How Does Being Paperless Save Money

Out with the old, in with the new!

Reducing your paper usage and dependency in your business doesn’t just make sense environmentally, but it’s better for you financially too. Going paperless can be a great way to save money for businesses of all sizes, small, medium, and huge corporations/conglomerates, everyone can benefit from going paperless.

Here are just 6 simple ways that going paperless can save you money:

Reduced Printing/Supply Costs and Reduced Postage/Courier Expenses

By reducing the amount of paper used, businesses can eliminate costs associated with purchasing paper, printing, and filing. Printing documents, purchasing paper, ink, toner, and maintaining printing equipment can quickly add up. By switching to digital communication and documentation methods, you can significantly lower these ongoing expenses.

Lower Storage Costs

Just storing paper costs and takes up a lot of space. This can mean renting or buying filing cabinets, office space, and even off-site storage facilities, which can be costly. Going paperless eliminates the need for physical storage, allowing you to save on space-related expenses.

Enhanced Document Management

Paperless solutions often include cloud-based document storage solutions which can be cost-effective and easily accessible. Storing paper files and documents can be meticulous, and frankly, we’ve all misplaced that one paper we needed because we “thought” we put it in the file. To err is human, but with important documents, mistakes can lead to delays and more expensive mistakes. Digital document management systems make it easier to organize, search, and retrieve documents, reducing the likelihood of costly errors and improving overall efficiency.

Remote Work Opportunities and Streamlined Collaboration

Work from anywhere with anyone. Collaborative tools and cloud-based platforms make it easier for employees to work together regardless of their physical locations, which is where the remote work aspect comes in. Going paperless enables employees to work from anywhere with internet access. This can reduce the need for expensive office space, utilities, and commuting costs.

Environmentally Conscious

Not only is going paperless better for your bottom line, but most importantly, it’s better for the environment. The less paper we use, the less the demand, and the fewer trees are needed. As well, by reducing paper usage, your company can contribute to a greener environment and potentially gain favour with like-minded, environmentally conscious customers and clients.

Improved Data Security

There are documents that need to be kept secure, every business has sensitive data that they need to keep protected and secure. If done properly, cloud-based/digital record keeping and document management are more secure than traditional paper filing. Implementing robust data security measures can protect sensitive information, potentially saving your business from costly data breaches or legal repercussions. These include creating intricate passwords for your logins (no, Password1 is not a strong password), turning on two-factor authentication, and using secure networks.

The “Paperless Crusade” is much more than just a way to reduce our carbon footprint, it makes sense, good business sense.

If you’re looking for a start in your paperless journey, why not find out what paper is costing you right now?

Calculate how much using paper is costing your business by using this calculator.

And if you are looking for ways to incorporate the cloud into your business and aren’t sure how to go about it? Why not Ask A Bookkeeper?

Book your 60-minute session with Erika and get answers that are specific to you and your business!