With almost every sector of the economy now falling in line with the digital age, and sustainability gaining focus from businesses, the demand for companies to go paperless is at an all time high.
Offices in particular deal with copious amounts of paper, and managers choosing to say goodbye to it can welcome a more efficient operation. Though going paperless offers rewards across the company, benefits will mostly be felt by the vital accounting team.
So, why exactly should office managers and business owners consider switching to a paper-free work environment? And why is this transition so relevant for accountants?
Below, we’ll explain why:
Streamline and simplify your payroll
Let’s face it, paper payslips are a thing of the past. If you haven’t already adopted digital payroll software, you’re likely piling up unnecessary admin for your accountant and distracting them from more important tasks.
Thanks to automated emails offered by payroll software, employees across-company will no longer have to worry about losing a payslip or wonder if they’ll be paid on time.
Payroll software is easier to manage and more productive, as it removes the need to calculate finances individually. Not only this, it’s also a far more secure system thanks to password protection and encryption.
The digitalisation of payroll is not a new phenomenon. Chances are, you’ve already switched to this effective way of working.
Next, let’s explore some paper-free alternatives that you may not have considered.
Digitalise your receipts
Relying on paper receipts is limiting when it comes to claiming back expenses. If you’re battling through stacks of unorganised receipts when trying to process VAT returns, you’re faced with a much more complicated job than if you were to keep a digital archive.
Digitalising receipts not only ensures that no paper copies are lost by accountants or employees, but also allows accountants to search and filter through them to better process eligible VAT expenses.
Even better, digital receipts are classed as HMRC approved invoices, which means that they can immediately be used to reclaim VAT.
If you already have amounted piles of paper receipts, it’s not too late – you can convert them to digital files by using services like Spendesk. Spendesk is a slick financial platform that keeps a digital store of paper receipts by scanning images into PDF documents.
Protect financial information with Cloud Storage
Managers reluctant to go paper-free might argue that keeping data online incites risk of cybercrimes, such as corporate theft. Though online hackers and data miners have gotten more sophisticated, cloud storage software is one of the most secure ways of storing information in existence.
And one thing’s for sure – it’s definitely safer than locking files up in a cabinet.
Cloud storage has proven extremely compatible with accounting, as sensitive information such as client contracts, national insurance numbers and company pensions require steadfast protection.
So, what makes it bulletproof?
Cloud storage software features in-built defence against cyberattacks through its firewalls - security systems that divert and block suspicious traffic. What’s more, data stored in the cloud is highly encrypted so that it’s only legible to approved users. Two-factor authentication and automated updates are also in place to further guard accounts.
In short, switching from paper storage to cloud storage makes access much easier for the right people and much harder for the wrong people. Sounds like a win-win!
Leading accounting technology that triumphs cloud storage software is Xero – an accounting platform designed with small businesses in mind.
Here at Jump Accounting, we use Xero to manage our clients’ books and undertake accounting services – so you can be sure your finances are in good hands. And it doesn’t end there. Choose Jump as your accountant, and we’ll gift you $5,000 of AWS Cloud Credits and $12,000 of IBM Cloud Credits so you can harness the very best tech.
Paperless is cheaper!
Last but not least, going paperless is significantly cheaper.
That’s right, you can increase productivity, improve security, save time, and save the planet whilst cutting down spending!
The EPA projected that a paperless office saves around $80 per employee, every year. Seemingly minimal costs of paper, printing, ink, and toner add up to significant and unnecessary costs that can now be allocated to other areas of your business.
The transition to becoming a paperless workplace doesn’t happen overnight. It may take some time to adjust your operation, but taking the leap towards digitalising your business will be more than worth it.
Oh, and you’ll have some very happy accountants.
Join the millions of companies worldwide that have stepped into the future and left paper in the past.