Why Accounting Firms Need to Go Paperless

The paperless office is no longer a pipe dream. With the help of cloud accounting systems, businesses of all sizes can now streamline their operations and save money.

Searching for specific paper documents eats up valuable time, hampering productivity and missing out on potential opportunities. Moreover, the excessive replication of paper documents not only adds to environmental waste but also fails to support sustainable practices. On top of that, physical storage requirements for paper documents impose substantial overhead costs on accounting firms. To overcome these challenges and establish a more efficient and eco-friendly approach to managing accounting records, embracing a paperless solution is not just a choice but a necessity.

The transition to a digital environment

Despite the numerous benefits associated with transitioning to a digital environment, some firms exhibit a certain level of hesitation. This resistance can be attributed to various factors that influence their reluctance to embrace digital solutions. 

1. The sheer volume of papers to digitise: Digitising all your paper documents can be a time-consuming and daunting task. However, it’s important to do a good job so that you can easily find the documents you need when you need them.
2. The expense: Going paperless can be expensive. However, the long-term savings can be significant, including reduced storage costs, increased productivity, and improved disaster recovery.
3. Resistance from employees: Some of your employees may be reluctant to change the way they work. They may be used to working with paper documents and may be worried about the transition to a digital environment. The best way to overcome this challenge is to explain the benefits of going paperless and to get their input on how to make the transition as smooth as possible.

What going paperless will do for your business

The good news is that there is a solution to these problems: going paperless. By digitising your documents, you can free up space, improve productivity, reduce waste, and boost your bottom line. Going paperless can bring many benefits to businesses, including:

• Better collaboration: Digital records can be shared more easily with employees, advisors, and other stakeholders.
• Simpler disaster recovery: Digital backups are easier to restore than paper records.
• Faster access to information: Digital documents can be searched and retrieved much faster than paper ones.
• Reduced clutter: Digital files are easier to organise and store, which can help you clear your mind and focus on your business.
• Environmentally friendly: Going paperless can help reduce your environmental impact.

100% cloud and completely paperless.

By harnessing the full potential of Xero’s automated features, SMEs (Small and Medium Enterprises) can revolutionise their bookkeeping processes and unlock newfound productivity, all while saving precious time and resources.

Xero’s cloud-based platform enables seamless automation and simplification of essential accountancy tasks. When guided by an experienced Xero accountant, this software becomes a formidable ally for organisations. 

Streamlined Operations: Xero’s cloud-based platform automates fundamental accounting functions, such as bill payments, payment reconciliations, GST calculations, and expense claims. By adopting Xero accounting services, businesses can bid farewell to manual, time-consuming processes and embrace a streamlined approach that maximises efficiency.

Time and Cost Savings: Xero’s automated features significantly reduce the burden of manual data entry and repetitive tasks. With a Xero accountant by your side, you can reclaim valuable time that was once lost to monotonous accounting chores. This allows you to focus on core business activities, innovate, and drive growth. Additionally, by minimising manual errors and optimising financial processes, Xero accounting services contribute to cost savings in the long run.

Remote Working: Cloud computing is making it easier for accountants to access data and applications from anywhere, at any time. This is improving efficiency and productivity, as accountants no longer need to be in the office to work on their clients’ files.

Did you know?

As SCS is a Pre-approved Solution Vendor for SMEs-Go-Digital programme of Xero, you can receive up to 50% funding support via the Productivity Solutions Grant (PSG) when you adopt Xero. This grant helps companies adopt technology solutions to improve productivity and enhance business processes. 

To be eligible for the grant, your organisation needs to meet the following criteria:

• Be registered and operating in Singapore;
• Have a least 30% local shareholding;
• Company’s Group annual sales turnover not more than S$100 million, or Company’s Group employment size should be no more than 200 employees
• Subscription of the IT solutions or equipment must be used in Singapore

Under the PSG, eligible businesses can receive up to 50% funding support to implement approved solutions, including Xero.

We’d love to help

Our team of experienced accountants can help you take advantage of all the benefits that Xero has to offer, from setting up your account to providing ongoing support. We’ll handle all the day-to-day financial work for you, so you can focus on running your business. As a platinum partner of Xero, we are committed to supporting businesses throughout their digital transformation journey, leveraging the PSG funding to maximise the benefits of adopting Xero.

Contact us today to learn more about how our outsourced bookkeeping team can help you take your business to the next level.

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