Two businesswomen looking at digital documents on a computer

5 Ways Going Paperless Can Save Your Business Money

The drive for businesses to go paperless has been a big trend over the past several years. Ditching paper not only reduces your carbon footprint, but it can also save you money. Keep reading to learn five ways you can save money by going paperless.

1. No more lost documents

Paper documents can go missing for a variety of reasons, including theft and misfiling. When you or a team member tries to search for a file, you’re wasting time that could be better spent elsewhere. By using a digital document management system, your documents will be protected, and you can spend more time on revenue-driving activities.

Read also: 5 Ways Your Small Business Will Benefit from Electronic HR Document Management

2. Increased security

If a document is lost or stolen, sensitive information could fall into the wrong hands. That includes employee-related data, like Social Security numbers and banking information, as well as client info, like credit card numbers. Not only would you have to deal with angry workers and customers, but you could also suffer legal consequences and fines. By going digital, this information is locked behind passwords, security questions, and encryption.

Read also: 7 Easy Tips for Creating (and Remembering) Strong Passwords

3. Faster disaster recovery

If your small business is ever hit by a disaster, including a fire or flood, paper records might be destroyed. By keeping all your documentation online, you can recover from a disaster more quickly and rest assured that you’ll have everything you need to get back up and running.

Read also: 5 Tips for Creating a Business Continuity Plan

4. Less physical space

Paper documents and filing cabinets take up a lot of space. As your workforce grows, you’ll need more space for those documents and your staff. But, if you choose to handle everything online, you can either find more space for your team by removing your filing cabinets or by finding a smaller office space that costs less to rent each month.

5. Fewer office supplies

The cost of printing documents can add up quickly. By going paperless in the office, you’ll buy less paper, envelopes, stamps, and ink. You’ll also spend less money to maintain your printers, and you’ll have to replace them less often. If you’re looking for new ways to go paperless, consider paying your employees by direct deposit. You’ll eliminate the need to print paper checks and pay stubs. Your team will also save time because their funds will be deposited directly into their bank account. When you’re ready to run paperless payroll, let Workful help