Paperless Bookkeeping Practice: 8 Good Reasons

Paperless Bookkeeping Practice: 8 Good Reasons

There have been many changes in the bookkeeping profession over the last few years. Of these, one of the most significant trends for progressive firms is the move to a completely paperless bookkeeping practice. There are many reasons to strive for this goal. Read on to learn eight of the best reasons.

Paperless Bookkeeping Practice AdvantagesPaperless Bookkeeping Practice: 8 Good Reasons

1. Access

The average employee spends 4 weeks each year looking for paper documents. On the contrary, storing these documents digitally in the cloud means that you can just log in and instantly pull up your documents. This is a tremendous productivity benefit.

2. Eliminate Clutter

Paperless bookkeeping clears huge volumes of clutter from the office, increasing confidence, reducing anxiety, not to mention energizing the environment.

3. Going Green with Paperless Bookkeeping

The average business uses over 10,000 sheets of paper every year. As a matter of fact, paperless bookkeeping can literally save whole forests. For business owners concerned about their families and the world they live in, that’s a big deal.

4. Money Savings

There are multiple costs associated with the use of paper documents. A small subset of these include the cost in labor to file documents, the cost to find misfiled documents, in addition to the cost to recreate lost documents. In contrast, going paperless eliminates these costs and can have a dramatic effect on a company’s bottom line.

5. Public Relations

Paperless bookkeeping reveals to your partners and customers that you are modern and technologically advanced. You position yourself to move into the future rather than clinging to outdated processes.

6. Security with Paperless Bookkeeping

Storing documents in the cloud is far more secure than keeping sensitive information in paper files stored in your office. Modern encryption ensures that your data is secure. Additionally, you can restrict access to all but trusted users, and there is no risk of digital files being lost due to fire or theft.

7. Space Savings

Office space is costly. As a matter of fact, the space taken up by a filing cabinet typically costs $1500/year. Over years of operation, a business can accumulate stacks of files. These can eventually fill office spaces and ultimately require additional storage space. Alternatively, digital files occupy no physical space. Moreover, storage in the cloud means that access from anywhere at any time is not only possible, but easy.

8. Time Savings

Typically, workers spend 20% to 30% of their time managing documents or document-based information. Conversely, the digital alternative reduces the record retrieval process to a few mouse clicks. Not only can this simple change result in a huge number of wasted hours being regained, but also it allows for more value-added tasks that increase employees’ productivity.

If you would like to talk about a paperless bookkeeping practice, or if you have general questions about bookkeeping, please call 262-563-9266 or email info@BookkeepingByMike.com.

About the Author Mike Westmore

I have been blessed with the analytical mind of a scientist, growing up influenced by my father who was a scientist and my brother who is an engineer. After spending 20 years running my own scientific consulting business, and applying my analytical skills to both the science and the necessary bookkeeping duties required to organize my business, I have decided to apply these bookkeeping skills to the benefit of other small business owners. If you own a small business, my mission is to help you take control of your finances through sound analysis and advice, allowing you to achieve prosperity.

Geographic Bookkeeping Service Area of Bookkeeping By Mike LLC

Serving the business bookkeeping needs of businesses in these Waukesha County communities:

Bethesda, Big Bend, Brookfield, Brookfield, Buena Vista, Butler, Camp Whitcomb, Chenequa, Colgate, Delafield, Dousman, Eagle, Eagleville, Elm Grove, Genesee, Genesee Depot, Goerke's Corners, Guthrie, Hartland, Jericho, Lac La Belle (partly in Jefferson County), Lake Five, Lannon, Lisbon, Mapleton, Menomonee Falls, Merton, Milwaukee, Monches, Monterey, Mukwonago, Mukwonago (partly in Walworth County), Muskego, Nashotah, New Berlin, North Lake, North Prairie, Oconomowoc, Oconomowoc Lake, Okauchee Lake, Ottawa, Pewaukee, Saylesville, Stone Bank, Summit, Summit Center, Summit Corners, Sussex, Vernon, Wales, Waukesha, Waukesha (county seat). If we're an exceptionally good fit, also serving clients in Jefferson, Milwaukee, Walworth, and Washington Counties.

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