With the wave of innovation rushing through the years, the finance and accounting (F&A) industry witnessed the evolution towards a more streamlined and cost-effective process for businesses. However, even with these drastic changes onboard, one thing has remained constant: our continual consumption of paper in our transactions.
We organize and store our most important documents in the form of paper. Paper documents have been around since the inception of accounting. But this doesn’t mean that it is the best way to deal with data. Complete dependency on paper exposes businesses and firms to various complications related to employee productivity and document storage cost.
The desire for a paperless accounting has been around for quite some time. However, not many businesses have been able to achieve it. Why? Because such changes take time to implement, and humans resist change. Going completely digital means that new protocols will need to be in place, people will have to adapt to a new way of doing things, and will have to learn a new way.
Fortunately, there’s a simple way out – adopting the cloud.