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Paperless Accounting – About More That Just Going Green
Accounting Today’s Voices series dives into the benefits of going paperless by transitioning operations from traditional to digital. According to the article, 20 percent of total time spent on administrative tasks is dedicated to accounting, the most expensive of all major business functions. Yet, a reported 50 percent still lack appropriate software solutions.
Pamela White, the author, describes the digital shift to finance and accounting automation through the first-hand perspective of her firm, Cherry Bekaert. The initial selection of which solution to use and transition stages were motivated by organizational philosophy and largely, technological utility.
So, what were the results?
- Improved visibility allowed employees to see which invoices were rejected, and why they were rejected. This initiated a self-correction cycle to further mitigate future errors and cut processing times.
- Associates were able to pull invoices for the needed information, rather than redirecting clients to accounts payable. This also hastened processing time and reduced frustration.
- System users can view information directly so that finance departments are not bombarded with questions and criticisms at end of the month.
- Quicker approval times = Less risk of incurring penalties or late fees, less paper, and less storage.
Automation solutions facilitate the creation of repeatable systems for invoicing to reduce processing time, expense input, approval, and billing. One example of this process can be found here. In the case of Cherry Bekaert he entire transition took roughly six months, including introduction, training, and initial feedback from early implementation.
Read the full article “A Call for Accountants to go Paperless” here.