As a staffing and recruitment agency, you are going to have a lot more forms to fill out as compared to the average SMB. A lot of these documents are likely going to be invoices, which are needed in order to ensure that you are paid on time every month. This is crucial to the development of your business since even a handful of late payments can have massive impacts on your business and result in things like stunted company growth.
But the issue that a lot of businesses have is that they still rely on physical invoices rather than making the switch to paperless versions. By converting over to paperless invoices, here are the various benefits that you can experience as a result.
Reduced Overhead Cost
Trying to reduce overhead costs is a big point of focus for most staffing and recruitment agencies since there are so many moving pieces that often result in a slightly higher overhead than many other businesses. Therefore, anything you can do in order to bring down your overhead costs will help your company immensely.
A lot of people know that you can reduce your expenses when going paperless due to the fact it means you won’t be buying nearly as much paper. However, something that you might not know is that this isn’t the only way that you can help save money by going paperless.
When you make the switch to digital invoices, you’re also going to rid your business of the distribution and storage costs of handling these typically paper documents, which is often shown to add up to about $6 for every dollar you spend on printing these invoices. So if you have to process and print a few dozen invoices every week, which adds up to merely $10 or $15 in printing costs, then you could also be burdened with much higher distribution and storage costs of about $60 to $90 each week.
Even if you’re bringing in quite an impressive amount of revenue, this annual hit of thousands of dollars in paper invoice overhead costs is definitely going to be felt by your business. That is why you should make sure to find ways to successfully lower your overhead expenditures by doing things like switching to paperless invoices.
Think of all the various steps that go into handling physical invoices. Not only do you need to take the time to prepare them, but you will also need to print them off, fasten them together in an organized fashion, and then find time to go and distribute them to the appropriate place.
The problem is that each of these steps is adding even more time to an already packed workday. Therefore, your workplace productivity is likely to take a hit as a result. But by making the switch over to paperless invoices, you instantly get rid of a lot of these tasks.
For example, instead of printing off and physically distributing the invoices, you can simply attach them in an email and send them off to the appropriate destination without ever leaving your computer. This leaves more time for you to get other more pressing issues done that will help to improve your bottom line. So if you’re one of those people who always wished there was more time in a day to get stuff done, then this is a good way to free up some time from seemingly nowhere.
Get Paid Faster
When you send someone a physical invoice, you then have to wait for it to reach the person and for them to then send you back their payment. This will make the entire payment process take significantly longer. As previously mentioned, having delayed payments can create a dangerous domino effect for your business, which is why you want to avoid it at all costs.
The best way to do this is to start relying on digital invoices that can be sent, received, and responded to within a matter of hours or even minutes. Therefore, you can make the payment process much more convenient and start getting paid significantly faster.
Become a Greener Company
Nowadays, a lot of people pay attention to what companies are going out of their way in order to help the environment and will respond more positively to these brands. That is why so many companies are making a point of publicizing their eco-friendly efforts, both inside and outside of the office. From both a financial and moral point of view, it makes sense for you to jump on this bandwagon and begin doing everything you can in order to make your staffing and recruitment company as eco-friendly as possible.
One great way to do this is to eliminate any physical invoices, which greatly cuts down on the number of paper products that you will be using. Considering the fact that a single tree only produces an average of 10,000 sheets of paper, it is completely plausible that you could be saving upwards of two or even three entire adult trees every year by simply making the switch to paperless invoices. You can then use this fact to further advance your business in addition to knowing that you are helping the environment every time you send an invoice using digital methods.
More Easily Transition to Outsourced Back Office Solutions
When you rely on paper invoices, trying to suddenly shift over to outsourced back office solutions will inevitably take much longer. This is because these groups will need to receive all of these past financial documents in order to help you with your future accounting and invoicing needs. But by switching over to paperless invoices right now, you can make it much easier to successfully transition into outsourced back office solutions.
Speaking of these back office solutions, you’ll find no better option than our team of professionals at AdminAssist. So make sure to contact us today in order to get your invoicing and other back office tasks handled by experts who make improvements like switching to paperless invoices.