Five Reasons to Go Paperless in the 2014 Tax Season
:: By Matt Peterson, eFileCabinet ::
As tax season approaches businesses of all sizes should be re-evaluating workflow practices to improve office operations, efficiency and profitability. Electronic document management can create quick-wins on an organization’s balance sheet, lower overhead 30-40 percent, and drive profitability and growth during this busy season. Here are a few reasons why electronic document management will make a difference:
• Create quick-wins on your balance sheet. Electronic document management frees up administrative and productive time spent locating and retrieving documents. For example, a cloud based document management system can reduce reliance not only on physical hardware and expensive server licensing fees, saving an organization's office space and IT spending, but it also provides anytime/anywhere access to critical files and documents.
• Lower key overheads. A well-designed paperless system not only frees up person-hours, it can lower several costs including stationery expenses, document storage space and even positively influence carbon credit.
• Driving profitability and growth. The inherent efficiency of a paperless office can be maximized when combined with other productivity tools such as workflow management. Imagine an enterprise where work instructions for every step of a process automatically open when an employee performs the specific step. Secure paperless offices see significant reductions in cost, turnaround time, risk profile, training period and better performance on key growth indicators. These growth indicators enable a business to do more with less time and money.
• Security. Electronic document management and file sharing is the safest way to store and transmit sensitive documents, like tax forms. The security provided through these sophisticated systems protects your customers, your company and your bottom line. It reduces risk from compliance and regulatory requirements (SEC, HIPPA, etc.) and is an easier and safer way of transmitting information than email, FTP and physical document distribution.
• Faster response times. Electronic document management and file sharing allows for faster and more accurate access to information which not only increases workflow productivity, but also quality perception from customers (the sooner you respond to customers, the more organized you appear and the happier they are).
Matt Peterson is the CEO of Lehi, Utah based eFileCabinet, Inc., (www.efilecabinet.com). Founded in 2001, eFileCabinet, Inc. is a full-fledged electronic document management solution designed to help organizations capture, manage and protect their data. While the accounting industry was the company’s main focus at formation, it has since expanded to include numerous vertical markets.