At the beginning of the year, the time has come again for shredding documents. Small businesses, freelancers, and private people causing a lot of noise and filling up all the paper containers. The reason for this: At the end of the year, many storage periods for invoices, receipts, and other documents have come to an end. This shows that there is still a lot of paper being used, which is causing negative consequences.
This fact is backed up by a trending survey conducted by the document specialist Ephesoft. According to the study, many companies start to automize their processes. However, they only make small progress with the automation of invoice processing and other financial documents. 15 percent of the participants stated that their company operates completely without paper, which means that 85 percent of the companies still use paper. A third of the companies operate mostly with paper and is far from an intelligent automized solution. Only 30 percent are using automation in accounting. 11 percent state, that they use Artificial Intelligence.
Paper-based document processing is inefficient
This does not only cause high usage of paper, but also high costs. With average processing costs of around twelve euros per invoice, a lack of automation slows down business growth, says Ephesoft. Modern automation often reduces costs by 80 percent or more. The budget that could be reinvested in other areas!
GetMyInvoices automates preparatory accounting. Our solution collects invoices, bank statements, and other accounting-related documents from thousands of different sources. These range from online portals and email inboxes to third-party solutions such as invoicing tools. Additionally, documents such as receipts that occur on the way can be easily captured via the scan app and uploaded to the cloud solution. All documents can be managed at any time via the web browser, with information read out automatically. The banking module enables automatic reconciliation of account transactions with invoices. Moreover, the desired documents can be forwarded directly to other solutions such as the accounting software or the tax advisor.
Optimal is digitalizing from the beginning on
This shortens the time to process invoices & Co. The elimination of media discontinuities makes accounting less error prone. Receipts that are available digitally can be easily stored in compliance with the principles for the proper keeping and storage of books, records, and documents in electronic form and data access (GoBD). This is because there is no longer any reason to print them out. Scanned receipts may be destroyed because the app meets the requirements for replacement scanning. This means that individual receipts can be chopped up bit by bit and no longer have to be shredded in big amounts at the beginning of the year. Incidentally, this also allows companies to ensure data protection in the home office even more effectively. Because there are no longer any notes lying around in the home that can be easily viewed. Another advantage is that – unlike printed thermal paper – the information remains legible throughout the entire retention period.
It is best to work digitally right from the start, if possible, i.e., to ensure that paper receipts do not arise in the first place. To achieve this, we recommend that you write informally to your suppliers who still send you invoices by post and ask them to make the documents available digitally in the future. This is possible, for example, via an online portal or by e-mail. After that, all you have to do is a one-time setup in GetMyInvoices, and then the invoice management solution “takes care of the rest”. Your paper shredder may even stay in the basement forever. The neighbors will be happy.
Take advantage of the beginning of the year and lay the foundation for less paper! Try GetMyInvoices 14 days for free!
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