What to Expect When Finance Goes Paperless

Wadih Pazos October 1, 2021

What to Expect When Finance Goes Paperless
Document Management
Blog
The finance department is a crucial element of a business, and any sudden adjustments it endures can be a culture shock for employees.

If an office decides to go paperless, the finance department can expect many advancements.

The expectations a finance department should have

Small businesses typically have an accountant in place, and Entrepreneur Magazine recommended that basic expectations be set for the accounting department before going paperless.

Anyone approaching finance must be detail-oriented and know the basics of accounting, regardless of the document management software put into place. No program can be depended on alone by anyone.

The bookkeeper should also have knowledge of the industry he or she is working in, as finances for a hair salon are not the same as those for an online business.

The source noted that if there is a learning curve for the accountant in terms of the new software, it can put a business behind with extra workload. Since communication will be crucial, having an accountant with his or her background in the industry and computer skills is necessary.

The change to paperless for accounting 

Capgemini Group explained the changes financial departments should expect in a paperless office. Many finance departments had tasks that depended on searching for physical documents, but invoice automation makes that no longer necessary.

Invoice automation eliminates the risk of losing any reports and can back up lost documents. The software focuses on efficiency for the finance department, accuracy and transparency are emphasized, and approvals can be done instantly, even from mobile devices.

The source mentioned how much of a good thing this is, since smartphones and tablets currently outnumber PCs.

Decisions originally relied on the finance department signing off on invoices, which meant delays were prominent. With document management software, executives can approve invoices and sign documents almost instantly. The source highlighted that computers and backup solutions have helped businesses spend less time and money on various processes.

Paperless offices have been climbing to the top of many priority lists, for both big and small companies. The advantages of paperless document management can no longer be debated, as departments such as accounting no longer have to hunt down paper documents and search through filing cabinets.

Picking the best document management software for your company can be the next step in the right direction for all offices.

Wadih Pazos

Wadih founded PairSoft and PaperSave, and he currently advises non-profits on business process improvement and technology.

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