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Investing in paperless solutions such as a document management system (DMS) is an excellent way to cope with 2020’s aftermath and enhance your business’s resilience to challenges that may arrive in 2021. Instead of using paper documents, paperless solutions use electronic files that you can easily store in cloud servers or dispose of when they’re no longer needed. When configured properly, it can complete entire workflows that span data capture, data entry, organization, and storage. To increase security Fraudsters and data thieves will likely remain a threat to any business in 2021.

Reduce your dependence on paper checks Paper checks remain among the most popular modes of payment in business-to-business transactions. Besides speeding up the payment process’s completion, automation also offers several benefits security-wise. AP automation provides an electronic paper trail that shows you who handles payment processing and where your money and supporting documents are. Improve internal controls To maximize security, you need to set up internal controls over who accesses invoices and other supporting documents, approves invoices, signs checks, and others.

Eliminate the need for manual data entry Paperless solutions allow you to extract and record data without the need for manual transcription. Ease burden on your accounting staff By eliminating painstaking manual steps in the accounting process, paperless solutions allow your staff to complete their tasks faster. Enable remote working Paperless solutions allow your accounting staff to monitor and manage your business’s cash flow even when they’re not in the office. Paperless solutions like PaperSave remove unnecessary steps in the accounting process, helping your team keep track of your business's cash flow and resources with greater ease and effectiveness.

AP automation automates steps in the AP process that are usually performed manually, such as data entry and invoice management. In handling these repetitive and time-consuming steps, AP automation solutions not only speed up the entire AP process, but they also eliminate the risk of costly errors. It’s possible that many SMBs see only the cost of AP automation software and not the benefits that the tool brings to the table. Compatibility issues SMBs that are already using enterprise resource planning (ERP) software may hesitate to invest in new tools, for fear that these solutions will not be compatible with their existing tech.