Is going paperless smart for businesses?
As technology becomes more universal and affordable, more and more businesses are deciding to go paperless. Basically, this means moving all your documentation and records into the digital sphere. Is this the right move for your business?
Here are nine reasons why the answer might be yes.
1. Universal access
When papers are in a file, you can only access them if you’re in the office. A vendor business model calls for most workers to be out in the field. When you go paperless, all documents can be saved on a cloud server.
A cloud server is a physical or virtual infrastructure that is “built, hosted, and delivered through a cloud computing platform over the internet.” They function like physical, on-site servers, but since everything is saved online, anyone can access the files … from anywhere.
As a side note …right now, we are all dealing with the effects of the highly contagious Coronavirus. Businesses across the country are attempting to figure out how to keep going while practicing social distancing. A remote cloud server makes it possible to continue doing business even when workers can’t be in the same physical place.
2. Provide better customer service
Going paperless gives you the chance to provide faster, more personalized customer service. Digital tools allow clients to contact you 24/7, submit work requests, pay outstanding bills, approve contracts, and submit feedback about projects.
3. Save time
In today’s business environment, every second counts. Clients and employees expect instant communication. You should also think about how much time you spend printing, filing, copying, and mailing.
Going paperless means you don’t have to take all of those extra steps. You can also find documents easier, which eliminates wasted hours.
4. Save space
How many filing cabinets do you have in your office? How many boxes are in the office or an off-site storage container? These boxes ultimately take up space you could use for something else. If you have to rent storage, you’re looking at an extra monthly expense.
By going paperless, you eliminate storage issues by saving everything remotely.
5. Keep documents more secure
It’s never a good idea to keep sensitive documents where anyone can get to them. Cloud servers use encryption and other layers of cyber-security to protect private client information.
Plus, what would you do if you experienced a hurricane, flood, or fire? If you have paper files in an office, you could lose everything to a natural disaster or accident. A remote server means your documents will always be kept safe.
6. Save money
How much do you spend on things like printer paper, invoices, work orders, accounting records, and HR documents?
If you do a lot of mailing, that’s another expense. Going digital can represent substantial savings for your business.
“According to the EPA, a paperless office saves roughly $80 per employee annually in costs related to paper, ink, toner, storage space, and postage,” according to Inc.
7. An opportunity to “go green”
By some estimates, one company uses over 10,000 pieces of paper every year. That translates to 20 reams of paper or one whole tree. Now multiply that to include all businesses. You can see where paper usage adds up to small forests being chopped down.
Going paperless saves trees, which can ultimately help save the environment.
8. Automate processes
Process automation helps manage information and workflow for your business. Specialized software can automatically route work orders, billing, and documents related to your clients. Important documents like contracts can also be digitally reviewed, edited, and saved.
9. Compliance documentation management
Between tax filings, liability insurance, health benefits, HIPAA regulations, and cybersecurity regulations, there is no end to the business regulations you must follow.
Not only do you have to comply, you may need to supply documentation proving your compliance. An electronic-based system makes it easier to track, manage, and supply compliance documents when needed.
Let VendorSmart help you go paperless
Going paperless can be an essential tool in streamlining your vendor business. If you are dealing with HOAs or management companies, it is imperative that you have processes in place that will allow you to service clients more efficiently.
VendorSmart offers comprehensive, web-based tools that connect vendors with community managers. Manage RFPs, compliance documents, and implementation. We are here to help you find qualified clients and support your business operations. Contact us to get started.