5 reasons to go paperless with your business
Going paperless and exclusively working online has been a popular trend for small businesses in the past few years.
3 Wise Bears works through online accounting systems, which grants up-to-date information 24/7 and no paperwork to keep organised.
There are many advantages to going completely paperless, including saving time, money and space.
- Information stored in the cloud is accessible from anywhere
The number of freelance workers has grown by 14% in the past 10 years, with 1.4 million Brits working as freelancers in 2014. With alternative solutions like working from home and hot desking still on the rise, it is easy to see how freelancers would benefit from being able to access their financial information from anywhere.
Going paperless and having all accountancy services available on the Cloud means having the ability to work from anywhere and view information any time.
- Searchable information saves time and never gets lost
With a paperless system, retrieving data is made much easier: it can just be found using the accounting software’s search tool, rather than having to look through physical files one by one. A data trail is much easier to navigate than a paper one: you can find receipts, invoices and other documents in a matter of seconds, while it may require hours to do the same work manually.
In addition, your documents will never get lost: while a piece of paper can be thrown away and never found again, you can keep your documents in the cloud or on an external hard drive virtually forever. With automatic backups, everything will be saved without any extra effort.
- Digitally stored files are more secure
Keeping files in the cloud also means that they are much more secure; as many passwords and safeguards as necessary can be put in place to protect sensitive data. The same information can be also be destroyed as efficiently and permanently as with a paper shredder if necessary.
- Working with no paper saves money
After the initial investment in time and money required by going paperless, savings will be almost immediate. A more efficient accounting system will help save both time and money.
A big saving will be on stationery, from paper to ink, postage, printing and copying equipment, storage. According to the US Environmental Protection Agency, the average office goes through 10,000 sheets of paper a year, and $80 (£52) per employee could be saved just on paper.
Not having to store documents means that file cabinets become unnecessary; not needing them will save space in the office and money in the bank.
- Going paperless helps make a business sustainable
This may be the most obvious positive to going paperless, but the impact of just a few businesses going paperless is staggering: one terabyte of information can easily sit on one hard drive, or on the paper produced by cutting 50,000 trees.