Accounting is one of the business processes that consume a large chunk of papers. As the business world is going green, it aims to reduce the usage of paper for its various operations. Apart from Green Earth benefit, another reason for going paperless is that pile of paper demands an intense effort to avoid turning into a mess.
Maintaining the accounting details of the complete enterprise for years in the papered-files has a number of challenges and usually results in the form of inefficiency and lack of productivity.
With the recent evolutions in the technology, efficiency and productivity have grown among the business. It has also made paths for the accounting professionals to work efficiently by cutting out the usage of papers. Here are the some important ways that will guide you to paperless accounting.
Accounting Software to Manage Bills
Business can’t run without financial transactions and for legitimate operations, financial transactions don’t go without bills. Hence, of all the accounting papers, bills make the biggest contribution. Advanced accounting software can easily keep track of bills for as long as you want them to. You can create the e-bill with the software or keep the scanned copy of the papered bill. To make it better, they can even list pending bills and paid bills separately.
Payment reminders add more to streamline the tasks. To be precise, accounting software offers so much of relaxation for the accounting professionals and that too without any paper usage.
Promote Emails Among Vendors, Customers, Partners, Staff, etc.
The accounting department has to deal with the people related to the business for different needs and share papered documents, for example – staff for payroll slip, customers for invoices, payment receipts for vendors, etc. Almost all these details can be shared over email quite conveniently.
Not only it saves paper, but also the time of transporting and cost for that. Since email services offer the delivery report, the authenticity is maintained along with the security and privacy. But going paperless does not end with sending emails. Ask them to use emails, instead of papers, while interacting with you as well.
Cloud to Carry the Accounting Data
One can argue that – “while one is using the accounting software, the data can be stored on the device without requiring the papers, but carrying the data stored on office workstation will not be possible. Working on paper means you can carry them and work even from home.”
This argument stands no chance when the cloud computing comes into play. Cloud computing can avail the stored data on any internet-connected device using a secure login access.
This ensures that the accounting files you worked on your office workstation can be accessed and worked upon using your smartphone even when you are on the move. Moreover, multiple users can collaborate and work on the same file with the cloud-hosted accounting software. So, cloud means not just work from home, but work from anywhere.
Go for e-filling of Taxes
Filing taxes via papers are no more an in-trend sort of thing. In 2014, 91% of the total filed returns were made using e-filing and the number has only grown since then. If you are still relying on the paper filing, then is not a good sign. Internal Revenue Service (IRS) has been working to emphasize the tax filing using the electronic methods.
E-filing has several advantages over the paper filing. Firstly, it saves the papers. Secondly, it saves the time as you can file taxes from anywhere and the chances of error are much lesser.