Running a business isn’t just about making money. It’s also about looking for ways to save resources. People in the business world are constantly on their toes, looking for every possible way to cut costs, save time, and streamline operations. If you’re an entrepreneur trying desperately to keep your business afloat by saving as many resources as you can — you’re not alone. Fortunately, there’s a solution: going paperless.
This idea means that you should abandon traditional using physical papers and documents and transition to a more digitized approach to doing business. If you haven’t even considered moving towards a paperless business, then the benefits that it brings to the table could surprise you.
Apart from the obvious environmental implications, the benefits of a paperless business go above and beyond. To shed some light on the present and future of business, here are eight reasons why your business should consider going paperless according to Forbes.
1.) Unstuff the Mailbox
There’s nothing more stressful than spending hours sorting through all the mail that you get. Not only is it inconvenient but also very time-consuming. Businesses used to spend the rest of the day going through their mail, and when they’re done, they’d have to deal with the piles of paper that it leaves behind. Fortunately, that’s no longer the case.
By going paperless, you can turn traditional mail into an email or any other online account in any business. While, technically, it may not reduce the amount of mail you get, it can certainly speed up the sorting process. Not to mention it also eliminates the need to deal with shredding, throwing, or filing your mail.
Now, you can access all of your mail digitally via platforms like Gmail, Yahoo! Mail, and more. Going paperless will also add a layer of security as you will no longer have to worry about potential email misplacements and interceptions.
2.) Declutter Your Workplace
No one likes clutter. That’s why people dedicate at least a single day to tidying up (spring cleaning, for example). But when you go paperless, you won’t have to worry about the chaos of disorganization in your workplace again. Digital files are stored in online cloud storage, which frees up room for you and your employees to move around without fear of bumping into mountains of paperwork.
When you go fully paperless, you can even eliminate some of the space devoted to paper records. But, at the same time, going paperless and embracing the wonders of the digital space will also improve how you access store information.
3.) Get Access to Everything Anytime, Anywhere
Have you ever had a moment where one of your clients asked when their invoices are due, and you don’t know what to tell them? So you go through a filing cabinet full of documents in hopes of answering their question. The moment you find the answer, you realize that your client has already missed their due date because they waited for your response.
If you’re still dealing with the same process today, it’s about time for you to start using a paperless filing system. With an online digital filing system, you don’t need to sort through oceans of paperwork to find a single document. Using a cloud-based filing system will enable you to access the data you need right away from any device — as long as you have an internet connection.
For instance, if you use an invoicing and recurring billing software like ReliaBills, you can send invoices and receive payments at any time, no matter where you are. ReliaBills recurring billing will also ensure that you can bill and collect payment from your customers automatically without you having to move a muscle.
Paperless systems like ReliaBills make getting customer information fast, efficient, and more accessible than ever. You can even send tailored email newsletters to customers instead of mailing out generic promotions.
Another perk about online transactions is their availability. You and your customers have 24/7 access, providing complete freedom to view account balances, pay bills, and many more, at any given moment. In addition, payless online systems also save you time since you don’t need to make a call or ask permission from your customers every time you want to charge them for your product or service.
4.) Share and Receive Information Within the Company
Sharing knowledge and valuable information among your employees play an integral role in running a successful business. However, when everything is only written on post-its and notecards, distributing information can be challenging. Fortunately, we’re living in the era of digital supremacy, which gives us all the convenience of sharing data and information better and more efficiently.
Digital collaboration tools like Slack, Teamwork, and the like can reduce the amount of paper needed in the office. At the same time, it also makes it easier to share and circulate knowledge and information. Thus, using these tools can improve teamwork and overall synchronization in the workplace.
Using online tools will let your employees share folders, projects, and other documents using a quick and efficient system. Co-workers can collaborate and communicate in the cloud instead of waiting for the other to hand them written files and vice versa.
5.) Receive Customer Payments Faster
Going paperless will also ensure that you get paid faster than ever. If you’ve tried manually invoicing before, you know just how time-consuming it is to create and send to your clients. You will also have to wait days for your customers to receive their invoices through the mail and make payment via the bank. Fortunately, with paperless invoicing, you can now get paid on time.
An invoicing and recurring billing software like ReliaBIlls is a great way to automate your invoicing and make it ten times more efficient. When you automate your invoices, you can send your invoices and get paid automatically without you having to do anything. After setting up your recurring billing strategy on ReliaBills, you can start billing and collecting payment from your customers’ accounts without having to ask permission from them every time you do.
Once your customers approve of recurring billing, they will only have to input their payment details once, which is also beneficial on their end. When everything is set, you can now enjoy the convenience of not having to ask for payment again while receiving payments on time. Not only will it improve the efficiency of your business operations, but it will also make your cash flow more reliable.
If you want to try out ReliaBills and its recurring billing, keep in mind that this feature is only available in its premium version — ReliaBills PLUS. At just $24.95 per month, you can enjoy additional features – including recurring billing – to make your invoicing process even more efficient and convenient for you. You can even cancel your subscription anytime you want.
6.) Streamline Your Tax Responsibilities
Taxes — every business owner hates them, but it’s a task no one can escape. At the end of the year, you owe taxes to the government. At the same time, you also owe taxes to each of your employees. Fortunately, withholding and remitting taxes can now be made easier than ever.
You can simplify your tax-related responsibilities by registering with the Electronic Federal Tax Payment System (EFTPS). It’s 100% free and can streamline all of your tax payments. In addition, you can also access and review your payment history.
Apart from filing taxes, there are tons of other digital alternatives you can rely on as a business owner. For instance, you can apply for an Employer Identification Number (EIN) online. It’s faster and more efficient than filing an SS-4 form. When you apply online, the IRS will immediately give you an EIN. It’s a better option than having to wait for days (or even weeks) for your EIN when you file it via fax or mail.
7.) Increase Overall Productivity
Businesses of any structure and industry are always busy. As they grow, the number of things that need to be done every day also increases. Subscription-based billing is an automated solution that frees up more time and resources for business owners to focus on growing their company with fewer administrative tasks. For example, many business owners find that once they start using paperless invoice software like ReliaBills, they spend less time on administrative tasks and more time running their business.
By allowing them to focus more of their energy elsewhere, recurring billing software is a major productivity booster. In addition, many companies offer discounts for businesses that subscribe to multiple services or products; therefore, paperless invoice systems also increase profits.
8.) Customers Enjoy the Convenience of Paperless Invoices
Apart from your business, your customers will also benefit from your move to a paperless business. Many consumers are already accustomed to receiving monthly email or paper bills for their utilities, cable service, Internet access, and other services. They don’t enjoy opening their mailboxes every month just to pay a bill; however, recurring billing software allows them this convenience.
Customers can set up automatic recurring payments to be paid on the same date each month, which means they don’t have to open or act on an invoice until it is time for their next payment. They also get access to all of their billing history with a service provider in one place; this makes paying bills easier and more convenient.
Customers can also take advantage of features like email alerts and payment reminders, which are available with paperless invoice software; this helps to ensure that they don’t miss payments or incur late fees.
Subscription-based billing is an automated solution for recurring payments; therefore, it frees up more time and resources for businesses owners to focus on growing their company with fewer administrative tasks.
As you may already know by now, going paperless has a lot of things to offer any business. This article should hopefully change your perspective and finally, embrace modern entrepreneurship through the use of online digital tools.