More and more companies are ditching paper and are opting for tech-based alternatives to different processes.
I for one have been a massive advocate of reducing the use of paper within the profession – almost fanatically some might say.
The impact of this small change within one firm may seem insignificant, but from a global sustainability perspective the combined effect could be significant.
At Summa Tech, we provide cutting-edge, innovative software that enables professional services firms to plug the gaps in their practice management systems – and save on paper!
Services such as client onboarding and the sharing of information with clients – via a portal – can all be digitalised.
This not only saves on paper but offers a much quicker and more efficient service than traditional methods.
Our clients aren’t just motivated by looking to do their part for the environment – there are several benefits going paperless can have for practices:
- Environmental impact
One of the most compelling reasons for businesses to go paperless is the positive environmental impact.
The production of paper consumes vast amounts of natural resources, including trees and water, and contributes to deforestation and pollution.
By reducing paper consumption, businesses can significantly lower their carbon footprint.
This shift not only helps in conserving natural resources but also enhances the company’s reputation as an environmentally responsible entity, which can attract eco-conscious customers and clients.
- Digital Onboarding is more appealing to new clients
An onboarding process that aims to save time by automating repetitive tasks frees up time to focus on other areas of the firm.
Data is also all stored in one piece of software, so this is easily accessible from one centralised location.
A smooth onboarding process, facilitated by our digital software, will boost your reputation as a firm.
- You won’t be at a disadvantage to you competitors
Digitalised processes are underscored by their speed. Being able to onboard clients quickly and have a digital client portal that allows for document exchange in an efficient manner, means that businesses we able to operate at an unprecedented speed.
Making use of software that improves your efficiency is key because if you’re not you can bet your competitors are.
- It saves time and money
According to the 2020 Forrester study, manual and paper-based processes are inefficient and harm customer satisfaction, internal workflows, and revenue.
Many teams waste time on printing, scanning, and faxing documents, resulting in 32% of deals being abandoned. Going paperless boosts productivity and accelerates the sales cycle, bringing in revenue faster.
- It can reduce costs
Frequently sending and receiving contracts and other paper documents can quickly become expensive.
Adopting a paperless approach will eliminate many of these costs, saving money for your business. Our client portal is a perfect solution to this.
- Safer data
Storing essential customer data in the cloud can be more secure than keeping it on paper. Meeting and exceeding stringent global security standards.
The cloud provides a legally enforceable audit trail that records every action taken with the document, such as who signed it, when, and where.
Transitioning to a paperless approach can make it easier and more cost-effective to meet strict industry compliance regulations.
As accountants, we always strive to provide our clients with valuable information on how they can be they can be more efficient and cost-effective – so we should lead by example.
Transitioning to digital processes and leaving paper behind is a perfect opportunity that firms should look to capitalise on.
Our own commitment
We practice what we preach at Summa Tech, and have taken a radical approach to slashing any use of paper – from printing around the office to the production of marketing material, we have zero tolerance to the use of paper.
Get in touch if you would like further guidance on what sort of software is available for your clients, and how they should go about implementing it.