The Paperless Office: Improve Cash Flow With Online Bookkeeping

November 30, 2021 | by Jeff Starr

Learn how a paperless office with the best bookkeeping apps can help you save time, get organized, clear the clutter — and improve your business cash flow.

Innovations in bookkeeping technology continue to offer new ways to simplify your business, improve efficiency and eliminate cumbersome paperwork. Here are some of the latest trends.

Faster Payment in … If reduced administrative costs and more streamlined processes weren't enough to convince you to go digital and take your bookkeeping to the cloud, here's another incentive: Many online bookkeeping tools now allow you to embed payment links directly into your digital invoices.

Embedded payment links make things easier for you by eliminating trips to the bank to deposit checks. They also create a better customer experience by enabling payments via credit card or ACH. And best of all, you get your money faster. Not only can you get the invoices to your customers faster, but it’s also easy for customers to find your invoices in their email. No more collection calls with the customer saying, “Sorry, I never received your invoice, it must have gotten lost in the mail.”

… and Faster Payment Out No one likes to pay bills. But you have to do it, so why not make the process as painless as possible by using digital tools? Now you don't have to physically be in the office to sign checks for vendor invoices. With one of the many phone apps on the market today, you can schedule payments to go out on a certain date, and then approve payments from home, while traveling for business — even while relaxing on the beach.

There are billing apps that allow customers to set up approval protocols for different team members. For example, you may want the Director of Marketing to review all marketing-related bills before the business owner approves the bill for payment. All of these reviews and approvals can happen via a mobile app.

Increased Security Printing and mailing paper invoices is a waste of time as well as an environmentally unfriendly waste of paper. Same goes with paying your bills by check — and there's a downside that's potentially even bigger. Paper checks create an opportunity for theft or fraud — your banking information is right there on the check. Who else might see the check? What security measures does your vendor have in place to protect your information? By eliminating paper checks, you immediately improve fraud-prevention at your business.

Keep the Files, Eliminate the Cabinets Old-school filing cabinets were a good tool in their day for keeping records organized. Now you can get the benefits of a well-organized filing system without inherent risks like damage to paper files from fire or flood. Online storage systems can allow specific permissions, with access customized to each individual. For example, you may only want certain personnel to have access to payroll-related files, such as W2 information. As more companies are opting for remote work, online file sharing with security protocols is becoming increasingly important. Companies are cutting back on physical space, so eliminating the need for physical space in the office is more critical than ever.

Get Up to Date and Stay That Way As a business leader, you devote most of your time, energy and focus to building your business. While you may recognize the importance of keeping pace with the latest developments in online bookkeeping technology, you probably don't have the time or expertise to do it yourself. With the right outsourced bookkeeping and controller services provider, you can easily take advantage of these improvements in bookkeeping technology while you focus on growing your business.

At Supporting Strategies, our experienced, U.S.-based professionals use secure, best-of-breed technology and a proven process to provide a full suite of bookkeeping and controller services. Are you ready to learn how you can move your business forward? Contact Supporting Strategies today.