Alongside soothing your eco-conscience, going paperless proves your business acumen by streamlining otherwise arduous and costly processes.
When running a business you’re in an uphill battle to reduce costs while maintaining the same level of quality service (if not more). Though certainly a challenge envied by few, switching to a paperless operation is a clear way to strike a perfect balance.
Not convinced? In this article we explore the following cost benefits of going paperless:
- E-receipts make claiming back expenses more efficient
- Paperless invoicing lets you receive payments faster
- Reducing paper clutter encourages a more productive office
Read on as we outline the cost benefits of turning your business into a paperless operation.
E-receipts make claiming back expenses is more efficient
Claiming back expenses secures your profit margin against unavoidable running costs such as fuel and other general supplies, but the process is often bogged down in admin work, especially if you’re in a never-ending loop of searching for and then storing paper receipts.
On the other hand, digitising your receipts can streamline the process and make calculating VAT (and other taxes) far more manageable. This is because you can:
- Backup files more securely
- Manage information more effectively
How exactly can you go about bypassing paper when claiming back expenses? Business payment/credit cards are one solution that can be applied across numerous industries.
One scenario is to apply for a general business credit card, but often your operation can benefit from going in a more niche direction. Here are some alternative options:
- Fuel cards: available via sites like iCompario, fuel cards produce an HMRC approved invoice so you don’t have to jump through hoops to claim back VAT on fuel.
- Trade cards: like this Tradepoint example, trade cards keep a digital record of tools and supplies purchased by tradesmen.
Some live by the cashflow benefits of business credit cards; others shy away from spending more than they can afford in the given moment. Either way, few can argue with these cards ability to streamline expenses, something that can offset costs in various other areas.
Paperless invoicing lets you receive payments faster
Are payments to your business constantly stuck in the pending process? Sending a paperless invoice can help expedite customer/client payments so you can access funds quicker and avoid an awkward state of limbo.
Alongside saving money by removing the need for paper, envelopes, and postage costs, paperless (or electronic) invoices immediately reach your billable client/customer, which can shorten the time taken for them to settle their debt.
On top of this invoicing software such as QuickBooks can help you:
- Keep track of unpaid invoices
- Send follow-up requests for payment
- Produce multiple invoices at once
- Improve accuracy and avoid mistakes
Meaning paperless invoices not only speed up the payment process but also make it more efficient, accurate, and able to monitor unpaid invoices with more ease than doing things the paper way.
Reducing paper clutter encourages productivity
Does your business get buried under an avalanche of mail? Payslips, invoices, tax sheets, client information and all manner of other things need sorting through, only to be shredded later on.
Whatever your business ethos might be, time still equals money — and we doubt you want to waste it doing snow angels in the mailroom rather than focusing efforts on billable work.
But how can you reduce the amount of mail you receive? The switch to paperless mail is an easy one to make, simply opt-out of receiving paper copies from your providers. This can include important documents like bank statements, tax bills, and invoices from suppliers.
Don’t worry you’ll still receive the information you need, only now it’ll be via email where you can easily monitor and manage your communications through inboxes. Plus, if you’re worried about security then ditching paper also means you don’t have to worry about mail being intercepted or being lost.
Going paperless is easier and more convenient than ever before…
Whether it be for claiming back expenses, invoicing clients/customers or simply reducing clutter around your office, the cost benefits of going paperless far outweigh the old ways of doing things.
Now you know what can be achieved by adopting a paperless operation, wave goodbye to the countless unnecessary reams of paper and embrace your business acumen by streamlining arduous, costly processes.