Go paperless to increase business efficiency

Demand for paperless office solutions is steadily increasing, whether it is to improve business efficiency or fulfil environmental goals. You can streamline your internal procedure and get the most out of your teams when you go paperless. Below are some ways you can become paperless in your organisation. 

Use online payroll software

When it comes to payroll, does your business rely on paper payslips? If so, digitising your payment system using payroll software can help your finance department as well as other departments. 

Discarding paper and switching to online payroll software can lower unnecessary admin labour and give your finance department time to focus on essential tasks. The online payroll system can also alleviate the fear of not being paid on time for employees. 

Using a paperless payroll system will: 

  • Increase security: Despite the fact that internet security is a constant concern for businesses, your payroll system will be encrypted and password protected.
  • Save time and be easier to manage: The payroll software automates the payroll process, therefore, eliminating the necessity to manually compute tax and national insurance as well as print payslips and use envelopes to send payslips. 

Most workers might notice only minor differences when switching to a paperless payroll system, such as receiving an email notification instead of a letter, however your finance department will have a more secure and manageable system to work with. 

Digital receipts when claiming expenses

When claiming expenses, it can be a struggle made even more difficult by lost receipts and complicated government forms. You can make you and your employees’ lives easier by using digital receipts while reducing your paper trail. 

For example, transport organisations, and other businesses that depend on cars, suffer unavoidable fuel costs, which they can claim back VAT. However, this method is time-consuming and relies on all drivers keeping hold of all of their receipts. As a result, you might miss out on reimbursements and your finance team will be swamped with admin tasks when there are more important tasks to deal with. 

One solution for this is using fuel cards, which are a type of payment system for fuel that keeps digital receipts in a specialised software.

For your management and finance team, the benefits include: 

  • Retrievable information: All the digital receipts are filed away in the app, allowing your staff to locate the data they need efficiently. 
  • HMRC approved invoices: Digital receipts also serve as an HMRC approved invoice, allowing the method of reclaiming VAT to be more streamlined.

Digital receipts are becoming ever more present and they are not only used for fuel. Retailers now provide eReceipts which are sent to your business through email. You can also use services such as Spendesk to digitise the stack of paper receipts littering your finance department. 

Protect sensitive information using cloud storage

Client information, contracts, national insurance numbers, pensions and employee payments are all entrusted to the finance department. Consequently, the potential of corporate theft is present in this department. 

Your team is left with very little protection if you continue to use paper storage. With the conventional filing system, it can be difficult to limit access to those files to only those who need to know. Once the filing cabinet is unlocked, anyone can go through every file, creating a risk and leaking information. 

With cybercrime and internet security constituting such a significant threat to modern organisations, it is natural if you and your finance team are wary about abandoning the paper world. In practise, saving information on the cloud is the safest place to save sensitive data. 

Cloud storage has: 

  • Constant security updates: Regular and automated updates are carried out by cloud storage providers to ensure their software is updated. Since this happens on the backend, your team will not have to worry about updating the system. 
  • Built-in firewalls: Cloud software is inherently secure against cyberattacks and viruses through its firewalls which are pre-installed applications that filter malicious activity and prevent it from entering. 
  • Data encryption: Cloud providers encrypt your data which means they jumble all of your data and make it unreadable to everybody apart from approved users. 
  • Two factor authentication: Sealing information behind a two-factor authorisation mechanism, which forces the user to input two pieces of information to access the files, makes it much more difficult for hackers and data miners. 

Easy access to files using cloud storage

Paper accumulates and is easily lost, no matter how well organised your filing cabinets are or how neat your employees are. 

Fortunately, cloud-based accounting software can help eliminate this problem. Cloud-based accounting software is a data storage format that enables you to effortlessly handle your accounts, without needing to invest in costly infrastructure. 

Your staff can recover specific documents with the click of a mouse because of cloud storage and paperless systems. Also, if a certain staff member is out of the office and specific files need to be found, the files can be accessed remotely from any device with internet connection. 

In addition, when your finance employees bank online, they are not restricted to traditional physical locations. You can get 24/7 access to your accounts and the ability to pay bills and check balances at any time. 

Need help with moving your accounts online?

Not to worry. Whether you are self-employed or own a small business, we can help manage your financial accounts if you are looking for accountants in East London. To speak to one of our experts, contact us here

Leave a comment