CASH-LESS, PAPERLESS: IT'S ALL THE SAME Organizations all over the country are realizing the benefits of going paperless with document management software and invoice automation, reducing the amount of waste generate and saving money on the costs associated with purchasing recyclable materials. Many customers and clients now expect some sort of green alternative to the sheets they receive in the mail or the long receipts that accompany transactions as companies in all kinds of industries begin to adopt eco-friendly practices. Paperless solutions have a way of complementing the lifestyles many people choose nowadays, which are defined by portable devices and instant gratification. Everything needs to happen fast and exactly the way consumers want them to. Small businesses that don't offer the provisions people are looking for may suffer unexpected setbacks that go deeper than the bottom line. As clients continuously live their lives on-the-go, leaving behind a paper trails doesn't help. In fact, many companies are even trying to move away from one of the major staples of business: cash. The advantages of a cash-less business Just like implementing a paperless solution in the office, there are far-reaching values that make moving away from cash a smart move for any small business. Depending on only one form of payment can limit the audience an organization is trying to target, much like how physical documents hinder professionals from expediting workflow. Every interaction revolves around the format money or information is brought in. Not having the right systems in place can cause groups to miss opportunities for expansion simply because a potential customer didn't have cash on them. When companies try to steer away from cash-only policies, they make it easier to track inventory and revenue because everything is recorded digitally, according to Vanessa's Money. Paper trails can accidentally be lost, but anything filed with document imaging
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remains with a company unless an employee actually deletes it on purpose. This can help avoid any discrepancies that might cost a new organization customer loyalty and legal fines for faulty accounting practices. Many shoppers and clients in today's world expect a fast and easy way of doing things. Businesses that focus on cash have to deal with exact change, physical storage and longer transaction times, all negatively affecting performance over time as the costs add up. Cash -less and paperless solutions better facilitate quick interactions and always work with precise amounts of money. Business systems that embrace digital payments are generally more simple for customers and employees to understand, allowing companies to save resources on training and backtracking any transactions in which something was entered incorrectly, added the source. Such mistakes can hinder a young endeavor's progress and stifle growth if owners are busy worrying about finding the last roll of pennies in the store because someone wanted to break a 20 dollar bill on a purchase. Moving beyond the store and office Businesses aren't the only ones trying to shift away from cash in this digital day and age. Entire countries like Sweden are looking at the prospect of becoming a cash-free society, reported PYMNTS.com. While cash-less solutions are more in tune with the eco-friendly software and practices many organizations are willingly accepting, eliminating dependency on paper solutions also empowers people to better control their own finances and operations. "Sweden and the rest of Scandinavia leads the world in terms of cash-less trading. That is due to the low confidence in the authorities and the banking system," Bengt Nilervall of the Swedish Federation of Trade told the source. While a completely cash-less country like Sweden is not expected to be fully transitioned to the idea until 2030, the initiative does show a trend superseding businesses and moving into everyday life for some people. _________________________________ Ready to kick your paper habit? Register for an upcoming webcast! Learn More about PaperSave: Case Studies | Demo | News and Events | WhitePapers | Webinars | Videos | Contact Us Tags: electronic workflow, Industry News, paperless office, document management software
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