It is reasonable to look at the past concept of the paperless office and understand why this might be the case. In the late eighties and early nineties, there was a lot of hype around the concept that simply did not pay off.
Back in those days — the days of the “action office” — there were plenty of experts who believed we were closer than ever to completely eliminating paper documentations such as a travel expense report.
Now, however, the advent of cloud computing has changed the game forever.
To make a long story short, we truly are nearing the paperless future.
Paper Processes Are Inefficient And Expensive
Odds are very good that your most costly processes are all paper-based. Studies in Canada and elsewhere have shown that manual, paper-based processes generally take twice as long as similar processes handled through software.
When paper processes cross paths with your regulatory compliance processes, you have the potential for far greater costs. Let’s take a look at a travel expense report for an example.
A travel expense report for a two-week trip abroad may have dozens of different items that took place at different times, using different currencies and within different jurisdictions. Yet all of this has traditionally been dealt with by one person: The traveler.
Cloud computing allows you to distribute the responsibility for such an issue to the fact-checking and regulatory compliance-focused members of your organisation. Thanks to the cloud, it is no longer necessary to risk the kind of mistakes that could cause significant issues.
Invest In Compliance Now So You Can Expand Operations Sooner
Among all of the paper-based processes you could modernise right now, compliance should be your top priority. Compliance is becoming more complex with each passing day thanks to new legislation in Canada and throughout tempting European and Asian markets.
An investment in compliance now is an investment in the company’s future — helping it to manage its reputation, avoid fines, and prevent the kind of entanglements that could lead to significant bad press.
While you may have other paperless processes that irk you and your team, it’s likely none of them have such a direct impact on your future. Look for a great expense report solution today.