Even though information is being developed and distributed daily through hard-copy documents, electronic documentation is gaining speed in the business world. The paperless office has been a concept since 1975, as pointed out by The Economist, and technology has evolved enough since then that it is nearly possible.
Despite the availability of electronic documentation and the vast amounts of digital data, the reality of digital documentation has struggled in the past 40 or so years.
The love and hesitation for invoice automation
According to a report by Basware, 65 percent of invoices are still received in paper format. Invoice automation has yet to be fully utilized by a number of companies, even though it provides a variety of benefits such as accuracy and efficiency. The technology also allows organizations greater visibility into their assets, and they can view spending easily, which may improve cash management, as highlighted by the source. With all of these advantages, why are the majority of invoices still paper?
Workers tend to rely on paper-based processes because that’s the way it’s always been. In addition, those who use paper are typically unaware of the benefits invoice automation holds. Paper processes have a high probability of error, but those who use it are largely unaware of those issues. Invoice automation has nearly done away with human error. It also encourages better workflow processes within a company’s system, and this is a desired factor for enterprises.
Automated workflow and the disappearing filing cabinet
According to Basware, automated workflow improves the quality of invoice automation. Workflow processes encourages quicker approval time for invoices, increased employee productivity and lower processing costs. Automated workflow provides various benefits when companies utilize it – however, employees still often cling to the idea of hard-copy documents and the idea that they are necessary.
A common thought is that the original hard-copy is necessary, even if a company uses invoice automation or document management software. With electronic document imaging, keeping the original is not necessary. Automated workflow ensures that the system is secure and organized, which means that any report that is converted electronically will be saved within the system for easy access. No one should worry about filing away an original copy, as will snowball into the very thing a company was trying to get rid of – a stuffed filing cabinet taking up space in the office.
Other upcoming technologies
E-signatures will be a significant technology in the upcoming year, with document management systems involving them more in the process. The service will increase the efficiency of the sales process within a business, as well as provide clients and employees a resource of documents that they can refer to throughout the history of the business. Forbes also highlighted how e-signatures will also influence payment processes, as companies that only take checks will be forced to consider more technologically-based solutions.
The paperless office has never been more available to companies with the technology that is accessible. Workflow, invoice automation and document management software all grant businesses the ability to go paperless while providing additional benefits to an enterprise. They no longer have an excuse about staying on the paper trail, which means that customers and employees alike will benefit from these new growing technologies.
About PaperSave
PaperSave is the first and only document management, electronic workflow and invoice automation solution, Certified for Dynamics GP 2013. PaperSave's unique integration provides one click access to documents related to the records within Microsoft Dynamics solutions like AX, GP, SL, & CRM. PaperSave combines document capture and transaction processing to eliminate multiple steps from your process saving time and money!
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