10 Reasons Why Your Business Must Go Paperless

Going paperless isn’t only for “tree-huggers” any more. Sure, cutting down or eliminating paper from the office is an extremely valuable contribution to the planet’s ecology, and companies that are green-certified, like IOU Financial, are doing their bit to improve the planet. However, gong paperless pays dividends in many ways that actually affect a company’s bottom line. Here are 10 benefits a company can reap by going paperless:
1. Security While a lot of what gets written down during the day is of little lasting value, firms that keep their important files on paper are at the mercy of prying eyes. A disgruntled or dishonest employee might go through company file cabinets and steal confidential information — like Social Security numbers or credit card numbers. Electronic files are password protected and often encrypted, which makes them harder to steal and also keeps track of all accesses.2. Supply Costs

There may be some upfront costs for training, hardware and software when you go paperless. You get paid back by saving money on paper, pens and pencils, paper clips, hole punches, shredders, erasers, white-out, Scotch tape, staples, thumb tacks, reinforcements, highlighters, clipboards, binders, and more. Often, the payback period is well under a year.

3. Printing Cost

Imagine a world without printers. We wonder if you can. A world without ink cartridges, and printer maintenance people too. Imagine all the people, working without hard copies. It’s a dream, and you can join.

4. Missing Documents

Documents are innocently misfiled, damaged or lost every day in millions of offices across the U.S. This can have repercussions ranging from mild to disastrous. This won’t happen on a well-maintained digital document system that keeps backups in the cloud.

5. Photocopier Costs

Big photocopy machines can be very expensive to buy/lease and maintain, and of course they consume a lot of paper and toner. Paper jams are wasteful of employee time and create frustration and higher maintenance bills. Electronic documents can be shared at will — you don’t need no stinkin’ copiers.

6. Labor Costs

Paper has many unseen costs — ordering, tracking, receiving, storing, distributing, filing, retrieving, re-filing, shredding and disposing, to name a few. Think of how many hours a month your office could be saving by dispensing with these tasks.

7. Email

Blessing in Disguise Department: You will undoubtedly see an increase in email if you eliminate paper. Take this as an opportunity to set up a proper email management and document handling system that files, backs-up and keeps track of emails for easy access and retrieval.

8. Storage Costs

Big companies spend zillions on paper storage costs. There is the space set aside that might be used more productively or not at all (think rented storage space) plus all the storage and warehousing operations. Nothing burns faster than a warehouse full of paper (well, excluding offshore oilrigs), which creates insurance costs.

9. Disaster Recovery

Speaking of fires and such, what happens to all those paper files when disaster strikes — fires, flood, earthquakes, tornadoes, terrorist bombings or whatever? If you’re paperless, all your important files are backed up in the cloud, safe and secure. You can temporarily relocate and have all your electronic documents immediately available, safe and undamaged.

10. Customer Service

For an irate customer or vendor on the phone, nothing could be worse than a harried employee trying to locate the caller’s papers. Prevent violence, or at least violent words, by having all information in searchable, electronic form. Many firms recognize incoming phone numbers and automatically retrieve the appropriate files before an employee answers the call.
We’re sure we could think of some more blessings that accrue from eliminating paper, but we think if you’ve read this far, you are convinced. Tell us the benefits your business has seen (or would see) by eliminating paper! The good public relations you receive by going green are, after all, another important benefit!