Why Do You Need to Manage Your Finances Paperless?
Nowadays we use our phones and computers for almost everything in our everyday life. We store our photos in the cloud, not in an album in the drawers. We pay our bills with the phone, maybe with QR code or transfer money online, even we read our books in the electric version. So while in our personal life we go paperless, until companies still follow the rules of storing all documents and invoices in a big pile of binders and have offices with shelves full of them waiting to be archived.
A lot of companies cannot go fully paperless due to European regulations, although since 2006 there are a lot of improvements in document management regulations to store them electronically. Due to European Directive 2014/55/EU, many countries started to implement new rules in e-invoicing. For example, Poland was one of the first countries to introduce a legal foundation for the use of it.
Lithuania prepared new Electronic Document Management Regulations in 2012. Estonia implemented Real-Time Economy technology to handle all transactions and invoices in real-time electronically. The Northern European countries also closed to implement e-invoicing procedures and rules, for example, Denmark established e-Invoicing in the B2G environment already in 2005.
But even if your company is not allowed to go completely paperless yet, you can reduce the actual paperwork with financial management software to save time and provide your clients with better quality and much faster service.
Why going paperless is better for your company?
You can be more productive
If you have good accounting software, finding documents take a couple of seconds, but if you need to go through many binders and hundreds of documents it could sometimes even take hours. Then you need to scan it on your computer and send it by e-mail or sometimes even send a copy by post. Therefore without a financial management tool, a simple and everyday procedure could take precious time from your more important tasks. With business accounting software, you will be more productive and your clients will be more satisfied with your job.
Most of the companies use the countless number of papers during one single day. Nowadays being environment friendly is trendy and if you following trends that make your company look more professional. If your future clients notice that your procedures are still on paper, it makes them think that you do not live in the future, you do not try to develop your services so they will search for a more advanced service provider. If you use business spend management tools, like Haslle to cut paper usage for at least some of your procedures it already saves a lot of trees and also shows your clients that you are a company which willing to invest in the future.
You can save time
Have you ever had the situation that you needed all documentations at a meeting? Therefore, you needed to collect all documents you gathered during the years, to be able to present it to your clients. After you had them all, you needed to go through the papers one by one to be sure you have every important document and if not, you tried to find the missing ones in the other binders. Well, you can save all this time and just grab your laptop when going to a meeting if you have the right software. If you have a SaaS or online accounting system, then it makes it even easier, especially if you need to travel to another country for the meeting. You do not need to install anything or bring with you some special equipment, only your laptop or even your tablet or mobile phone.
Make expense management effortless
Speaking about business travels and its expenses, are you familiar with the old-fashioned paper-based expense management procedure? Then you know that it takes a lot of precious time and effort and it is a headache not just for the employees but also for CFO-s and the finance department. Filing out the form, gain approval on paper and collect signatures, and keep all the receipts and invoices makes employees miserable.
With a spend management software, like Haslle, you can exchange all these processes for only a couple of clicks or touches on your phone, even on-the-go. You can even issue prepaid or virtual credit cards, that you can assign to different teams or individuals, and set budgets as you wish, so your employees can use this budget to pay for their different expenses and they do not need to ask for petty cash.
This option allows you to even forget about keeping all the receipts and invoices and turn your expense management completely paperless.
If you are interested in Haslle, you can try it for free by clicking below: