Paperless accounting is more than just eco-friendly; accounting automation saves money and time while increasing productivity. Yet, the switch to paperless accounting can seem overwhelming. The good news is that when you use M-Files document management solutions and the data management of Interject, switching from a manual process to an automated one is simple and painless.
That’s what Intuition, LLC found out when they decided it was time to go paperless. The $50 million company went from a paper-heavy system with a high potential for human error to a paperless environment. When asked about the experience, CFO Polly Corless said, “Laminin was very instrumental in streamlining the process and taking out the human error component.”
If a paper-intensive company like Intuition can make such a significant change, you can too. Here are five basic steps to transition your office to paperless accounting.
5 Steps to Paperless Accounting
Once you’ve decided to switch to accounting automation for your office, you can follow these basic steps.
- Select Your Software
The first step to an automated office is choosing the best software for the job. The best software will allow you to integrate data across your business systems and drill down into your business data regardless of where it’s located. It should allow you complete control over all your data integrations while also being secure enough to exceed all regulatory requirements.
At the same time, it should make it easy to access needed documents and other data, even when it is spread across multiple locations and systems. You should also be able to speed up work procedures with automated processes and e-signatures from any device, so even remote workers can quickly get their jobs done.
That’s where our experts can help. We’ll listen to your needs and make customized suggestions to meet those needs. Then we’ll explain how to integrate and improve your current system so that your entire accounting automation process works for you.
- Data Cleansing
After you’ve chosen the right software for your needs, it is a good time to begin data cleansing. This is a vital step to eliminate the document chaos you likely have from years of manual processing and piles of paperwork. Data cleansing allows you to see and assess what your current data contains so you can make corrections or dispose of things as needed. Once your data is clean and accurate, it’s much easier to put it into your automated system.
Correct information should be scanned and uploaded into your system or imported into your database with metadata. A system like MFSQL Connector can be used for data cleansing and moving data from a SQL Server database to M-Files.
- Back Up Your Data
M-Files document management systems ensure all your data is safe, secure, and easy to access, even if your computer system goes down. Cloud storage means your data is always safe and secure.
An intelligent information management system can also automate security and compliance, keeping sensitive information away from prying eyes. Moving to a paperless accounting system means your data has never been safer.
- Shred Old Documents
Now that you’ve tackled the mountains of paperwork and added all your essential data to your system, it’s time to eliminate that room full of file cabinets. Shredding all that paper may seem intimidating because you’re destroying data and because it’s a big job.
Rest assured that no vital data will be lost and consider hiring a document shredding service to destroy outdated paperwork. Shredding is the safest way to prevent sensitive information from being accessed by the wrong people and ensures that private information stays private.
- Keep Your Data Organized
You did it! You’ve succeeded in transitioning your document-heavy office into a paperless system. Now, keep it organized.
You can do this through automated invoicing, standardized intelligent metadata, and thorough training so everyone in your office understands how to use your new system. Your new paperless accounting has tools for data analytics, forecasting tools, process automation, and more. These tools minimize errors and the costs associated with those errors while also making employees more efficient.
Paperless Solutions to Unlock Your Business Potential
Intuition saw the tremendous potential that a paperless environment offered. “Our target was to move to a paperless process in an accounting environment, but we can see this being used for other verticals of our organization,” said Polly Corless.
She sees a future even more efficient and effective, saying, “We process thousands of invoices on a monthly basis that Laminin could help streamline.”
Investing in a paperless accounting system unlocks your business potential by eliminating mistakes and creating a more efficient office. Contact us today if you’re ready to learn more about how to streamline your business.
