Your business likely generates a lot of paperwork, from invoices to daily receipts and payroll documentation. Fortunately, modern technology makes it so that you don't need paper records, saving you storage space, time, and money. Here's a closer look at the benefits of switching to a paperless accounting system.

What Are the Advantages of Paperless Accounting?

1. Automated Functions

QuickBooks® and other advanced accounting software include powerful tools for automating most common financial functions, from reconciling your accounts to preparing profit/loss statements. Many of these platforms sync with your business bank accounts and automatically download data for you.

Having these processes run quietly in the background can save hours of work every week, which you can spend on growing your business. You'll be able to access the financial reports you need to make spending and investment decisions at the push of a button, so you’ll always know where you stand financially.

2. Increased Accuracy

When entering data by hand, there’s always the risk of human error. Even the most meticulous employee can transpose numbers, forget a decimal point, or make a rounding error that results in inaccurate financial records. Mistakes in your accounting process can have serious consequences, including tax penalties and invoices that go unpaid.

Paperless accounting processes move data seamlessly between your bank statements, daily sales receipts, and accounting software, virtually eliminating the risk of mistakes. These programs also feature algorithms that scan your records for unusual entries, bringing your attention to errors you might not have noticed.

3. Reduce Storage Needs

Even the smallest business can quickly get overwhelmed by employee records, receipts, invoices, and financial reports. Over the years, these records can fill up entire rooms in your location, taking up space you could be using for product storage, employee workstations, or expanding your sales floor.

With cloud storage options and high-capacity hard drives, you can store years’ worth of data without sacrificing any space. This also makes it easy to find an old receipt or tax form without digging through dozens of filing cabinets.

No matter what industry you’re in, Wilson, Rea, Beckel & Associates CPAs LLC can help you set up a paperless accounting system that takes the stress out of your finances. They proudly serve entrepreneurs throughout Pagosa Springs, CO, and the surrounding area. They pride themselves on developing QuickBooks solutions tailored to your unique business needs. Visit their website to learn more about their services, or call (970) 731-1040 to schedule a consultation.