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SAVING SPACE BY GOING PAPERLESS
The various savings that accompany embracing electronic workflow can mean a lot to small business
owners. These entities don't tend to have a significant amount of capital to play around with, especially in
the early years, so every cent that is saved can often go a long way.
When administrators craft a paperless document
management policy, the most obvious savings tend to
be in the everyday costs that are no longer there. For
instance, when companies digitize and only rely on
records that are housed on computers, they no longer
have to buy paper or ink in bulk, nor do they have to
jump to hire a repairman the second a printer
However, saving space can also have massive benefits
for startups. They can convert the area once taken up by
objects such as file cabinets into more seating, lounges and so on. Financial Advisor Magazine also pointed
out that these developments can turn into fiscal savings as well.
The source stated that when California-based Harvest Financial went paperless, the company was able to
save on rent. Administrators converted the cabinet room into more employee space, which recouped the
costs and added to the business' revenue. This same sentiment could also apply to firms that have to rent
off-site storage facilities to house a large amount of documents.
An infographic released by Biz Tech Magazine also pointed out that the estimated savings each year at an
eight-person startup can hit $10,000, while 370-worker companies can save as much as $1,000,000 every
year. This is because employees can save time while searching for one specific record, space is conserved
and there is often much better security on the electronic systems, thereby mitigating risks.