If there’s one thing businesses have in common, it’s the need to manage money as it flows in and out of a business. Mistakes or data breaches in this area can be an extremely costly problem. If your accounts payable team is still using paper invoices, you may be prone to these problems, and missing out on important benefits of going digital.
The Problem with Paper Invoices
A lot of things can go wrong if your invoices are paper-based. Consider some of these problems, and how much they may be costing your business.
- Privacy – Paper documents make it difficult to protect privacy. Whether it’s a stolen document, or sensitive information that is seen as documents sit on a desk, these privacy breaches can lead to big trouble with regulatory compliance, stolen data or identities.
- Lost documents – Have you ever misplaced a document? Lost invoices can lead to lost revenue. The time employees spend looking for, or recreating a document, can also quickly add up to a significant expense.
- Damaged documents – Paper is a vulnerable medium. Whether it’s a disaster, such as a fire or flood, or a simple spilled cup of coffee on a desk full of papers, the result is the same: lost documents, lost time, lost revenue.
- Storage and Disposal – Paper takes up a lot of space. Storing it securely can be a costly endeavour, taking up valuable space in an office. Disposal can also be time consuming and expensive, often requiring shredding for privacy and compliance.
Switching to digital workflows can streamline the invoicing process for your accounts payable department. Invoices can be approved and sent with the touch of a button, reducing errors and delays, while improving productivity. This will also improve customer satisfaction, as invoices are processed quickly and smoothly.
Other benefits of digital invoicing include:
- Reduced errors
- Better security, with encrypted files
- Fewer lost documents
- Easier and less expensive storage
Though paper has always been the standard for invoices and other business documents, it’s easy to see that going digital can improve your business. With Xerox’s technology, including ConnectKey, it’s easy to make the switch and start seeing the benefits right away. Contact us to learn more.