Sometimes multiple departments need access to financial information. Your employees may need to submit expense reports and other information to the accounting department, or you may need teams to work on finance-related projects at any given time. Having the information available in a digital format on a secure server makes it more accessible. You can set up password-protected files and folders, and authorize access to specific users. If you only had a paper system in place, these individuals would need to spend a significant amount of time handling paperwork and communicating with several people just to get the information they need.
One of the biggest benefits of moving your accounting books from paper to digital is that financial information can be reviewed, analyzed, and sorted easily to produce accurate reports. With paper-based accounting systems, it might take a bookkeeper an hour or more to create a cash flow statement using the most recent data available. In a digital format, the information is readily available to run all types of financial reports, and a financial manager could produce a cash flow statement within a few minutes. The ability to work with real-time financial data can be of great value for any business.
Making the switch from paper to digital may be a big project, but it offers a multitude of benefits for any business. Consider moving all financial information to a digital format to boost productivity, have access to accurate financial data, and increase security around confidential financial information.