Non-profit organizations don’t have a lot of wiggle room in their budgets. That’s why it is so important to keep a close eye on operating expenses and make the necessary cuts where they can. While automating manual processes and investing in nonprofit software can certainly help reduce operating costs, many organizations are still wasting thousands of dollars in costs that can easily be cut: paper.
Have you ever taken a look at the amount of money your organization spends on paper each year? The cost of copying, printing, filing, and storing paper documents (not to mention the cost of paper itself) can be overwhelming. For smaller organizations looking to cut costs and improve efficiency, reducing the amount of paper your organization uses is crucial.
Just How Much is Paper Costing Your Organization?
AccuFund recently released an eye-opening case study detailing the high cost of paper and its effect on nonprofit organizations. The organization had two staff members working 8 hour days, 4 days a week to handle the monthly invoicing of their programs and services and generate the month-end management reports. Over the course of a month, the organization was processing 2,000 documents and distributing 10 different reports to 20 program and grant managers. Knowing that they were wasting time and money relying on such a paper-intensive process, the organization decided to add up the actual cost. Their results were astounding.
The organization was spending $40 per hour (including benefits) on each staff person to handle the task of invoicing and report generation. On average, it took 48 hours to print, collate, stuff and deliver the reports and invoices. The total monthly cost for these two tasks? $2,560.
Knowing they could save a substantial amount of money by eliminating paper in just these two processes, the organization begin looking for a software solution that could streamline their processes and reduce the amount of paper used on a monthly basis. After perusing a variety of options, the organization selected AccuFund software for its paperless features and unique fund accounting capabilities. By implementing just one paperless feature, they cut their processing time to 2 hours per month and saved $2,480 monthly ($30,000 annually). Now they are not only operating more efficiently, but they are also able to direct their funds toward more mission-critical activities. How’s that for a win-win?
What’s Your Excuse for Not Going Paperless?
By now, we pretty much all know the benefits of going paperless: reduced costs, increased efficiency, improved productivity and environmentally-friendly processes. The cost-savings alone are worth the effort; however, many organizations are still relying on paper-heavy processes. When asked about the biggest challenges preventing nonprofit organizations from going paperless, nonprofit professionals answered:
- Not knowing where to start (31% of those polled)
- Lack of support/interest within the organization (10% of those polled)
- Prioritizing paperless options (63% of those polled)
With the right solution and strategy, these challenges can be eliminated, allowing you to start realizing the benefits of going paperless. AccuFund software contains unique paperless features designed to allow nonprofits to go paperless at their own pace. Whether you want to implement just one paperless option or all of them, your organization could benefit substantially from automating your processes and reducing your paper costs. AccuFund can help you manage the paperwork that comes into, passes within, and exits your organization with ease so you can reduce the amount of time spent on processing and document generation.
Take a look at just a few of the processes you can improve with AccuFund software:
- Donation processing
- Internal and board reporting
- Employee action forms
- Accounts payable
- Internal communication
What could your organization do with $30,000 in regained operating costs? Contact us to find out today!