Never in history has it been easier to operate a business without paper.
The world is digital, which means life – and running a business – is easier, faster, more efficient, and most importantly, better for the planet.
So, that means you don’t have to keep dusty old files any more!
If you have still got the odd printed invoice or statement floating around your office and have been considering taking the leap to make your finances paperless, it’s time to bite the bullet.
We’re here to help by walking you through exactly how to make your business finances digital.
Is It Possible To Take My Business Finances Paperless?
Bank Online
Most people in the business world already manage their bank accounts online, but there might still be the odd statement that arrives in the snail mail.
Spend a few minutes making sure you have checked the “online statement only” boxes for all your accounts. You will still have access to all your records and the ability to pay bills, transfer money, and review your finances from anywhere, any time.
Plus, you might even save a couple of dollars as some banks charge for sending paper statements.
Use Online Accounting Software
Even if you have a very small business and can manage your books easily with a physical notebook, this is no longer the best way. There’s a higher chance of errors, you need to actually have the book in front of you to access your financial data, and it’s difficult to share with a bookkeeper or accountant.
Switch to online accounting software to streamline your processes and keep your data secure. Not to mention, getting rid of those piles of bookkeeping notebooks that accumulate throughout the years!
Collaborate Digitally
Even if you handle your finances internally, you still need to communicate with vendors, customers, and other team members. There’s no need for sticky notes, interoffice memos, or other forms of paper. Plenty of digital tools and platforms exist to help you manage your projects and facilitate collaboration and communication.
Use Electronic Invoices
Stamps aren’t cheap these days, and the postal service can be painfully slow. If you want to be paid on time (and save money on envelopes, printing ink, and stamps), email your invoices. They will arrive in seconds, rather than days, and the online software helps you keeps track of them, send reminders, and flag unpaid invoices.
The Advantages Of Paperless Business Finances
Time-Saving
Going digital is the ultimate time-saver for your business. Typing is faster than writing, accounting software has built-in calculators and other time-saving devices, and information is sent instantly.
Accessibility
Digital finances free you from being tied to the office. You, your team, your accountant, or bookkeeper can log in and access important data from anywhere at any time.
Improved Security And Safety
With everything backed up securely in the cloud, you can rest easy knowing your records are only available to authorised users and aren’t at risk of fire or water damage.
Easy Storage
Ten years worth of financial records take up an awful lot of room on paper. However, stored digitally, they take up no physical space at all – removing the need for file cabinets or storage space.
A Smaller Footprint
Going paperless is one step in the journey to being a sustainable business. Many customers are in search of eco-friendly business ethics, so not only will you be helping preserve the planet, but you will be keeping your customers happy too. Everybody wins!
Is it time to go completely paperless with the finances in your business? Then we can help you do it here at Admin Army. Our squadrons are experts at digitising records and helping you set up processes that allow you to do the digital thing! Drop us a line today to get started.