Going Paperless with Fund Accounting Software Adds Value

Are you aware of the many consequences that are associated with not going paperless? With 90 percent of organizational information still existing on paper, consider the consequences of its loss. More than 70 percent of today’s organizations would fail within three weeks if they suffered a catastrophic loss of paper-based records due to fire or flood. Going paperless helps reduce the risk of loss while helping the environment and organizational finances, too. To learn more, visit here.

Going paperless using fund accounting software such as AccuFund software is very valuable. In short, it saves time, money, and trees. There are so many important facets of operations, security, and much more that are aided by going paperless. Let’s look a little deeper at some of the value that can be added by going paperless.

  • Cost savings. Less paper means less paper, toner, postage, and printer costs. Less paper handling also means less time spent searching, retrieving, filing, re-filing, and delivering documents.
  • Process streamlining/ automation. The electronic movement of information through fund accounting software offers visibility to all documents at any time which eliminates lost or misfiled documents.  This increases the speed in which documents are distributed and approved. Processes are further streamlined by automating the routing and distribution of all printed documents, reports, and forms in the format desired by the intended recipient.
  • Increased speed. Organizations will find processes moving faster once paper is out of the way. This increase in productivity is a sure win for any nonprofit because time is always of the essence.
  • Efficiency. With the automation that can come with going paperless, the quality of work can actually go up because staff can focus on their important work and nonprofit mission instead of on documents needed for it.
  • Visibility/ Transparency. Visibility of every file and every step of every process gives staff easy, immediate access to what they need, when they need it. It works in any realm of the organization and for any process, too. The transparency of these processes will make managing projects less stressful and reduce the number of unknown bottlenecks. Detailed and always-ready access grants vital documents the ability to be handled at any time.
  • Consolidation. Consolidating all of your paper documents into a digital repository can de-clutter the office from more than just paper. Removing filing cabinets can free up valuable office space.
  • Privacy. Electronic document storage keeps paperwork private. Security permissions can be set per user, dictating whether or not someone has the capability to view, edit, and/or create certain documents.
  • Tracking capabilities. Software will track who has accessed and edited files. Should a mistake occur, users can always find out how and when it happened. This tight control over file histories improves document security by making it easy to keep documents in the correct hands.

Who doesn’t want to reduce paper, increase productivity, and maintain privacy? I’m sure we all want those things. As you can see, going paperless offers a variety of benefits to process improvements within the office, enhanced productivity, reduced costs leading to increased available funds to carry out mission-directed initiatives, heightened security and protection, and much more.

AccuFund software can help you in going paperless. If you lack a fund accounting software that can be of great assistance in allowing your organization to truly go paperless, you can learn more about AccuFund software. It is a robust solution that is meant to help your organization achieve the status of “paperless” in addition to greatly assisting with accounting and record-keeping tasks. Contact us to learn more about the benefits of going paperless and to find a nonprofit fund accounting software.