For any business, whether big, small, or somewhere in between; the use of paper can be one of the biggest costs they incur. From office documentation to billing and receipts, the amount of paper used by businesses is monumental. Going paperless is a feasible idea as it cuts down paper costs and has a lot of other benefits. For starters, you’ll get to have more peace of mind when it comes to the general management of your business’s paperwork.
On an annual basis, there’s a lot of paperwork which needs to be properly marked, filed and stored. In fact, a study in 2014 highlighted that around 50% to 70% of all available office space is used for the storage of documents. The same study highlighted that on average, businesses annually spend around $80 per employee on their paper costs alone.
It might not seem a lot, but when you multiply that number by 50 to 100 employees; you’re looking at annual costs of $4,000 to $5,000 alone. For a startup, that’s a huge chunk of money dedicated only to office paperwork. It makes sense to go paperless here. While you will have to deal with the initial cost incurred by document digitization services, it will definitely be less than the long term cost you were shouldering before.
By going paperless, you’re going to be picking an option which has a lot of benefits. You’re also going to be saving money, not only on the annual paper budget but also in the following areas.
Easier to File
For U.S. companies, filing and managing of paperwork have an annual cost of $8 billion. On average, a company can easily spend around $20 per document to file it correctly. Despite the best filing systems, valuable documents can often be misplaced or lost in a busy office system. The cost associated with finding a misplaced document comes up to $120 per document. Additionally, if the document is lost, the replacement of valuable ones comes up to $220 per document.
That’s a lot of money lost. Getting document scanning services can simplify the storage and management of paperwork. It also cuts down on your steps for document filing and the costs for finding and replacing documents by more than 50%. Additionally, the cloud-based filing systems are easier to implement and have more secure access points, which prevent misplacement or theft.
Increases Efficiency
Paperless businesses are also more efficient than their counterparts. Again, this is something backed by data. Businesses which have paperless documentation can create an organic workflow, which allows them to generate more revenue by at least 13%. This is because there is more confidence in the digital files of the paperwork.
Digital archive systems are easier to access, maintain and look after. Shareability of documents is also improved, which means that clients no longer have to wait a day or two to get the document emailed to them. Instead, they’re just emailed a scanned copy of the document. From invoices to receipts or even contracts, you can get them all digitized for you, your consumers and business clients.
Builds on Consumer Faith
Over the years, a bigger emphasis has been placed by consumers on working with organizations that are eco-friendly and make a positive impact on society. Businesses that go paperless are viewed as 19% higher in value, not only by their consumers but also with industry peers. This means that they have a bigger chance of reaching out to their target market.
Using document digitization services for going paperless increases the profits by as much as 50%. Sure, you might have to deal with the cost of getting the right and affordable document scanning services, but you’re also making a bigger profit. It’s definitely a worthwhile investment to make— one which will also improve your business’s position in the market. By going paperless, you’re not only building a bigger market presence but also showcasing responsibility to the community.
Save on Printing Options
You’re going to already be saving on paper costs, but did you know that going paperless also saves you costs associated with printing? On average, a business uses up around 375 million cartridges of ink and toner. All these cartridges are expensive and costly, which only pushes up the price per document. By getting them digitized, you are able to effectively cut down on costs associated with printing.
Not having to deal with printing costs also enhances your productivity since you don’t have to wait to get documentation printed out to send it forward. Instead, all you have to do is compose an email and you are good to go. Another bonus here is that you are cutting down on your waste. Cartridges are usually thrown away into landfills and are not very easy to recycle by shifting to the paperless option; you are able to make your business waste efficient and eco-friendly.
Minimize Storage Costs
As stated earlier, the storage of paper documentation is a huge cost that businesses have to shoulder. If they’re opting for in-house storage, they’re going to end up dedicating 50% to 70% of their available space to it. If space is at a premium, this is something that a business cannot afford. The other option of out-house storage is also possible, but it can be expensive for them to deal with.
In this case, you can save a lot of your storage costs by opting to get your paperwork digitized. In this option, you need to get a scalable cloud based data storage program that is not only more pocket friendly but also very flexible in terms of package plans, available space and security. By going paperless, you’ll be able to maximize the storage options for your business with ease.
Given the number of benefits that a business can enjoy because of going paperless, it’s no surprise that more and more businesses are picking this option.
