Business How to Store Invoices (not in a filing cabinet)

How to Store Invoices (not in a filing cabinet)

-

- Advertisment -

 

Mauju Invoice Pricing Invoices are members that need to come from your business. However, storing, sorting, and tracking all that paper can get complicated quickly – resulting in wasted space and the inevitable chase when documents get lost.

And they still seem to be lost.

Fortunately, some paper storage alternatives can streamline invoice management, increase productivity, and make it easier to find invoices. Many businesses are turning to digital storage and automated invoice management solutions that offer better accessibility, organization, and security. Read on to learn more about how you can develop a cost-effective invoice storage solution to reduce paper clutter.

Paper storage costs are not hidden

I am the controller of a non-profit thrift store with locations all over America. We recently began modernizing our financial systems to reduce business expenses and improve facilities for our clients and donors. As a member of this system, we developed an invoice management system to streamline operations and move from paper invoices to digital invoices.

As part of our modernization project, we centralize invoice management in our head office. We have over 800 stores nationwide, and all manage their vendors and records. They also manage a lot of paper – like most businesses, almost half of our stores still accept paper invoices. Most of my work is digitizing and organizing receipts and invoices and making stores feel like they receive digital invoices from their vendors.

But first, let’s talk about the price of the entire paper.

Storing paper is expensive

We are required to keep copies of our financial documents for an average of seven years, subject to federal, state, and local decisions. Keeping business receipts and paper invoices around is expensive.

For example, our Milwaukee store had five filing cabinets full of old invoices, paper receipts, and other AP documents. They inhabit an area of ​​30 square feet. Our rent in Milwaukee is $12.80 per square foot/month, meaning we pay $4,608 per yr. for storage. Multiplied by 800 stores, that’s more than $3.6 million in paper storage costs each year.

Storing paper is risky

Not only is it expensive to keep paper invoices, but it is also risky. First, paper invoices can get lost or misplaced, which means our staff and volunteers have to look for them. Second, paper can be destroyed in fire, flood, or other disasters. Finally, using paper invoices leaves us vulnerable to fraud, as retrieving and reviewing invoices in advance for audits or investigations can be difficult.

In addition to cost savings, there are also several functions available to switch to digital invoice storage.

Benefits of Mauju digital invoice storage

Switching from physical paper storage to digital storage saves a lot of money – it’s a good reason to switch to digital invoicing. However, there are other benefits available if our business switches to a paperless system.

Faster document recovery

Storing invoices digitally means they can be searched and retrieved instantly from anywhere. This not only makes bookkeeping and financial operations easier but also allows us to manage all bills from the head office.

Improved work order and data sharing

We implemented Sage Intacct ERP to manage our financial systems as part of our modernization. Digitizing invoices makes invoice data available and accessible across our organization via our ERP, simplifying operations such as invoice approvals and supplier payments.

Better security and risk management

Digital storage protects the security of invoices and documents from natural disasters. We can also reduce the risk of fraud or theft by controlling access to digital copies and tracking any changes or modifications. Digital receipts and invoices also facilitate three-way matching, making verifying invoices easier.

Better version control and decision compliance

Many digital document management systems can track documents and let us know when we no longer need to save them for regulatory purposes. Digital storage solutions also allow us to easily retrieve invoices and documents if necessary for audit or regulatory requirements.

All of these functions enhance our ability to control prices and provide better customer service. Greater data sharing and transparency also support us in fundraising because it allows us to provide potential donors with a clear picture of our financial and operational health.

Latest news

복통과 바람 완화를 위해 유아를 마사지하는 방법

"마사지 요법 실습은 신체의 연조직과 관절에 대한 평가와 신체 기능을 개발, 유지, 재활 또는 증강하거나 통증을 완화시키는 조작을 통해...

Foodie Paradise: Must-Try Restaurants for Food Enthusiasts

Dining establishments are actually greater than simply positions to consume; they are actually social centers, cooking labs, as well...

Boost Your Immune System with Massage Therapy

In today's fast-paced world, maintaining a strong immune system is more crucial than ever. With various stressors and environmental...

The Importance of Mental Health in Recovery

Recovery from addiction, injury, or illness is a complex process that involves not only physical healing but also mental...

Choosing the Best Truck Factoring Company in Florida: Key Considerations

Is An Automotive Title Loan Going To Obtain Your Business Started? Without make use of of of a mortgage, people...

Discovering Drental: Your Journey Begins Here

Nestled in the heart of Europe lies a hidden gem waiting to be explored. Drental, a picturesque region known...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you