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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

malfunctions.

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.