Going green is about even more than the environment—migrating to a paperless back office has many benefits that will move your business in the right direction and increase your bottom line. If you’ve considered digitizing your back-office but aren’t sure how it would benefit your business, read on to learn how other companies with paperless back offices are benefitting every day.
Improve cash flow with digital accounting processes
Migrating to a paperless office by adopting cloud-based accounting technologies has the power to improve cash flow dramatically. Xero and its marketplace of industry-specific apps is a powerful tool for providing paperless back-office functions that can save business owners valuable time. Business owners gain real-time financial insights into the business, providing the ability to stay on top of cash flow and make adjustments as needed before it’s too late. Xero’s customizable dashboard provides insights into accounts payable and receivable to view current and future income and expenses that will affect cash flow.
A paperless back office can help your business get paid faster with digital invoices. No need for mailing paper invoices to vendors and waiting for a paper check. Business owners can also view and pay bills with the click of a button, maintaining vendor relationships and keeping expenses current and up-to-date.
Digital files accessible anywhere
Have you ever needed to view a financial statement, customer account, or invoice but were out of the office? Migrating to a paperless office means your entire back office resides in the cloud and is accessible from anywhere you have internet access. As a business owner, oftentimes you need to access documents or financial information during non-working hours. With a cloud-based office you have the capability to tend to your business regardless of where you are or what time it is. Whether you’re on vacation, or simply running to get lunch, your business is at your fingertips. Your files are safely organized in the cloud, easily accessible, categorized, and organized in a way that suits your business best.
Not only are your business’s important data and files accessible to you at any given moment, but they can also be securely shared with employees, your accountant, or others who may need access or collaborate on a project.
Preserving records in a paperless back office
A paperless office eliminates the risk of files or data that could potentially be lost in an unforeseen natural disaster, such as a flood or fire. Important business data, files, and documents are securely stored in the cloud, backed up and accessible from any supported mobile device.
Enable remote work
Migrating to the cloud enables businesses to hire skilled contractors regardless of geographical location. Vital business functions, such as payroll, expense reporting, inventory management, and sales, can be accomplished from any device around the globe. On the job at a client location? Employees can create invoices, input client notes, and stay on top of timesheets without the need to return to the office. Cloud-based accounting apps employ the highest level of security measures, and additional security protocols can be put in place to ensure only those approved are able to access the cloud-based apps and data.
Whether it’s the ability to hire remote workers, give employees workplace freedom, or simply do business on the go, cloud-based accounting apps are key.
As a bonus, adopting a paperless office means a greener business. A digital back office reduces the need for mailing documents and payments, traveling to the office, and printing documents. Your business can score a win-win by reducing its footprint and improving gaining the benefits outlined above.
Migrating to a paperless back office offers many benefits for both the business and the planet. A digitized back office can also save business owners valuable time, increasing capabilities and opportunities. If you’re ready to go virtual, send us a message. We have migrated hundreds of small businesses to the cloud and can offer expert advice to help you build a tech stack that suits your particular needs. We will work with you to understand your unique business needs and goals to determine which cloud-based accounting apps are the right fit. Our experienced business accountants provide ongoing support at the level in which your business requires to ensure the transition is smooth for both you and your employees.