environmental advantages;
- Greater security;
- Time savings;
- Streamlined, accurate processing;
- Easy access, real-time monitoring and greater control;
- More insight and transparency;
- Improved business & client communication and relationships;
- Better utilization of talent;
- Automatic backups.
How to start the transition
Of course, before companies can figure out how to cut their ties to paper and harness the power of digitization, they will need a solid understanding of their paper use and document flows. And since change has always been and will remain difficult for people involved, the transition of your company to a paper-free environment takes planning and preparation. First, you will have to choose the right software and make sure your files are secure and backed up. You will need to implement secure password policies for your employees, which might require a company-wide password management system.
You also want to archive and back up all sensitive data. Then you need storage policies in place so that employees who don’t understand the technology cannot accidentally disclose confidential information.
The next step to this transition includes communication and training. Some employees may feel overwhelmed by all the changes. Hold easy, step-by-step communication & training meetings and provide comprehensive documentation for employees to refer to later. Then, make sure you have someone on staff who is available to answer any questions. The key is taking it step-by-step to transition smoothly and to start reaping the benefits right away. Not only will these changes make everyone’s life better, it will make the future of your organization brighter. So once everything has been figured out and the changes have been successfully adopted and implemented, the benefits will all be worth the initial investment of your time and money.
Rydoo saves innogy Consulting 27 billable hours per month
Digital technologies, such as provided by Rydoo, are giving financial & accounting departments the ability to make a major impact within their organization. A great example is the paperless journey of innogy Consulting. Opting for an on-the-go travel & expense management tool as part of going paperless, was a no-brainer for this innovative and sustainable energy consulting firm. Before working with Rydoo, innogy Consulting had a different platform, coupled with a separate accounting system, where each and every single expense had to travel a long, long way. The entire process was so time-consuming and exhausting, that it took innogy’s consultants more than 30 minutes per week to submit their expenses. With Rydoo, innogy’s heaviest travelers are now saving between 10 – 30 minutes per week. On a company level, this result comes down to 27 hours per month! The choice was very clear-cut. “We have chosen Rydoo because of its innovation power, its great optical character recognition (OCR) technology, the very intuitive user interface and of course its competitive pricing.”
Originally published , modified