There are multiple benefits that derive from switching to a paperless office. Outsourcing accounting tasks to your overseas team is a great first step in achieving these profits.
Direct money saved
By not constantly printing everything out, you’re going to be saving overhead costs related to printer ink, paper supplies, and printers/copiers.
Exactly how much money you’re going to save depends entirely of course on the size and type of operation you’re running. Going with numbers supplied by totallypaperless.com it’s estimated that a single solitary four-drawer cabinet holds between 15,000 and 20,000 pieces of paper. Those thousands of pages cost somewhere in the neighbourhood of $25,000, and cost an extra $2000 per year in terms of maintenance.
So if you’re (for example) an accounting firm with lots of juicy clients providing you with lots of juicy work, by digitally outsourcing accounting work you’re looking at potentially hundreds of thousands of dollars lost every time you glance over at your filing cabinets.
As another example, Yale University (obviously a very high-end paper consumer) promoted paperless offices in multiple departments in 2011. They give examples of savings such as:
- The Student Employment office went digital with their timesheets, saving $100,000 annually.
- The Finance and Business Operations saved about $60,000 when it started publishing its annual report exclusively online.
- The School of Medicine started handing out iPads to replace their paper course packets, realising savings in the neighbourhood of $92,000.
Digital documents are much easier to search, both in terms of finding the actual document as well as finding specific keywords or sections within a file. Copying and passing on the files involves a couple of clicks instead of time spent at a physical copy machine as well as sending out mail.
Added bonus – since your process is speeding up your clients or customers can see a speedier turnaround time.
Reduce real estate
Digitally outsourcing accounting work eliminates the need for all those filing cabinets, which in turn means you don’t require the space to store them.
By the same token, since you won’t need additional staff in-house to handle the tasks sent overseas you won’t need the real estate for additional desks, computer servers, and so on.
Outsourcing in and of itself saves your business huge chunks of time. But by using it to take the green route you’re eliminating the need to have someone physically sift through all of those filing cabinets. And as mentioned above, it also saves the time required to go through an individual paper document in order to find a specific bit of information.
Outsourcing accounting jobs reduces disaster risks
To be fair, filing cabinet-makers have come a long way in making their cabinets into some pretty tough little units. However, fires and floods (and thefts) still present a threat to your business’ financial well-being if all of your important data is collected all in one physical location.
By securing your work in the digital realm you’re drastically reducing the chance that all of that data will disappear. Bonus points – you can access it from home, whereas if you want to get some extra hours in at night you’re out of luck if you left your physical copy back at the office.
You get to brag (and bring in sales)
Digitally outsourcing accounting jobs helps you earn the right to slap an “environmentally friendly” sticker on your business. A green-friendly appeal can turn into real dollars – for example this Canadian study remarks that 88% of women and 71% of men weigh environmental impact into their purchasing habits. And this article notes that a survey shows that 72% of millennials are willing to even pay extra if a service works with a sustainable procedure.
Making the upgrade
We know that making such a big jump in a business’ established processes can be a bit daunting. That’s why we’ve deliberately made digitally outsourcing accounting tasks as painless as possible.