Businesses everywhere are breaking the shackles of paper and going electronic. Provided that it is done correctly, going paperless can have a myriad of benefits for business. Here are some ways that businesses are helped by technology in going paperless.

Saves Time

Keeping paper files is time-consuming and takes an immense amount of effort in order to do successfully. When your business can automate recordkeeping, it helps make your business more efficient, saving it time and hassle. Ditching paper helps to take several steps out of the process, which makes storing and using data much quicker. All you need to do in order to access the data is to go into the relevant software system and call it up as opposed to sifting through paper and finding where the information is located. The amount of time savings that your business can experience is dramatic when it comes to electronic recordkeeping.

Saves Money

There are a lot of areas where technology can help you save money in a business. One of these areas is electronic recordkeeping. As a rule of thumb, whenever you are able to save time, you also save money. The less time something takes, the fewer employees are needed to carry out the task. This lowers your labour costs because you either need fewer employees or you can redirect them to another task. In addition, reducing the amount of paper that you use will also lower your business’ bills. All you need to do is invest once in the computers and necessary software.

Reduces Errors

When you keep records on paper, bad things can happen. Records can get lost and, when they do, the information can be lost forever. In addition, when information is manually transcribed, there can be errors in data entry. Automating the process means that it becomes standardized. When that happens, it takes some of the variability out of the process and reduces the chance that human error may occur. Software is programmed to never make mistakes and unfortunately, humans cannot receive that same training. When your business depends on the accuracy of records, mistakes will cost your business both in terms of finances and reputation.

There are very few good reasons why a business should still run on paper given the benefits of electronic recordkeeping. If your business still uses paper, you should give careful consideration to continuing down that path.

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